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Income Statement
1.1.-31.12.20141.1.-31.12.2013
TURNOVER109 225 285,50116 576 043,75
Other operating income521 949,89534 295,11
Materials and services-5 679 494,20-4 493 012,10
Personnel expenses-71 697 889,03-79 179 045,99
Depreciation and impairment-4 210 553,23-4 281 181,39
Other operating expenses-25 631 925,58-29 007 919,38
OPERATING RESULT FOR THE PERIOD2 527 373,35149 180,00
Financial income and expenses122 107,74114 271,66
RESULT FOR THE PERIOD2 649 481,09263 451,66
Balance Sheet
31.12.201431.12.2013
ASSETS
Non-current assets
Intangible assets
Intangible rights238 586,9513 726,24
Other non-current expenditure2 442 657,752 516 465,87
Total intangible assets2 681 244,702 530 192,11
Tangible assets
Machinery and equipment7 455 193,386 834 705,81
Other tangible assets539,10550,51
Advance payments and work in progress0,00
Total tangible assets7 455 732,486 835 256,32
Investments
Equities115 886,58115 886,58
TOTAL NON-CURRENT ASSETS10 252 863,769 481 335,01
Current assets
Non-current receivables
Other receivables1 515 420,4038 452,10
Prepayments and accrued income580,00620,00
Total non-current receivables1 516 000,4039 072,10
Current receivables
Trade receivables856 937,68956 726,89
Other receivables275 080,08244 775,02
Prepayments and accrued income2 015 489,422 477 308,01
Financial securities25 256 579,4125 138 336,11
Total current receivables28 404 086,5928 817 146,03
Cash and cash equivalents5 784 953,294 182 452,58
TOTAL CURRENT ASSETS35 705 040,2833 038 670,71
TOTAL ASSETS45 957 904,0442 520 005,72
EQUITY AND LIABILITIES
Equity
Share capital4 500 000,004 500 000,00
Profit/loss from previous years brought forward26 635 878,8926 372 427,23
Profit/loss for the period2 649 481,09263 451,66
Total equity33 785 359,9831 135 878,89
Non-current liabilities9 494,319 574,31
Current liabilities
Prepayments received1 200 060,871 103 948,22
Trade payables3 111 782,242 288 285,18
Other liabilities1 962 407,262 122 358,26
Accrued liabilities5 888 799,385 859 960,86
Total current liabilities12 163 049,7511 374 552,52
TOTAL LIABILITIES12 172 544,0611 384 126,83
TOTAL EQUITY AND LIABILITIES45 957 904,0442 520 005,72

Review of the Chairman of the Board

A significant milestone for the Finnish educational system, and in particular the university of applied sciences system, was reached in 2015, when the new law governing and regulating UASs was finalised.

UASs had to start making some choices in earnest in order to be able to continue to operate in tighter financial conditions.

For Metropolia University of Applied Sciences Ltd, the aforementioned circumstances have required large-scale measures: we have revised our organisational structure and cut our operating expenses. Both these actions have been absolutely necessary for us to maintain our ability to meet the challenges of the future, which include intensified competition and a growing need to boost the efficiency of our operations as we compete for funding. Due to these reasons, 2014 was not an easy year for Metropolia. Matters fundamentally affecting the structures of large organisations are never easy to deal with. We are currently going through studies relating to the organisation as we deliberate on the future development of our operations.

Metropolia's financial result for 2014, however, was very good. We have always held the opinion that a healthy financial result and balance sheet give us the best possible means for surviving future challenges. A solid financial position also enables us to invest in various development projects whenever necessary. In addition, the development of Metropolia’s operating premises and the planning of the construction projects for the Myllypuro and Myyrmäki campuses proceeded according to their timetable.

I would like to extend my warmest thanks to the staff, the students and all of our partners for their efforts in 2014.

Henri Kuitunen

Henri Kuitunen
Chairman of the Board

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