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Income Statement
1.1.-31.12.20151.1.-31.12.2014
TURNOVER100 343 868,69109 225 285,50
Other operating income364 525,43521 949,89
Materials and services-3 408 675,21-5 679 494,20
Personnel expenses-69 551 181,48-71 697 889,03
Depreciation and impairment-4 079 374,23-4 210 553,23
Other operating expenses-24 948 835,41-25 631 925,58
OPERATING RESULT FOR THE PERIOD-1 279 672,212 527 373,35
Financial income and expenses1 698 291,24122 107,74
RESULT FOR THE PERIOD418 619,032 649 481,09
Balance Sheet
31.12.201531.12.2014
ASSETS
Non-current assets
Intangible assets
Intangible rights662 130,73238 586,95
Other non-current expenditure2 724 890,422 442 657,75
Total intangible assets3 387 021,152 681 244,70
Tangible assets
Machinery and equipment8 750 189,777 455 193,38
Other tangible assets527,70539,10
Advance payments and work in progress101 780,00
Total tangible assets8 852 497,477 455 732,48
Investments
Equities113 363,76115 886,58
TOTAL NON-CURRENT ASSETS12 352 882,3810 252 863,76
Current assets
Non-current receivables
Other receivables5 313,481 515 420,40
Prepayments and accrued income580,00580,00
Total non-current receivables5 893,481 516 000,40
Current receivables
Trade receivables1 250 408,03856 937,68
Other receivables167 207,11275 080,08
Prepayments and accrued income1 335 132,642 015 489,42
Financial securities30 465 342,7925 256 579,41
Total current receivables33 218 090,5728 404 086,59
Cash and cash equivalents5 933 783,485 784 953,29
TOTAL CURRENT ASSETS39 157 767,5335 705 040,28
TOTAL ASSETS51 510 649,9145 957 904,04
EQUITY AND LIABILITIES
Equity
Share capital4 500 000,004 500 000,00
Profit/loss from previous years brought forward29 285 359,9826 635 878,89
Profit/loss for the period418 619,032 649 481,09
Total equity38 685 979,0133 785 359,98
Non-current liabilities9 494,319 494,31
Current liabilities
Prepayments received511 394,111 200 060,87
Trade payables4 638 924,853 111 782,24
Other liabilities2 165 864,311 962 407,26
Accrued liabilities5 498 993,325 888 799,38
Total current liabilities12 815 176,5912 163 049,75
TOTAL LIABILITIES12 824 670,9012 172 544,06
TOTAL EQUITY AND LIABILITIES51 510 649,9145 957 904,04

Review by the Chairman of the Board

2015 was a busy year for Metropolia University of Applied Sciences Ltd. Our entire system of universities of applied sciences had to reduce expenses as state funding was cut. Acquisition of external funding in the form of RDI projects has also proved more difficult than
expected, and targets were not achieved.

The above facts resulted in Metropolia's turnover decreasing by more than 8 per cent. Offsetting such a decline in turnover means that operations must be made more efficient and savings must be effected, so that the company's results can remain in the black, which we consider of utmost
importance when faced with various future challenges.

The above savings were carried out in good spirit with the personnel, and we sat down together to find workable solutions – with no lay-offs – that enable us to develop our operations. The savings and more efficient operations were reflected in the company's positive results, giving us reason for satisfaction, although most of the decisions will not be realised until later.

The company's organisation has also been streamlined and simplified, with the objective of creating an efficient organisation that implements our strategy for the future. As I am writing this, construction of the Myllypuro campus has already begun. The campus will play an important
role as we move towards our new future.

On behalf of the Board of Directors, I wish to extend the warmest gratitude to the students, staff, shareholders, partners and all stakeholders for 2015 - a good year for us.

Henri Kuitunen

Henri Kuitunen
Chairman of the Board

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