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Income Statement
1.1.-31.12.20181.1.-31.12.2017
REVENUES93 735 306,7895 226 060,75
Other operating income2 447 628,66659 353,99
Materials and services-3 231 478,35-4 045 574,27
Personnel expenses-62 030 349,83-64 788 979,32
Depreciation and impairment-5 672 111,88-4 579 473,38
Other operating expenses-23 507 049,97-23 713 836,13
OPERATING PROFIT / LOSS1 741 945,41-1 242 448,36
Financial income and expenses142 484,82209 447,81
Appropriations-1 942 629,17
PROFIT / LOSS FOR THE FINANCIAL YEAR-58 198,94-1 033 000,55
Balance Sheet
31.12.201831.12.2017
ASSETS
Non-current assets
Intangible assets
Intangible rights280 404,83415 370,63
Other non-current expenditure8 570 815,575 844 442,96
Total intangible assets8 851 220,406 259 813,59
Tangible assets
Buildings and structures8 825,75
Machinery and equipment11 706 299,639 606 603,78
Other tangible assets493,48504,90
Advance payments and work in progress164 519,63107 489,26
Total tangible assets11 880 138,499 714 597,94
Investments
Other investments50 002,0050 002,00
Associated company investments500 000,00500 000,00
Total investments550 002,00550 002,00
TOTAL NON-CURRENT ASSETS21 281 360,8916 524 413,53
Current assets
Non-current receivables
Other receivables38 454,4038 454,40
Prepayments and accrued income580,00660,00
Total non-current receivables39 034,4039 114,40
Current receivables
Trade receivables1 138 673,071 314 340,88
Other receivables1 430 938,891 022 454,84
Prepayments and accrued income2 227 501,732 692 730,48
Financial securities28 620 527,6630 924 289,61
Total current receivables33 417 641,3535 953 815,81
Cash and cash equivalents3 704 099,491 862 422,57
TOTAL CURRENT ASSETS37 160 775,2437 855 352,78
TOTAL ASSETS58 442 136,1354 379 766,31
EQUITY AND LIABILITIES
Equity
Share capital4 500 000,004 500 000,00
Other reserves
Reserve for invested unrestricted equity4 482 000,004 482 000,00
Reserve for donations received1 959 139,17
Other reserves100 000,00116 510,00
Profit/loss from previous years brought forward28 903 109,3729 936 109,92
Profit/loss for the period-58 198,94-1 033 000,55
TOTAL EQUITY39 886 049,6038 001 619,37
Mandatory provisions214 000,00
Non-current liabilities1 268 856,602 626 486,38
Current liabilities
Prepayments received6 118 148,313 980 965,69
Trade payables2 823 844,772 623 358,24
Other liabilities3 141 185,632 738 168,24
Accrued liabilities4 990 051,224 409 168,39
Total current liabilities17 073 229,9313 751 660,56
TOTAL LIABILITIES18 342 086,5316 378 146,94
TOTAL EQUITY AND LIABILITIES58 442 136,1354 379 766,31

Review by the Chairman of the Board

Henri Kuitunen

The year 2018 will go down as an important milestone in the annals of Metropolia University of Applied Sciences Ltd. Universities of applied sciences perform very important and intensive work in our society as their basic mission. Competition for government funding, a stronger market position and new students is extremely intense, not to mention the pressures to generate more sales and work from international projects and RDI projects. In this sector, you have to run just to keep up.

While performing all the basic duties mentioned above, last year we finally got to the implementation stage of our property strategy, which we have been proceeding with for several years, when we concentrated our operations at four campuses and closed eight campuses. Seeing these measures through was a great effort for the whole organisation.

To be able to operate effectively, a university of applied sciences must generate a good operating result and have a solid balance sheet. This has always been a matter of pride for us at Metropolia, and I am particularly pleased that we managed to improve our result significantly last year. A company needs stable finances in order to successfully tackle the challenges of the future.

Success in all these matters, however, would never have been possible without deep and smooth cooperation. With this in mind, I would like to extend the warmest gratitude, on my own and on the Board’s behalf, to the staff and students of our company and all of our partners for the excellent cooperation and the great year of 2018 we had together. And last but not least, I would like to thank all those who participated in our fundraising efforts – you trusted and believed in our long-term work. We hope we can live up to your trust!

Henri Kuitunen
Chairman of the Board

Annual Reports