Finance

Parent company finances

Haaga-Helia’s earnings in 2016 were 61.7 (in 2016: 57.9 and in 2015: 58.9) million euros, of which appropriations were 52.7 (50.6; 51.8) million euros, or 85% of the total.

Total costs were 60.7 (60.0; 60.6) million euros. Direct personnel costs were 39.9 (40.2; 40.5) million euros, or 66% of the total costs. Haaga-Helia operates on leased premises, with the exception of Porvoo. Rental costs and maintenance charges amounted to 8.7 (8.9; 9.2) million euros, or 14% of the total costs.

Total earnings from investment and funding activities were 0.1 (0.3; 1.3) million euros. The market value of financial asset securities was 4.2 million euros higher than the book value. In accordance with the prudence principle, it has not been recorded in the return or the result. The company’s Board has approved an investment policy according to which the weight of shares and other high-risk investments may be 30 per cent of the value of the investments, at a maximum.

The result for the financial year was 1.1 (-1.9; -0.3) million euros, which was a clear improvement on what was budgeted (-1.8 million euros).

The balance sheet total was 46.3 (43.0; 43.4) million euros. Received advances include 1.1. (0.8; 1.3) million euros comprising money allocated to various projects, which will continue to be used after 2017. Accrued expenses include the calculated holiday pay debt of 2.2 (1.5; 1.9) million euros.

The company’s operating profit percentage was 1.5% (-3.6; -2.7), return on equity 3.0% (-5.1, -0.8), return on capital invested 3.3% (-5.1; -0.7), equity ratio 89.8 % (90.4; 90.9) and quick ratio 9.0% (8.8; 9.2).

Group finances

The Group consists of Haaga-Helia University of Applied Sciences Ltd, Kiinteistö Oy Porvoon Campus, Haaga-Helia Global Education Services Ltd. and Haaga-Helia Baltic Ltd. The EduExcellence Ltd. associated company was established in 2017. Its earnings were 61.8 (58.0; 59.0) million euros. Total costs were 61.1 (60.5; 60.9) million euros.

Direct personnel costs were 39.9 (40.2; 40.5) million euros. Total earnings from investment and funding activities were 0.3 (0.7; 1.2) million euros. The result for the financial year was 1.0 (-1.9; -0.6) million euros.

The balance sheet total was 56.3 (53.4; 55.1) million euros.