Finance

Finance

Haaga-Helia’s earnings in 2019 were EUR 65.9 (63.3 in 2018) million, of which basic funding accounted for EUR 55.6 (54.5) million, or 84 per cent of the total earnings.

The total costs were EUR 63.5 (61.7) million. Direct personnel costs were EUR 41.6 (39.7) million, or 66 per cent of the total costs. Haaga-Helia operates its campuses on leased premises, with the exception of Porvoo. Facility rents and maintenance charges amounted to EUR 9.2 (9.6) million.

The total earnings from investment and funding activities were EUR 2.5 (-0.02) million. According to the investment policy approved by Haaga-Helia’s Board of Directors, the weight of share investments may not exceed 50 per cent of the value of the investments and the portion of alternative investments can be 10 per cent, at a maximum.

The result for the financial year was EUR 5.0 (1.5) million, which is a clear improvement on what was budgeted (EUR 1.4 million).

The balance sheet total was EUR 59.7 (50.3) million. The advances received included EUR 2.9 (3.3) million of funding granted by the Ministry of Education and Culture for various projects. This funding continues to be available beyond 2019. (The figures could be reversed, in other words, 2019, 2018, 2017). 

Group finance

The Group includes Haaga-Helia University of Applied Sciences Ltd., Kiinteistö Oy Porvoon Campus, Haaga-Helia Global Education Services Ltd., Haaga-Helia Balti OŰ, and Hospitality Innovation School.

Group’s earnings were EUR 65.8 (63.4) million and costs EUR 63.8 (61.5) million. Direct personnel costs were EUR 41.8 (39.7) million. The total earnings from investment and funding activities were EUR 2.2 (-0.4) million. The earnings of the funding activities were reduced by the associated company’s result that showed a loss, among other things.

The result for the financial year was EUR 4.5 (1.6) million. The balance sheet total was EUR 66.4 (59.1) million.