Annual Report: Finance 2021
Lead paragraph
Haaga-Helia’s earnings in 2021 were EUR 67.4 million (65.8 in 2020 and 65.9 in 2019), in which basic funding accounted for EUR 59.1 million (58.0; 55.6), or 84 per cent of the total earnings.
Total costs were EUR 65.9 million (62.4; 63.5). Direct personnel costs were EUR 46.6 million (42.6; 41.6), or 70.7 per cent of the total costs.
Haaga-Helia operates on leased premises, with the exception of Porvoo. Rental costs and maintenance charges amounted to EUR 9.0 million (9.0; 9.2), or 13.7 per cent of the total costs.
Haaga-Helia University of Applied Sciences records current assets in accordance with Bookkeeping Act Section 5.2a and the IFRS 9 standard, so that investment assets are valued at fair value and the change of fair value is recorded in the income statement.
The accounting method pursuant to the IFRS 9 standard was implemented in 2019. The positive effect of the accounting method on Haaga-Helia’s 2021 result was EUR 3.4 million (2020: 0.7; 2019: 2.0).
According to the investment policy approved by the Board of Directors, the regular weight of the investment in shares is 50 per cent of the investments’ value. Alternative investments can account for a maximum of 10 per cent. Other stocks and shares are valued at their purchase price or less.
The total earnings from investment and funding activities were EUR 3.5 million (0.3; 2.5).
The result for the financial year was EUR 5.0 million (4.0; 5.5), which a clear improvement on what was budgeted (EUR 1.0 million). The result was mainly due to the appreciation in financial assets.
Furthermore, the result was improved by the state’s programme for improving education and competency, the funding for which was recorded at EUR 0.5 million in a front-end-weighted manner for 2021 in accordance with the instructions of the Ministry of Education and Culture.
The balance sheet total was EUR 71.6 million (66.6; 59.7). The advances received include EUR 7.0 million of payments from multiannual projects financed with external funding.
The accruals and deferred incomes include the deferred holiday pay reservation of EUR 3.0 million (2.6; 2.4).