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Financial responsibility

Social and Health Care students in Kotka, 2007

Kymenlaakson Ammattikorkeakoulu Oy – financial review 2007

In 2007, parent company Kymenlaakson Ammattikorkeakoulu Oy recorded a net profit of EUR 734,358. The net profit has been transferred to the profit and loss account reserve, and it will be used to finance building work and repairs. Kymenlaakson Ammattikorkeakoulu Group consists of the parent company established in 1996 and the subsidiary Primus High Tech Oy established in 1997.

The company is financially sound and the balance sheet does not include interest-bearing loans. A positive result is important for improvement of KyAMK’s operations and financing of future building projects. The company does not have other funds to use on repairs and new building projects. Depreciation on buildings was only EUR 116,215 as the buildings were acquired gratuitously from the previous owners.

The net increase recorded on the balance sheet total was EUR 188,486. The most important change on the assets side was the EUR 1,014,318 increase of construction in progress, resulting from the renovation at Metsola in Kotka in summer 2007. The most important changes on the receivables side were the EUR 734,358 increase of equity, from the profit, the EUR 307,517 decrease of advances received and the EUR 357,167 decrease of accounts payable.

Turnover increased by 3% during the financial year, and other operating income decreased by 5.6%. External R&D funding constituted 9.1% of operational income excluding the project funding from the Ministry of Education, and 10.7% including the said project funding. Material and service costs increased by 1%, other operating expenses increased by 2.9% and personnel expenses increased by 2.7%. The number of employees decreased by 22. Planned depreciation decreased by 4.1%.

The cash flow statement shows a significant EUR 1,039,901 increase in investments, due to the renovation project at the Metsola campus in Kotka. The investments were financed with cash reserves instead of taking a loan. Cash reserves decreased during the year by EUR 734,848.

Income Statement and Balance Sheet 2006–2007

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Turnover 2005–2007
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Other opertating income 2005–2007

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Operation expenses 2005–2007
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Expenses by category 2005–2007

Reorganisation of the campus network continued

Kymenlaakson ammattikorkeakoulu, University of Applied Sciences reorganised its campus network by relocating Natural Resources and Environment from Mussalo to the Technology and Business Campus Metsola in Kotka. A renovation project began at Metsola in spring 2007, which will continue into summer 2008. The contractor is Rakennuspartio Oy. Social Care was transferred from Elimäki to the Kuusankoski Health Care Campus. In July 2007, the Board of Management gave permission to proceed with the planning of the Kouvola Kasarminmäki Campus project. According to the plan, KyAMK will purchase and renovate vacated premises and build new workshops for Design and Media in 2008–2009. The investment amounts to EUR 26.5 million. It will be financed with EUR 5.0 million capital loans from our parent organisations in the Kouvola region and with bank loans. International Business and Culture will be relocated in Kasarminmäki.

All operations of the Technology, Forestry and Transport faculty are planned to be relocated at Metsola in Kotka. EUR 27.4 million will be invested in renovation of the Metsola campus in 2015. In 2019, EUR 10.7 million will be invested in renovation of the Social and Health Care premises at the Jylppy campus. The Social and Health Care campus in Kuusankoski will be closed in 2016 at the latest. Subsequently, all operations of Kymenlaakson ammattikorkeakoulu, University of Applied Sciences will be located at the Metsola-Jylppy and Kasarminmäki campuses.

Property administered by Kymenlaakson ammattikorkeakoulu, University of Applied Sciences:

In Kotka 34,500 m2, of which about 10,000 m2 rented
In Kouvola 24,700 m2, of which about 5,700 m2 rented

Property in which the Kymenlaakso University of Applied Sciences operates
In Palvaanjärvi educational forest 32 hectares
Government forests 550 hectares

Property maintenance costs

In 2007, maintenance costs totalled about EUR 4 million. The figure includes investments and annual repairs. Property maintenance costs at KyAMK’s own premises were EUR 3.30/month/m2. In slightly more than a year, property maintenance costs have risen by about 10%.

Modified: 15.8.2008 11:44

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