Aalto University Student Union
Financial Statements 2015
Council meeting 14.04.2016
Structure of Financial Statements
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Operational review
Income statement of Student Union
Balance sheet of Student Union
Group income statement
Group balance sheet
Notes
Signature (board and auditor)
Auditor’s report
Financial statements 2015
FS process
• Board presentation, approval, signing 1.4.
• Auditor’s report 4.4.
• Financial Committee 13.4. approval
• Council meeting 14.4.
Financial statements 2015
2015 year in nutshell (group figures)
• Group income total 15,6 m€ (year 2014 total 19,2 m€)
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Rent income 12,1 m€ (11,8 m€)
Membership fees 0,9 m€ (0,8 m€)
Gross return on investments total 1,9 m€ (5,8 m€)
Other income 0,7 m€ ( 0,7 m€)
• Group balance sheet 31.12.2015 total 112 m€
– Real estate 75 m€, 67 % of balance sheet
– Financial investments 35 m€
• Personnel
– Average amount of personnel 39 (41)
– Personnel costs total 1,7 m€ (1,8 m€)
Financial statements 2015
2015 Operational review
• Operational review includes issues like
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Developing Otaniemi area and Aalto campus area
Cooperation with university
National advocacy
Community development
Property case
Financial statements 2015
2015 structure of income statement
• Operations
– Student activities
• Student services
• AYY-Palvelu activities merged
• One time items merged
– Real estate property
• Companies merged
– Support activities
• Housing service
• Finance
• Financing (membership fees)
• Financial investment activies
– Real estate investments
– Financial investments
Financial statements 2015
2015 Financial review
• Financial review
– Group structure
• 13 fully owned companies, 4 subsidiries
• Profit effect from subsidiries is small due to depriciations and provisions
• Group balance sheet + 40 % compared to AYY balance sheet
– Student activities
• Costs in total 2980 t€ (3 414 t€) (include allowances, grants and depreciation)
• Income in total 700 t€ (705 t€), include income from AYY palvelu
• Membership fees 850 t€ (839 t€)
– Real estate – student rentals
• Income 12 125 t€ (11 835 t€)
• Costs 10 891 t€ (10 680 t€)
Financial statements 2015
2015 Financial review
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Financial review
– Financing
• Debt total 60 395 t€ (58 014t€)
• Equity total 47 672 t€, which is 42 % of the balance sheet total
– Investments
• Return on real estate investments - 66 t€ (3 613 t€)
• Return on financial investments 1 140 t€ (1 410 t€)
– Result of the year
• AYY result was + 146 t€ before the transfers to funds (+ 82 t€)
• AYY balance sheet amount 80 098 t€
• Group result +461t€ before the transfers to funds (+3 943 t€)
• Group balance sheet amount 111 797 t€
Financial statements 2015
AYY Group 2015
6000
5023
5000
4000
Profit from selling
Dipoli
3000
2000
1000
1236
1154
1073
decrease in legal costs;
0
-1000
-2000
-3000
student activities
housing activities
-1849
-2234
profit
compared 2014
Financial statements 2015
financial investments
2014 Financial review
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Housing
– Decrease in rents due to restructuring
• Total impact – 240 t€
• Otaniemi JMT1 restructuring
– Increase in depriciations
• Total impact 437 t€
• New house OTK 18, and JMT1
– Other changes in costs
• Lower interest costs, 91 t€
Financial statements 2015
2014 Financial review
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Investments
– Real estate investments, profit -66 t€ (3613 t€ year -14)
• No rents from Malmintori real estate
– Financial investments, profit 1140 t€ (1410 t€ year -14)
• Turbulent market situation
Financial statements 2015
AYY operations 2015
2000
1500
1550 1644
1000
500
0
-500
Incl.Membership
fees 850 t€
-390
-190
-262
-1000
-897
-1227 -1207
-1500
-2000
income
-1744 -1768
personnel
costs
allowances
2015
legal costs
2014
Financial statements 2015
operation costs
Auditors’ remarks
– Scope
• Student Union and all its fully owned companies revised
– Remarks
• All the needed changes done
• No cost reserve need to be done for Otaniemi shelter
– Auditor’s report
•
so called clean report – everything ok
Financial statements 2015