The company’s profit development still reflected the Ministry of Education and Culture’s cut in study places, which took place in 2012, and the cuts in the funding of universities of applied sciences. Funding by the Ministry decreased by approx. €1.3 million.

The value-added tax processing of universities of applied sciences has changed: from the beginning of 2014, only rental expenses were VAT-deductible, and in 2015, all expenses including VAT became deductible. Due to this, the figures from different years are not directly comparable in full.


Degree programmes in JAMK University of Applied Sciences produced 1,121 bachelor’s degrees in 2016 (1,108 in 2015), as well as 179 master’s degrees (198 in 2015). The number of ECTS credits completed in the Open Studies was 11,456 (11,766 in 2015).

The number of students at the Teacher Education College during the financial year was 771, and vocational teaching qualifications were achieved by 422 people.

Research and development activities

The volume of research, development and innovation activities (RDI) turned towards a clear decline after two challenging years. The volume increased significantly from the previous year to €7.6 million (€6.9 million in 2015). The amount of external funding nearly doubled, standing at €4.7 million (€2.5 million in 2015). A wide range of RDI projects were prepared through a variety of financing programmes. The granted funds enabled the commencement of new RDI projects. However, the majority of the funding decisions came later than anticipated, which contributed to slowing down the implementation of RDI activities and preventing the planned goals from being reached. At the turn of the year, the financiers were still processing numerous project applications.

The most significant efforts went into the preparations of the eAMK – Oppimisen uusi ekosysteemi (eAMK – New ecosystem for learning) project, which is a joint initiative of all universities of applied sciences, with JAMK in charge of the preparation. The planned cost estimate for the project is approx. €5 million for the entire project consortium.

The RDI efforts focused on the strengths specified by JAMK’s new strategy, including education and business expertise, bioeconomy, applied cyber security, multidisciplinary rehabilitation, and automation and robotics as an emerging field. Activities in these areas of strength were initiated in many fields. Similarly, the cooperation with key partners, the University of Jyväskylä and the municipal education consortium was diverse. JAMK experts were actively involved in the development of the Kangas, Kukkula (new and old hospital) and Hippos areas. In addition to this, the EduFutura cooperation was initiated.

Other activities

The turnover for business operations totalled approx. €4.4 million (€4.3 in 2015). Despite the recession and cuts in the funding of public organisations, the volume of the services remained high, which is an indication of JAMK’s competitiveness among working-life organisations.

JAMK has focused its services on competence areas where the competence is based on the public educational mission. This way, the services particularly strengthen the quality of the education and keep it relevant and up-to-date in terms of the working life.


The average number of personnel at JAMK University of Applied Sciences during the past financial year was 686. (671 in 2015).

Forecast of future development

The Ministry of Education and Culture’s cuts in funding had the strongest effects in 2015 and 2016. Currently, positive development can be expected with regard to the funding of degree studies, provided that JAMK retains its position in relation to other universities of applied sciences and that the Ministry will no longer reduce the funding of universities of applied sciences.

The volume of RDI activities has started to increase again and is expected to grow within the next few years. Turnover development of service operations has remained good. Education export has become a strong pillar of support for business operations. Profitability must also be improved alongside controlled business growth.

Key risks and uncertainties

The key risks are the Parliament’s education funding decisions affecting the funding of institutes of higher education. From the perspective of financing indicators, this also has to do with how well JAMK retains its position in relation to other universities of applied sciences. The Ministry of Education and Culture’s financing indicators changed at the beginning of 2017, but this is not expected to weaken JAMK’s financial position.

As regards the facilities, the challenge has been the management of indoor air quality issues, but the completed renovations are expected to improve the situation significantly.

JAMK is currently exploring the possibility of centralising most of its operations into a single new building. If carried out, the construction project will strongly affect the company’s finances and somewhat increase the financial and operational risk level.

Environmental issues

The environmental legislation and its changes do not require any particular measures as regards the company’s business, but taking account of environmental issues may have a significance for the company’s image. JAMK University of Applied Sciences has been actively involved in bioeconomy RDI and education activities and in the Finnish Innovation Fund Sitra’s project Resource-Wise Jyväskylä.

Administration and organisation

The Board of Directors of the parent company assembled 11 times during the year of operation. The most essential decisions included regular matters concerning the budget and financial statements, as well as the performance agreement proposals.

Rector Jussi Halttunen served as the president, Vice Rector Heikki Malinen as the president’s deputy, BDO Oy as the auditor and Jarmo Lohi (Chartered Accountant, Chartered Public Finance Auditor) as the principal auditor.

Management team

Chair Jussi Halttunen, Rector
  Heikki Malinen, Vice Rector
  Mikko R. Salminen, Director of Administration
  Pekka Jääskö, Business Director, JAMK Generator
  Pasi Raiskinmäki, Director of Unit, School of Technology
  Pekka Risku, Director of Unit, Teacher Education College
  Asta Wahlgrén, Director of Unit, School of Business and Services
Staff representative (1.1. – 31.7.2016) Esa Salmikangas, Senior Lecturer
  (1.8. – 31.12.2016) Heljä Kautto, Executive Secretary
Secretary Heli Toivola, Marketing Manager

Board members

Board members of JAMK University of Applied Sciences Ltd. 1 January – 31 December 2016.

Aila Paloniemi, Chair  
Lotta Ahola Vesa Arkko
Simo Halttunen Jouni Kurkela
Pauli Partanen    Jari Vähäpesola
Mirja Nojonen Juha Salmi

and Eino Leisimo as controller for the City of Jyväskylä.

Mikko R. Salminen, Director of Administration, served as the Board’s secretary. 

The Annual General Meeting was held on 25 April 2016.

The JAMK University of Applied Sciences Group is a subgroup of the Jyväskylä City Corporation. The domicile of the City Corporation is the City of Jyväskylä.

A copy of the consolidated financial statements is available at: City of Jyväskylä, Talouskeskus public utility, Heikinkatu 3 B, FI-40100 Jyväskylä.

Company shares

The parent company has 160 shares of the same type, with a nominal value of €168.19 each.

Board of Directors’ proposal to the Annual General Meeting

The Board of Directors proposes to the Annual General Meeting that the financial statements be approved and that the parent company’s profit for the financial year, €385,779.85, be left in the profit account.

  2016 2015 2014 2016 2015 2014
Turnover 53 864 767 52 506 906 58 061 833 53 872 125 52 541 225 58 082 865
Operating profit 353 489 -4 400 109 26 634 358 519 -4 336 789 339 184
Operating profit, % of turnover 0,7 -8,4 0,0 0,7 -8,3 0,6
Salaries and remuneration 30 395 783 30 067 490 30 288 783 30 395 783 30 067 490 30 288 783
Salaries and remuneration, % of turnover 56,4 57,3 52,2 56,4 57,2 52,1
Number of employees * 582 596 639 582 596 639
Rents ** 6 357 113 9 823 802 8 032 136 6 357 113 9 821 423 8 038 698
Rents, % of turnover 11,8 18,7 13,8 11,8 18,7 13,8
Advance rents, long-term 10 765 463 11 496 385 12 353 812 10 765 463 11 496 385 12 353 812
Equity ratio (%) 80,6 83,8 84,9 79,0 82,4 77,1
Return on equity (%) 1,5 -14,7 0,1 1,5 -16,8 1,4
Return on investment (%) 1,2 -14,8 0,1 1,4 -16,7 1,3
Quick ratio 3,7 4,2 4,2 3,1 3,5 3,7