Year 2020 was largely marked by the pandemic: JAMK relied on remote connections in most activities, and the campuses remained closed part of the spring. The commissioning of the new student administration system Peppi was another key development.

As the pandemic broke out, the results of the financial year were expected to be poor; JAMK managed to keep its activities more or less at the planned levels, however, and the service activities were the only ones that did not reach the target. This situation was also influenced by the fact that the pandemic hit everyone equally, and all parties thus shared a preparedness to be flexible in different situations, coping as well as possible with the effects of the pandemic. What also made things easier was the entire organisation’s excellent digital capabilities needed for distance work.

The operating profit was EUR 1,122,723 (profit for the financial year EUR 1,498,649), which was unexpectedly positive compared to the glum forecasts motivated by the pandemic in the early part of the year. However, the restrictions necessitated by the pandemic led to significant savings in service procurements and travel costs, which contributed to the good result.

Income statement: income 2020

Income statement: income 2020
61.9M€
100%
Ministry of education funding 46.3M€ 75 %
Subsidies and financial support 1.6M€ 3 %
Income from education services 4.4M€ 7 %
Other sales income 1.8M€ 3 %
Income from R&D 7.2M€ 12 %
Other income 0.6M€ 1 %

Graph: Income statement: income 2020

Income Statement: Expences 2020

Income statement: expences 60.4M€ 100%
Personnel expences 43.5M€ 72 %
Services 7.0M€ 12 %
Material and supplies 0.9M€ 1 %
Allowances and benefits 1.0M€ 2 %
Rents 6.9M€ 11 %
Other expences 0.4M€ 1 %
Depreciation 1.2M€ 2 %
Financial yields -0.4M€ -1 %

Graph: Income statement: expences 2020

Financial indicators

Indicators

Group

Parent Company

 
2020
2019
2018
2017
2020
2019
2018
2017
Turnover M€ 61.9 59.8 58.7 57.0 61.9 59.8 58.8 57.0
Change in turnover (%) 3.5 % 1.8 % 3.1 % 5.0 % 3.5 % 1.8 % 3.1 % 5.0 %
Profit M€ 1.12 -1.02 0.41 0.88 1.12 -1.02 0.41 0.88
Profit, % of turnover 1.8 % -1.7 % 0.7 % 1.5 % 1.8 % -1.7 % 0.7 % 1.5 %
                 
Change in own capital (%) 4.8 % -0.02 % 2.6 % 3.6 % 4.8 % -0.02 % 2.6 % 14.4 %
Revenue from
own capital (%)
4.7 % -1.6 % 1.0 % 3.0 % 4.7 % -1.6 % 1.0 % 3.2 %
Revenue from
invested capital at fair value (%)
               
- Handelsbanken         5 % 6 % -1 % -
- OP Financial Group         4 % 13 % -4 % -
                 
Quick ratio 3.3 3.1 2.6 3.6 3.3 3.0 2.6 3.6
Days cash on hand 112.0 82.6 80.7 150.0 109.3 79.9 77.9 147.1
Rate of
self-sufficiency (%)
81.1 % 81.5 % 80.5 % 78.8 % 81.1 % 81.5 % 80.5 % 78.9 %
Net gearing (%) -57.7 % -44.5 % -42.0 % -34.8 % -56.3 % -43.0 % -40.5 % -33.2 %

In the liquidity ratios, the consolidated account of the City of Jyväskylä has been included in cash and cash equivalents.
The figures for the comparison years have been adjusted to comply with the new Ministry of Education and Culture's economic code.

JAMK University of Applied Sciences entered into a new agreement with the Ministry of Education and Culture for the period 2021–2024. The funding of universities of applied sciences has been based on the ministry's performance indicators. Measured by the ministry’s indicators, the activities of JAMK University of Applied Sciences have been extensive and reached good results across the board. In addition, JAMK met its target regarding the ministry’s strategy-based funding.

Personnel

In financial year 2020, JAMK University of Applied Sciences had a personnel of 744 (743 in 2019) and accumulated 669 person-years. The personnel expenses went up by EUR 1.6 million year on year.

Administration and organisation

The parent company's Board of Directors met ten times in 2020. The most important decisions made by the Board concerned statutory budget matters and financial statements.

Rector Jussi Halttunen served as President and Heikki Malinen as President’s deputy. The auditors BDO Oy were represented by principal auditors Pertti Hiltunen (Chartered Accountant) and Hanna Keskinen (Chartered Accountant, Chartered Public Finance Auditor).

Management Team

Chair  Jussi Halttunen, President, Rector
  Heikki Malinen, Vice Rector
  Mikko R. Salminen, Director of Administration
  Pertti Malkki, Director, School of Health and Social Studies
  Pasi Raiskinmäki, Director, School of Technology
  Pekka Risku, Director, Teacher Education College
  Asta Wahlgrén, Director, School of Business and Services (1.1. – 10.5.2020)
  Minna-Maaria Hiekkataipale, substitute Director, School of Business (11.5.-31.10.2020), Director, School of Business (1.11.2020 – 31.12.2020)
Staff representative (1.1. – 31.7.2020) Pekka Natunen, Senior Lecturer
  (1.8. – 31.12.2020) Heljä Kautto, Executive Secretary
Secretary Heli Toivola, Marketing Manager

 

Board Members

Board members of JAMK University of Applied Sciences Ltd. 1 January – 31 December 2020:

Sinuhe Wallinheimo Chair of the Board
Aila Paloniemi Vice Chair (1.1. – 3.5.2020)
Jari Vähäpesola  Vice Chair (4.5. – 31.12.2020)
Lotta Ahola  
Vesa Arkko  
Jouni Kurkela  
Ahti Ruoppila  
Mirja Nojonen Staff representative
Mikael Rauhansalo Student representative (1.1. – 4.5.2020)
Niklas Sillander Student representative (4.5. – 31.12.2020)

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 4 May 2020.

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.