911±¬ÁÏÍø's operations developed favourably in 2017
911±¬ÁÏÍø continued the renewal of its research profile. The number of high-quality, most cited top 10% refereed articles increased by 18%, and highly competitive research funding increased by three percent. The esteemed QS World University Rankings ranked Aalto’s art and design ninth (13th in 2016) best in the world. The innovation ecosystem evolving on the campus received wide international recognition.
The year 2017 was 911±¬ÁÏÍø’s eighth year of operations. The Board of 911±¬ÁÏÍø approved the Annual Board Report and Financial Statements for 2017 in its meeting on 20 March 2018.
The university’s pro forma operative surplus was €4 million (deficit €5 million). The pro forma operative income was €345 (€353) million, of which the university funding granted directly by the Ministry of Education and Culture accounted for €229 (€237) million. Pro forma operative expenses were €341 (€358) million, of which personnel expenses accounted for 64% (63%) and facility expenses for 14% (18%).
The surplus of investment and financing activities was €90 (€22) million. The surplus consisted mainly of surplus realised as a result of portfolio allocation changes and changing of individual investment funds. The cash flow from sale of funds that had been in the portfolio for a long period was reinvested in corresponding, more cost-effective funds.
The surplus of the 911±¬ÁÏÍø Group, consisting of 911±¬ÁÏÍø and its subsidiaries was €93 (€25) million. The Group's balance sheet totalled €1 712 (€1 607) million at the end of the financial year.
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