Kiinteistön elinkaarihankkeen rahoitus ja riskit

Julkisen sektorin kiinteistötuotannossa toteutetaan kasvavassa määrin julkisen ja yksityisen sektorin yhteistyötä, jossa yksityinen yritys ottaa vastuun kiinteistöön liittyvistä suunnittelu-, rakentamis- ja ylläpitotoimista pitkäksi ajanjaksoksi. Työn tavoitteena on arvioida elinkaarimallilla toteuttavien kiinteistöhankkeiden toteutusvaihtoehdot, sekä kartoittaa elinkaarihankkeen sisältämiä riskejä hankkeen suunnitteluvaiheessa. Tutkimus suoritetaan kvalitatiivisena tutkimuksena, jota tuetaan tarvittavilla kvantitatiivista tietoa hyödyntävillä laskelmilla. Tutkimusaineistona käytetään aihepiiriin liittyviä akateemisia julkaisuja ja oppikirjoja. Työn toimeksiantajan YIT:n kautta tutkimukseen on saatu arvokasta asiantuntemusta ja materiaalia. Elinkaarihankkeiden hankintamenettelyksi suositellaan kilpailullista neuvottelumenettelyä. Kilpailullinen neuvottelumenettely mahdollistaa tilaajan ja palveluntuottajien välisen dialogin hankintamenettelyn aikana, jolloin osapuolet voivat yhteistyössä valita sopivimman toteutusmallin. Hankkeiden rahoitus voidaan toteuttaa tilaajan rahoituksella tai yksityisrahoituksella. Rahoituksen näkökulmasta tilaajan oma rahoitus on edullisin, mikä ei kuitenkaan vähennä elinkaarimallista saatavia etuja perinteiseen urakointiin verrattuna. Laskelman perusteella tilaajan rahoituksen ja yksityisrahoituksen keskimääräisessä korkotasossa (WACC) on eroa 2,8 %. Projektiyhtiön perustaminen tekee rahoituksesta entistä kalliimpaa, koska taseeseen kohdistuviin kustannuksiin lisätään projektiyhtiön oman pääoman tuottovaatimusta vastaava korko. Palveluntuottajan kannalta olennaiset riskit ovat rakennusvaiheen viivästyminen, kiinteistön käytettävyyden ja soveltuvuuden puutteista aiheutuvat muutostyöt. Palvelumaksun sitominen huonosti ylläpidon todellista kulurakennetta kuvaavaan elinkustannusindeksiin tulee pitkällä sopimuskaudella vähentämään palveluntuottajan toiminnan kannattavuutta. Kiinteistön ylläpidon kustannusindeksi on vuosina 2005–2011 noussut 2,3 % nopeammin vuodessa kuin elinkustannusindeksi.

Public-private partnership in marine litter waste management

Marine litter is an international environmental problem that causes considerable costs to coastal communities and the fishing industry. Several international and national treaties and regulations have provisions to marine litter and forbid disposal of waste into the sea. However, none of these regulations state a responsibility for public authorities to recover marine litter from the sea, like they do for marine litter that washes up on public beaches. In a financial evaluation of a value chain for marine litter incineration it was found out that the total costs of waste incineration are approximately 100 ─ 200 % higher than waste fees offered by waste contractors of ports. The high costs of incineration are derived from the high calorific value of marine litter and therefore a high incineration cost for the waste, and long distances between ports that are taking part in a project for marine litter recovery from the sea and an Energy-from-Waste (EfW) facility. This study provides a possible solution to diverting marine litter from landfills to more environmentally sustainable EfW use by using a public-private partnership (PPP) framework. PPP would seem to fit as a suitable cooperative approach for answering problems of current marine litter disposal in theory. In the end it is up to the potential partners of this proposed PPP to decide whether the benefits of cooperation justify the required efforts.

Private Home Care in Municipal Service Systems – A Case Study among Finnish and Swedish Municipalities

The aim of this study is to assess the current and future preconditions for conducting private business in municipal service systems for home care in Lahti and Hyvinkää in Finland, and in Uppsala and Huddinge in Sweden. This study also aims to assess the implications of quality related issues on the preconditions for conducting private business in the service systems in question. The theories and the research methodologies of the study are based on the Business Model Generation and the Business Model Canvas -concepts. Also a couple of frameworks on implications of quality are applied and integrated into the study. The study is completed as a case study – with structured and identical approaches for all four municipalities. The analyses and assessments of the study are primarily qualitative, but supported by simple quantitative methodologies. The data of the study consists primarily of publicly available information, and secondarily of answers provided by the case-municipalities to multiple choice questions. The results of the study show that the service systems for home care among the case-municipalities are, from perspective of private companies, diverse with local characteristics. Both the premises for conducting private business and the quality-issues are in many respects different in the Finnish and the Swedish case-municipalities. This is partly due to differences in the national service systems; the service voucher system versus the system of choice. Still, it appears that the current preconditions for conducting private business in the service systems for home care, including the implications of quality, would be more favorable in Uppsala and Huddinge than in Lahti and Hyvinkää. On the other hand, the service systems are subject to changes, and the most positive and significant development is here forecasted for a Finnish case-municipality (Lahti). Communication of quality is clearly more advanced in the Swedish case-municipalities. The results of this study can be utilized in several ways, for instance by private companies interested in entering into service systems for home care, either in some of the case-municipalities, or in some other Finnish or Swedish municipalities. Also municipalities can apply the analyses of the study when designing, developing or evaluating their own service systems for home care.

Europeana workshop - National Initiative Finalnd

Heli Kautosen esitys Europeana työpajassa 20.11.2012 Helsingissä.

Public and Private Sector Decision Makers Within the Rail Baltica Growth Corridor

Transport volumes have increased and will continue to increase in European Union. Even though the growth has not been equal between different transport modes. Most of the growth has been faced on road transport. European Union aims to balance the unbalanced market shares between the modes by gaining and supporting the competitiveness of railway and waterway transport. In EU railway transportation is seen as solution to increase safety in traffic and decrease the environmental impacts of transportation. The aim of this research is to figure out how it is possible to decrease the environmental impacts by the technology already in use. Main focus of this research is in intermodality and combining the road and railway transportation. This study aims also to figure out demands and expectations towards new Rail Baltica railway route connecting Tallinn and Berlin. The research is conducted by performing a literature review about decreasing environmental impacts and combining road and rail transport. Another viewpoint is taken from the possible effects of tourism to the passenger transport on rails. Knowledge gained by literature review is deepened by additional internet questionnaire study and expert interview study. In decreasing the environmental impacts of transportation electric trains are definitely the best option providing that the electricity is generated from renewable or carbon dioxide free sources. Decrease of environmental impacts has been reached also with acceptance of larger road transport vehicles. According to interviewed passenger transport experts, the whole route from Tallinn to Berlin may not be convenient to be used in passenger transport, just because the route is too long.. In EU freight is transported mainly with semi-trailer combinations, and that is why it could be logical if huckepack trains would be used on Rail Baltica. Huckepack train allows semi-trailers to be transported on rails with time efficient loading-unloading process. Overall, Rail Baltica project is experienced as a future-oriented one and new railway alignment is seen as great alternative option for transport modes using fossil fuels.

Logistics of North-West Russia and Rail Baltica: Standpoints of Private Sector

The main aims of the present report are to describe the current state of railway transport in Russia, and to gather standpoints of Russian private transportation logistics sector towards the development of new railway connection called Rail Baltica Growth Corridor, connecting North-West Russia with Germany through the Baltic States and Poland. North-West Russia plays important role not only in Russian logistics, but also wider European markets as in container sea ports handling is approx. 2.5 mill. TEU p.a. and handling volume in all terminals is above 190 million tons p.a. The whole transportation logistics sector is shortly described as an operational environment for railways – this is done through technical and economic angles. Transportation development is always going in line with economics of the country, so the analysis on economical development is also presented. Logistics integration of the country is strongly influenced by its engagement in the international trade. Although, raw material handling at sea ports and container transports (imports) are blossoming, domestic transportation market is barely growing (in long-term perspective). Thus, recent entrance of Russia into World Trade Organization (WTO) is analyzed theme in this research, as the WTO is an important regulator of the foreign trade and enabler of volume growth in foreign trade related transportation logistics. However, WTO membership can influence negatively the development of Russia’s own industry and its volumes (these have been uncompetitive in global markets for decades). Data gathering in empirical part was accomplished by semi-structured case study interviews among North-West Russian logistics sector actors (private). These were conducted during years 2012-2013, and research compiles findings out of ten case company interviews. Although, there was no sea port involved in the study, most of the interviewed companies relied in European Logistics within significant parts in short sea shipping and truck combined transportation chains (in Russian part also using railways). As the results of the study, it could be concluded that Rail Baltica is seen as possible transport corridor in most of the interviewed companies, if there is enough cargo available. However, interviewees are a bit sceptical, because major and large-scale infrastructural improvements are needed. Delivery time, frequency and price level are three main factors influencing the attractiveness of Rail Baltica route. Price level is the most important feature, but if RB can offer other advantages such as higher frequency, shorter lead times or more developed set of value-added services, then some flexibility is possible for the price level. Environmental issues are not the main criteria of today, but are recognized and discussed among customers. Great uncertainty exists among respondents e.g. on forthcoming sulphur oxide ban on Baltic Sea shipping (whether or not it is going to be implemented in Russia). Rather surprisingly, transportation routes to Eastern Europe and Mediterranean area are having higher value and price space than those to Germany/Central Europe. Border crossing operations (traction monopoly at rails and customs), gauge widths as well as unclear decision-making processes (in Russia), are named as hindering factors. Performance standards for European connected logistics among Russian logistics sector representatives are less demanding as compared to neighbourhood countries belonging to EU.

Diversification benefits for a Finnish non-industrial private forest investor: Real Estate Investment Trusts in the USA

This thesis examined both domestic and international forest investment options for a Finnish non-industrial private forest investor. The focus was on forest-based investment instruments. The influence of movements of currency exchange rates on foreign returns were also taken into account. Annual data from 1995 to 2011 was used. The main portfolio optimization model in this study was the Mean-Variance model but the results were also validated by using the Value at Risk and Expected Shortfall models. In addition, the exchange rate risk hedging was established by using one-week-maturity forward contracts. The results suggested that 75 % of the total wealth should be invested in Finnish private forests and the rest, 25 %, to a US REIT, in this case Rayonier. With hedging, the total return on the portfolio was 7.21 % (NIPF 5.3%) with the volatility of 6.63 % (NIPF 7.9%). Taxation supported US investments in this case. As a conclusion, a Finnish private forest investor may, as evidenced, benefit in diversifying a portfolio using REITs in the US.

Ihmisten johtaminen taistelussa : elokuva Saving Private Ryan johtamisen opettamisen työkaluna

Johtamisen opetuksessa yleensä käytetty menetelmä on pohjautunut dia- tai vielä perinteisempään kalvoesitykseen. Opetuksen elävöittämisessä sekä viretason ja motivaation ylläpitämisessä opetuksen aikana ei ole tapahtunut juurikaan kehitystä. Opiskelijoiden keskittyminen valuu hukkaan, kun kaikki tarmo pitää laittaa siihen, että pysyy hereillä opetuksen aikana. Elokuvien käyttö opetuksen apuna on hiljalleen vallannut jalansijaa itselleen. Kuitenkin niiden käyttö on edelleen hyvin rajallista, vaikka ne ovat äärimmäisen tehokas ja helppo keino sekä elävöittää että piristää opetusta. Tämän tutkimuksen tavoitteena on, selvittää yhden potentiaalisen vaihtoehdon, Saving Private Ryan – Pelastakaa sotamies Ryan, käytettävyyttä johtamisen opetuksen työkaluna ja apuvälineenä. Toisena tavoitteena tutkimukselle voidaan pitää ajatusta, että tämä tutkimus innostaisi aktiiviseen elokuvien tarkasteluun, varsinkin johtamisen opetuksen näkökulmasta sekä elokuvien käytäntöön soveltamiseen. Tutkimuksessa lähestyttiin edellä mainitun elokuvan kahta johtajaa, kapteeni Milleriä ja kersantti Horvathia. Tutkimuksen pääkysymykset oli suhteutettu heidän johtamiskäyttäytymisessä mahdollisesti esiintyvään syväjohtamiseen, syväjohtamisen malliin ja johtajalle luontaisiin ominaisuuksiin. Pääkysymysten tueksi tutkimukselle asetettiin myös alakysymyksiä, joiden avulla oli tarkoituksena selventää edellä mainittujen henkilöiden johtamisprosessin hallintaa, sotilaskuria ja alaisista huolenpitoa. Tutkimusmenetelmänä käytettiin perusanalyysimenetelmää, jota voidaan käyttää kaikissa laadullisissa tutkimuksissa. Kyseessä on sisällönanalyysi, tarkemmin sanottuna teorialähtöinen sisällönanalyysi. Tutkimuksen teoriaosan avulla rakennetut strukturoidut analyysirungot ohjasivat henkilöiden johtamiskäyttäytymisen analysointia. Tuloksien perusteella voidaan vilpittömästi todeta, että tulevaisuudessa elokuvien käyttö opetuksen apuna tulee näyttelemään suurta osaa. Elokuvat tuovat opetukseen tarvittavaa piristystä ja mahdollistavat esimerkiksi aktiivimonisteiden tehokkaan käytön.

Finnish game developers’ perception on public and private funding sources: a survey analysis

The aim of this study is to find out how game companies perceive the three traditional funding sources and how well their opinions and needs are reflected on the choices they make. To accomplish this, 20 game companies were questioned about multiple topics with the help of Tekes and Neogames. The results of this study show that game developers clearly differentiate the three major funding sources and the public sector ends up being the most significant source of external funding. This study also points out that most game companies are indeed facing issues in acquiring funding as well as various other resources.

Audio and Video Repositories at Scale: Indiana University’s Media Digitization and Preservation Initiative

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Private Equity Fund Performance Determinants: Evidence From Fund Characteristics

The purpose of this thesis is to investigate whether different private equity fund characteristics have any influence on the fund performance. Fund characteristics include fund type (venture capital or buyouts), fund size (sizes of funds are divided into six ranges), fund investment industry, fund sequence (first fund or follow-on fund) and investment market (US or EMEA). Fund performance is measured by internal rate of return, and tested by cross-sectional regression analysis with the method of Ordinary Least Squares. The data employs performance and characteristics of 997 private equity funds between 1985 and 2008. Our findings are that fund type has effect on fund performance. The average IRR of venture capital funds is 2.7% less than average IRR of buyout funds. However, We did not find any relationship between fund size and performance, and between fund sequence and performance. Funds based on US market perform better than funds based on EMEA market. The fund performance differs across different industries. The average IRRs of industrial/energy industry, consumer related industry, communications and media industry and medical/health industry are higher than the average IRR of other industries.