Annual Report 2017
Annual Report 2017
- Suomeksi
- In English
- Year 2017
- Corporate governance
- Responsibility
- Investments
- Investments
- List of investments
- Map of investments
- Emphasis on direct investments
- Equity funds as a channel to difficult markets
- Banks and financial institutions
- Highlights of Finnfund's investments
- Highlights of Finnfund's investments
- Microcredit brings a safer future for Cambodian farmers
- JUMO brings financial services to mobile users
- Developing agriculture to boost smallholder harvests and incomes
- Clean solar energy in rural Honduras
- Finnish company turned defeat into victory in Ethiopia
- Solar energy for African entrepreneurs
- Financials
- Financials
- Board of Directors' report
- Profit and loss account
- Balance sheet
- Cash flow statement
- Accounting policy
- Notes to the profit and loss account
- Notes to the balance sheet
- Other supplementary information
- Signatures of Board of Directors' report and financial statements
- Auditor's report
- Statement of the Supervisory Board
Financials
- Board of Directors' report
- Profit and loss account
- Balance sheet
- Cash flow statement
- Accounting policy
- Notes to the profit and loss account
- Notes to the balance sheet
- Other supplementary information
- Signatures of Board of Directors' report and financial statements
- Auditor's report
- Statement of the Supervisory Board
Notes to the balance sheet
EUR 1000
| 9 | Intangible and tangible assets | Other long-term expenses | Machinery and equipment | Total | ||
| Acquisition cost 1 Jan. 2017 | 1,141 | 2,075 | 3,216 | |||
| Increases | 0 | 0 | 0 | |||
| Acquisition cost 31 Dec. 2017 | 1,141 | 2,075 | 3,216 | |||
| Accumulated depreciations 1 Jan. 2017 | -1,101 | -1,896 | -2,997 | |||
| Depreciation of the accounting period | -19 | -102 | -121 | |||
| Accumulated depreciations 31 Dec. 2017 | -1,120 | -1,998 | -3,118 | |||
| Book value 31 Dec. 2017 | 21 | 77 | 98 | |||
| Book value 31 Dec. 2016 | 40 | 179 | 219 | |||
| 10 | Investments / Shares and funds | Participating interests | Others | Total | ||
| Acquisition cost 1 Jan. 2017 | 65,156 | 117,520 | 182,675 | |||
| Adjustments to transfers to funds recorded during the previous year | 32 | -819 | -787 | |||
| Increases | 12,553 | 18,833 | 31,386 | |||
| Transfer between items | 474 | -474 | 0 | |||
| Decreases | -11,596 | -5,970 | -17,566 | |||
| Acquisition cost 31 Dec. 2017 | 66,619 | 129,089 | 195,708 | |||
| Individual write-offs accumulated as of 1 Jan. 2017 | -10,303 | -9,426 | -19,729 | |||
| Reversal of write-offs | 2,859 | 594 | 3,453 | |||
| Write-offs during the financial year | -2,469 | -5,133 | -7,602 | |||
| Individual write-offs accumulated as of 31 Dec. 2017 | -9,912 | -13,965 | -23,878 | |||
| Book value 31 Dec. 2017 | 56,707 | 115,124 | 171,830 | |||
| 10 | Investments / Loans | Participating interests | Others | Total | ||
| Acquisition cost 1 Jan. 2017 | 22,796 | 190,444 | 213,240 | |||
| Increases | 3,008 | 79,808 | 82,816 | |||
| Capitalised interest | 0 | 1,292 | 1,292 | |||
| Transfer between items | 762 | -762 | 0 | |||
| Decreases | -2,715 | -48,814 | -51,529 | |||
| Acquisition cost 31 Dec. 2017 | 23,850 | 221,969 | 245,819 | |||
| Individual write-offs accumulated as of 1 Jan. 2017 | -2,350 | -17,543 | -19,893 | |||
| Reversal of write-offs | 215 | 1,839 | 2,054 | |||
| Write-offs during the financial year | -767 | -5,707 | -6,474 | |||
| Individual write-offs accumulated as of 31 Dec. 2017 | -2,902 | -21,411 | -24,313 | |||
| Book value 31 Dec. 2017 | 20,948 | 200,558 | 221,506 | |||
| 2017 | 2016 | |||||
| 11 | Subordinated receivables | |||||
| Capital loans to participating interests | 20,948 | 20,446 | ||||
| Capital loans to others | 17,595 | 25,550 | ||||
| 38,543 | 45,996 | |||||
| 12 | Other long-term receivables | |||||
| Acquisition cost 1 January 2017 | 1,370 | |||||
| Deductions | -30 | |||||
| Acquisition cost 31 December 2017 | 1,340 | |||||
| Impairment losses during financial year | -670 | |||||
| Book value 31 December 2017 | 670 | |||||
| Derivative receivables | 6,875 | 0 | ||||
| 7,545 | 0 | |||||
| 13 | Receivables from participating interests | |||||
| Interests | 56 | 65 | ||||
| Other | 73 | 63 | ||||
| Dividends | 282 | 142 | ||||
| 411 | 270 | |||||
| 14 | Prepayments and accrued income | |||||
| Interests | 3,308 | 2,074 | ||||
| Other | 1,594 | 1,147 | ||||
| Receivable from sale of investment | 11,243 | 0 | ||||
| 16,145 | 3,221 | |||||
| 15 | Marketable securities | |||||
| Fair value | 11,663 | 5,635 | ||||
| Book value | 11,407 | 5,399 | ||||
| Difference | 255 | 236 | ||||
| 16 | Shareholders' equity | |||||
| The purpose of the company is not to generate a profit for the shareholders. The company does not pay dividends or distribute its unrestricted equity fund nor does it redeem its own shares. | ||||||
| Restricted equity | ||||||
| Share capital 1 Jan. | 166,989 | 166,989 | ||||
| Increase of share capital | 10,000 | 0 | ||||
| Share capital as of 31 Dec. | 176,989 | 166,989 | ||||
| Unrestrected equity | ||||||
| Profit from previous financial years 1 Jan. | 65,899 | 83,783 | ||||
| Adjustment due to change in accounting principles | 0 | -18,224 | ||||
| Adjustments to transfers to funds recorded during the previous year | -787 | 0 | ||||
| Retained earnings 31 Dec. | 65,111 | 65,559 | ||||
| Profit/loss for the financial year | 1,993 | 340 | ||||
| 67,105 | 65,899 | |||||
| 244,094 | 232,888 | |||||
| 17 | Share capital | |||||
| Number of shares | 1,041,112 | 982,289 | ||||
| Nominal value, EUR | 170.00 | 170.00 | ||||
| 18 | Loans with maturity more than 5 years | |||||
| Loans from credit institutions | 33,353 | 36,741 | ||||
| Loans from government | 10,000 | 0 | ||||
| 43,353 | 36,741 | |||||
| 19 | Private placements | |||||
| Private placement 2013/2018 Bullet Euribor 6 kk + 0,55 % p.a. | 50,000 | 50,000 | ||||
| Private placement 2017/2022 Bullet Fixed 0,625 % | 100,000 | 0 | ||||
| 150,000 | 50,000 | |||||
| 20 | Other short-term debt | |||||
| Loans from financial institutions | 63,669 | 60,040 | ||||
| Derivative liabilities | 2,364 | 6,464 | ||||
| Accounts payable | 400 | 726 | ||||
| Other | 220 | 146 | ||||
| 66,653 | 67,376 | |||||
| 21 | Accruals and prepaid income | |||||
| Deferral of personnel expensed | 2,334 | 1,718 | ||||
| Interest | 544 | 568 | ||||
| Taxes | 55 | 61 | ||||
| Other | 64 | 37 | ||||
| 2,996 | 2,384 | |||||
Finnish Fund for Industrial
Cooperation Ltd. (FINNFUND)
Uudenmaankatu 16 B
P.O. Box 391 FI-00121 Helsinki, Finland
tel. +358 9 348 434
fax +358 9 3484 3346
www.finnfund.fi