Financials

Notes to the profit and loss account

EUR 1000

			2012	2011
1	Other operating income
	Operating income from participating interests		59	64
	Remunerations		669	667
	Other operating income		475	657
			1,203	1,388
2	Average number of staff employed
	Employees		49	49
3	Wages and salaries
	Managing Director and his alternate		300	300
	The Board of Directors and the Supervisory Board		145	142
		The Board of Directors
		Chairman's monthly emoluments	1,100 €
		Vice chairman's monthly emoluments	700 €
		Board members' monthly emoluments	600 €
		Emolument per meeting of Board of Directors and Audit Committee	300 €
		Supervisory Board
		Chairman's monthly emolument until 19 April 2012	1,000 €
		Vice chairman's monthly emolument until 19 April 2012	600 €
		Board members' monthly emolument until 19 April 2012	500 €
		Board members' emolument per meeting until 19 April 2012	200 €
		Chairman’s emolument per meeting as of 20 April 2012	800 €
		Vice chairman’s emolument per meeting as of 20 April 2012	600 €
		Board member's emolument per meeting as of 20 April 2012	500 €
	Managing Director has the right to retire at the age of 63. Retirement age is based on the contract renewed in 2012.
4	Depreciation
	Other capitalised long-term expenses		14	115
	Machinery and equipment		53	114
			67	229
5	Other operating charges
	Voluntary staff expenses		355	320
	Rents and building management, operating and maintenance, vehicles		353	343
	Purchases of furnishings and equipment		256	209
	Travel, accommodation and negotiation expenses		719	648
	Entertainment and PR expenses		98	118
	External services		426	801
	Other expenses		242	255
			2,449	2,694
6	Auditor's remunerations
	Audit fee, end of financial year		4	4
	Audit fee, previous financial year		4	4
	Assignments		16	6
	Other services		50	48
			74	62
7	Financial income and expenses
	Financial income
	Dividends received
		From participating interests	2,483	989
		From others	657	503
	Dividends received total		3,140	1,492
	Sales profit from investments
		From participating interests	37	1,760
		From others	3,230	8,252
	Sales profit from investments total		3,267	10,012
	Interest income from investments
		From participating interests	440	484
		From others	6,488	6,764
	Interest income from investments total		6,928	7,248
	Other interest income
		From participating interests	347	252
		From others	651	1,152
		Exchange rate gain	5,662	9,794
	Other interest and financing income total		6,660	11,198
	Financial income		19,995	29,950
	Permanent write-offs of investments
		Equity and funds	-3,627	-848
		Loans	-3,244	-5,040
		Cancellation of write-offs on shares and fund investments	330	1,326
		Cancellation of write-offs on loans	891	1,564
	Write-offs of investments		-5,650	-2,998
	Provisional write-offs of investments (investments made before 2005)		544	1,172
	Write-offs, total		-5,106	-1,826
	Interest and other financial expenses
		Interest expenses to others	-1,100	-911
		Other financial expenses	-869	-1,096
		Exchange rate loss	-5,517	-10,025
	Interest and other financial expenses total		-7,486	-12,032
	Financial income and expenses		7,403	16,092
	The item Financing income and expenses includes loss of exchange (net)		145	-231
7	Income from financing operations by income level
	Least develped countries (LDC)		1,572	1,966
	Other low-income countries (LIC)		974	1,492
	Lower-middle-income countries (LMIC)		6,812	15,076
	Upper-middle-income countries (UMIC)		5,113	2,950
	Other countries		1,160	4,637
			15,631	26,121
8	Income taxes
	Taxes on capital gains abroad		0	1,043
	Withholding taxes on dividends		384	152
	Withholding taxes on emoluments		3	2
			387	1,197

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

Financials

Notes to the profit and loss account

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