Financials

Notes to the profit and loss account

EUR 1000

			2013	2012
1	Other operating income
	Operating income from participating interests		26	59
	Remunerations		1,001	669
	Other operating income		531	475
			1,558	1,203
2	Average number of staff employed
	Employees		49	49
3	Wages and salaries
	Managing Director and his alternate		324	300
	The Board of Directors and the Supervisory Board		124	145
		The Board of Directors
		Chair's monthly emoluments	1,100 €
		Vice chair's monthly emoluments	700 €
		Board members' monthly emoluments	600 €
		Emolument per meeting of Board of Directors and Audit Committee	300 €
		Supervisory Board
		Chair’s emolument per meeting	800 €
		Vice chair’s emolument per meeting	600 €
		Board member's emolument per meeting	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		38	14
	Machinery and equipment		56	53
			94	67
5	Other operating charges
	Voluntary staff expenses		410	355
	Office		357	353
	ICT		281	256
	Travel and negotiation expenses		836	719
	Entertainment and PR expenses		103	98
	External services		527	426
	Other expenses		445	242
6	Auditor's remunerations
	Audit fee, end of financial year		5	4
	Audit fee, previous financial year		4	4
	Assignments		11	16
	Other services		11	50
			31	74
7	Financial income and expenses
	Financial income
	Dividends received
		From participating interests	1,155	2,483
		From others	403	657
	Dividends received total		1,558	3,140
	Sales profit from investments
		From participating interests	339	37
		From others	3,412	3,230
	Sales profit from investments total		3,751	3,267
	Interest income from investments
		From participating interests	302	440
		From others	6,687	6,488
	Interest income from investments total		6,989	6,928
	Other interest income
		From participating interests	165	347
		From others	1,095	651
		Exchange rate gain	4,959	5,662
	Other interest and financing income total		6,219	6,660
	Financial income		18,517	19,995
	Permanent write-offs of investments and their reversals
		Equity and funds	-5,854	-3,627
		Loans	-3,217	-3,244
		Reversal of write-offs on shares and fund investments	6,006	330
		Reversal of write-offs on loans	6,764	891
	Write-offs of investments and their reversals		3,699	-5,650
	Provisional write-offs of investments and their reversals (investments made before 2005)		0	544
	Total write-offs		3,699	-5,106
	Interest and other financial expenses
		Interest expenses to others	-795	-1,100
		Other financial expenses	-776	-869
		Loss from sales of assets	-6,644	0
		Exchange rate loss	-5,030	-5,517
	Interest and other financial expenses total		-13,245	-7,486
	Financial income and expenses		8,971	7,403
	The item Financing income and expenses includes loss of exchange (net)		-72	145
7	Income from financing operations by income level
	Least developed countries (LDC)		3,899	1,572
	Other low-income countries (LIC)		1,014	974
	Lower-middle-income countries (LMIC)		6,149	6,812
	Upper-middle-income countries (UMIC)		3,703	5,113
	Other countries		1,665	1,160
			16,430	15,631
8	Income taxes
	Withholding taxes on dividends		25	384
	Withholding taxes on emoluments		3	3
			28	387

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

Content

Annual reports

Tools