Financials

Notes to the profit and loss account

EUR 1000

			2016	2015
1	Other operating income
	Operating income from participating interests		38	29
	Remunerations		771	1,107
	Other operating income		791	729
			1,600	1,865
2	Average number of staff employed
	Employees		60	56
3	Wages and salaries
	Managing Director and his alternate		357	334
	The Board of Directors and the Supervisory Board		121	117
		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		47	29
	Machinery and equipment		141	102
			188	131
5	Other operating charges
	Voluntary staff expenses		498	419
	Office		724	483
	ICT		446	341
	Travel and negotiation expenses		851	743
	Entertainment and PR expenses		107	138
	External services		1,398	1,207
	Other expenses		381	327
			4,405	3,658
6	Auditor's remunerations
	Audit fee		9	9
	Assignments		0	0
	Tax services		6	0
	Other services		1	0
			16	9
7	Financial income and expenses
	Financial income
	Income from participating interests
		Dividends	192	0
		From funds	0	4
		Profit from sales of assets	0	2,646
		From others	105	211
	Income from participating interests		297	2,861
	Income from other investments
		Dividends	450	183
		From funds	6,671	7,068
		Profits from investments and sales assets	0	2,804
	Income from other investments		7,121	10,055
	Other interest and financial income
		Interest income	9,372	7,378
		Interest income from participating interests	816	478
		Financial income	1,238	842
		Financial income from participating interests	18	4
		Exchange rate gain	11,017	15,272
	Other interest and financial income		22,461	23,974
	Financial income total		29,879	36,890
	Permanent write-offs of investments and their reversals
		Equity and funds	-7,976	-4,373
		Loans	-3,452	-5,808
		Reversal of write-offs on shares and fund investments	3,460	3,689
		Reversal of write-offs on loans	8,940	1,498
	Write-offs of investments and their reversals		972	-4,994
	Interest and other financial expenses
		Interest expenses to others	-1,286	-789
		Other financial expenses	-3,860	-2,033
		Loss from investments and sales of assets	-5,796	-1,284
		Exchange rate loss	-10,573	-15,153
	Interest and other financial expenses total		-21,515	-19,259
	Financial income and expenses total		9,336	12,637
	The item Financing income and expenses includes loss of exchange (net)		444	119
7	Income from financing operations by income level
	Least developed countries (LDC)		8,713	11,917
	Other low-income countries (LIC)		2,449	8,638
	Lower-middle-income countries (LMIC)		8,572	8,446
	Upper-middle-income countries (UMIC)		6,168	2,906
	Russia		395	790
			26,297	32,697
8	Income taxes
	Tax on capital gains outside Finland		9	100
	Withholding taxes on dividends		6	0
	Withholding taxes on emoluments		3	3
			18	103

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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