Financials

Notes to the profit and loss account

EUR 1000

			2017	2016
1	Other operating income
	Operating income from participating interests		54	38
	Remunerations		759	771
	Other operating income		724	791
			1,538	1,600
2	Average number of staff employed
	Employees		71	60
3	Wages and salaries
	Managing Director and his alternate		365	357
	The Board of Directors and the Supervisory Board		130	121
		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		19	47
	Machinery and equipment		102	141
			121	188
5	Other operating charges
	Voluntary staff expenses		546	498
	Office		440	724
	ICT		584	446
	Travel and negotiation expenses		927	851
	Entertainment and PR expenses		158	107
	External services		1,040	1,398
	Other expenses		444	381
			4,138	4,405
6	Auditor's remunerations
	Audit fee		9	9
	Tax services		6	6
	Other services		73	1
			88	16
7	Financial income and expenses
	Financial income
	Income from participating interests
		Dividends	5,854	192
		Profit from sales of assets	6,653	0
		From others	475	105
	Income from participating interests		12,981	297
	Income from other investments
		Dividends	329	450
		From funds	2,385	6,671
		Profits from investments and sales assets	5,198	0
	Income from other investments		7,912	7,121
	Other interest and financial income
		Interest income	13,104	9,372
		Interest income from participating interests	330	816
		Financial income	2,088	1,238
		Financial income from participating interests	14	18
		Exchange rate gain	30,960	11,017
	Other interest and financial income		46,496	22,461
	Financial income total		67,390	29,879
	Permanent write-offs of investments and their reversals
		Equity and funds	-7,602	-7,976
		Loans	-7,144	-3,452
		Reversal of write-offs on shares and fund investments	3,531	3,460
		Reversal of write-offs on loans	1,976	8,940
	Write-offs of investments and their reversals		-9,239	972
	Interest and other financial expenses
		Interest expenses to others	-1,568	-1,286
		Other financial expenses	-5,985	-3,860
		Loss from investments, funds and sales of assets	-5,758	-5,796
		Exchange rate loss	-31,974	-10,573
	Interest and other financial expenses total		-45,286	-21,515
	Financial income and expenses total		12,865	9,336
	The item Financing income and expenses includes loss of exchange (net)		-1,015	444
7	Income from financing operations by income level (does not include income from EU territory, liquidity and funding)
	Least developed countries (LDC)		17,828	9,913
	Other low-income countries (LIC)		3,611	2,449
	Lower-middle-income countries (LMIC)		32,090	9,557
	Upper-middle-income countries (UMIC)		12,396	6,373
	Russia		283	462
			66,208	28,754
8	Income taxes
	Tax on capital gains outside Finland		570	9
	Withholding taxes on emoluments		2	3
	Withholding taxes on dividends		0	6
			572	18

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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