Annual Report 2014
Notes to the income statement
GROUP PARENT COMPANY
2014 2013 2014 2013
1 Net sales
Breakdown by sector
Engineering and design 6,921,332
Model testing 3,429,164
Total 10,350,495
Geographical breakdown
Europe 3,351,046
Asia 6,413,613
America 585,836
Total 10,350,495
Recognised from percentage of completion based sales 1,009,607
Unfinished projects recognised under percentage of completion accounting
Recognised as at 31 December 5,098,127
Portion not recognised as income 2,603,174
Total 7,701,302
2 Other operating income
Sales gains from direct investments 2,508,715 731,852 2,242,155 509,367
Other income 571,293 196,712 482,295 409,438
Total 3,080,008 928,564 2,724,449 918,805
3 Personnel expenses
Salaries and fees 6,098,541 2,855,055 3,217,213 2,855,055
Pension expenses 1,069,605 459,147 554,648 459,147
Other personnel expenses 255,008 161,613 154,769 161,613
Total 7,423,153 3,475,816 3,926,630 3,475,816
Salaries and fees paid to management
Board of Directors 174,000 115,700 120,500 115,700
Presidents & CEOs 495,714 282,496 327,022 282,496
Management Group 1,709,192 1,262,390 1,135,962 1,262,390
The Management Group’s salaries and fees also include the salaries and fees of the President & CEO and of his deputy.
The remunerations paid to the members of the Board of Directors of parent company Finnish Industry Investment Ltd are decided by the Annual General Meeting (AGM). The company’s AGM held on 21 March 2014 decided on the following monthly sums: Chairman of the Board: €1,500; Deputy Chairman of the Board: €850; other members of the Board: €700; and in addition to the monthly remuneration, all members: €500 per meeting, for meetings of the Board of Directors and for meetings of committees appointed by the Board of Directors.
The Board of Directors decides on the pay principles, total pay and bonus scheme for the President & CEO and other members of the parent company’s Management Group. The Management Group comprised the President & CEO and on average five other members during the financial year. All the company’s personnel were included in the bonus scheme during 2014.
Average number of personnel employed by the company during the financial year 78 30 31 30
4 Depreciation and reductions in value
Planned depreciation of intangible assets 202,553 97,143 111,374 97,143
Planned depreciation of tangible assets 469,103 54,208 40,935 54,208
Depreciation of Group goodwill 2,202,528
Total 2,874,184 151,351 152,309 151,351
5 Other operating expenses
The Group’s and parent company’s other operating expenses in 2014 include sales losses and exit losses on direct investments of €17,787,840 (€5,128,475 in 2013).
Auditor’s fees
Audit fees 42,834 24,285 23,296 18,426
Tax advice 2,480 2,480
Other fees 20,965 5,084 14,000 5,084
Total 63,798 31,849 37,295 25,990
6 Financial income and expenses
Income from investments in non-current assets 19,046,829 21,043,055 19,029,885 20,755,320
Other interest and financial income 11,426,810 10,762,230 11,426,711 10,762,066
Reductions in value of investments in non-current assets -49,390,321 -27,942,444 -55,817,120 -31,578,107
Reductions in value of investments in current assets -115,219 -250,930 -115,219 -250,930
Other interest and financial expenses -664,834 -861,630 -671,381 -861,630
Total -19,696,736 2,750,280 -26,147,125 -1,173,281
7 Extraordinary items
Extraordinary income / Group contribution 29,096 17,137
Extraordinary expenses / Group contribution -2,203 -2,000

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