Notes to the consolidated financial statements

€ 1000 2017 2016
1. Revenue by market area
Finland 4 619 3 416
Other EU countries 34 341 26 945
Non-EU countries 46 035 36 196
84 996 66 557
€ 1000 2017 2016
2. Other operating income
Proceeds from the divestment of fixed asset shares 25
Proceeds from the disposal of fixed assets 19 166
Other operating income 200 91
219 282
€ 1000 2017 2016
3. Materials and services Materials and supplies
Purchases during the period 51 813 43 842
Change in inventories -3 026 1 910
48 787 45 752
External services 3826 2 084
Materials and services 52 613 47 835
€ 1000 2017 2016
4. Personnel and wages and salaries Average number of Group employees during the period
White-collar 56 57
Blue-collar 113 129
169 186
Number of employees at end of period 134 173
Personnel expenses
Wages and salaries 7 860 7 960
Pension costs 605 582
Other direct employee costs 1 045 998
9 509 9 539
Management salaries and bonuses
CEOs 204 392
Members of the Board of Directors 165 171
368 562
€ 1000 2017 2016
5. Auditors' fees
Deloitte & Touche and EY
Audit fees 62 90
Tax advice and other consultation 92 73
155 163
€ 1000 2017 2016
6. Depreciation
Depreciation on tangible and intangible assets according to the plan 3 927 4 385
Depreciation by balance sheet item is included in fixed assets
 
€ 1000 2017 2016
7. Financial income and expenses
Interest received and financial income 56 68
Interest paid and other financial expenses -38 -466
18 -398
Financial income and expenses includes exchange rate differences (net) -20 102
Financial income and expenses includes unrealised deferred exchange rate dfference on foreign currency derivatives 211 -211
€ 1000 2017 2016
8. Extraordinary items included in other operating expenses
Change in tax allocation reserve 0 0
Loss on disposal of shares in subsidiary 0 0
Total 0 0
€ 1000 2017 2016
9. Income taxes
Income taxes on ordinary operations -377 -364
Change in deferred tax liability -42 198
-419 -166
Intangible assets Intangible rights Goodwill Consolidated goodwill Other long-term expenditure Total
10. Fixed assets
Acquisition cost at 1 Jan 2017 1 944 20 506 13 090 89 35 629
Increase 79 0 0 0 79
Decrease 0 -589 0 0 -589
Other transfers and adjustments 0 0 0 0 0
Acquisition cost at 31 Dec 2017 2 023 19 917 13 090 89 35 119
Accumulated depreciation at 1 Jan 2017 1 651 20 506 5 256 72 27 485
Accumulated depreciation on company divestments 0 0 0 0 0
Accumulated depreciation on divestments 0 -589 0 0 -589
Other transfers and adjustments 0 0 0 0 0
Depreciation for the period 92 0 1 915 12 2 018
Accumulated depreciation at 31 Dec 2017 1 743 19 917 7 171 84 28 915
Advance payments 0 0 0 62 62
Carrying value at 31 Dec 2017 280 0 5 919 -22 6 177
Tangible assets Land Buildings and structures Machinery and equipment Other tangible assets Total Investments
Acquisition cost at 1 Jan 2017 3 257 21 519 40 756 89 65 621 4
Transfers between items 0 0 0 176 176 0
Company divestments 0 0 0 0 0 0
Increase 11 967 706 0 1684 0
Decrease 0 0 -218 0 -218 0
Other transfers/adjustments 0 0 0 0 0 0
Acquisition cost at 31 Dec 2017 3 268 22 486 41 244 265 67 263 4
Accumulated depreciation at 1 Jan 2017 30 6 053 38 095 61 44 239 0
Accumulated depreciation on company divestments 0 0 0 0 0 0
Other transfers/adjustments 0 0 -44 170 126 0
Depreciation for the period 0 784 970 10 1 764 0
Accumulated depreciation at 31 Dec 2017 30 6 837 39 021 241 46 129 0
Advance payments 0 807 977 0 1 785 0
Carrying value at 31 Dec 2017 3 238 16 456 3 200 24 22 919 4
 
Group and parent company ownership Domicile and country
11. Group companies
Subsidiaries owned by the parent company:
Ab Myntverket 100 % Eskilstuna, Sweden
Mint of Finland GmbH (earlier Saxonia Eurocoin GmbH) 100 % Halsbrücke, Germany
Owned by subsidiaries:
Compañia Europea de Cospeles, S.A. 50 % Madrid, Spain
€ 1000 2017 2016
12. Inventories
Materials and supplies 4 280 7 108
Unfinished goods/products 3 483 5 893
Finished goods/products 6 530 6 168
Advance payments 0 345
14 294 19 514
€ 1000 2017 2016
13. Receivables Long-term receivables
Bonds 70 70
Receivables from divestment of shares in subsidiaries 0 0
Deferred tax asset 0 0
Other long-term receivables 0 0
70 70
Current receivables
Trade receivables 13 245 8 697
Other current receivables 887 3 531
14 132 12 228
€ 1000 2017 2016
14. Shareholder's equity
Share capital at 1 Jan and 31 Dec 5 000 5 000
Share premium reserve at 1 Jan 6 448 6 448
Transfers from retained earnings 0 0
Transfer to reserve fund 0 0
Share premium reserve at 31 Dec 6 448 6 448
Reserve fund at 1 Jan 271 235
Transfer from retained earnings 110 36
Transfer from share premium reserve 0 0
Translation difference and other changes -4 0
Reserve fund at 31 Dec 377 271
Retained earnings at 1 January 16 840 19 232
Transfers to reserve -110 0
Translation difference and other changes 30 -127
Distribution of dividend -51 -57
Retained earnings at 31 Dec 16 709 19 049
Profit/loss for the period -2 297 -2 209
Total shareholders equity 26 237 28 558
 
€ 1000 2017 2016
15. Deferred tax liabilities and assets
Deferred tax assets
Tax allocation 413 238
Business combinations 87 157
500 396
Deferred tax liabilities
Tax allocation 205 54
Business combinations 0 0
205 54
€ 1000 2017 2016
16. Liabilities
Long-term liabilities
Long-term borrowing 9 682 19 783
Deferred tax liability 0 0
Other long-term liabilities 0 451
9 682 20 234
Current liabilities
Repayment of long-term loans 14 805 4 372
Advances received 216 1 257
Trade payables 5 517 7 320
Other current liabilities 26 191
Income tax liabilities 87 54
Other accrued liabilities 2 834 2 771
23 484 15 966
Items included in other accrued liabilities
Personnel expense liabilities 1 058 1 022
Other accrued liabilities 1 782 1 749
2 840 2 771
 
€ 1000 2017 2016
17. Guarantees, commitments and other liabilities
Amounts payable on leasing agreements
Falling due in 2018 454 473
Falling due later 1 097 1 343
1 551 1 816
Rent liabilities
Falling due in 2018 462 493
Falling due later 912 1 214
1 373 1 707
Other commitments
Commercial guarantee credit facility 36 500 33 500
– of which in use 11 818 12 590
Line of credit granted 19 950 20 975
– of which in use 12 487 12 654
Revolving facility granted 8 000 8 000
– of which in use 4 000 1 000
Derivatives
Fair value 750 -1 928
- derivative in 2018 20 694 31 453
- derivative falling due later 0 -142
Value of underlying security 14 733 20 694
- derivative in 2018 14 733 18 612
- derivative falling due later 0 2 082
The derivatives are currency forwards used to hedge future cash flows relating to buying and selling contracts denominated foreign currency. Derivatives are based on binding contracts made with customers and suppliers and on the delivery schedules and quantities therein. Each currency derivative relates to a specific contract and delivery batch.
Negative fair values of derivatives are booked in the profit and loss statement and balance sheet only to the extent that trade receivables and trade payables booked in the balance sheet relate to them.
Other liabilities
The parent company will be liable to revise the VAT deductions made on real estate investments completed and brought into use in 2013 if there is a reduction in the taxable use of the building during the revision period. The maximum liability is €2,175,146 and the last year of the revision period is 2022.