Financial statements 2017 - Appendix

Financial statements 2017 Appendix

CITY OF TURKU Income statement 1 Jan 2017 - 31 Dec 2017 Income statement

2017

2016

1 000 â‚Ź

1 000 â‚Ź

Operating revenue

270 820

315 386

Sales proceeds

110 486

152 289

Fees and charges

65 163

65 346

Subsidies and grants

27 743

33 508

Rental yield

44 037

41 260

23 390

22 984

2 414 -1 298 085

3 136 -1 303 210

-384 341

-395 992

-90 195

-100 325

Other operating revenue Production for own use Operating expenses Personnel expenses Salaries and fees Social security expenses Pension expenses Other social security expenses

-17 673

-26 163

-572 316

-553 634

-55 882

-65 290

-105 832

-106 457

Renting expenses

-48 161

-47 844

Other operating expenses

-23 684

-7 504

-1 024 851

-984 688

749 018

737 041

601 025

607 016

94 339

77 697

53 654

52 328

256 605 58 303

275 321 44 501

Interest income

25 669

23 017

Other financing income

40 692

30 238

Interest expenses

-7 020

-7 592

Other financing expenses

-1 038

-1 162

Annual contribution margin

39 074

72 174

Depreciations and reduction in value

-55 626

-59 381

Depreciations according to plan

-55 626

-59 177

0

-205

23 660

-1 500

Procured services Materials, supplies and goods Allowances and grants

Operating margin Tax revenue Municipal income tax Share of corporate tax income Property tax Central government transfers to local government Financing income and expenses

Reductions in value Extraordinary items Extraordinary income Extraordinary expenses Financial result for the accounting period Increase (-) or decrease (+) in depreciation difference Increase (-) or decrease (+) in voluntary provisions Increase (-) or decrease (+) in funds Surplus/deficit for the accounting period

24 049

0

-389

-1 500

7 108

11 293

166

1 844

2 419

0

14 504

15 055

24 197

28 192

Income statement ratios Operating revenue / Operating expenses, % Annual contribution margin / Deprecations, % Annual contribution margin â‚Ź / resident Number of residents * advance information

2017 20,9 70,2 206 189 794 *

2016 24,3 121,5 385 187 604

Balance sheet 31 Dec 2017 2017

2016

1 000 â‚Ź

1 000 â‚Ź

1 538 212

1 458 187

18 603

18 013

3 677 12 391 2 535

4 404 13 008 600

Tangible assets Land and water area Buildings Fixed structures and installations Machinery and equipment Other tangible assets Advance payments and construction in progress

664 714

753 969

128 271 220 684 272 945 14 378 3 091 25 346

114 347 236 280 362 474 15 331 2 976 22 561

Investments Subscribed capital Other loan receivables Other receivables

854 895

686 205

206 645 648 079 170

175 610 510 426 169

48 665

48 547

23 352 23 742 1 570

24 674 21 069 2 804

330 810

299 526

1 369

1 781

575 794 0

1 111 657 13

Receivables Long-term receivables Loan receivables Other receivables Short-term receivables Sales receivables Loan receivables Other receivables Prepayments and accured income

112 848

111 437

70 70 0 112 778 16 594 60 318 12 902 22 964

456 159 297 110 981 24 872 55 204 9 856 21 049

Shares and holdings Shares and other similar rights of ownership Bond receivables

121 686

127 160

43 999 77 687

44 806 82 354

94 907

59 149

1 917 686

1 806 260

NON-CURRENT ASSETS Intangible assets Intangible rights Other capitalised long-term expenses Advance payments

FUNDS FROM ASSIGNMENTS State assignments Endowment assets Other reserves from assignments CURRENT ASSETS Current assets Materials and supplies Work in process Finished products/goods

Cash in hand and at banks ASSETS IN TOTAL

858 125

848 432

601 956 98 231 875 24 197

601 956 8 101 210 183 28 192

39 914

42 499

34 769 5 144

34 936 7 563

8 861

8 884

5 194 3 667

5 970 2 915

49 592

49 737

23 318 24 703 1 571

24 642 22 291 2 804

LIABILITIES

961 193

856 707

Long-term liabilities Debentures Loans from financial institutions and insurance Advances recieved Other liabilities / Connection fees and other debts Accrued expenses and deferred income

545 506

520 700

130 000 401 607 0 13 331 567

170 000 331 618 370 18 041 671

Short-term liabilities Debentures Loans from financial institutions and insurance Loans from other creditors Advances recieved Accounts payable Other liabilities / Connection fees and other debts Accrued expenses and deferred income

415 688

336 007

70 000 20 012 135 437 241 64 335 16 318 109 345

0 55 012 118 625 200 64 380 19 006 78 783

1 917 686

1 806 260

CAPITAL AND RESERVES Initial capital Other internal funds Surplus/deficit from previous accounting periods Surplus/deficit for the accounting period DEPRECIATION DIFFERENCE AND VOLUNTARY PROVISIONS Depreciation difference Voluntary provisions MANDATORY PROVISIONS Provisions for pensions Other mandatory provisions CAPITAL FROM ASSIGNMENTS State assignments Capital from donation funds Other capital from assignments

LIABILITIES IN TOTAL

Balance sheet ratios Equity ratio, % Relative indebtedness, % Debts and liabilities out of usable income, % Accumulated surplus/deficit, 1,000 € Accumulated surplus/deficit, € / resident Loan portfolio 31 Dec Loans, € / resident Loan receivables 31 Dec Number of residents * advance information

2017 46,8 75,3 106,2 256 071 1 349 757 056 3 989 648 079 189 794 *

2016 49,3 64,5 93,5 238 375 1 271 675 255 3 599 510 426 187 604

Cash flow statement 1 Jan 2017 - 31 Dec 2017 2017

2016

1 000 €

1 000 €

48 959

51 246

Annual margin

39 074

72 174

Extraordinary items

23 660

-1 500

Cash flow from operations

Adjustments to internal financing Cash flow from investment

-13 775

-19 428

15 756

-51 422

-106 582

-74 510

1 199

720

121 140

22 368

64 715

-176

Change in long-term receivables

-137 655

-35 459

Increases in granted loans

-144 486

-42 863

Investment expenses Allotments for capital expenditure Proceeds from sale of non-current assets Operating and investment cash flow Cash flow from from financing

Decreases in granted loans Change in loans

6 832

7 404

81 801

77 237

Increase in long-term loans

100 000

150 000

Repayments of long-term loans Change in short-term loans Other changes in liquidity Change in funds and capital from assignments Change in current assets Change in receivables Change in interest-free liabilities Net cash flow from financing Change in liquid assets Change in liquid assets

-12

-100 006

-18 188

27 243

21 423

-28 184

-263

422

412

1 284

-1 411

-33 496

22 685

3 606

-34 431 30 284

13 595 13 419

30 284

13 419

Liquid assets 31 Dec

216 593

186 309

Liquid assets 1 Jan

186 309

172 890

2017

2016

206 810

114 951

37,1

97,8

Cash flow statement ratios Cash flow accumulation of operations and investments 5 yr., 1,000€ Cash flow financing of investments, % Loan servicing margin Sufficiency of funds, days Number of residents

0,5

0,9

50,8

44,6

189 794 *

187 604

CONSOLIDATED INCOME STATEMENT

2017

2016

1 000 €

1 000 €

Operating revenue

932 945

919 522

Sales proceeds (+)

768 334

746 879

Extraordinary items

74 621

74 218

Subsidies and grants (+)

32 740

37 027

Rental yield (+)

27 705

27 014

Other operating revenue (+) Change in stocks of products

29 544 523

34 383 -244

Production for own use (+)

14 170

7 082

-1 865 832

-1 818 206

-621 593

-620 782

-117 822

-126 388

-49 177

-60 726

Procured services (-)

-518 516

-481 834

Materials, supplies and goods

-303 087

-289 930

Allowances and grants (-)

-101 426

-102 509

-49 810

-38 507

Other operating expenses (-) Share of profit (loss) of associated companies

-104 402 12 261

-97 531 9 614

OPERATING MARGIN

-905 934

-882 232

Tax revenue

744 440

732 596

Central government transfers to local government (+)

311 083

329 564

-2 010

-5 883

8 393

7 680

Operating expenses Personnel expenses Salaries and fees (-) Social security expenses Pension expenses (-) Other social security expenses (-)

Renting expenses (-)

Financial income and expenses Interest income (+) Other financing income (+)

9 927

8 340

-19 147

-21 161

-1 182

-741

147 579

174 045

Depreciations and reduction in value

-135 517

-133 324

Depreciations according to plan (-)

-135 513

-133 119

-3 -21

-205 0

368

0

Interest expenses (-) Other financing expenses (-) ANNUAL CONTRIBUTION MARGIN

Reductions in value Extraordinary items Extraordinary income (+)

-389

0

FINANCIAL RESULT FOR THE ACCOUNTING PERIOD

Extraordinary expenses (-)

12 042

40 721

Appropriations

14 426

15 055

Current tax

-4 529

-3 695

Deferred tax

-3 088

-2 641

Minority interest

-3 316

-1 618

SURPLUS / DEFICIT FOR THE ACCOUNTING PERIOD

15 535

47 823

Consolidated income statement ratios

2017

2016

Operating revenue / Operating expenses, %

50,4

50,8

Annual contribution margin / Deprecations,%

108,9

130,5

Annual contribution margin, € / resident Number of residents

778

928

189 794

187 604

CONSOLIDATED BALANCE SHEET ASSETS

2017 1 000 â‚Ź

2016 1 000 â‚Ź

2 503 962 28 882 4 473 468 21 264 2 677 2 239 048 207 315 1 145 021 536 156 86 490 120 194

2 411 175 25 447 5 493 621 18 606 726 2 157 439 194 252 1 135 512 523 216 86 855 123 450

143 871

94 154

Investments Holdings in associated companies Subscribed capital Bond receivables Other loan receivables Other receivables

236 032 91 911 39 252 990 103 432 447

228 289 87 981 36 894 1 467 101 488 460

FUNDS FROM ASSIGNMENTS State assignments Special margins for donation funds Other reserves from assignments

32 277 4 676 24 038 3 563

30 113 3 817 21 409 4 886

CURRENT ASSETS Current assets Materials and supplies Work in process Finished products/goods Other current assets Advance payments of current assets

425 280 11 196 7 383 3 528 250 35 1

396 593 10 661 7 198 2 982 273 208 0

Receivables Long-term receivables Loan receivables Deferred tax receivables Other receivables Prepayments and accrued income Short-term receivables Sales receivables Loan receivables Other receivables Prepayments and accrued income Shares and holdings Shares and other similar rights of ownership Investments in money market instruments Bond receivables Other securities Cash in hans at banks

140 851 6 351 70 1 514 345 4 422 134 500 79 908 226 25 219 29 147 136 701 45 966 2 500 79 438 8 797 136 531

127 305 5 104 159 1 570 505 2 870 122 201 78 783 161 19 389 23 867 141 861 45 326 4 320 84 556 7 660 116 765

2 961 519

2 837 880

NON-CURRENT ASSETS Intangible assets Intangible assets Consolidated goodwill Other capitalised long-term expenses Advance payments Tangible assets Land and water area Buildings Fixed structures and installations Machinery and equipment Other tangible assets Advance payments and construction in progress

ASSETS IN TOTAL

LIABILITIES CAPITAL AND RESERVES Initial capital

2017

2016

1 000 â‚Ź

1 000 â‚Ź

1 021 865

1 019 448

601 956

601 956

Initial capital of foundations

3

3

69 295

75 913

335 075

293 752

Surplus/deficit for the accounting period

15 535

47 823

MINORITY INTEREST

60 950

57 084

MANDATORY PROVISIONS

18 863

17 323

5 251

6 027

13 612

11 296

33 336

31 497

4 642

3 786

25 176

22 870

3 519

4 842

LIABILITIES

1 826 504

1 712 529

Long-term liabilities

1 265 074

1 222 879

Debentures

130 000

170 000

Loans from financial institutions and insurance companies

922 072

822 288

0

177

132 213

147 615

122

122

0

370

54 283

57 547

5 907

6 010

Other internal funds Surplus/deficit from previous accounting periods

Provisions for pensions Other mandatory provisions

CAPITAL FROM ASSIGNMENTS State assignments Capital from donation funds Other capital from assignments

Subordinated loans Loans from general government Loans from other creditors Advances received Connection fees and other debts Accrued expenses and deferred income Deferred tax liabilities

20 478

18 750

561 430

489 649

Debentures

70 000

5 000

Loans from financial institutions and insurance companies

66 107

98 603

Short-term liabilities

Loans from general government

8 405

8 508

Loans from other creditors

55 006

55 968

Advances received

10 970

7 049

Accounts payable

112 487

112 606

Connection fees and other debts Accrued expenses and deferred income Deferred tax liabilities LIABILITIES IN TOTAL

49 886

53 486

175 919

137 084

12 650

11 346

2 961 519

2 837 880

Consolidated balance sheet ratios

2017

2016

Equity ratio, %

36,7

38,0

Relative indebtedness, % Debt and liability rate out of usable income % Accumulated surplus/deficit, 1,000 € Accumulated surplus/deficit, € / resident Loan portfolio 31 Dec, 1,000 €

91,3

86,0

113,7

106,5

350 611

341 575

1 847

1 821

1 383 924

1 308 281

Loan portfolio 31 Dec, € / resident

7 292

6 974

Loan receivables 31 Dec, 1,000 €

104 422

102 954

Number of residents

189 794

* advance information

*

187 604

CONSOLIDATED CASH FLOW STATEMENT

2017

2016

1 000 €

1 000 €

147 579 -21 -4 529 -23 481 119 549

174 045 0 -3 695 -28 770 141 580

-230 499 1 558 26 502 -202 439

-189 516 971 29 306 -159 240

-82 890

-17 660

-2 556 1 102 -1 454

-16 394 3 048 -13 347

165 829 -45 088 -45 098 75 644

181 707 -147 622 4 301 38 386

1 308 550 1 858

-119 2 918 2 800

-325 76 -13 603 35 301 21 449

381 -539 -3 852 30 395 26 386

Net cash flow from financing

97 496

54 225

Change in liquid assets

14 606

36 565

Change in liquid assets Liquid assets, 31 Dec Liquid assets, 1 Jan

14 606 273 233 258 627

36 565 258 627 222 062

2017 64,5 2,6 46

2016 92,3 1,2 43

-123 902

-81 715

Cash flow from operations Annual margin Extraordinary items Current tax Adjustments to internal financing

Cash flow from investments Investment expenses Allotments for capital expenditure Proceeds from sale of non-current assets

Operating and investment cash flow Cash flow from financing Change in long-term receivables Increase in granted loans Decrease in granted loans

Change in loans Increase in long-term loans Repayments of long-term loans Change in short-term loans

Change in operating capital Change in operating capital Changes in minority share

Other changes in liquidity Change in funds and capital from assignments Change in current assets Change in receivables Change in interest-free liabilities

Consolidated cash flow statement ratios Cash flow financing of investments, % Loan servicing margin Sufficiency of funds, days Cash flow accumulation of operations and investments 5 yr., 1,000€