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€