Notes to the Parent Company Financial Statements (FAS)

 

Basis of preparation for parent company financial statements

CapMan Plc’s financial statements for 2012 have been prepared in accordance with the Finnish Accounting Act.

Foreign currency translation

Transactions in foreign currencies have been recorded at the rates of exchange prevailing at the date of the transaction. Foreign currency denominated receivables and payables are recorded at the rates of exchange prevailing at the closing date of the review period.

Investments

Investments are valued at acquisition cost. If the probable future income from the investment is permanently lower than the value at acquisition cost excluding depreciation, the difference is recognised as an expense.

Receivables

Receivables comprise receivables from Group companies and associated companies, trade receivables, accrued income and other receivables. Receivables are recorded at nominal value, however no higher than at probable value. Receivables are classified as non-current assets if the maturity exceeds 12 months.  

Non-current liabilities

The financial risk management of CapMan Group is centralised with the parent company. The financial risk management principles are provided in the Notes to the Group financial statements under 32.

The hybrid bond is recorded as a non-current liability at nominal value. The loan has no maturity but the company has the right to call the loan on 18 December 2013 and every quarter thereafter.

Leases

Lease payments are recognised as other expenses. The remaining commitments under each lease are provided in the Notes section under “Commitments.”

Provisions

Provisions are recognised as expenses in case the parent company has an obligation that will not result in comparable income or losses that are deemed apparent.

Pensions

Statutory pension expenditures are recognised as expenses at the year of accrual. Pensions have been arranged through insurance policies of external pension institutions.

Revenue recognition

Revenue includes the sale of services to Group companies. The sale is recognised at the completion of the service.

Income taxes

Income taxes are recognised based on Finnish tax law. Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes have been measured at the statutory tax rates that have been enacted by the balance sheet date and are expected to apply when the related deferred tax is realised.

 

Notes to the Parent Company Financial Statements (FAS)
1. Turnover by area
2012 2011
Finland 1,428,572 1,477,281
Foreign 1,496,589 2,116,910
Total 2,925,161 3,594,191
2. Other operating income
2012 2011
Gains from sale of tangible assets 187,338 0
Other 2,054,535 1,246,769
Total 2,241,873 1,246,769
3. Personnel
2012 2011
Salaries and wages 3,429,882 4,389,838
Pension expenses 485,776 766,673
Other personnel expenses 90,639 433,142
Total 4,006,297 5,589,653
Salaries and other remuneration of the CEO 437,690 450,749
Board members 278,400 334,717
Average number of employees 39 43
4. Depreciation
2012 2011
Depreciation by asset type:
Intangible rights 132,739 108,848
Other long-term expenditure 337,937 361,742
Machinery and equipment 96,725 117,483
Total 567,401 588,073
5. Other operating expenses
2012 2011
Other personnel expenses 202,841 -5,697
Office expenses 777,056 655,040
Traveling and entertainment 418,137 443,185
External services 1,947,295 1,880,055
Other operating expenses 1,412,996 628,815
Total 4,758,325 3,601,398
Audit fees
PricewaterhouseCoopers Oy
Authorised Public Accountants
Audit fees 40,339 78,012
Tax advices 16,433 4,930
Other fees and services 39,691 101,887
Total 96,463 184,829
6. Finance income and costs
2012 2011
Dividend income
Group companies 8,489,179 12,340,397
Associated companies 183,420 195,000
Others 27,229 0
Total 8,699,828 12,535,397
Other interest and finance income
Group companies 183,836 170,378
Others 1,671,374 1,824,249
Total 1,855,210 1,994,627
Interest and other finance costs
Group companies -239,773 0
Others -4,730,046 -4,587,637
Total -4,969,819 -4,587,637
Finance income and costs total 5,585,219 9,942,387
7. Extraordinary items
2012 2011
Extraordinary income
Group contributions received 3,775,000 2,700,000
8. Income taxes
2012 2011
Income taxes -110,256 -794,720
Deferred taxes -183,332 -470,448
Total -293,588 -1,265,168
9. Intangible assets
2012 2011
Intangible rights
Acquisition cost at 1 January 643,188 623,188
Additions 185,000 20,000
Acquisition cost at 31 December 828,188 643,188
Accumulated depreciation at 1 January -451,495 -342,647
Depreciation for financial year -132,739 -108,848
Accumulated depreciation at 31 December -584,234 -451,495
Book value on 31 December 243,954 191,693
Other long-term expenditure
Acquisition cost at 1 January 2,155,606 2,061,204
Additions 52,092 94,402
Acquisition cost at 31 December 2,207,698 2,155,606
Accumulated depreciation at 1 January -1,493,667 -1,131,925
Depreciation for financial year -337,937 -361,742
Accumulated depreciation at 31 December -1,831,604 -1,493,667
Book value on 31 December 376,094 661,939
Intangible rights total 620,048 853,632
10. Tangible assets
2012 2011
Machinery and equipment
Acquisition cost at 1 January 908,455 897,971
Additions 0 10,484
Disposals -19,825 0
Acquisition cost at 31 December 888,630 908,455
Accumulated depreciation at 1 January -724,152 -606,669
Depreciation for financial year -96,725 -117,483
Accumulated depreciation at 31 December -820,877 -724,152
Book value on 31 December 67,753 184,303
Other tangible assets
Acquisition cost at 1 January 119,677 119,677
Book value on 31 December 119,677 119,677
Tangible assets total 187,430 303,980
11. Investments
2012 2011
Shares in subsidiaries
Acquisition cost at 1 January 71,370,192 61,584,456
Additions 4,391,054 9,842,515
Disposals -1,021,009 -56,779
Acquisition cost at 31 December 74,740,237 71,370,192
Shares in associated companies
Acquisition cost at 1 January 5,675,117 5,573,568
Additions 205,164 247,376
Disposals -13,184 -145,827
Acquisition cost at 31 December 5,867,097 5,675,117
Shares, other
Acquisition cost at 1 January 3,641,368 3,561,258
Additions 314,301 258,709
Disposals -852,999 -178,599
Acquisition cost at 31 December 3,102,670 3,641,368
Investments total 83,710,004 80,686,677
The subsidiaries and the associated companies are presented in the Notes to the Consolidated Financial Statements, Table 31. Related party disclosures.
12. Long-term receivables
2012 2011
Receivables from Group companies
Loan receivables 4,127,000 5,927,000
Receivables from associated companies
Loan receivables 18,720,765 18,681,685
Other loan receivables 1,217,377 882,694
Long-term receivables total 24,065,142 25,491,379
13. Short-term receivables
2012 2011
Accounts receivable 97,980 125,517
Receivables from Group companies
Accounts receivable 145,987 1,387,197
Loan receivables 2,220,228 3,508,005
Other receivables 4,721,240 3,572,013
Total 7,087,455 8,467,215
Receivables from associated companies
Accounts receivable 29,132 0
Accrued income 661,639 830,724
Total 690,771 830,724
Loan receivables 18,677 736,261
Other receivables 3,443,152 16,148
Accrued income 644,700 709,086
Short-term receivables total 11,982,735 10,884,951
14. Shareholders' equity
2012 2011
Share capital at 1 January 771,587 771,587
Share capital at 31 December 771,587 771,587
Share premium account at 1 January 38,968,186 38,968,186
Share premium account at 31 December 38,968,186 38,968,186
Invested unrestricted shareholders' equity at 1 January 6,999,745 6,999,745
Deduction -4 0
Invested unrestricted shareholders' equity at 31 December 6,999,741 6,999,745
Retained earnings at 1 January 6,774,641 10,449,398
Dividend payment -5,897,883 -10,113,812
Retained earnings at 31 December 876,758 335,586
Profit for the financial year 4,901,641 6,439,055
Shareholders' equity, total 52,517,913 53,514,159
Calculation of distributable assets
Retained earnings 876,758 335,586
Profit for the financial year 4,901,641 6,439,055
Invested unrestricted shareholders' equity 6,999,741 6,999,745
Total 12,778,140 13,774,386
CapMan Plc´s share capital is divided as follows:
2012 2011
Number of Number of
shares shares
Series A share (10 votes/share) 5,750,000 5,750,000
Series B share (1 vote/share) 78,531,766 78,531,766
15. Non-current liabilities
2012 2011
Hybrid bond 29,000,000 29,000,000
Bank loans 22,678,465 28,752,822
Other liabilities 101,772 73,420
Non-current liabilities total 51,780,237 57,826,242
16. Current liabilities
2012 2011
Accounts payable 481,844 251,897
Liabilities to Group companies
Accounts payable 990 275,036
Other liabilities 4,955,909 1,955,000
Accrued expenses 239,773 0
Total 5,196,672 2,230,036
Bank loans 9,785,207 6,250,000
Other liabilities 87,567 263,835
Accrued expenses 1,303,591 2,456,684
Current liabilities total 16,854,881 11,452,452
17. Contingent liabilities
2012 2011
Leasing agreements - CapMan Group as lessee
Operating lease commitments
Within one year 137,891 221,592
After one but not more than five years 68,747 201,130
Total 206,638 422,722
Other hire purchase commitments
Within one year 1,154,817 1,311,126
After one but not more than five years 2,297,321 3,452,138
Total 3,452,138 4,763,264
Securities and other contingent liabilities
Contingencies for own commitment
Mortgage bonds 60,000,000 60,000,000
Loan commitments to Maneq funds 5,113,321 6,026,566
Other contingent liabilities 484,349 1,106,490
Remaining commitments to funds
Equity funds 1,055,368 1,275,716
Fund of funds 447,178 346,514
Remaining commitments to funds 1,502,546 1,622,230