iLOQ Oy’s financial statements have been prepared in accordance with the Finnish Accounting Standards (FAS). The financial statements are presented in thousands of euros.
Tangible and intangible assets
Tangible and intangible assets are entered on the balance sheet at acquisition cost less planned depreciation. Variable expenses are included in the acquisition cost. Planned depreciation has been calculated on a straight-line basis over the economic service life of tangible and intangible assets.
The development expenses for 2018 have been recognized on the balance sheet at acquisition cost. Recognition of planned, straight-line depreciation on these items will begin when the product development project is concluded.
The depreciation periods are as follows:
| Intangible rights | 5-10 years | |
| Other intangible assets | 5-10 years | |
| Machinery and equipment | 5 years | |
| Furnishings and other moveable property | 5 years |
Inventories
Inventories are presented in accordance with the average price principle at either acquisition cost or likely sale price, whichever is lower. Variable expenses are included in the value of inventories.
| Notes to the income statement | |||
| Personnel costs | 2018 | 2017 | |
| Salaries and bonuses | 4,535 | 3,277 | |
| Pension costs | 801 | 707 | |
| Other indirect personnel costs | 100 | 131 | |
| Total | 5,436 | 4,115 | |
| Average number of employees | 72 | 52 | |
| Depreciation and impairment | 2018 | 2017 | |
| Planned depreciation | 1 ,66 | 923 | |
| Impairment of non-current assets | 0 | 57 | |
| Total | 1,166 | 980 | |
| Finance income and expenses | 2018 | 2017 | |
| Finance income | |||
| Intra-Group interest income | 48 | 47 | |
| Other finance income | 146 | 138 | |
| Total | 194 | 185 | |
| Finance expenses | |||
| Interest expenses | 17 | 22 | |
| Other finance expenses | 252 | 315 | |
| Total | 270 | 337 | |