iLOQ Oy’s financial statements have been prepared in accordance with Finnish Accounting Standards (FAS). The financial statement is presented in thousands of euros.
Intangible and tangible assets
Intangible and tangible assets are recognized in the balance sheet at acquisition cost less planned depreciation. Acquisition cost includes variable expenses. Planned depreciation is calculated with the straight line method over the useful lives of intangible and tangible assets.
Development expenses for 2019 have been entered in the balance sheet at acquisition cost. Depreciation of these will be initiated as planned straight-line depreciation when the R&D project has been completed.
The depreciation periods are:
| Intangible rights | 5-10 years | |
| Other intangible assets | 5-10 years | |
| Machinery and devices | 5 years | |
| Equipment and other movable items | 5 years |
Inventories
Inventories are presented in accordance with the average price principle at acquisition cost or at a lower probable selling price. Variable expenses are included in the value of inventories.
| Notes to the income statement | |||
| Personnel expenses | 2019 | 2018 | |
| Salaries and wages | 6,213 | 4,535 | |
| Pension costs | 1,052 | 801 | |
| Other personnel expenses | 105 | 100 | |
| Total | 7,370 | 5,436 | |
| Average number of personnel | 147 | 72 | |
| Depreciation and impairment | 2019 | 2018 | |
| Planned depreciation | 2,045 | 1,166 | |
| Impairment of non-current asset items | 0 | 0 | |
| Total | 2,045 | 1,166 | |
| Financial income and expenses | 2019 | 2018 | |
| Finance income | |||
| Intra-group interest income | 50 | 48 | |
| Other finance income | 106 | 146 | |
| Total | 155 | 194 | |
| Finance expenses | |||
| Interest expenses | 32 | 17 | |
| Other finance expenses | 370 | 252 | |
| Total | 402 | 270 | |