iLOQ-vuosikertomus 2019

Note 28

Accounting principles for the financial statements of the parent company

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 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