iLOQ

Notes to balance sheet assets

2017 2016 2017 2016
4. INTANGIBLE ASSETS iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
DEVELOPMENT EXPENSES
Acquisition cost on 1 Jan 1,320,376.75 1,320,376.75
Increases 1,028,458.63 734,624.50 1,028,458.63 734,624.50
Transfers between items 585,752.25 585,752.25
Acquisition cost on 31 Dec 2,348,835.38 1,320,376.75 2,348,835.38 1,320,376.75
Book value on 31 Dec 2,348,835.38 1,320,376.75 2,348,835.38 1,320,376.75
INTELLECTUAL PROPERTY RIGHTS
Acquisition cost on 1 Jan 857,761.08 743,844.88 857,683.08 743,766.88
Increases 125,822.92 115,791.20 125,822.92 115,791.20
Decreases -1,875.00 -1,875.00
Acquisition cost on 31 Dec 983,584.00 857,761.08 983,506.00 857,683.08
Accumulated depreciation and impairment on 1 Jan 379,669.78 296,512.80 379,592.78 296,435.80
Depreciation for the financial period 97,632.93 83,156.98 97,632.93 83,156.98
Accumulated depreciation and impairment on 31 Dec 477,302.71 379,669.78 477,225.71 379,592.78
Book value on 31 Dec 506,281.29 478,091.30 506,280.29 478,090.30
OTHER INTANGIBLE ASSETS
Acquisition cost on 1 Jan 6,842,066.81 7,400,844.56 6,842,066.81 7,400,844.56
Increases 199,643.94 26,974.50  199,644.94 26,974.50
Transfers between items -585,752.25 -585,752.25
Acquisition cost on 31 Dec 7,041,710.75 6,842,066.81 7,041,711.75 6,842,066.81
Accumulated depreciation and impairment on 1 Jan 4,142,762.05 3,100,703.81 4,142,762.05 3,100,703.81
Depreciation for the financial period 647,935.36 680,953.90 647,935.36 680,953.90
Impairment 53,283.91 361,104.34 53,283.91 361,104.34
Accumulated depreciation and impairment on 31 Dec 4,843,981.32 4,142,762.05 4,843,981.32 4,142,762.05
Book value on 31 Dec 2,197,729.43 2,699,304.76 2,197,730.43 2,699,304.76
Intangible assets, total 5,052,846.10 4,497,772.81 5,052,846.10 4,497,771.81
2017 2016 2017 2016
5. PROPERTY, PLANT AND EQUIPMENT iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
MACHINERY AND EQUIPMENT
Acquisition cost on 1 Jan 981,981.28 952,264.95 946,970.35 920,267.02
Increases 259,582.14 58,410.15 258,933.89 55,397.15
Decreases -28,693.82 -28,693.82
Acquisition on 31 Dec 1,241,563.42 981,981.28 1,205,904.24 946,970.35
Accumulated depreciation and impairment on 1 Jan 499,033.38 330,245.08 476,908.29 315,641.05
Depreciation for the financial period 182,348.91 168,788.30 177,096.99 161,267.24
Impairment 3,641.68 3,641.68
Accumulated depreciation and impairment on 31 Dec 685,023.97 499,033.38 657,646.96 476,908.29
Book value on 31 Dec 556,539.45 482,947.90 548,257.28 470,062.06
FIXED ASSETS IN PROGRESS
Acquisition cost on 1 Jan 51,086.82 32,370.00 51,086.82 32,370.00
Increases 243,290.53 51,086.82 243,290.53 51,086.82
Decreases -130,240.61 -32,370.00 -130,240.61 -32,370.00
Acquisition cost on 31 Dec 164,136.74 51,086.82 164,136.74 51,086.82
Book value on 31 Dec 164,136.74 51,086.82 164,136.74 51,086.82
Fixed assets in progress, total 164,136.74 51,086.82 164,136.74 51,086.82
Tangible assets, total 720,676.19 534,034.72 712,394.02 521,148.88
2017 2016 2017 2016
6. INVESTMENTS iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
Holdings in Group companies
Acquisition cost on 1 Jan 1,119,701.00 1,119,701.00
Increases  3,289.00
Acquisition cost on 31 Dec     1,122,990.00 1,119,701.00
2017 2016 2017 2016
7. LONG-TERM RECEIVABLES iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
Long-term receivables from others
Loan receivable 2,292,000.00 2,292,000.00
Total 2,292,000.00   2,292,000.00  
Long-term receivables from others are related party loans to key personnel of the company’s management. The loan period is 10 years and the interest rate is 12-month Euribor +1.5%.Shares issued with loans by key personnel are used as loan collateral.
Long-term receivables from others
Loan receivable 65,125.82 27,042.19
Subordinated loan receivables 910,000.00 910,000.00
Total     975,125.82 937,042.19
Long-term receivables, total 2,292,000.00   3,267,125.82 937,042.19
2017 2016 2017 2016
8. SHORT-TERM RECEIVABLES iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
Short-term receivables from other companies
Trade receivables 6,349,195.68 5,132,215.80 6,349,195.68 5,132,215.80
Tax assets 82,106.26 37,620.83 26,237.05 26,237.05
Other receivables  22,091.34 16,949.00 230.00  6,830.00
Accrued income 210,894.42 112,676.20 156,910.34 68,116.00
Total 6,664,287.70 5,299,461.83 6,532,573.07 5,233,398.85
Short-term receivables from Group companies
Accrued income 46,020.15 45,724.14
Total     46,020.15 45,724.14
Short-term receivables, total 6,664,287.70 5,299,461.83 6,578,593.22 5,279,122.99
Deferred tax assets
From timing differences and temporary differences 143,494.56 273,037.52
 Total 143,494.56 273,037.52  0.00 0.00
The subsidiaries iLOQ Sverige AB, iLOQ Deutschland GmbH, and iLOQ Benelux BV have losses confirmed in taxation totalling EUR 1,456,186.62 from the previous financial years, of which no deferred tax assets are recognised in the consolidated balance sheet in accordance with the precautionary principle.
2017 2016 2017 2016
9. EQUITY iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
Restricted equity
Share capital on 1 Jan 1,000,015.60 1,000,015.60 1,000,015.60 1,000,015.60
Share capital on 31 Dec 1,000,015.60 1,000,015.60 1,000,015.60 1,000,015.60
Share premium reserve on 1 Jan 380,164.40 380,164.40 380,164.40  380,164.40
Share premium reserve on 31 Dec 380,164.40 380,164.40 380,164.40 380,164.40
Restricted equity, total 1,380,180.00 1,380,180.00 1,380,180.00 1,380,180.00
Rights issue on 1 Jan
Change 253,460.00 253,460.00
Rights issue on 31 Dec 253,460.00   253,460.00
Invested unrestricted equity fund on 1 Jan 10,315,227.00 10,134,077.00 10,315,227.00 10,134,077.00
Change 2,148,470.00 181,150.00 2,148,470.00 181,150.00
Invested unrestricted equity fund on 31 Dec 12,463,697.00 10,315,227.00 12,463,697.00 10,315,227.00
Retained earnings on 1 Jan 216,084.65 -3,583,634.72 1,676,065.45 -2,150,053.37
Retained earnings on 31 Dec 216,084.65 -3,583,634.72 1,676,065.45 -2,150,053.37
Conversion difference -1,151.20 -287.68
Dividend distribution -1,167,484.00 -1,167,484.00
Profit for the financial period 7,160,232.51 3,804,925.06  7,190,852.93 3,826,118.82
Unrestricted equity, total 18,924,838.96 10,536,229.66 20,416,591.38 11,991,292.45
Equity, total 20,305,018.96 11,916,409.66 21,796,771.38 13,371,472.45
In accordance with the authorisations given by the General Meetings on 1 March 2013 and 22 March 2017, the Board of Directors has decided on a stock option plan and a share issue against payment. The shares subscribed on the basis of the stock option and the share issue have been registered in the current financial period, and the assets included in the rights issue account on the date of closure of the accounts have been entered in the invested unrestricted equity fund.
2017 2016
CALCULATION OF DISTRIBUTABLE EQUITY iLOQ Oy iLOQ Oy
Retained earnings 1,676,065.45 -2,150,053.37
Dividend distribution -1,167,484.00
Profit for the financial period 7,190,852.93 3,826,118.82
Invested unrestricted equity fund 12,463,697.00 10,315,227.00
Activated development expenses -2,348,835.38 -1,320,376.75
Total     17,814,296.00 10,670,915.70
The share capital is EUR 1,000,015.60, paid in full. The number of shares is 1,220,124.
2017 2016 2017 2016
10. LONG-TERM LIABILITIES iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
Long-term interest-bearing liabilities to other companies
Loans from financial institutions 1,306,680.00 1,306,680.00
Total 0.00 1,306,680.00 0.00 1,306,680.00
Long-term interest-bearing liabilities, total 0.00 1,306,680.00 0.00 1,306,680.00
2017 2016 2017 2016
11. SHORT-TERM LIABILITIES iLOQ Group iLOQ Group iLOQ Oy iLOQ Oy
Short-term interest-bearing liabilities to other companies
Loans from financial institutions 519,200.00 519,200.00
Total 0.00 519,200.00 0.00 519,200.00
Short-term interest-bearing liabilities, total 0.00 519,200.00 0.00 519,200.00
Short-term interest-free liabilities to other companies
Advances received 137,114.01 88,104.04 137,114.01 88,104.04
Trade payables 3,586,544.90 2,514,550.15 3,466,069.19 2,443,203.61
Other creditors 920,419.57 639,827.45 632,892.83 639,827.45
Accrued expenses
Amortisation of personnel expenses 1,501,223.01 1,678,577.87 1,183,441.12 1,316,835.35
Amortisation of operating expenses 1,257,830.90 1,229,762.78 1,257,830.90 1,229,762.78
Other accrued expenses 99,786.79 226,294.21 73,826.03 33,017.60
Deferred tax liabilities based on 1,437,041.08 814,241.72 1,437,041.08 814,241.72
taxable income for the financial period
Total 8,939,960.26 7,191,358.22 8,188,215.16 6,564,992.55
Short-term liabilities to Group companies
Trade payables 570,912.66 356,963.82
Total     570,912.66 356,963.82
Short-term interest-free liabilities, total 8,939,960.26 7,191,358.22 8,759,127.82 6,921,956.37