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Notes to the income statement
1 Other operating income
EURm 2014 2013
Income from property occupied for own activities 0 0
Other 15 15
Total 15 15
2 Other operating expenses
EURm 2014 2013
Rental expenses -1 -1
Expense on property occupied for own activities -0 -0
Other -11 -10
Total -13 -12
Item Other includes e.g. administration and IT expenses and fees for external services.
3 Auditors' fees
EURm 2014 2013
Authorised Public Accountants Ernst & Young Oy
Auditing fees -0.2 -0.2
Other fees -0.0 -0.0
Total -0.2 -0.2
4 Financial income and expense
EURm 2014 2013
Received dividends in total 1,068 878
Interest income in total 63 61
Interest expense in total -87 -97
Gains on disposal in total 4 6
Losses on disposal in total -1 -0
Exchange result 22 20
Other -2 -16
Total 1,067 852
Notes on the assets
5 Receivables from Group companies
EURm 2014 2013
Cost at beginning of year 321 225
Additions 34 101
Disposals -30 -5
Carrying amount at end of year 325 321
Receivables are subordinated loans issued by subsidiaries. More information in the consolidated note 29 Financial liabilities.
6 Other shares and participations
2014 Fair value changes 2013 Fair value changes
EURm Fair value Recognised
in p/l
Recognised
in fair value
reserve
Fair value Recognised
in p/l
Recognised
in fair value
reserve
Avalaible-for-sale equity securities 85 1 4 28 4 -4
Changes in property shares
EURm 2014 2013
Cost at beginning of year 0 4
Disposals 0 -4
Carrying amount at end of year 0 0
Difference between current cost and carrying amount 0 0
7 Other investment receivables
2014 Fair value changes 2013 Fair value changes
EURm Fair value Recognised
in p/l
Recognised
in fair value
reserve
Fair value Recognised
in p/l
Recognised
in fair value
reserve
Market money 0 0 0 350 0 -0
Bonds 35 1 -3 39 0 4
Total 35 1 -2 388 0 4
8 Other receivables
EURm 2014 2013
Trading receivables 9 7
Derivatives 6 6
Other 4 4
Total 19 17
9 Prepayments and accrued income
EURm 2014 2013
Accrued interest 37 36
Derivatives 28 35
Total 65 71
Notes on the liabilities
10 Movements in the parent company's equity
Restricted equity Unrestricted equity
EURm Share
capital
Fair value
reserve
Invested
unrestricted
capital
Other
reserves
Retained
earnings
Total
Carrying amoun at 1 Jan. 2013 98 0 1,527 273 4,895 6,793
Dividends -756 -756
Recognition of undrawn dividends 7 7
Financial assets available-for-sale
- recognised in equity -0 -0
- recognised in p/l 3 3
Profit for the year 829 829
Carrying amount at 31 Dec. 2013 98 4 1,527 273 4,976 6,877
Restricted equity Unrestricted equity
EURm Share
capital
Fair value
reserve
Invested
unrestricted
capital
Other
reserves
Retained
earnings
Total
Carrying amount at 1 Jan. 2014 98 4 1,527 273 4,976 6,877
Dividends -924 -924
Recognition of undrawn dividends 8 8
Financial assets available-for-sale
- recognised in equity 2 2
- recognised in p/l 2 2
Profit for the year 1,050 1,050
Carrying amount at 31 Dec. 2014 98 7 1,527 273 5,110 7,014
Distributable assets
EURm 2014 2013
Parent company
Profit for the year 1,050 829
Retained earnings 4,060 4,146
Invested unrestricted capital 1,527 1,527
Other reserves 273 273
Total 6,909 6,775
11 Share capital
Information on share capital is disclosed in Note 34 in the consolidated financial statements.
12 Other liabilities
EURm 2014 2013
Unredeemed dividends 30 26
Derivatives 5 7
Guarantees for derivate contracts 47 47
Other 2 0
Total 84 81
13 Accruals and deferred income
EURm 2014 2013
Deferred interest 34 34
Derivatives 6 10
Other 22 21
Total 61 66
Notes on the income taxes
14 Deferred tax assets and liabilities
EURm 2014 2013
Deferred tax assets
Losses 15 15
Deferred tax liabilities
Fair value reserve -2 -1
Total, net 13 14
Notes on the liabilities and commitments
15 Pension liabilities
The basic and suplementary pension insurance of Sampo plc's staff is handled through insurances in Varma Mutual Insurance Company and in Mandatum Life Insurance Company Limited.
16 Future rental commitments
EURm 2014 2013
Not more than one year 1 1
Over one year but not more than five years 1 2
Total 2 3
17 Off-balance sheet items
EURm 2014 2013
Underwriting commitments 1 1
Off-balance sheet items total 1 1
To or on behalf of Group companies - -
To or on behalf of associates - -
Notes on the staff and management
18 Staff numbers
EURm 2014
Average during
the year
2013
Average during
the year
Full-time staff 52 51
Part-time staff 5 2
Temporary staff 2 3
Total 59 56
19 Board fees and management remuneration
EUR thousand 2014 2013
Managing Director Kari Stadigh 3,653 3,530
Members of the Board of Directors
Björn Wahlroos 160 160
Anne Brunila 80 80
Jannica Fagerholm 80 80
Adine Grate Axén 80 80
Veli-Matti Mattila 80 80
Eira Palin-Lehtonen 80 80
Per Arthur Sørlie 80 80
Matti Vuoria 100 100
In addition to the above, the company has in accordance with the decision of the Annual General Meeting in 2014 compensated transfer tax of in total EUR 4,628.24 related to the acquisition of the company shares (EUR 1,277.27 pertaining to the Chairman, EUR 797.86 pertaining to the Vice Chairman and EUR 2,553.11 pertaining to the other Finnish members of the Board).
Pension liability
The retirement age of the Managing Director is 60 years, when the pension benefit is 60% of the pensionable salary.
20 Pension contributions to the CEO, deputy CEO and the members of the board
EUR thousand Supplementary
pension costs
Statutory
pension costs
Total
Pension contributions paid during the year
Chairman of the Board - - -
Other Members of the Board - - -
President/CEO1) 1,001 139 1,139
Deputy CEO - - -
Former Chairmen of the Board
Kalevi Keinänen 2) 18 - 18
Former Presidents/CEO:s
Harri Hollmen 3) 38 - 38
1,057 139 1,196
1) According to his current agreement the Group CEO is entitled to retire in December 2015 when he turns 60. The pension benefit is 60 per cent of his pensionable salary. The pensionable salary includes fixed salary, fringe benefits, holiday pay and short-term incentives and is calculated as an average of two out of the four last full years, where the best and the worst year are left out. To replace the defined benefit supplementary pension agreement stipulated in the service contract for the Group CEO currently in force, a new defined contribution pension agreement will be signed as of 1 January 2016. The annual cost of the agreement for Sampo will be 400,000 euros.
2) Group pension agreement with a retirement age of 60 years and a pension benefit of 66 per cent of the pensionable TyEL-salary (TyEL: Employee's Pension Act). The supplementary cost pertains to a yearly index adjustement.
3) Group pension agreement with a retirement age of 60 and a pension benefit of 60 per cent of the pensionable TyEL-salary. The supplementary cost pertains to a yearly index adjustement.
Notes on the shares held
21 Shares held as of 31 Dec, 2014
Company name Percentage of
share capital
held*)
Carrying
amount EURm
Group undertakings
P&C insurance
If Skadeförsäkring Holding AB, Stockholm Sweden 100.00 1,886
Life insurance
Mandatum Life Ltd, Helsinki Finland 100.00 484
Other
Sampo Capital Oy, Helsinki Finland 100.00 1
Note
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