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Sampo Plc
Summary of significant account policies
The presentation of Sampo Plc's financial statements together with the notes has been prepared in accordance with the Finnish Accounting Act and Ordinance. The accounting principles applied to the separate financial statements of Sampo plc do not materially differ from those of the Group, prepared in accordance with the International Financial Reporting Standards (IFRSs). The financial assets are measured at fair value derived from the markets.
Notes on the Income statement 1–4
1 Other operating income
EURm 2017 2016
Income from property occupied for own activities 0 0
Other 18 17
Total 18 17
2 Other operating expenses
EURm 2017 2016
Rental expenses -1 -1
Expense on property occupied for own activities 0 0
Other -13 -17
Total -14 -18
Item Other includes e.g. administration and IT expenses and fees for external services.
3 Auditors' fees
EURm 2017 2016
Authorised Public Accountants Ernst & Young Oy
Auditing fees -0.2 -0.2
Tax consultancy -0.0 -
Other fees -0.2 -0.1
Total -0.4 -0.3
4 Financial income and expense
EURm 2017 2016
Dividend income in total 1,453 1,567
Interest income in total 43 56
Interest expense in total -50 -63
Gains on disposal in total 9 0
Losses on disposal in total 0 -26
Exchange result 26 55
Other -71 -5
Total 1,410 1,584
Notes on the assets 5–9
5 Receivables from group companies
EURm 2017 2016
Cost at beginning of year 298 296
Additions 86 2
Disposals -119 -
Carrying amount at end of year 266 298
Receivables are subordinated loans issued by subsidiaries. More information in the consolidated note 29 Financial liabilities.
6 Other shares and participations
2017 Fair value changes 2016 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 175 3 -15 148 -27 9
7 Other investment receivables
2017 Fair value changes 2016 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
Bonds 58 4 -14 28 0 -6
8 Other receivables
EURm 2017 2016
Trading receivables 1 0
Derivatives 0 2
Other 19 5
Total 19 6
9 Prepayments and accrued income
EURm 2017 2016
Accrued interest 13 10
Derivatives 3 12
Other 10 4
Total 26 26
Notes on the liabilities 10–13
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 January 2016 98 8 1,527 273 5,254 7,159
Dividends -1,204 -1,204
Recognition of undrawn dividends 9 9
Financial assets available-for-sale
- recognised in equity -2 -2
- recognised in p/l 22 22
Profit for the year 1,565 1,565
Carrying amount at 31 December 2016 98 28 1,527 273 5,624 7,549
Restricted equity Unrestricted equity
EURm Share capital Fair value reserve Invested unrestricted capital Other reserves Retained earnings Total
Carrying amount at 1 January 2017 98 28 1,527 273 5,624 7,549
Dividends -1,288 -1,288
Recognition of undrawn dividends 39 39
Financial assets available-for-sale 0
- recognised in equity 24 24
- recognised in p/l -6 -6
Profit for the year 1,396 1,396
Carrying amount at 31 December 2017 98 45 1,527 273 5,772 7,714
Distributable assets
EURm 2017 2016
Parent company
Profit for the year 1,396 1,565
Retained earnings 4,376 4,059
Invested unrestricted capital 1,527 1,527
Other reserves 273 273
Total 7,571 7,424
11 Share capital
Information on share capital is disclosed in Note 32 in the consolidated financial statements.
12 Other liabilities
EURm 2017 2016
Unredeemed dividends 0 38
Derivatives 4 3
Guarantees for derivate contracts 7 17
Other 1 1
Total 11 58
13 Accruals and deferred income
EURm 2017 2016
Deferred interest 14 25
Derivatives 6 1
Other 16 15
Total 36 41
Notes on the income taxes 14
14 Deferred tax assets and liabilities
EURm 2017 2016
Deferred tax assets
Losses 14 14
Deferred tax liabilities
Fair value reserve -11 -7
Total, net 3 7
Notes on the liabilities and commitments 15–16
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 2017 2016
Not more than one year 1 1
Over one year but not more than five years 4 4
Over five years 1 1
Total 6 5
Notes on the staff and management 17–19
17 Staff numbers
EURm 2017
Average during the year		 2016
Average during the year
Full-time staff 56 56
Part-time staff 4 3
Temporary staff 3 2
Total 63 61
18 Board fees and management remuneration
EUR thousand 2017 2016
Managing Director Kari Stadigh 3,690 4,936
Members of the Board of Directors
Björn Wahlroos 175 160
Christian Clausen 96 80
Jannica Fagerholm 115 80
Adine Grate Axén 96 80
Veli-Matti Mattila 90 80
Risto Murto 90 80
Eira Palin-Lehtinen 115 100
Per Arthur Sørlie 96 80
In addition to the above, the company has in accordance with the decision of the Annual General Meeting in 2017 compensated transfer tax of in total EUR 3,345.22 related to the acquisition of the company shares (EUR 916.80 pertaining to the Vice Chairman and EUR 2,428.42 pertaining to the other members of the Board).
Pension liability
The Group CEO is entitled to a defined contribution pension in accordance with the pension contract in force. The annual pension premium is fixed at EUR 400,000.
19 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
President/CEO1) 400 172 572
Former Chairmen of the Board
Kalevi Keinänen2) 10 - 10
Former Presidents/CEO:s
Harri Hollmen3) 23 - 23
433 172 605
1) The Group CEO is entitled to a defined contribution pension in accordance with the pension contract in force. The annual pension premium is fixed at EUR 400,000. The supplementary pension premiums for 2016 included payments to a supplementary TEL-L group pension plan, which based on changes in legislation was removed as of 31 December 2016 and forms a paid-up policy.
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). No annual index adjustment in 2017.
3) Group pension agreement with a retirement age of 60 and a pension benefit of 60 per cent of the pensionable TyEL-salary. No annual index adjustment in 2017.
Notes on shares held 20
20 Shares held as of 31 Dec, 2017
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
P&C and life insurance
Topdanmark A/S, Copenhague Denmark 48.90 1,398
Life insurance
Mandatum Life Ltd, Helsinki Finland 100.00 484
Other
Sampo Capital Oy, Helsinki Finland 100.00 1