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Finances

Finances

A profitable year

The PRH achieved most of the financial targets for the year 2018 laid out in the performance agreement between the office and the Ministry of Economic Affairs and Employment.

According to the income and expenditure sheet, the income from operations totalled EUR 59.1 million. The income consisted almost exclusively of income from ordinary operations (EUR 54.5 million) and small rental payments, compensations for use, and other operating income, which totalled approximately EUR 4.6 million.

The income rose by EUR 7.5 million from the previous year. In euro terms, the largest increases were posted in the Enterprises and Corporations result area where income was boosted by the system development compensations paid by the National Land Survey of Finland and the Finnish Tax Administration, LEI code application fees carried over from 2017, and a general upturn in demand.

PRH's total incomes in 2018: EUR 58.2 million. Most of the incomes came from Enterprises and Corporations, and the second most came from Patents and Trademarks. PRH's total expenditure in 2018: EUR 52,1 million. Staff expenses took most of the expenditures, little over a half. Service purchases took second most of the expenditures.


According to the income and expenditure sheet, total operating expenditure increased by approximately three per cent and amounted to EUR 52.1 million. Total expenditure increased by approximately EUR 1.5 million from the previous year.

Staff expenses (EUR 26.2 million) were the biggest expenditure item, accounting for slightly more than half of the total expenditure. Staff expenses increased by EUR 1.7 million. In addition to the wage increases laid out in collective agreements, staff expenses were also boosted by recruitments.

Purchases of external services (EUR 17.4 million) were the second biggest expenditure item and they increased by approximately three million euros from 2017.

Purchases of services increased by approximately three million euros as a result of higher expenditure arising from relocation costs, occupational health services, and small-scale system development.

Depreciation declined by approximately EUR 400,000 because the PRH’s investments had been at exceptionally low levels in the years before 2018.

Expenditure on raw materials, consumables and other expenses totalled EUR 344,000, which was EUR 250,000 less than in 2017. The change was due to relocation to leased premises. Rents decreased by EUR 2.3 million as a result of the relocation.

Income increased by EUR 7.5 million from previous years, which means 13% raise in income.


The PRH is a net-budgeted agency. During the year, the income totalled EUR 58.3 million and the expenditure EUR 50.2 million. The surplus, calculated on the basis of the income and expenditure, totalled EUR 8.1 million.

The appropriation allocated to the PRH as part of the central government spending limits (EUR 1.1 million) is earmarked to cover the expenses arising from the processing of matters related to associations and religious communities because the services performed for them are priced below cost for social policy reasons. The PRH was also granted appropriations for the following tasks: oversight of foundations (EUR 650,000), information disclosure compensation (EUR 214,000), maintenance of the register of industrial property attorneys (EUR 80,000), and the monitoring of collective copyright management (EUR 120,000).

The PRH also had access to an appropriation of EUR 2.4 million to cover the costs of auditor oversight.

Moreover, the PRH was granted EUR 2 million in non-recurring appropriations for the development of the register of beneficiaries and for the transfer of the Business Information System from the Finnish Tax Administration.

The balance sheet total on 31 December 2018 was EUR 27.2 million. The balance sheet total increased by approximately EUR 4.5 million because growing investments caused an increase in work in progress. The assets side of the balance sheet consists almost entirely of capitalised development items for the PRH’s data systems and related IT software.

On the assets side, the majority of the balance sheet total (approximately EUR 25 million) consists of intangible assets. The value of unfinished investments increased by approximately EUR 5 million.

A total of approximately EUR 8 million was spent on investments in fixed assets (mainly data systems) during the year. The level of investments increased by EUR 4.7 million compared to the previous year. Current receivables and other financial assets, which are included in inventories and current assets, increased by approximately EUR 1.9 million. This was mainly due to an increase in current receivables and accrued income.