Finances and social responsibility

Finances and social responsibility

The Blood Service is a non-profit organisation. Its activities are financed by the sales of products and services to healthcare organisations. The Blood Service is not supported by government funds or other external sources, except for grants and subsidies for research projects. Any financial surplus is not shared but instead used to ensure the continuation and development of activities.

Net profit for the financial period was EUR 9.5 million. The majority of this, EUR 6.0 million, was financial revenues accruing from an increase in the value of investments. Turnover was €58.8 million, 2.7% down on the previous year. The decrease is due largely to a fall in sales of blood products. Other operating revenues include one-off sales revenue from the transfer of certain business operations.

Personnel costs were up by 1.1%. Material and subcontracting expenses were down by 2.3%. Other costs, the largest of which were incurred by premises, ICT and logistics services, increased by 3.2%.

The use of blood products has declined by some 25% in 10 years. The Blood Service has adjusted well to the situation, and there has been no need to increase the prices of blood products since 2014. 2020 will also start with prices unchanged.

At the end of the financial year, the total capital as shown by the Blood Service’s internal balance sheet was €86.4 million, of which €45.7 million was invested in securities. The bank balance was €32.9 million. The Board of the Blood Service decided to create an independent fund to support research and development activities at the Blood Service. The initial capital of the independent fund, formed from the surplus of previous years, amounted to €23.5 million.

The Blood Service prepares an internal profit and loss account and balance sheet on its operations. The Blood Service’s financial result is included in that of the Finnish Red Cross, on which no auditor’s report had been issued at the date of signing the Blood Service's balance sheet book.

 

 

     

 

 

Thanks to our good financial situation, we were able to avoid price increases for blood products.