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 operation of the Blood Service is not supported by public funds, the proceeds of other activities of the Red Cross or other external sources, with the exception of research grants or targeted funding for separate projects in accordance with agreements. Any financial surplus is not shared but instead used to ensure the continuation and development of activities.

The demand for blood products and other products manufactured by the Blood Service was lower than in 2021. Turnover was €53.4 million, 6.5% down on the previous year. Our operating result showed a deficit, as expected. This was due to the decrease in turnover and the costs arising from relocation of our headquarters, such as the non-recurring overlapping rent and maintenance costs during the planning, moving and commissioning phase and the additional resources required by the project. The financial result for the year was -13.0 million euros, of which the loss of financial income accounted for -4.8 million euros.

Moving to the new premises caused an increase in personnel costs (+5.9%) and other costs such as those related to the premises (+15.5%). On the other hand, the lower turnover resulted in lower material and subcontracting costs (-7.1%).

At the end of the financial period, the Blood Service’s internal balance sheet shows total capital of €81.4 million. €22.5 million of this is in an independent fund of the Finnish Red Cross, the purpose of which is to support research and development activities at the Blood Service. €50.7 million was invested in securities, and the bank balance was €18.5 million. A solid balance sheet will secure the continuity of the Blood Service’s critical functions for months with no disruptions despite exceptional circumstances.

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.

 

 

     

 

 

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