Financial management
The Blood Service is a non-profit organization. The funding for operations consists of products and services sold to healthcare organizations. The Blood Service’s operations are not supported by public funds, the revenues from other activities of the Red Cross, or other external sources, except for research grants or targeted funding for specific projects as per agreements. Any potential financial surplus is not distributed but used to ensure the continuity and development of the Blood Service’s operations.
Operational activities were loss-making. The internal financial result of the Blood Service for the fiscal year was -569,877 euros.
Turnover decreased by 0.4 % and was 57.2 million euros. The demand for blood products was significantly lower than the previous year, while the sales volumes of the Stem Cell Registry and octaplasLG plasma medicinal product increased. Other operating revenues decreased by 4.2 % compared to the previous year and were 1.6 million euros. The costs of materials, stem cell transplants, and subcontracting increased by 3.5 %, and personnel costs by 0.9 %. Other costs increased by 2.8%. Depreciation for the year 2024 was increased by, among other things, a one-time impairment related to equipment modifications at the cell production center. The strong development of the securities market continued in 2024, and financial income grew compared to the previous year.
At the end of the financial period, the Blood Service’s internal balance sheet showed total capital of 81.4 million euros. Of this, 21.5 million euros is in the independent fund of the Finnish Red Cross, the purpose of which is to support research and development activities at the Blood Service. 61.0 million euros were invested in financial securities, and cash and bank balances were 10.6 million euros. A strong balance sheet secures the uninterrupted continuity of the Blood Service’s critical functions for months with no disruptions even in the event of severe disturbances.
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.
Turnover by product group (million euros)
Blood products account for most of the Blood Service’s turnover.
| 2023 | 2024 | Change | Percentage of turnover | |
|---|---|---|---|---|
| Blood products | 36,2 | 35,2 | -2,5 % | 62 % |
| Laboratory tests | 6,3 | 6,2 | -1,2 % | 11 % |
| Plasma material | 6,8 | 7,1 | +4,7 % | 12 % |
| Cell and tissue therapy services | 4,5 | 4,8 | +6,4 % | 8 % |
| Medicines | 3,1 | 3,3 | +5,7 % | 6 % |
| Other | 0,5 | 0,5 | -2,4 % | 1 % |
| Total | 57,4 | 57,2 | -0,4 % |
Cost distribution 2024 (%)
Personnel costs are the Blood Service’s biggest single cost item.
| Personnel costs | 45 % |
| Materials and subcontracting | 22 % |
| ICT | 7 % |
| Rents (premises and equipment) | 7 % |
| Investment expenses | 6 % |
| Facility and equipment maintenance | 3 % |
| Logistics | 3 % |
| Other | 7 % |
Cost breakdown for one bag of blood, 2024 (%)
The cost of a blood product consists of several factors.
| Blood donation activities | 65 % |
| Laboratory activities | 17 % |
| Production | 11 % |
| Storage and transportation | 5 % |
| Medical support | 2 % |