FUNDACION DEL MUSEO GUGGENHEIM BILBAO. Balance Sheets. 31 December 2010 and (Expressed in Euros)

Transcription

1 ECONOMIC FINANCIAL INFORMATION

2

3 Balance Sheets Assets Note Intangible assets 5 319,913 29,802 Computer software 34,825 29,802 Other intangible assets 285,088 - Property, plant and equipment 6 1,020,376 1,266,545 Land and buildings 152, ,113 Technical installations and other items 868,109 1,057,332 Under construction and advances - 38,100 Total non-current assets 1,340,289 1,296,347 Inventories , ,919 Raw materials and other supplies 531, ,609 Advances to suppliers - 4,310 Trade and other receivables 10 1,285,360 1,775,497 Trade receivables 127, ,830 Trade receivables from group companies and associates 175, ,204 Users and other debtors related to own activity 366, ,361 Personnel 29,388 26,893 Public entities, other , ,209 Current investments , ,493 Debt securities 181, ,278 Other financial assets 85, Prepayments for current assets 76,610 28,353 Cash and cash equivalents 12 4,802,414 4,234,684 Cash 4,802,414 4,234,684 Total current assets 6,963,317 6,839,946 Total assets 8,303,606 8,136,293

4 Balance Sheets Equity and Liabilities Note Capital and reserves without valuation adjustments 13 1,314,331 1,506,234 Foundation reserve Foundation reserve 1,502,548 1,571,710 Reserves Other reserves 3,686 3,686 Surplus for the year (191,903) (69,162) Grants, donations and bequests received 14 1,894,153 1,899,008 Total equity 3,208,484 3,405,242 Non-current payables , ,113 Other financial liabilities 254, ,113 Total non-current liabilities 254, ,113 Current payables 16 33,967 17,107 Other financial liabilities 33,967 17,107 Trade and other payables 16 4,807,023 4,483,254 Suppliers 155, ,944 Suppliers, group companies and associates 600, ,644 Other trade payables 3,285,205 3,526,203 Personnel (salaries payable) 105,696 78,936 Public entities, other , ,527 Current accruals Total current liabilities 4,840,990 4,500,938 Total equity and liabilities 8,303,606 8,136,293

5 Income Statements Note Revenue 25 20,786,818 21,829,779 Income from own activity 14,238,162 15,475,787 Sales and other ordinary income 6,548,656 6,353,992 Supplies 25 (1,790,251) (2,248,682) Merchandise used (1,057,423) (1,036,492) Raw materials and consumables used (713,146) (1,211,227) Impairment of merchandise, raw materials and other supplies 11 (19,682) (963) Other operating income 4,090,330 3,670,233 Non-trading and other operating income 4,078,794 3,654,107 Operating grants, donations and bequests taken to income 14 11,536 16,126 Personnel expenses 25 (4,797,086) (4,292,460) Salaries and wages (3,379,992) (3,319,534) Employee benefits expense (1,417,094) (972,926) Other operating expenses (17,957,538) (18,875,007) External services 25 (17,860,176) (18,583,781) Taxes (23,096) (23,085) Losses, impairment and changes in trade provisions 10 (74,161) (266,317) Other operating expenses (105) (1,824) Amortization and depreciation 5 & 6 (376,759) (325,932) Capital grants, donations and bequests taken to income 14 35,000 - Provision surplus ,874 Other gains/(losses) 10,460 6,284 Results from operating activities ,089 Finance income 30,301 28,057 Other investment income Other 30,301 28,057 Finance expenses (92,912) (114,286) Other (92,912) (114,286) Change in fair value of financial instruments ,392 Trading portfolio and other 957 1,392 Exchange gains/(losses) (131,277) (45,045) Impairment and gains on disposal of financial instruments Gains on disposal and other Net finance expense (192,877) (129,251) Deficit before income tax (191,903) (69,162) Deficit from continuing operations (191,903) (69,162) Surplus for the year (191,903) (69,162)

6 Statements of Changes in Equity A) Statements of Recognized Income and Expenses Note Deficit for the year (191,903) (69,162) Income and expense recognized directly in equity Grants, donations and bequests 14 1,300,302 1,451,257 Total income and expense recognized directly in equity 1,108,399 1,382,095 Amounts transferred to the income statement Grants, donations and bequests received 14 (1,305,157) (1,269,249) Total amounts transferred to the income statement (1,305,157) (1,269,249) Total recognized income and expense (196,758) 112,846

7 Statements of Changes in Equity B) Statement of Total Changes in Equity Foundation reserve Reserves Surplus for the year Grants, donations and bequests received Total Balance at 31 December ,279,067 3,686-1,769,552 4,052,305 Recognized income and expense - - (707,357) (52,552) (759,909) Balance at 31 December ,279,067 3,686 (707,357) 1,717,000 3,292,396 Recognized income and expense - - (69,162) 182, ,846 Application of deficit for the year (707,357) - 707, Balance at 31 December ,571,710 3,686 (69,162) 1,899,008 3,405,242 Recognized income and expense - - (191,903) (4,855) (196,758) Application of deficit for the year (69,162) - 69, Balance at 31 December ,502,548 3,686 (191,903) 1,894,153 3,208,484

8 Statements of Cash Flows Note Cash flows from (used in) operating activities Deficit for the year before income tax (191,903) (69,162) Adjustments for: Amortization and depreciation 5 & 6 376, ,932 Impairment 10 74, ,317 Change in provisions 11 19,682 (295,874) Grants recognized in the income statement 14 (1,305,157) (1,269,249) Proceeds from disposals of financial instruments (54) - Finance income (30,301) (28,057) Finance expenses 92, ,286 Change in fair value of financial instruments 9 (957) (1,392) Changes in operating assets and liabilities Inventories 66,410 13,993 Trade and other receivables 128,879 (382,573) Other current assets 238, ,986 Trade and other payables 323,192 (31,188) Other current liabilities 40,879 (11,577) Other cash flows from (used in) operating activities Interest paid (92,912) (114,286) Interest received 30,355 28,057 Income tax paid/(received) Cash flows used in operating activities (229,215) (1,036,295) Cash flows from (used in) investing activities Payments for investments Intangible assets 5 (14,883) (29,880) Property, plant and equipment 6 (405,818) (326,161) Other financial assets (83,613) - Other assets - - Proceeds from sale of investments Other financial assets ,463 Other assets - - Cash flows used in investing activities (503,357) (281,578) Cash flows from (used in) financing activities Proceeds from and payments for equity instruments Grants, donations and bequests received 14 1,300,302 1,451,257 Proceeds from and payments for financial liability instruments Issue Payables of special nature - 247,220 Redemption and repayment of Payables of special nature - (23,801) Cash flows from financing activities 1,300,302 1,674,676 Net increase in cash and cash equivalents 567, ,803 Cash and cash equivalents at beginning of year 4,234,684 3,877,881 Cash and cash equivalents at year end 4,802,414 4,234,684

9 Appendix I Page 2 of 2 FUNDACION DEL MUSEO GUGGENHEIM BILBAO Achievement of Budget for the year ended 31 December 2009 Budgeted expenses Budget Actual Variance Operating transactions Operating consumption 2,603,876 2,247, ,161 Personnel expenses 4,716,061 4,292, ,601 Amortization and depreciation 315, ,932 (10,932) Other expenses 19,607,692 18,606,866 1,000,826 Changes in provisions for own activity and losses due to unrecoverable bad debts 18, ,348 (276,348) Interest and similar expenses 98, ,924 (107,522) Other gains/(losses) 2, ,180 Total operating transaction expenses 27,361,231 25,973,265 1,387,966 Fund transactions Reduction in contributions from founders and associates - 1,269,249 (1,269,249) Increase in fixed assets Intangible assets - 29,880 (29,880) Property, plant and equipment - 326,161 (326,161) Reduction in debts - 14,764 (14,764) Increase in cash and cash equivalents - 356,803 (356,803) Increase in working capital - 28,348 (28,348) Total expenses on fund transactions - 2,025,205 (2,025,205) Total budgeted expenses 27,361,231 27,998,470 (637,239) Budgeted income Budget Actual Variance Operating transactions Income from own activity Ticket sales and membership fees 769, ,324 22,606 Income on promotions, sponsors and collaborations 6,476,000 5,462,459 1,013,541 Grants, donations and bequests taken to income 9,266,004 9,266,004 - Sales and other ordinary income 7,190,271 6,353, ,279 Other income 3,103,171 3,670,233 (567,062) Finance income 40,000 76,673 (36,673) Other gains/(losses) - 6,304 (6,304) Provision surplus - 321,114 (321,114) Total income on operating transactions 26,845,376 25,904, ,273 Fund transactions Contributions from founders and associates - 1,451,257 (1,451,257) Reduction in fixed assets Property, plant and equipment - 325,441 (325,441) Intangible assets (491) Decrease in inventories - 13,993 (13,993) Decrease in investments - 73,072 (73,072) Increase in debts - 230,113 (230,113) Total income on fund transactions - 2,094,367 (2,094,367) Total budgeted income 26,845,376 27,998,470 (1,153,094)

10 Appendix I Page 1 of 2 FUNDACION DEL MUSEO GUGGENHEIM BILBAO Achievement of Budget for the year ended 31 December 2010 Budgeted expenses Budget Actual Variance Operating transactions Operating consumption 2,066,906 1,770, ,337 Personnel expenses 4,716,061 4,797,086 (81,025) Amortization and depreciation 315, ,759 (61,759) Other expenses 17,854,469 17,883,426 (28,957) Changes in provisions for own activity and losses due to unrecoverable bad debts 18, ,793 (96,793) Interest and similar expenses 110, ,043 (142,643) Other gains/(losses) 2, ,150 Total operating transaction expenses 25,083,036 25,195,726 (112,690) Fund transactions Reduction in contributions from founders and associates - 1,305,157 (1,305,157) Increase in fixed assets Intangible assets - 14,883 (14,883) Property, plant and equipment - 405,818 (405,818) Reduction in debts - 230,113 (230,113) Increase in cash and cash equivalents - 567,730 (567,730) Increase in investments - 83,613 (83,613) Total expenses on fund transactions - 2,607,314 (2,607,314) Total budgeted expenses 25,083,036 27,803,040 (2,720,004) Budgeted income Budget Actual Variance Operating transactions Income from own activity Ticket sales and membership fees 6,613,300 6,084, ,222 Grants, donations and bequests taken to income 8,154,084 8,154,084 - Sales and other ordinary income 6,890,271 6,548, ,615 Other income 3,082,671 4,078,794 (996,123) Finance income 10,000 60,215 (50,215) Other gains/(losses) - 10,510 (10,510) Provisions applied - 20,950 (20,950) Other operating grants - 46,536 (46,536) Total income on operating transactions 24,750,326 25,003,823 (253,497) Fund transactions Contributions from founders and associates - 1,300,302 (1,300,302) Reduction in fixed assets Property, plant and equipment - 326,172 (326,172) Intangible assets - 50,587 (50,587) Decrease in inventories - 62,100 (62,100) Reduction in working capital - 782,826 (782,826) Increase in debts - 277,230 (277,230) Total income on fund transactions - 2,799,217 (2,799,217) Total budgeted income 24,750,326 27,803,040 (3,052,714)