ECONOMIC-FINANCIAL INFORMATION 2017 GUGGENHEIM MUSEUM BILBAO FOUNDATION

Transcription

1 ECONOMIC-FINANCIAL INFORMATION 2017 GUGGENHEIM MUSEUM BILBAO FOUNDATION

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5 Balance Sheets 31 December 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Assets Intangible assets - - Other intangible assets - - Property, plant and equipment 2,177,700 2,386,084 Land and buildings 1,327,321 1,534,898 Technical installations and other items 850, ,186 Total non-current assets 2,177,700 2,386,084 Inventories 648, ,097 Goods for use in activity 647, ,291 Advances to suppliers 519 1,806 Users and other debtors related to own activity 435, ,486 Trade and other receivables 971, ,942 Trade receivables 180, ,075 Trade receivables from Group companies and associates 20,140 29,850 Personnel 16,700 30,768 Public entities, other 754, ,249 Current investments Other financial assets Prepayments for current assets 35,298 45,876 Cash and cash equivalents 5,351,819 3,611,972 Cash 5,351,819 3,611,972 Total current assets 7,442,787 5,769,588 Total assets 9,620,487 8,155,672

6 Balance Sheets 31 December 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Equity and Liabilities Capital and reserves 1,877,124 1,292,388 Foundation reserve Foundation reserve 1,288, ,199 Reserves Other reserves 3,686 3,686 Surplus for the year 584, ,503 Grants, donations and bequests received 1,837,903 1,239,489 Total equity 3,715,027 2,531,877 Non-current payables 1,392,762 1,615,778 Loans and borrowings 1,210,000 1,430,000 Other financial liabilities 182, ,778 Total non-current liabilities 1,392,762 1,615,778 Current payables 257, ,788 Loans and borrowings 226, ,486 Other financial liabilities 31,095 51,302 Trade and other payables 4,255,213 3,729,090 Suppliers 150, ,642 Suppliers, Group companies and associates 33,274 19,801 Other payables 3,660,277 3,199,724 Personnel (salaries payable) 131, ,079 Public entities, other 279, ,844 Current accruals Total current liabilities 4,512,698 4,008,017 Total equity and liabilities 9,620,487 8,155,672

7 Income Statements for the years ended 31 December 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) Income from own activity 17,700,702 16,856,116 Associate and affiliate fees 759, ,719 Income from promotions, collaborators and sponsors 5,661,677 4,857,397 Grants, donations and bequests taken to income 11,280,000 11,280,000 Sales and other revenue 10,392,626 10,049,080 Sales 9,091,004 8,780,721 Services rendered 1,301,622 1,268,359 Supplies (2,630,713) (2,618,125) Merchandise used (1,652,578) (1,541,707) Raw materials and consumables used (972,654) (1,073,092) Impairment of merchandise, raw materials and other supplies (5,481) (3,326) Other operating income 4,175,437 3,953,070 Non-trading and other operating income 4,158,641 3,942,503 Operating grants, donations and bequests taken to income 16,796 10,567 Personnel expenses (5,111,716) (4,886,281) Salaries and wages (3,984,168) (3,836,947) Employee benefits expense (1,127,548) (1,049,334) Other operating expenses (23,366,258) (22,230,562) External services (23,276,263) (22,178,230) Taxes (20,054) (39,940) Losses, impairment and changes in trade provisions (69,687) (12,016) Other operating expenses (254) (376) Amortization and depreciation (398,531) (397,036) Provision surpluses - 30,192 Other income/(expenses) 100,044 9,267 Operating surplus 861, ,721 Finance income 4,142 4,626 Marketable securities and other financial instruments Other 4,142 4,626 Finance costs (259,866) (248,422) Other (259,866) (248,422) Exchange gains/(losses) (21,131) (25,422) Surplus from financing activities (276,855) (269,218) Surplus before income tax 584, ,503 Income tax - - Change in equity recognized in surplus for the year (I) 584, ,503 Income and expense recognized directly in equity Grants, donations and bequests received 1,634, ,156 Change in equity from income and expense recognized directly in equity 1,634, ,156 Reclassifications to surplus for the year Grants, donations and bequests received (1,036,450) (1,138,523) Change in equity from reclassifications to surplus for the year (1,036,450) (1,138,523) Change in equity from income and expense recognized directly in equity (II) 598,414 (247,367) Total surplus, change in equity for the year (I + II) 1,183, ,136

8 Statement of Budget Execution for the years ended 31 December 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Total economic resources used by the Foundation Euros Expenses / investments Estimated Actual Estimated Actual Operating consumption 2,227,877 2,625,234 2,160,773 2,614,799 Personnel expenses 5,764,881 5,111,716 5,301,914 4,886,281 Amortization and depreciation 398, , , ,036 Other expenses 21,704,495 23,296,315 20,643,523 22,218,171 Changes in provisions for activity and bad debts 8, ,729 8, ,413 Interest and similar expenses 204, , , ,994 Subtotal expenses 30,308,413 31,890,560 28,700,609 30,505,694 Acquisitions of fixed assets (except historical heritage assets) - 190, ,308 Cancellation of non-trade debt Subtotal investments - 190, ,308 Total resources employed 30,308,413 32,080,707 28,700,609 30,971,002 Total economic resources obtained by the Foundation Euros Income obtained by the Foundation Estimated Actual Estimated Actual Income from own activity 18,013,256 17,700,702 17,261,395 16,856,116 Revenue from commercial activity 8,608,934 10,392,626 7,800,491 10,049,080 Public sector grants - 16,796-10,567 Other income 3,686,223 4,158,641 3,636,223 3,942,503 Other types of income - 206,531 2, ,931 Total income obtained 30,308,413 32,475,296 28,700,609 31,002,197 Euros Other economic resources obtained by the Foundation Estimated Actual Estimated Actual Debts incurred Other financial obligations assumed Total other resources obtained

9 Income Statements for the years ended 31 December 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Cash flows from operating activities Surplus for the year before income tax 584, ,503 Adjustments for Amortization and depreciation 398, ,036 Impairment 64,206 8,690 Grants recognized in the income statement (1,036,450) (1,138,523) Finance income (4,142) (4,626) Finance costs 259, ,422 Exchange losses 21,131 25,422 Changes in operating assets and liabilities Inventories 48,152 25,019 Trade and other receivables (56,281) 739,126 Other current assets 10,578 (21,891) Trade and other payables 484,881 (119,462) Other current liabilities (242) (86,282) Other non-current assets and liabilities 20,317 (252) Other cash flows from operating activities Interest paid (260,962) (250,301) Interest received 4,142 4,626 Cash flows from operating activities 538, ,507 Cash flows from investing activities Payments for investments Property, plant and equipment (190,147) (465,308) Other financial assets - (11,337) Cash flows used in investing activities (190,147) (476,645) Cash flows from financing activities Proceeds from and payments for equity instruments Grants, donations and bequests received 1,634, ,156 Proceeds from and payments for financial liability instruments Redemption and repayment of Loans and borrowings (220,000) (220,000) Other payables (23,333) (23,333) Cash flows from financing activities 1,391, ,823 Net increase/(decrease) in cash and cash equivalents 1,739, ,685 Cash and cash equivalents at beginning of year 3,611,972 3,117,287 Cash and cash equivalents at year end 5,351,819 3,611,972