Financial Results for 2015

Werner Koch wk at
Thu Apr 21 15:06:10 CEST 2016


find below the full text of a new blog entry by me.  If you have
questions or want to comment, please group reply to this mail.




1 Financial Results for 2015

  Having prepared the annual accounts for g10^code GmbH, the legal
  entity employing some of the GnuPG hackers, I can now share a
  financial report.  Please read on if you are interested in how well
  the donation campaign last year worked and how we spend your money.

1.1 Balance Sheet as of 2015-12-31

  Let us start by looking at the balance sheet, which describes our
  financial status.  The following table shows the actual [balance
  sheet] with a few accounts pooled up.  Note that for display purposes
  all values have been rounded to a full Euro, and thus there are minor
  mismatches in the Sums.

                               Asset   (2014)  Liability   (2014) 
   Tangible assets              3880    (791)                     
   Stock of goods                  0    (122)                     
   Cash balance                  360    (469)                     
   Bank balance KSD           207453  (34522)                     
   PayPal and others balance    3842    (711)                     
   Accounts receivable          4774      (0)                     
   Accounts receivable other     497  (18408)                     
   Common capital stock                            25000  (25000) 
   Loss carried forward            0  (23019)                     
   Profit carried forward                          11338      (0) 
   Net profit                                     115350  (34357) 
   Shareholder loans                                   0  (10000) 
   Accounts payable                                    0   (3510) 
   Accounts payable other                          27974      (0) 
   GnuPG development fund                             72     (72) 
   Provision for taxes                             41070   (5103) 
   Sums                       220804  (78042)   (220804)  (78042) 

  The /Bank balance KSD/ is the money that we had at the end of the year
  in our accounts at the local savings bank.  The /PayPal/ row gives the
  amount of money in the PayPal account and in a Gandi prepaid account.
  /Accounts receivable/ are mostly outstanding demands from the Linux
  Foundation for work done in December.

  From the /Common capital stock/ of 25000 Euro 50% are held by Walter
  Koch and 50% by Werner Koch, the owners of g10^code.  The /Net profit/
  gained in 2014 was back then used to make up for the /Loss carried
  forward/ in 2014 and the remaining 11000 Euro are set as /Profit
  carried forward/ to 2015.

  The major part of the /Accounts payable other/ is due to my profit
  sharing bonus.  The /GnuPG development fund/ is the rest of a campaign
  which collected prize money for the GnuPG logo.

  [balance sheet] file:data/g10code-bilanz-2015-pub.pdf

1.2 Profit and Loss from 2015-01-01 to 2015-12-31

  Now let us see how much money we earned and how we spent it.  The
  following table shows the actual [profit and loss sheet] with a few
  accounts pooled up.  As above, the values have again been rounded to
  the nearest Euro.

                              Debit   (2014)  Credit   (2014) 
   Revenues                                    57251  (80435) 
   Revenues from donations                    283538      (0) 
   Revenues other                                218    (163) 
   Salaries                  108719  (31800)                  
   Social insurance           18060      (0)                  
   Contractors                33165      (0)                  
   Write-offs                  1532   (1656)                  
   Connectivity and hosting    2012   (2874)                  
   Rents                       2681   (2653)                  
   Interest expenses            550      (0)                  
   Travel expenses             3499   (1014)                  
   Other expenses              5169   (6244)                  
   Donations                   5100      (1)                  
   Taxes                      45171      (0)                  
   Net profit                115350  (34357)                  
   Sums                      341007  (80597)  341007  (80597) 

  The /Revenues/ are mainly due to funding from the Linux Foundation for
  60,000 USD (54,000 EUR).  The /Revenues from donations/ are mainly
  made up of 100,000 USD from Stripe and Facebook (89,000 EUR), 113,000
  EUR received via PayPal, and 80,000 EUR via Stripe (credit cards).
  Note that in 2014 we posted all donations to the /Revenues/ account
  and not to a separate donations account.

  As with almost all software companies, the majority of expenses are
  staff costs (we've hired three programmers).  Not counting taxes,
  which are due to the annual profit, we have total costs of 180,000 EUR
  with 160,000 spent on /Salaries/, /Social insurance/, and
  /Contractors/.  My share is 47,400 EUR regular salary of which I need
  to pay social insurances myself plus a profit sharing bonus of 25000
  EUR.  That bonus is exceptionally high due to the huge net profit that
  we made in 2015; it is very unlikely that a bonus will be due this or
  next year.

  The /Rents/ are for the room used as an office in my house.  The
  /Interest/ was paid for a loan that I gave to g10^code in 2012 and
  which was redeemed in 2015.  /Other expenses/ sums up money spent for
  magazines, power, office supplies, advertising, conference fees, legal
  costs, etc.

  Having received a lot of donations I considered it to be fair to put
  some money (5100 EUR) to support [], [FSFE],
  [Kindernothilfe], [Freundeskreis für Flüchtlinge in Erkrath],
  [Wikimedia], and [OpenMusicContest].

  Because g10^code GmbH is still not tax exempted we will need to pay
  about 45,000 /Taxes/ in 2015 on the 115,000 Euro of /Net profit/.  Due
  to the net loss that we expect for 2016, a tax refund can be expected
  in 2017.

  [profit and loss sheet] file:data/g10code-bilanz-2015-pub.pdf




  [Freundeskreis für Flüchtlinge in Erkrath]



1.3 Planning 2016 and 2017

  Along with the paid projects we are currently working on, the two
  large donations that we are expecting (from Facebook and Stripe), the
  Linux Foundation grant, and a small stream of individual donations,
  g10^code will be able to operate with its current staff until the end
  of 2017.  Obviously, we need a longer term plan.  Things are a bit
  delayed, because the original plan to turn g10^code into a charitable
  company did not worked out and we need to look into other options
  before starting a new campaign.

Die Gedanken sind frei.  Ausnahmen regelt ein Bundesgesetz.
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