5.2.2023 valid documentation

Basic data of the statistics

Data description

The structural business and financial statement statistics describe enterprises operating in Finland. The statistics comprise industry-specific data on the number of enterprises, personnel and financial statements. The data are published in accordance with sectoral classification, legal form, type of ownership and size category. The data on enterprises' financial statements describe the formation of profit, profitability and balance sheet structure in different industries. The examined variables are profit and loss account and balance sheet data, and parameters calculated from them. Financial statement statistics for credit institutions, investment service companies, life insurance and non-life insurance companies can be found from separate database tables. Separate tables on non-profit institutions can be found in connection with the statistics.
 

Statistical population

Enterprises engaged in business activities in Finland constitute the population of the  structural business and financial statement statistics. The key classification variables of the statistics, such as industry, sector, legal form, type of ownership, and the size category of wage and salary earners, are obtained from the Register of Enterprises and Establishments of Statistics Finland. Enterprises are selected for the statistics on the basis of criteria for the operating period, personnel, turnover, investments and balance sheet. Persons carrying on a business using single-entry bookkeeping are also included in the statistics. Market-based enterprises and foreign branches are also included.Financial statement statistics for life insurance and non-life insurance companies makes an exception to this: there foreign branches are not included. The most significant branches abroad have been eliminated from the statistics.  

The  structural business and financial statement statistics are based on the business tax data of the Finnish Tax Administration, Incomes Register, the FINREP and VAKRA data of the Financial Supervisory Authority  and the inquiries carried out among enterprises by Statistics Finland. The business tax data contain financial statements data on all enterprises and persons carrying on a business under the Business Tax Act. The structural inquiries among enterprises produce information on the number of wage and salary earners and industries. The financial statements inquiries carried out by Statistics Finland produce detailed information on enterprises’ turnover, expenditure and investments.
 

Statistical unit

The structural business and financial statement statistics are published for enterprises and legal units. According to Statistics Finland’s definition, an enterprise is a unit with decision-making autonomy, which produces goods and/or services for sale in the market. An enterprise may comprise one or more legal units. If an enterprise comprises more than one legal unit, transactions between the units have been eliminated.
Legal units include:
  • persons carrying on a business, trade or profession in their own name, or in the name of a registered firm
  • legal persons (such as limited liability company, limited partnership, general partnership, cooperative, savings bank and economic association) 
  • market-based enterprises.
A legal unit is an administrative reporting unit and a reporting unit for its own data collection.

Unit of measure

EUR 1,000, per cent and the number of personnel are used as the units of measure in the statistics’ database tables.

 

Base period

The  structural business and financial statement statistics are not index-based. The data are specific for each year.
 

Reference period

A calendar year is used as the reference period for the  structural business and financial statement statistics. As the data relate mainly to the accounting period that ended in the statistical year, the accounting period does not always follow the calendar year. Extended and shortened accounting periods are converted to correspond to 12 months.

Reference area

The  structural business and financial statement statistics are published on the level of the entire country. The financial statements data also cover activities outside Finland that are included in the enterprise’s financial statements produced in Finland. Thus, the turnover described in the statistics may also include goods sent abroad for processing and sales of goods and services from abroad to abroad. However the most significant branches abroad have been eliminated from the statistics. 

Sector coverage

The structural business and financial statement statistics cover all industries, legal forms, types of ownership and business sector categories. Enterprises that have operated for more than six months in the statistical year and have employed more than 0.5 persons, or have a balance sheet total of more than EUR 170,000 or have more than EUR 50 000 of net investments or a turnover exceeding an annually determined statistical limit (EUR 12,273 in 2021) are included in the statistics. The data contained in the basic table of the statistics are published by main industry and for all sub-industries. Data at different classification levels are published at main industry and 2-digit levels. Enterprises engaged in agriculture, forestry and fishery (industry A) in which income from agriculture has exceeded the statistical turnover limit in the statistical year are included in the statistics. Only personal data on agriculture are comprehensively included in the statistics. For industry 02, only the units in which income from forestry has exceeded the statistical limit are included in the statistics.
From 2021 onwards turnover and value added are published for financial and insurance activities (TOL K) on top of the number of enterprises and the number of personnel. EU grant funding has been received for the renewal of statistics compilation in 2020 to 2022.
There are two small enterprises engaged in the manufacture of tobacco products (TOL 12000), and the turnover of both enterprises exceeds the statistical limit. The data on these enterprises are not published for the industry they represent, and neither enterprise is included in the combined figures for all industries. Publishing these data would lead to the protection of data on industries that are significantly more important. Financial statements of enterprises are published for industries B to S Financial statement statistics for credit institutions, investment service companies, life insurance and non-life insurance companies can be found from separate database tables. These tables include only companies that are supervised by the Financial Supervisory Authority. Thus the tables do not cover for example foreign filiates operating in Finland. With a few exceptions, the financial statement data for industries B to S excl. K are published by main category and at the 2-digit level of the Standard Industrial Classification.
 

Time coverage

The annual data contained in the Business Register and the financial statements data of the structural business statistics were combined into the  structural business and financial statement statistics in 2013. Annual data contained in the statistics can be found on the website of the statistics and in Statistics Finland’s StatFin database for the period from 2013 to 2018.

The financial statement statistics on credit institutions, statistics on investment service
companies and statistics on insurance activities have been added to the structural business and financial statement statistics at fall 2022. In the process, the content of the database
tables was narrowed down. Financial statement data on credit institutions will no longer be published by bank group. In future, data on credit institutions and investment service companies will be released only once a year instead of the previous quarterly publication. Concerning insurance activities, neither data on employment pension schemes nor more detailed data on investments will in future be published in the database tables. Appendix tables of the statistics will no longer be published either. In future, the statistics will not include data on branches abroad. The financial statement statistics on credit institutions, statistics on investment service companies and statistics on insurance activities can be found from the structural business and financial statement statistics starting from the data for year 2021. The old publications and time series of the statistics will be retained and they are available on the old pages of the statistics. For insurance activities the data can be found starting from year 2012.

Data on financial statements produced by credit institutions in accordance with a uniform financial statement formula have been produced since the beginning of 1995. From 1974 to 1995, data on financial statements produced by credit institutions were produced so that financing companies and credit companies were no included in the uniform frame because these were not yet covered by the harmonised credit institution legislation. Before 1974, a separate publication was produced for each banking group, the content of which also differed to some extent in respect of the financial statement formula. Statistics Finland has been publishing bank statistics on all banking groups starting from the data for 1970. The journey of bank statistics started in the 1868 statistics on savings banks, which was a report of the inspector of savings banks on their state and management.

At the beginning of 2005, a new IAS/IFRS accounting standard was introduced for financial reporting by investment service companies. Financial statements of investment service companies produced in accordance with a uniform financial statement formula prior to 2005 are available for the years 1998 to 2004 on a quarterly and annual basis. No consistent consolidated financial statements data are available for previous years.

The data are not regularly revised. Data for years prior to the newest statistical year is updated as required in connection with the regular statistical releases. Notice of the updates is informed in the footnotes of the database tables.

Financial statements data can be found in Statistics Finland’s StatFin database for the period from 1999 to 2012. Data for years prior to 1998 are available in paper publications for the period from 1974 to 1998.

Annual data entered in the Business Register are contained in Statistics Finland’s StatFin database for the period from 1993 to 2012. Data for the years before 1993 are available as paper publications.

Frequency of dissemination

The structural business and financial statement statistics are published twice a year on the website of Statistics Finland. The preliminary data are published in September of the year following the statistical year, and the final data in December.
 

Concepts

Business ID (Identity code)

Business ID, or business and organisation code, is an identifying code given by authorities to all legal units.

The Business ID consists of seven numbers, a hyphen and a control number.

Enterprise

An enterprise is a unit with decision-making autonomy, which produces goods and/or services to be sold on the market.

Enterprise corresponds to legal unit, if the legal unit is not part of an enterprise group. Otherwise, the enterprise is an enterprise group or part of one.

The definition of enterprise is based on the EU regulation concerning statistical units (EEC) 696/93.

Legal unit

A legal unit is a corporation, or an organisation registered for conducting business. A legal unit is identified with a Business ID.

Legal units are, for example, limited companies, private practitioners of trade, co-operative societies, state-owned companies and foundations.

Natural person

A natural person engages in entrepreneurial activity under his/her own name or under a registered trading name.
This group includes own-account workers, sole proprietors, most agricultural and forestry entrepreneurs, as well as practitioners of trade.

Accuracy, reliability and timeliness

Overall accuracy

The main source of error is non-response.
 

Timeliness

Data are collected and checked 11 months after the end of the statistical year. Preliminary data on the  structural business and financial statement statistics are published nine months after the end of the statistical year. Final data are published 12 months after the end of the statistical year.
 

Punctuality

There are no delays in releasing the data contained in the  structural business and financial statement statistics. The data are published on the days given in the release calendar.
 

Comparability

Comparability - geographical

The data cover the whole of Finland. The  structural business and financial statement statistics are based on the Finnish Accounting Standards (FAS) and the international industrial classification. The financial statement statistics on credit institutions, statistics on investment service companies and statistics on insurance activities are based on the international IFRS 9 accounting standard. Turnover and value added for financial and insurance activities (TOL K) are calculated based on  Eurostat's definitions. The data sent to Eurostat are internationally comparable.
 

Comparability - over time

Starting from the statistical reference year 2021, the data on the number of personnel and wage and salary sum in the statistics have been calculated with a new method using the new Incomes Register data. Starting from the statistical reference year 2021, the estimated profit and loss account data of enterprises subject to the Tax Administration’s estimated assessment will be included in the statistics. Previously, these enterprises' profit and loss accounts were not included in
the statistics. Due to the renewals, the data is not fully comparable with earlier years. 


Starting from the statistical reference year 2021, data on branches abroad concerning the largest units have been removed from the statistics. The change causes a break in the time series for some industries compared to previous years.

The structural business and financial statement statistics were established in 2013 by combining the annual statistics of the Business Register and the financial statements statistics of the structural business statistics. This means that a coherent time series is available from 2013 onwards. Similar data are also available from discontinued statistics. Their temporal comparability is weakened by changes concerning industries, and changes in the Accounting Act and Accounting Decree.
 

Coherence - cross domain

Coherence with other statistics is limited by conceptual and methodological issues. The turnover given in the business indicators has been calculated on the basis of the self-assessed taxes data supplied by the Finnish Tax Administration. The definition of turnover in the self-assessed taxes returns does not fully correspond with the turnover stated in the profit and loss account. The industry-specific added value in the national accounts at basic prices differs from the value added stated in financial statements, because the calculations of the national accounts are prepared separately for each establishment. The calculation of the value added stated in financial statements is based on enterprise-level data. The value added stated in financial statements is also valued at producer prices. The calendar year, six months, quarter or month is used as the measurement period in the monthly indicators of enterprises. The measurement period for structural business and financial statement statistics is the 12-month accounting period. The accounting period is not always the same as the calendar year.
 

Coherence - internal

The financial statement statistics on credit institutions, statistics on investment service
companies and statistics on insurance activities are based on the international IFRS 9 accounting standard whereas the financial statement data for other industries are based on the Finnish Accounting Standards (FAS). The financial statement formula is also in other ways significantly different for the financial and insurance companies than for other industries. Because of these differences the the financial statement statistics on credit institutions, statistics on investment service companies and statistics on insurance activities are published in independent database tables separate from the rest of the industries.
 

Source data and data collections

Source data

The data contained in the  structural business and financial statement statistics are based on the business tax data and registers of the Finnish Tax Administration, the FINREP and VAKRA data of the Financial Supervisory Authority and inquiries carried out by Statistics Finland. The source data are based on data on legal units. These source data are described in more detail below. The data are supplemented with inquiries carried out by Statistics Finland.
Finnish Tax Administration registers
Business start and end data, home municipality, preliminary industry of new enterprises, and wages and salaries are obtained from the Finnish Tax Administration registers. The register data are supplied to Statistics Finland once a month.
Business tax data of the Finnish Tax Administration
The business tax data contain profit and loss account and balance sheet data, as well as data on investments in fixed assets. The data are supplied on main tax forms 4, 5, 6A, 6B, 6C and 6U and on appendix forms 7A, 7M and 62. The forms contain data on enterprises that have been liable to pay taxes in the year in question. The business tax data are supplied to Statistics Finland on previously agreed dates. There are approximately ten data deliveries each year.
Statistics Finland’s own data collections
Each year, Statistics Finland collects data from approximately 5,500 enterprises by means of a financial statements inquiry (TILKES). All enterprises with more than 60 employees or turnover over EUR 40 million or a balance sheet of more than EUR 300 million are included in the financial statements inquiry. Enterprises employing between 10 and 60 persons are selected for the inquiry by means of random sampling. A small number of enterprises with fewer than ten employees and all market-based municipal enterprises are also included in the inquiry. The purpose of the inquiry is to collect data that are more detailed than the figures included in the enterprises’ official financial statements. The inquiry covers specific turnover and cost data, investment data and other additional data on financial statements.

The information of enterprises’ and institutions’ establishments address, name, the number of wage and salary earners in person-years, industry, and the starting date, the ending date and the date of transition of business is collected in the Business Register Inquiry on establishment.

The inquiry annually covers approximately 13,000 enterprises and institutions. The inquiries are sent yearly to enterprises and institutions working in several different addresses and employing at least 5 person-years. Approximately every three years the enquiry is sent to enterprises and institutions working in only one establishment. 

The number of wage and salary earners in enterprises not included in the surveys and in enterprises who have not answered to the survey is estimated.
 

Data collection

Data for Statistics Finland’s own data collections are gathered with a web questionnaire. In addition, under an agreement between Statistics Finland and the Finnish Tax Administration, the latter agency delivers the business tax data to Statistics Finland on the agreed dates. Statistics Finland has similar agreement with the Financial Supervisory Authority. The financial statements web questionnaire has been tested in connection with its introduction, and when changes have been made to it. The instructions for the questionnaire have been specified based on customer feedback. The non-response of the inquiry is monitored yearly.
 

Frequency of data collection

The data for the structural business and financial statement statistics, TILKES, and the Business Register are collected once a year.
 

Methods

Data compilation

Processing of business tax data
The quality of the Finnish Tax Administration data are verified programmatically. The data are revised automatically by means of mass editing and imputing. Values missing from the data are primarily replaced with data for earlier years and secondarily with data on enterprises in the same category in terms of turnover and number of personnel. Errors and outliers are corrected logically by means of editing or by removing outliers. Minor turnover errors (less than five per cent) are scaled. Two different imputation methods are in use. Donor imputation is used when the enterprise is included in the statistical frame but no data are available in the material provided by the Finnish Tax Administration. In such cases, the data are obtained from enterprises of similar size operating in the same industry. The second method is used when no tax data on the enterprise can be obtained for the statistical year in question but the data for the previous year are available. In such cases, the data are imputed by using changes in turnover in the periodic tax data as weighting coefficient.
Own inquiry
Sample responses are processed manually with the business tax data for each enterprise separately, using the image archive of the Finnish Patent and Registration Office. Checking of the additional data on financial statements is guided by internal production application rules. Using approved data as a basis, industry-specific coefficients are calculated for turnover specifications and expenditure specifications. The coefficients are used to produce corresponding data for the entire group of enterprises. All enterprises in the random sample that have received only a small number of penalty points are approved en masse. Some of them are returned to manual checking.
Validation for the financial statement statistics on credit institutions, investment service
companies, life insurance companies and non-life insurance companies

Automatic and manual checks are made to the data, typically due to missing or abnormal observations. Such checks can be made, for example, by comparing reported data with published financial statements.
 

Data validation

The quality of the Finnish Tax Administration data is verified programmatically. Business tax data are scored separately for each enterprise in accordance with a scoring model. In the model, penalty points are given for logical errors in income, expenditure or balance sheet subtotals, and for differences in balance sheet totals and changes in turnover. Moreover, companies with a large number of employees get more points than small enterprises. Enterprises with a large number of penalty points are corrected manually even if they were not included in the TILKES inquiry. Quality codes are determined for business tax data, and the codes apply to income, expenditure and balance sheets in each individual enterprise.
Validation for the financial statement statistics on credit institutions, investment service
companies, life insurance companies and non-life insurance companies

Validation is carried out in connection with data collection and the compilation of primary statistics. The checks are typically related to missing or abnormal observations.
 
 

Principles and outlines

Contact organisation

Statistics Finland

Contact organisation unit

Economic Statistics

Legal acts and other agreements

The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics. 

Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.  

Further information: Statistical legislation

The data are published so that no individual enterprise’s data or development can be deduced from them. The compilation of the statistics is also guided by the following legislation:
  1. Act and Decree (1336/1997)
  2. Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics and Commission Implementing regulation (EU) 2020/1197.
  3. Regulation (EEC) No 696/93 on statistical units is applied to the statistics on business activities.
  4. Regulation on industrial classifications; Standard Industrial Classification 2008 is based on the European Union’s common industrial classification (NACE Rev. 2), which has been supplemented for national needs on the 5-digit level.
  5. In financial statistics for life insurance and non-life insurance conpanies the  financial statement formula is based on the act of the Ministry of Social Affairs and Health for the financial statement and consolidated financial statements of an insurance company (614/2008). The act is based on a directive for the financial statements and consolidated financial statements of the insurance companies (91/674/ETY). The data is directly collected by the Financial Supervisory Authority from all life insurance and non-life insurance companies operating in Finland. The obligation to provide data is based on the Statistics Act and the Act on the Financial Supervisory Authority.
  6. The financial statement formula used for credit institutions and investment service companies is based on the decree of the Ministry of Finance on the financial statements of credit institutions and investment service companies (Valtiovarainministeriön asetus luottolaitoksen ja sijoituspalveluyrityksen tilinpäätöksestä, konsernitilinpäätöksestä ja toimintakertomuksesta 76/2018) and the supplementary regulations of the Financial Supervisory Authority. The Financial Supervisory Authority collects data from all credit institutions and investment service companies operating in Finland, including from branches of credit institutions and foreign investment service companies in Finland. The obligation to provide data is based on the Statistics Act (280/2004, section 14), the Act on the Financial Supervisory Authority (878/2008, sections 18 and 60), as well as on the above decree of the Ministry of Finance.

Confidentiality - policy

The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions. Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable. 

Further information: Data protection | Statistics Finland (stat.fi) 

Confidentiality - data treatment

The data contained in the structural business and financial statement statistics are published at aggregate level. Of the variables used in the statistics, the number of enterprises, number of personnel and the industry are publicly available. Other data are subject to confidentiality provisions. The threshold value rule is used in the statistics to assess the disclosure risk of data for all industries. The protected data are suppressed. In primary suppression, data on an individual industry group are protected by suppression if the group has data on one or two enterprises. In secondary encryption, the data are suppressed so that the primarily protected data cannot be derived. The same encryption rules apply to the information services and stricter encryption can be applied on a case-by-case basis. The data transmitted to Eurostat that are subject to primary and secondary encryption are indicated with codes.
 

Release policy

Statistics Finland publishes new statistical data at 8 am on weekdays in its web service. The release times of statistics are given in advance in the release calendar available in the web service. The data are public after they have been updated in the web service. 

Further information: Publication principles for statistics at Statistics Finland

Data sharing

The structural business and financial statements data are published annually on the statistics’ own website and in the StatFin database. The data are also submitted to the national accounts, the information service subject to a charge and the researcher services. Industry-specific data are also transmitted to Eurostat, which publishes the data on its own website. The basic data of the structural business and financial statement statistics are sent to Statistics and Research Åland each year.
 

Accessibility and clarity

Statistical data are published as database tables in the StatFin database. The database is the primary publishing site of data, and new data are updated first there. When releasing statistical data, existing database tables can be updated with new data or completely new database tables can be published.   

In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases. 

Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.   

Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.

Data revision - policy

The structural and financial statement statistics are not regularly revised. Data for years prior to the newest statistical year is updated as required in connection with the regular statistical releases. Notice of the updates is informed in the footnotes of the database tables.
Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions. 
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before. 
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data. 

Quality assessment

The quality of the  structural business and financial statement statistics is examined as the data accumulate. At aggregate level, the data are compared with the previous year and the most significant changes are examined. Coherence analyses of statistics on economic cycles are also carried out.
 

Quality assurance

Quality management requires comprehensive guidance of activities. The quality management framework of the field of statistics is the European Statistics Code of Practice (CoP). The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice. 

User access

Data are released to all users at the same time. Statistical data may only be handled at Statistics Finland and information on them may be given before release only by persons involved in the production of the statistics concerned or who need the data of the statistics concerned in their own work before the data are published. 

Further information: Publication principles for statistics 

Unless otherwise separately stated in connection with the product, data or service concerned, Statistics Finland is the producer of the data and the owner of the copyright. The terms of use for statistical data.

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