N Administrative and support service activities

The balance sheet depicts dividends, assets and liabilities of the firms based on their accounts.

The firms are classified into industry branches according to their type of production. The Faroese classification of the industry branches is made in line with the international NACE model. The national level of NACE makes it possible to identify the aquaculture industry separately, as it is a proportionally large industry in the Faroe Islands.

Glossary:

• The assets are categorized into these subgroups:
  • Total fixed assets
    • Intangible assets
    • Tangible assets
    • Financial assets
  • Total current assets
    • Inventory
    • Receivables
    • Cash
• The liabilities are categorized into these subgroups:
  • Equity capital total
    • Share capital
    • Reserves
    • Profit brought forward from previous years
  • Debts
    • Provisions
    • Long-term debt
    • Short-term debt
• Dividend is the part of the profit that is transferred to the owners of the firm
• Annual net investments are the difference in the total investments from one year to another

THE STATISTICAL CLASSIFICATION OF ECONOMIC ACTIVITIES NACE

In the statbank are the firms are classified into industry branches according to their type of production. The Faroese classification of the industry branches is made in line with the international NACE model, but with some modifications, that for example make it possible to identify the fishing industry separately, as it is a proportionally large industry in the Faroe Islands.

Example:

A Agriculture, forestry and fishing – NACE level 1, Sections

A03 Fishing and aquaculture – NACE level 2, Divisions

A03.1 Fishing – NACE level 3, Groups

A03.11 Fishing – NACE level 4, Classes

A03.11.10 Wetfishieries, fishery for landing of fresh fish– NACE level 5, National classes