Annual report
2013
Contents
Key figures
17
Board of Directors report of operations
18
Financial statements
22
Consolidated profit and loss account
22
Consolidated balance sheet
23
Consolidated financial statement
24
President and CEO’s review: A successful, work-filled year for the whole of Samlink
3
Parent company profit and loss account
25
Summary of 2013
4
Parent company balance sheet
26
Group key figures
5
Parent company financial statement
27
Reliable IT services for the financial and energy sectors
6
Accounting principles
28
Fast reform and change of culture
8
Notes to the profit and loss account
29
Administration
9
Notes to the balance sheet
31
Samlink’s administration principles
10
Other notes to the accounts
35
Executive Team
12
Signatures
36
Board of Directors
15
Auditors’ report
37
2
A successful, work-filled year for the whole of Samlink WE REACHED OUR FINANCIAL TARGETS, PRODUCED SIGNIFICANT NEW SERVICES FOR OUR CUSTOMERS AND MADE PROGRESS AS A SERVICE INTEGRATOR. 2013 was characterised by the significant structural changes of customers, which will continue until 2015. Aktia launched its own core banking system renewal project, and we are co-operating in its progress. The year was full of work and we accomplished much. We won the online banking bidding competition, and most of our bank customers are introducing the new online banks of private and corporate customers in 2014. The largest of our investments in the future, the NEXT project, continued as planned. Virtual Signature and archiving services were completed.
All our business areas achieved their targets.
Financially, 2013 was a good year. We succeeded in cost management, our order book was good and we turned the result of electronic transactions from negative to positive. In electronic transactions, we particularly focused on the financial and energy sectors in accordance with our strategy. In future, we will develop solutions and services that provide synergy benefits for customers across different sectors. We improved the flexibility and speed of our delivery, among other things with two significant new partnership agreements. A key issue in 2014 is to carry out structural changes in agreed schedules. We are also studying alternatives for core banking systems, and decisions on this matter
3
will be made in autumn 2014. Major themes are the ability to change and the speed of change. We are investing in fast operational change and in improving our service culture in order to be able to respond to the latest requirements and expectations targeted at our services. I would like to extend my sincere thanks to all Samlink personnel, customers, partners and shareholders for a successful 2013.
Heikki Sirve President and CEO
Summary of 2013 FINANCIAL TARGETS WERE ACHIEVED WITH A GOOD ORDER BOOK BY TURNING THE ELECTRONIC TRANSACTIONS BUSINESS FROM NEGATIVE TO POSITIVE AND BY CONTROLLING COSTS.
The focuses of service development were the significent increase in Virtual Desktop services and investments in online banks. Several versions of mobile services were introduced and comprehensive renewal of online banks was started. The development of Central Financial Institution services continued emphatically at the pace of the changing business needs of our customers. During 2013, the Virtual Signature was put into production, and support was introduced for the electronic
Data security is one of our most important service quality criteria.
presentation of contracts. The Electronic Transactions sector focused on the financial and energy sectors. Production ran at almost 100 % capacity. Production environments were updated and, during the year, more than one billion transactions were handled. Investments in agile methods continued by developing expertise and creating evaluation practices and delivery agreement templates. VersionOne was selected as the tool for agile projects. Spying on state-owned companies and private persons as well as cyber security dominated public debate on data security. Samlink’s year, however, passed quietly in the normal way in terms of data security. In order to demonstrate our desire and ability 4
to take care of data security, we committed ourselves to the cyber security principles of the World Economic Forum.
SAMLINK’S OWNERS Samlink’s owners are Aktia Bank plc (22.56%), Savings Banks (57.44%), Handelsbanken (7.53%), POP Banks (6.59%) and Itella Corporation (5.88%). The ten largest owners hold a total of about 70%, and the other owners (59) a total of about 30%.
Group key figures NET SALES (EUR MILLION) 89.8
100 100 80 80 60
70.4
80.5
81.8
80.5
81.8
89.8
93.8
89.8
100 5
70.4
4 80
80.5
81.8
2.1
1 20 0 2009
2010
2011
2012
2013
2009
2010
2011
2012
2013
EQUITY RATIO, % 41.8
-0.7
0 2009
2010
2011
2009
2010
2011
2012
2012
2013
2013
NUMBER OF PERSONNEL
44.6 35.6
38.8
600
495
30
515
439
500 400
384
10 0 2013
2010
2011
2012
2013
5
2011
2012
2013
70.4
80.5
81.8
89.8
93.8
3.0
2.1
-0.7
1.6
4.8
4.2
2.6
-0.8
1.8
5.1
2.1
-0.7
1.4
4.5
2.6
-0.9
1.6
4.8
Return on equity, %
20.6
20.1
-8.5
10.3
27.4
Return on investment, %
38.4
23.1
-6.2
7.6
18.6
Number of personnel, average 2009
2010
3.0
Investments (EUR million)
0 2012
2009
4.2
Equity ratio, %
100 2011
% of net sales Profit before appropriations and taxes (EUR million)
Equity/share, EUR
200
2010
Operating profit (EUR million)
Earnings per share, EUR
322
300
20
2009
Net sales (EUR million)
% of net sales
39.7
40
Achieving financial targets Launching the comprehensive renewal of online banks  Developing the services of the Central Financial Institution
1.6
2 40
20 0
4.8 93.8
70.4 3.0
3 60
40 20
50
KEY EVENTS IN 2013
93.8
60 40
0
OPERATING PROFIT (EUR MILLION)
12.1
12.4
-5.92
7.93
22.5
60.19
63.30
79.13
74.96
89.52
41.8
39.7
44.6
35.6
38.8
0.5
4.1
4.7
6.0
2.9
322
384
439
495
515
Reliable IT services for the financial and energy sectors WE ARE EXPERTS IN THE PRODUCTION, DEVELOPMENT AND INTEGRATION OF APPLICATION SERVICES. OUR RANGE OF SERVICES IS BUILT ON OUR OWN SERVICE OFFERING AND THAT OF OUR MOST TRUSTED PARTNERS.
We produce modern solutions for the needs of the financial sector and particularly the retail banking sector. Our solid experience guarantees our customers reliable, modern and secure services. Our solutions enable us to serve private and corporate customers both online and in the office. We are investing in user interface design to make our service availability top-
We are involved in the daily work of our customers.
class. In order to support the work of bank staff, we supply diverse office systems, work stations and a service package of electronic transactions. Bank customers have at their disposal solutions tailored to different user groups and user situations from full-service online banks to express services suitable for mobile devices. We are involved in the daily work of our customers: our own Service Desk serves as a centralised point of contact in technical and application advice. We also offer a wide range of training services. We also provide comprehensive financial
6
administration outsourcing services from accounting to financial statements and from payroll to reporting to authorities. Our strongest field of expertise is the requirements and practices related to retail banking operations. On behalf of our customers, we constantly monitor developments in the sector and ensure that our service remains marketable. In electronic transaction services, we particularly focus on the financial and energy sectors, but we also produce business and sales portals, online shops and integration and reporting solutions, irrespective of sector.
Expert services
Electronic transaction services
Loans
Bank connection services
Daily business services
Investment and savings
Solvency and risk management support
Payments
Samlink’s products and services
Office equipment and phone-in services
Multichannel banking services
Financing The retail banking community
Financial administration services
Support services
Reporting solutions Online shops Electronic transaction services and portals Integration solutions
Energy Customerspecific financial solutions
Energy Online Disturbance information system Customised solutions Consumer reporting
Authority services
Safety
Maintenance
Payroll service
Maintenance Internal and external accounting
Maintenance
User support Other services
7
Fast reform and change of culture CUSTOMER NEEDS AND EMPLOYEE EXPERIENCE DICTATE CHANGE IN CORPORATE CULTURE AND OPERATING PRACTICES. We work hard to ensure that all 515 Samlink employees are committed to our strategy and customer promise and are actively going in the same direction. We have added social elements to our work environment in order to increase transparency and as a channel for the personnel to have their say. Strategic dialogue has been partaken
Transparency and opportunities to influence
in at many different levels and discussion is ongoing. New forms of communication like videos and blogs as part of the intranet and Yammer were actively introduced. To support strategy, in 2013 we organised two fairs directed at all personnel, which offered information on and possibilities to influence common operating practices and strategic action programmes. We encourage our personnel to change our corporate culture and to act to change everyday working life. In order to accelerate change, we trained up the first Change
8
Makers group, which was active in carrying out many small and large deeds that resulted in change in operation and the work environment. The planned management of expertise is part of our strategy. After having precisely defined our key areas of expertise, we can better focus on expertise development. Expertise development is based on putting things into practice together with the expertise working group. The different roles of management will also be revamped through the Esimies 3.0 development project.
Administration
Samlink’s administration principles SAMLINK OBSERVES ACTS OF PARLIAMENT, REGULATIONS AND GOOD BUSINESS PRACTICE.
Samlink observes acts of Parliament, regulations and good business practice. The Board of Directors of Samlink is responsible for ensuring that the company operates in accordance with good corporate governance principles. The Board ensures the appropriate organisation of operation and guides and monitors Samlink’s executive management. The Board also approves Samlink’s long-term strategic
In addition to an external audit, Samlink also carries out its own constant internal monitoring.
objectives, major development projects and investments. The CEO appointed by the Board is in charge of the company’s business operations. The CEO is responsible for business management in accordance with rules of corporate governance and guidelines issued by the Board. The CEO and other members appointed by the Board form Samlink’s Executive Team. The Executive Team assists the CEO in such tasks as the preparation of company strategy, business plans and development projects. Internal monitoring and risk management KPMG Oy Ab is responsible for Samlink’s internal auditing. The audit is carried out in accordance with operating guidelines for the
10
internal audit confirmed by the Board and with the yearly plan. The internal audit is reported both to Group management and to the Board. In addition to an external audit, Samlink also carries out its own constant internal monitoring of the company. Samlink endeavours to identify operational risks as early as possible. The company uses a risk management process covering all its operations. This process assesses strategic, operational and financial risks as well as risks to support functions. Through the process, efforts are made to understand the extent of risks and the probability of their being realised. The necessary action plans are drawn up based on this information.
SAMLINK’S ADMINISTRATIVE ORGANS
Annual General Meeting
Board of Directors
Internal audit
President and CEO
Law Financial administration
SUBSIDIARIES
Personnel and internal services
Executive Team Paikallispankkien PP-Laskenta Oy
Business units Samcom Oy
Project-IT Oy
Business support functions
Customers and service development Solutions business
Expert services
51.5% of voting rights
Service business Financial administration services 11
Executive team
Heikki Sirve President and CEO born 1953 Master of Laws
Tarja Belov Executive Vice President, Expert Services born 1958 Master of Philosophy
Piia Heikkilä Executive Vice President, HR born 1963 Master of Science (Economic and Business Administration)
Marko Hykkönen Executive Vice President, Customers and Service Development born 1963 Licentiate of Science (Technology)
Sirve has served as President and CEO of Oy Samlink Ab since 1 January 2004. Before that, he served as Managing Director and Director of Suomen Arvopaperikeskus Oy/Hex Oyj from 1997 to 2003, and Investment Director of Oy Samlink Ab from 1994 to 1996. He has also served in several management positions at Sp-Palvelu Oy, Samstock Oy, Sp-Meklarit Pankkiiriliike and the Savings Bank Group.
Belov has served as a Director of Oy Samlink Ab since 2008. Before that, she worked as a Director of Fidenta Oy from 2002 to 2008, as Development Manager at Sonera Oyj from 1998 to 2001 and in various positions at TietoEnator Oyj.
Heikkilä has served as Executive Vice President and HR at Oy Samlink Ab since 2006. She started work at Samlink as a Personnel Manager in 1999. She also served as HR Manager at Valtameri Osakeyhtiö from 1990 to 1993 and as Personnel Secretary at the State Printing Centre from 1988 to 1989.
Hykkönen has served as a Director of Oy Samlink Ab since 2011. Before that, he served as IT Director at Luottokunta from 2006 to 2011, as a Director of OMX/HEX Oyj from 2000 to 2006 and at eQ Pankkiiriliike Oy from 1999 to 2000, as Development Manager at Arvopaperikeskus/ Helsingin Rahamarkkinakeskus Oy from 1994 to 1999 and as a consultant at Accenture from 1989 to 1994.
12
Executive team
Maarit Kuuri Legal Counsel, Secretary to the Executive Team born 1962 Master of Laws trained on the bench
Juha Leinonkoski Executive Vice President, Solutions business unit, Managing Director of the subsidiary Samcom Oy born 1964 Master of Science (Economics and Business Administration)
Matti Rantala Managing Director, Paikallispankkien PP-Laskenta Oy born 1961 Master of Science (Economics and Business Administration)
Pertti Simola Executive Vice President, Services Business Unit, Deputy to CEO born 1955 Bachelor of Science (Economic and Business Administration)
Kuuri has served as Oy Samlink Ab’s lawyer since 2010. She started at Samlink as Product Manager in 2009. Before that, she served as Managing Director of Lammin Osuuspankki (2008) and as Managing Director and Administrative Director of Aktiv Hansa Oy from 2000 to 2007. Kuuri also has experience in several positions at Arsenal Asset Management Company and the Savings Bank Group.
Leinonkoski has served as a director at Oy Samlink Ab since 2012. Before that, he served in several positions in Digia plc. His last position was Senior Vice President of the company’s management team. Leinonkoski has also served as Samstock Oy’s Managing Director and Chairman of the Board of Finansium and Datium.
Rantala has served as President and CEO of Paikallispankkien PP-Laskenta Oy since 2010. Before that, he served as CFO of Gt Trading Finland Oy from 2009 to 2010, and as Business Director and International Sector Manager at Visma Software Oy/As from 2007 to 2008. Rantala has also worked as an entrepreneur and in different positions at Pretax Oy.
Simola has served as a director at Oy Samlink Ab since 2008. Before that, he worked as Service Director at Elisa Oyj from 2004 to 2008 and as a Director at Radiolinja from 2003 to 2004. He has also served in several positions at HPY/Elisa Oyj, the Bank of Finland, Sp-Palvelu Oy, the Central Bank for the Finnish Savings Bank (SKOP) and the Cooperative Banking Centre.
13
Executive team
Matti Särkkinen Financial Director born 1962 Master of Science (Economics and Business Administration)
Markus Tuominen Leading expert and personnel representative on the Executive Team born 1971 Business school graduate
Särkkinen has served as Financial Director of Oy Samlink Ab since 2007. Before that, he was responsible for the finances and administration of Esy Oy (TietoEnator Esy Oy as of 1 January 2006) from 1999 to 2006. Särkkinen has also served in several supervisor and management positions in Varma-Sampo, Eläke-Sampo and Vakuutusosakeyhtiö Sampo.
Tuominen has served in application expert positions at Oy Samlink Ab since 1997.
14
Board of Directors
Pasi Kämäri Chairman of the Board Board member since 2009 born 1959 Master of Science (Economics and Business Administration), MBA, Managing Director The Finnish Savings Banks Group
Juhani Strömberg Vice Chairman of the Board Board member since 2011 born 1953 Ph.D. (Technology), Director, Strategic Development, Itella Corporation
Anders Norrena Board member since 2011 born 1967 Master of Science (Economics and Business Administration) Director of Finance and Administration, Handelsbanken Finland
15
Jarmo Partanen Board member since 2009 born 1956 Master of Arts, MBA, Managing Director Etelä-Karjalan Säästöpankki
Board of Directors
Jukka Rauhala Board member since 2012 born 1959 Master of Science (Technology) Managing Partner, Open Innovation Management Oy
Heikki Suutala Board member since 2007 born 1957 Master of Science (Technology) Managing Director, POP Pankkiliitto
Olli Syd채nlammi Board member since 2012 born 1977 Master of Science (Law), Polytechnic Engineer, Chief Technology Architect, Royal Bank of Scotland
Magnus Weurlander Board Member since 2013 born 1964 Master of Science (Economics and Business Administration) Director, Aktia Pankki Oyj
Board members Jussi Laitinen (until 22 March 2013) Magnus Weurlander (from 22 March 2013)
Deputy board members Sami Iltanen Hannu Lanteri Harri Mattinen Ville Rissanen Matti Saustila Risto Sundqvist Heli Valanne Jarmo Yli-Juuti
16
Key figures
Board of Directors report of operations Assessment of the company’s financial position and result In 2013, the net sales of Samlink Group totalled MEUR 93.8, an increase over the previous year of 4.4%. The net sales of the parent company, Oy Samlink Ab in 2013 were MEUR 84.7 (MEUR 80.6 in 2012). The operating profit of Samlink Group was MEUR 4.8 (MEUR 1.6 the previous year). The operating profit of Oy Samlink Ab in 2013 was MEUR 4.4 (MEUR 2.6 the previous year). The improvement in profit can particularly be attributed to successful cost management and a good order book. The Group’s balance sheet total in 2013 was MEUR 33.7 (MEUR 30.7), and that of the parent company MEUR 31.5 (MEUR 30.4).
Fundamental changes in business In 2013, some significant joint projects were carried out. The new distribution of labour in Savings Banks, POP Banks and Aktia was prepared for by starting new projects in the areas of segregating the services of the Central Financial Institution and four monetary institution groups. The stages of implementation and introduction of these projects will be focused on 2014 and 2015. During the year, several customer projects were also carried out, such as the renewal of the online bank, mobile services, reform of the loan and guarantee system and projects required by the authorities like Basel III and Finrep. Also during the year, the NEXT development programme was extended, the
18
aim of which is to develop Samlink’s ability as a service provider to respond to the needs of different customer groups and to enable service packages wanted by customers. During 2013, the Virtual Signature service was introduced, support was carried out for the electronic presentation of contracts, the first stages of centralised product management were put into production, and the features of the Virtual Desktop were further extended. In method development, the expansion of the use of agile methods was extended. Samcom Oy, which was bought by Samlink Group in 2010, continued its strong growth in the field of electronic business. At the end of 2013, 100 ICT experts in the field of electronic business were working for Samcom. During
2013 Group
2013 Parent Company
2012 Group
2012 Parent Company
2011 Group
2011 Parent Company
93.8
84.7
89.8
80.6
81.8
74.8
Operating profit (EUR million)
4.8
4.4
1.6
2.6
-0.7
-0.8
Operating profit, % of net sales
5.1
5.1
1.8
3.2
-0.8
-1.1
Key figures Net sales (EUR million)
3.5
3.1
1.3
1.9
-1.0
0.4
Return on equity (average ROE), (%)
27.4
21.0
10.3
13.3
-8.5
2.9
Equity ratio, (%)
38.8
41.2
35.6
38
44.6
47.6
Profit for the financial period, % of net sales
the financial period, Samcom’s business focused on the financial and energy sectors. In December 2013, Samlink’s Board of Directors decided to merge Samcom Oy and Samlink by 30 June 2014. The merger agreement was signed on 6 February 2014. The purpose of this decision is to change the Group structure to better correspond to strategic policies. Samlink’s wholly-owned subsidiary, Paikallispankkien PP-Laskenta Oy, offers its customers services in financial administration, risk management and payroll. During 2013, the focuses of operational development were preparation for the introduction of a new operating model for payroll services, the start of a quality project and a general improvement in operating efficiency.
Assessment of probable future development One of Oy Samlink Ab’s key functions is the support of the competitiveness of customer banks and the creation of synergies. In the coming years, a positive result will continue to be the target. Aktia has announced that it will be transferring to a new core banking system and that it will be implementing the transfer in one accord with its present IT provider, Samlink. For Samlink, changing the distribution of labour between Aktia, Savings Banks and POP Banks means significant orders for system changes during 2014 and 2015. The changes will speed up Samlink’s transformation to an integrator of services.
19
The Group is still targeting the creation of synergies as a customer-centred, growing and respected service integrator in the financial sector. The greatest growth potential can be seen in the field of electronic transactions. Assessment of operational risks and factors of uncertainty The Group uses a risk management process. Principles approved by senior management have been defined for risk management, risks have been identified and assessed and clear procedures have been created for their management. In the risk management process, strategic, operative, financial and human resources-related risks related to Group operations are assessed.
The changes in the distribution of labour between customers will mean a fall in the number of customer orders from present customers after 2015. Environmental issues In Samlink’s operations, direct environmental impact is quite small. In its acquisitions, the company endeavours to favour environmentally-friendly and recyclable materials, which cause as little harm as possible to the environment. In waste treatment and sorting, the principles of sustainable development are observed. Equipment and materials that have reached the end of their life are disposed of in an environmentally-friendly and data-secure way. Samlink also requires environmentally-friendly operations from its partners. Group structure Oy Samlink Ab has three subsidiaries: Paikallispankkien PP-Laskenta Oy, Samcom Oy and Project-IT Oy. Paikallispankkien PP-Laskenta Oy and Samcom Oy are wholly owned by Samlink. Samlink owns a 51.5% share of voting rights in Project-IT Oy.
Types of shares The company has two series of shares: A and B. Each A-share carries five (5) votes and each B-share one (1) vote at the Annual General Meeting. In relation to other matters, B-shares carry equal rights to A-shares.
The Board proposes to the Annual General Meeting that: -- the profit for the financial period be distributed as dividend EUR 10.25 /share, totalling EUR 1,497,422.50 -- left as shareholders’ equity EUR 6,132,164.16
Events following the closing of the books Since the closing of the books, no essential matters impacting the profit development or solvency of the company have occurred.
Since the conclusion of the financial period, no fundamental changes have taken place in the company’s financial position. The company’s solvency is good and, in the opinion of the Board of Directors, the proposed distribution of profits does not jeopardise it.
The proposal by the Board of Directors on disposal of profits Calculation of distributable equity, 31 Dec 2013 Profit from previous financial period Profit from financial period Invested unrestricted equity fund
398,076.95 2,583,699.53 4,647,810.18
Distributable assets total
7,629,586.66
20
Management and auditors Oy Samlink Ab’s Annual General Meeting on 22 March 2013 confirmed the company’s financial statements for the previous financial period, and discharged the Board members and CEO from liability for the accounts. Heikki Sirve, LLM serves as President and CEO of Oy Samlink Ab. The auditors are Jan Holmberg, APA, and auditing company PricewaterhouseCoopers Oy, with Juha Tuomala, APA, as the auditor with principal responsibility.
Information concerning personnel Turnover of personnel in the Group
Average number of employees
2013
2012
339
334
314
Samcom
100
91
61
58
55
51
PP-Laskenta Project-IT Total
2013
2012
2011
Number of departures
6.1
3.9
8.1
Turnover
9.8
6.9
11.6
2011
Samlink
18
15
13
515
495
439
Average age of personnel in Samlink Group
2013
44
2013
29,898 Over 30 years
Distribution of Group personnel by age
20–29 years
8.0%
2012
2011
10.1%
10.6%
30–34 years
14.2%
14.1%
13.4%
35–39 years
19.4%
16.5%
14.7%
40–44 years
9.8%
9.1%
8.4%
45–49 years
14.8%
16.7%
16.4%
50–54 years
15.0%
14.3%
15.8%
55–59 years
12.0%
13.2%
14.7%
6.8%
6.0%
6.0%
Over 60
44
2011
44
Salaries and bonuses paid by the Group (EUR thousand) Years of service Group personnel 2013
2013
2012
5–9 years
Average years of service in 2013 was 9.3.
21
28,524
23,688
Distribution by gender 13.0%
10–19 years
55.4%
2011
5.6%
20–29 years
Under 5
2012
13.2%
12.8%
Men 53.6%
Women 46.4%
Financial statements Consolidated profit and loss account
NET SALES Other operating income
1.1.-31.12.2013
1.1.-31.12.2012
93,815,439.44
89,845,258.22
Note 1.1
20,971.36
63,540.69
Note 1.2
Materials and services
22,538,146.93
22,113,039.50
Note 1.3
Personnel costs
35,197,453.19
32,669,479.34
Note 1.4
Depreciation and write-downs
2,809,988.64
1,835,115.66
Note 1.5
Other operating expenditure
28,518,520.65
31,703,922.65
Note 1.6
Costs in total
89,064,109.41
88,321,557.15
4,772,301.39
1,587,241.76
-286,733.43
-142,367.15
OPERATING PROFIT BEFORE EXTRAORDINARY ITEMS
4,485,567.96
1,444,874.61
PROFIT BEFORE APPROPRIATIONS AND TAXES
4,485,567.96
1,444,874.61
Direct taxes
-1,113,052.06
-242,747.89
-85,185.56
-43,389.67
3,287,330.34
1,158,737.05
OPERATING PROFIT Financial earnings and expenses
Minority interest PROFIT FOR THE FINANCIAL PERIOD
22
Note 1.7
Note 1.9
Consolidated balance sheet 31.12.2013
31.12.2012
11,130,891.75
10,778,479.50
Note 2.1
749,546.96
954,801.39
Note 2.1
1.00
0.00
11,880,439.71
11,733,280.89
ASSETS NON-CURRENT ASSETS Intangible assets Tangible assets Investments Non-current assets, total CURRENT ASSETS 23,820.00
29,612.25
Note 1.3
Long-term receivables
132,359.88
15,989.04
Note 2.4
Short-term receivables
15,084,217.97
14,625,291.30
Note 2.5
Cash and cash in bank
6,603,529.35
4,304,788.70
Current assets, total
21,843,927.20
18,975,681.29
TOTAL ASSETS
33,724,366.91
30,708,962.18
2,337,500.00
2,337,500.00
Inventories
LIABILITIES EQUITY Share capital
Note 2.6
Share premium fund
3,044,513.65
3,044,513.65
Invested unrestricted equity fund
4,647,810.18
4,647,810.18
-239,790.34
-237,815.97
Profit from financial period
3,287,330.34
1,158,737.05
Total shareholders’ equity
13,077,363.83
10,950,744.91
191,531.87
146,086.89
Profit brought forward
MINORITY INTEREST LIABILITIES Long-term liabilities
857,136.00
1,890,500.23
Note 2.7
Short-term liabilities
19,598,335.21
17,721,630.14
Note 2.8
Liabilities, total
20,455,471.21
19,612,130.37
LIABILITIES TOTAL
33,724,366.91
30,708,962.18
23
Consolidated financial statement 2013
2012
93,356,512.77
89,185,318.36
BUSINESS CASH FLOW: Payments received from sales + Payments received from other business earnings + Payments from business costs Business cash flow before financial items and taxes Interest paid from business -
20,971.36
63,540.69
85,507,407.30
85,487,302.93
7,870,076.83
3,761,556.12
-286,733.43
-142,367.15
Interest received from business + Dividends received from business + Direct taxes paid -
-1,113,052.06
-242,747.89
Cash flow before extraordinary items
6,470,291.34
3,376,441.08
BUSINESS CASH FLOW
6,470,291.34
3,376,441.08
Investments in tangible and intangible assets -
-2,957,147.46
-6,038,826.80
INVESTMENT CASH FLOW
-2,957,147.46
-6,038,826.80
-1,033,364.23
-285,716.00
0.00
747,648.23
INVESTMENT CASH FLOW:
FINANCIAL CASH FLOW: Repayments of long-term loans Withdrawals of long-term loans Repayments of short-term loans
-4,000,000.00
0.00
Withdrawals of short-term loans
5,000,000.00
4,000,000.00
Dividends paid -
-1,181,039.00
-1,902,329.00
FINANCIAL CASH FLOW
-1,214,403.23
2,559,603.23
Change in financial assets
2,298,740.65
-102,782.49
FINANCIAL ASSETS AT THE START OF THE FINANCIAL PERIOD
4,304,788.70
4,407,571.19
FINANCIAL ASSETS AT THE END OF THE FINANCIAL PERIOD
6,603,529.35
4,304,788.70
24
Parent company profit and loss account NET SALES Other operating earnings Materials and services Personnel costs Depreciation and write-downs Other operating expenditure Costs in total OPERATING PROFIT Financial earnings and expenses PROFIT BEFORE EXTRAORDINARY ITEMS
1.1.-31.12.2013
1.1.-31.12.2012
84,699,248.75
80,554,786.97
Note 1.1
7,394.81
63,540.69
Note 1.2
22,190,317.58
21,595,359.25
Note 1.3
24,843,832.47
22,970,800.78
Note 1.4
2,085,554.90
1,097,699.29
Note 1.5
31,236,741.11
32,364,446.08
Note 1.6
80,356,446.06
78,028,305.40
4,350,197.50
2,590,022.26
-908,672.87
-73,615.35
3,441,524.63
2,516,406.91
0.00
-830,000.00
3,441,524.63
1,686,406.91
-857,825.10
-134,218.96
2,583,699.53
1,552,187.95
Extraordinary items PROFIT BEFORE APPROPRIATIONS AND TAXES Direct taxes
PROFIT FOR THE FINANCIAL PERIOD
25
Note 1.7
Note 1.8
Note 1.9
Parent company balance sheet 31.12.2013
31.12.2012
9,918,408.33
8,949,221.77
Note 2.2
479,404.02
656,508.82
Note 2.2
2,696,682.37
4,132,672.72
Note 2.3
13,094,494.72
13,738,403.31
14,475,843.24
14,950,348.27
3,974,033.01
1,754,422.49
Current assets, total
18,449,876.25
16,704,770.76
TOTAL ASSETS
31,544,370.97
30,443,174.07
2,337,500.00
2,337,500.00
ASSETS NON-CURRENT ASSETS Intangible assets Tangible assets Shares to companies in the same group Non-current assets, total CURRENT ASSETS Short-term receivables Cash and cash in bank
Note 2.5
LIABILITIES EQUITY Share capital
Note 2.6
Share premium fund
3,044,513.65
3,044,513.65
Invested unrestricted equity fund
4,647,810.18
4,647,810.18
Profit brought forward Profit from financial period SHAREHOLDERS’ EQUITY TOTAL
398,076.95
0.00
2,583,699.53
1,552,187.95
13,011,600.31
11,582,011.78
LIABILITIES Long-term liabilities
857,136.00
1,890,500.23
Note 2.7
Short-term liabilities
17,675,634.66
16,970,662.06
Note 2.8
Liabilities, total
18,532,770.66
18,861,162.29
LIABILITIES TOTAL
31,544,370.97
30,443,174.07
26
Parent company financial statement 2013
2012
83,743,357.40
79,099,545.72
BUSINESS CASH FLOW: Payments received from sales + Payments received from other business earnings + Payments from business costs Business cash flow before financial items and taxes Interest paid from business Interest received from business + Dividends received from business +
7,394.81
63,540.69
-78,638,839.79
-74,975,342.19
5,111,912.42
4,187,744.22
-291,526.74
-153,618.14
3,892.44
9,995.09
814,951.78
70,007.70
-772,155.72
-321,468.52
Cash flow before extraordinary items
4,867,074.18
3,792,660.35
BUSINESS CASH FLOW
4,867,074.18
3,792,660.35
-2,877,636.66
-5,805,691.58
0.00
1,500,000.00
Direct taxes paid -
INVESTMENT CASH FLOW: Investments in tangible and intangible assets Loans granted Repayments of loan receivables +
1,500,000.00
0.00
INVESTMENT CASH FLOW
-1,377,636.66
-7,305,691.58
Withdrawals of short-term loans +
5,000,000.00
4,000,000.00
Repayments of short-term loans -
-4,000,000.00
0.00
-285,716.00
-285,716.00
0.00
747,648.23
FINANCIAL CASH FLOW:
Repayments of long-term loans Withdrawals of long-term loans +
-830,000.00
0.00
0.00
270,000.00
Dividends paid -
-1,154,111.00
-1,767,689.00
FINANCIAL CASH FLOW
-1,269,827.00
2,964,243.23
Change in financial assets
2,219,610.52
-548,788.00
FINANCIAL ASSETS AT THE START OF THE FINANCIAL PERIOD
1,754,422.49
2,303,210.49
FINANCIAL ASSETS AT THE END OF THE FINANCIAL PERIOD
3,974,033.01
1,754,422.49
Group contributions paid Group contributions received +
27
Accounting principles The financial statements of Samlink Group from 2013 have been prepared in accordance with the Accounting Act presently in force and with the provisions concerning financial statements in the Limited Companies Act. Consolidated financial statements The consolidated accounts include the financial statements of the parent company Oy Samlink Ab and its subsidiaries. Companies that have been treated as subsidiaries are those in which the parent company has control accordant to Chapter 1 Section 5 of the Accounting Act. The company has no associated companies. The Group’s internal shareholding has been eliminated using the acquisition cost method. Companies acquired are treated as subsidiaries from the date upon which the Group gained control over them, and divested subsidiaries until the date upon which control was relinquished. All internal business transactions between group companies, internal receivables and liabilities, and internal dividends have
been eliminated when drawing up the consolidated accounts. Valuation principles Non-current assets Fixed assets are entered on the balance sheet quantitatively as a acquisition expense minus planned depreciation. Planned depreciation is calculated as straight-line depreciation based on the holding period of fixed assets. Depreciation periods are as follows: Intangible assets 4–10 years Consolidated goodwill 5 years Computer equipment 2–4 years Machinery and equipment 3–5 years Rented equipment 2–4 years Development expenditure 10 years Development expenditure for the NEXT development programme is depreciated over ten years, because the service life of IT systems used in banking is typically long and the effective period of NEXT investment is deemed to be at least 10 years.
28
Current assets Incomplete current assets are valued according to their acquisition expenditure, which includes variable costs. Long-term projects have been posted as income on the principle of assignment. Receivables have been entered on the balance sheet at their nominal value, but at no more than their probable value. Research and development expenditure The company’s own development work is entered as annual costs in the year in which the costs arose, excluding development expenses related to the NEXT programme, which are being activated. Pension costs Pension costs are entered on an accrual basis and there are no uncovered pension liabilities. Provisions Provisions are entered from deferred expenditure whose realisation is probable and which is allocated to the financial period just ended. Foreign currency items There are no foreign currency items.
1 Notes to the profit and loss account Group 31.12.2013
Group 31.12.2012
Parent Company 31.12.2013
Parent Company 31.12.2012
Financial sector Electronic transactions Total
89,233,008.74 4,582,430.70 93,815,439.44
84,831,960.70 5,013,297.52 89,845,258.22
84,699,248.75 0.00 84,699,248.75
80,554,786.97 0.00 80,554,786.97
Net sales by market area Finland Total
93,815,439.44 93,815,439.44
89,845,258.22 89,845,258.22
84,699,248.75 84,699,248.75
80,554,786.97 80,554,786.97
1.2 Other operating earnings: Fixed assets sales gains Total
20,971.36 20,971.36
63,540.69 63,540.69
7,394.81 7,394.81
63,540.69 63,540.69
1.3 Materials and services: purchases of licences Total
24,392.25 24,392.25
58,332.75 58,332.75
0.00 0.00
0.00 0.00
22,513,754.68 22,538,146.93
22,054,706.75 22,113,039.50
22,190,317.58 22,190,317.58
21,595,359.25 21,595,359.25
29,897,926.41 5,106,723.58 1,471,203.47 36,475,853.46 -1,278,400.27 35,197,453.19
28,524,433.30 4,883,583.29 1,434,073.77 34,842,090.36 -2,172,611.02 32,669,479.34
21,419,703.71 3,579,644.26 1,122,884.77 26,122,232.74 -1,278,400.27 24,843,832.47
20,583,178.41 3,428,051.34 1,091,052.50 25,102,282.25 -2,131,481.47 22,970,800.78
515
495
339
334
51,363.53 19,782.47 0.00
38,193.18 0.00 75,291.99
37,389.65 19,782.47 0.00
30,214.65 0.00 57,727.59
584,183.85 67,500.00
540,056.39 21,500.00
0.00 67,500.00
0.00 21,500.00
1.1 Net sales by sector:
Outsourced services Materials and services total 1.4 Personnel costs: Salaries and bonuses Pension costs Other personnel costs Total Activated personnel costs Personnel costs total
Average number of employees during financial period Auditor’s fees Auditing of the accounts Taxation advice Other services Management salaries and bonuses President and CEO’s Remuneration for Members of the Board
29
1 Notes to the profit and loss account Group 31.12.2013
Group 31.12.2012
Parent Company 31.12.2013
Parent Company 31.12.2012
2,809,696.70
1,835,115.66
2,085,554.90
1,097,699.29
2,314,225.50 1,877,186.41 8,713,883.35 2,952,793.94 13,954,334.73 29,812,423.93 -1,293,903.27 28,518,520.66
1,615,715.17 1,504,962.17 10,335,924.05 2,715,473.99 18,502,086.79 34,674,162.17 -2,970,239.52 31,703,922.65
7,491,124.97 1,392,205.25 8,224,309.20 1,948,899.64 13,474,105.32 32,530,644.38 -1,293,903.27 31,236,741.11
4,141,681.16 1,163,144.24 9,960,648.44 1,736,382.00 18,332,829.76 35,334,685.60 -2,970,239.52 32,364,446.08
0.00 7,948.97 7,948.97
0.00 12,496.64 12,496.64
814,387.31 4,456.91 818,844.22
69,614.81 10,387.98 80,002.79
Interest and other financial expenditure To companies in the same group To elsewhere Interest and other financial expenditure, total
0.00 294,682.40 294,682.40
0.00 154,863.79 154,863.79
0.00 291,526.74 291,526.74
2.28 153,615.86 153,618.14
Write-downs of fixed asset investments Financial earnings and expenses, total
0.00 -286,733.43
0.00 -142,367.15
1,435,990.35 -908,672.87
0.00 -73,615.35
0.00 0.00
0.00 0.00
0.00 0.00
830,000.00 830,000.00
1,117,710.50 -4,658.44 1,113,052.06
242,804.38 -56.49 242,747.89
862,550.42 -4,725.32 857,825.10
134,275.45 -56.49 134,218.96
1.5 Depreciation and write-downs Depreciations from tangible and intangible assets and write-downs 1.6 Other operating expenditure Brokered services Costs allocated to personnel Rents Office costs Other expenses Other operating expenditure, total Other activated operating expenditure Other operating expenditure, total 1.7 Financial earnings and costs: Other interest and financial earnings from companies in the same group From elsewhere Interest and other financial earnings, total
1.8 Extraordinary items: Extraordinary expenses/Group contribution Extraordinary items, total 1.9 Direct taxes: Income taxes from actual operations Taxes from the previous financial period Direct taxes, total
30
2 Notes to the balance sheet 2.1 Group non-current assets Intangible assets
Acquisition cost 1 Jan 2013 Additions Acquisition cost 31 Dec 2013 Accrued depreciation 1 Jan 2013
Development expenditure
Intangible rights
Consolidated goodwill
Other long-term expenditure
8,306,880.08
5,612,878.34
2,987,266.20
300,591.70
2,572,303.54
228,453.15
0.00
0.00
10,879,183.62
5,841,331.49
2,987,266.20
300,591.70 273,725.18
320,515.92
4,488,178.83
1,346,716.89
Depreciation for the financial period
1,389,730.00
456,204.79
593,453.28
8,956.37
Accrued depreciation 31 Dec 2013
1,710,245.92
4,944,383.62
1,940,170.17
282,681.55
Book value 31 Dec 2013
9,168,937.70
896,947.87
1,047,096.03
17,910.15
Intangible assets, total
Tangible assets machinery and equipment
Acquisition cost 1 Jan 2013
17,207,616.32
7,551,115.55
Additions
2,800,756.69
189,794.74
Deductions Acquisition cost 31 Dec 2013 Accrued depreciation 1 Jan 2013
0.00
-93,432.51
20,008,373.01
7,647,477.78
6,429,136.82
6,596,314.16
Accrued depreciation for deductions
0.00
-59,735.60
Depreciation for the financial period
2,448,344.44
361,352.26
Accrued depreciation 31 Dec 2013
8,877,481.26
6,897,930.82
Book value 31 Dec 2013
11,130,891.75
749,546.96
31
2 Notes to the balance sheet 2.2 Parent company non-current assets Intangible assets Development expenditure
Tangible assets Intangibles
Machinery and equipment
rights Acquisition cost 1 Jan 2013 Additions
8,306,880.08
5,656,439.31
2,572,303.54
228,453.15
82,516.60
0.00
0.00
-27,056.47
10,879,183.62
5,884,892.46
6,857,548.06 6,145,579.11
Deductions Acquisition cost 31 Dec 2013 Accrued depreciation 1 Jan 2013
6,802,087.93
320,515.92
4,693,581.70
Accrued depreciation for deductions
0.00
0.00
-21,419.84
Depreciation for the financial period
1,389,730.00
441,840.13
253,984.77
Accrued depreciation 31 Dec 2013
1,710,245.92
5,135,421.83
6,378,144.04
Book value 31 Dec 2013
9,168,937.70
749,470.63
479,404.02
Expenditure related to the latest products and services have been activated as development expenditure. 2.3 Investments of the parent company Shares Group companies Acquisition cost 1 Jan 2013
4,132,672.72
Write-downs
-1,435,990.35
Acquisition cost 31 Dec 2013
2,696,682.37
Parent company investments consist of shares in subsidiaries Group companies Group’s shareholding % Paikallispankkien PP-Laskenta Oy, Espoo
100%
Samcom Oy, Jyväskylä
100%
Project-IT, Lohja, starting in the Group from 1 June 2011
34%
The subsidiaries are combined in the Group.
32
(the Group has a 51.5% share of voting rights)
Group 31.12.2013
Group 31.12.2012
Parent Company 31.12.2013
Parent Company 31.12.2012
132,359.88 132,359.88
15,989.04 15,989.04
0.00 0.00
0.00 0.00
10,540,981.28 0.00 1,431,476.78 0.00 604,943.45 2,506,816.46 0.00 15,084,217.97
10,365,980.43 0.00 1,346,251.49 0.00 604,943.55 2,308,115.83 0.00 14,625,291.30
9,757,455.90 258,916.10 1,419,172.78 0.00 604,943.45 2,435,219.15 135.86 14,475,843.24
9,066,367.47 326,843.20 1,346,251.49 1,500,000.00 604,943.55 1,798,087.75 307,854.81 14,950,348.27
Receivables, total
15,216,577.85
14,641,280.34
14,475,843.24
14,950,348.27
Other accrued income items: Accrued income from Group companies Others Advance payments Total
0.00 2,506,816.46 1,431,476.78 3,938,293.24
0.00 2,308,115.83 1,346,251.49 3,654,367.32
135.86 2,435,219.15 1,419,172.78 3,854,527.79
307,854.81 1,798,087.75 1,346,251.49 3,452,194.05
2.6 Equity Share capital on 1 Jan Share capital on 31 Dec
2,337,500.00 2,337,500.00
2,337,500.00 2,337,500.00
2,337,500.00 2,337,500.00
2,337,500.00 2,337,500.00
Share premium fund 1 Jan Share premium fund 31 Dec
3,044,513.65 3,044,513.65
3,044,513.65 3,044,513.65
3,044,513.65 3,044,513.65
3,044,513.65 3,044,513.65
Invested unrestricted equity fund 1 Jan Repayment of capital Invested unrestricted equity fund 31 Dec
4,647,810.18 0.00 4,647,810.18
5,000,067.20 -352,257.02 4,647,810.18
4,647,810.18 0.00 4,647,810.18
5,000,067.20 -352,257.02 4,647,810.18
Profit from previous financial period 1 Jan Payment of dividend Redemption of own Project-IT shares Profit from previous financial period 31 Dec Profit/loss on financial period
920,921.08 -1,154,111.00 -6,600.42 -239,790.34
1,177,616.01 -1,415,431.98 0.00 -237,815.97
1,552,187.95 -1,154,111.00 0.00 398,076.95
1,415,431.98 -1,415,431.98 0.00 0.00
3,287,330.34
1,158,737.05
2,583,699.53
1,552,187.95
13,077,363.83
10,950,744.91
13,011,600.31
7,695,350.18
5,568,731.26
7,629,586.66
11,582,011.78 Â 6,199,998.13
Receivables 2.4 Long-term receivables Long-term accrued income from elsewhere Long-term accrued income Long-term receivables, total 2.5 Short-term receivables Accounts receivable from elsewhere Accounts receivable from the Group Advance payments made Loan receivables from the Group Other receivables Accrued income from elsewhere Accrued income from the Group Short-term receivables, total
Total shareholders’ equity Distributable assets total
The company has two types of shares. There are 137.500 A-shares and 8.590 B-shares.
33
Group 31.12.2013
Group 31.12.2012
Parent Company 31.12.2013
Parent Company 31.12.2012
Loans from financial institutions
857,136.00
1,890,500.23
857,136.00
1,890,500.23
Non-current liabilities, total
857,136.00
1,890,500.23
857,136.00
1,890,500.23
Liabilities 2.7 Long-term liabilities
2.8 Short-term liabilities Debts to others Accounts payable
1,429,879.43
1,280,118.13
1,317,180.51
1,156,825.05
Accrued charges and deferred credits
8,676,480.09
9,573,214.02
6,511,049.82
7,930,653.31
Other short-term liabilities
4,206,304.58
2,582,581.99
3,916,800.12
2,275,213.59
5,285,671.11
4,285,716.00
5,285,716.00
4,285,716.00
Accounts payable
0.00
0.00
193,570.98
223,580.81
Accrued charges and deferred credits
0.00
0.00
451,317.23
1,098,673.30
Short-term liabilities, total
19,598,335.21
17,721,630.14
17,675,634.66
16,970,662.06
Liabilities, total
20,455,471.21
19,612,130.37
18,532,770.66
18,861,162.29
4,270,048.15
4,168,164.07
3,097,427.99
3,048,623.91
80,439.95
116,264.87
32,619.39
22,065.33
Accounting items and cost accruals
4,325,991.99
5,288,785.08
3,381,002.44
4,859,964.07
Accrued charges and deferred credits, total
8,676,480.09
9,573,214.02
6,511,049.82
7,930,653.31
Loans from financial institutions Liabilities to companies in the same group
Most significant items of accrued charges and deferred credits: Holiday pay liability with social costs Other salary and social costs
34
Other notes to the accounts Group
Group
Parent Company
Parent Company
31.12.2013
31.12.2012
31.12.2013
31.12.2012
Security deposit
737,303.33
622,833.59
604,943.45
604,943.55
Securities issued on behalf of shareholders, total
737,303.33
622,833.59
604,943.45
604,943.55
3.1 Securities issued, contingent liabilities and other liabilities Securities issued on behalf of shareholders
Contingent liabilities and liabilities Leasing liabilities Payables during the next 12 months
494,666.97
708,177.19
408,464.95
651,930.21
Payable after 12 months
359,081.26
587,953.06
284,386.44
491,229.19
Leasing liabilities, total
853,748.23
1,296,130.25
692,851.39
1,143,159.40
3.2 Other liabilities Premises leasing liabilities 2,860,926.39
2,755,449.73
2,466,733.08
2,420,114.76
Payable after 12 months
17,042,357.62
18,892,625.02
16,482,937.62
18,643,618.86
Premises leasing liabilities, total
19,903,284.01
21,648,074.75
18,949,670.70
21,063,733.62
Payables during the next 12 months
35
Signatures Espoo, 6 March 2014
Board of Directors
Pasi Kämäri, Chairman
Anders Norrena
Jarmo Partanen
Today we present the report on the auditing that has been carried out. Helsinki, 10 March 2014
Jukka Rauhala
Heikki Suutala
Olli Sydänlammi
PricewaterhouseCoopers Oy Authorised Public Accountants
Juhani Strömberg
Magnus Weurlander
Heikki Sirve President and CEO
Juha Tuomala Jan Holmberg APA APA
36
Auditors’ report FOR OY SAMLINK AB’S ANNUAL GENERAL MEETING
We have audited Oy Samlink Ab’s bookkeeping, financial statements, annual report and corporate governance for the financial year 1 January–31 December 2013. The financial statement includes both the Group’s and the parent company’s balance sheet, income statement, the financial statement and notes to the accounts. Responsibilities of the Board of Directors and CEO The Board of Directors and the CEO are responsible for preparing the financial statement and annual report, and for
ensuring that they give correct and sufficient information in accordance with the regulations in force in Finland concerning the preparation of financial statements and annual reports. The Board of Directors is responsible for the appropriate organisation of control of bookkeeping and financial administration, and the CEO for seeing that the bookkeeping is done in accordance with the law and that financial administration is organised in a reliable way. Obligations of the Auditor On the basis of the audit that we perform,
37
we are obliged to provide an opinion on the financial statements, the consolidated financial statements and the annual report. The Auditing Act stipulates that we must observe professional principles. We have performed the audit in compliance with good auditing practices observed in Finland. Good auditing practice requires us to plan and perform the audit, in order that we can be reasonably certain about whether fundamental inaccuracy exists in the financial statement or annual report, and whether the Members of the Board or CEO of the parent company are guilty of a deed or of negligence that might
result in the company being liable to pay compensation, or are in breach of the Limited Companies Act or the Articles of Association. The audit entails measures aimed at obtaining auditing evidence of figures contained in the financial statement and annual report and of other information presented therein. The choice of measures is at the discretion of the auditor, and includes assessment of the risks of fundamental inaccuracy resulting from misdemeanour or error. In assessing these risks, the auditor takes into account internal supervision which, in the company, is important from a point of view of preparing the financial statement and annual report to ensure that they provide true and fair information. The auditor assesses such internal supervision in order to be able to plan auditing measures appropriate
to conditions, but not for the purpose of issuing an opinion on the effectiveness of the company’s internal supervision. Auditing also entails the evaluation of the appropriateness of principles applied in the preparation of the financial statement, the evaluation of the fairness of the accounting assessments made by serving management, and the evaluation of the general method of presentation of the financial statement and annual report. As far as we understand, we have obtained a sufficient amount of auditing evidence applicable for our purpose on which to base our opinion. Opinion In our opinion, the financial statement and annual report, as defined in regulations in force in Finland concerning the preparation of
38
financial statements and annual reports, give a true and fair view of the Group and parent company’s result of operations and financial standing. There is no conflict between the information in the report of operations and that in the financial statement.
Helsinki, 10 March 2014 PricewaterhouseCoopers Oy Authorised Public Accountants Juha Tuomala APA
Jan Holmberg APA
Oy Samlink Ab. PO Box 130 (Linnoitustie 9), FI-02601 Espoo. Tel. +358 (0)9 548 050. www.samlink.fi.