Fluido Oy Zweigniederlassung München

München

Befreiender Jahresabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021

Fluido Oy

Vantaa/Finnland

reg. number: 2304624-7

Annual Accounts and Review of the year 1.1 - 31.12.2021

Table of contents

Review of the Year

Group Balance Sheet

Group Profit and Loss Statement

Group Cash Flow Statement

Parent company Balance Sheet

Parent company Profit and Loss Statement

Parent company Cash Flow Statement

Notes to Annual Accounts

Signatures of Annual Accounts

Auditor signature

List of Accounting Materials

Annual Accounts must be preserved 10 years.

The accounting materials must be preserved for 6 years.

Annual accounts prepared by:

Accurate Accounting Oy, Tina Ahti

Company reg. number: 2304624-7

Address: Keilaranta 1, 02150 Espoo Residence city: Vantaa

Review of the year Fluido Oy Year 1.1.-31.12.2021

Information about the year

Fluido Group is a provider of digital transformation services to companies in Finland, Sweden, Norway, Denmark, Germany, UK, Ireland and Benelux. Group revenue in 2021 was 50.163.868 euro and profit before tax 4.163.515 euro. Group revenue grew by 25,1 % in 2021 and the company strengthened its market position as leading service provider in the Nordics in Salesforce technology area. Parent company Fluido Oy revenue was 28.246.703 euro and profit before tax 2.698.455 euro.

Temporary changes in business took place due to covid-virus when employees transferred to remote work. After this Fluido business has continued steady and profitable growth and we have been able to deliver digital transformation services to our customers normally.

Company shares

Fluido Group shares are 100% owned by Infosys Group. Number of shares is 157.116. Infosys Group is based in Bangalore and is listed in New York and Mumbai stock exchanges and has over 260.000 employees. Infosys Group revenue in 2021 was 13 billion USD and profit 2,5 billion USD. Fluido Oy shares are divided into two class in such a way, that A-shares are 99.521 and B-shares 57.595. B-series has preference over assets up to the price paid for them in the way decribed in the Articles of Association.

Branches

Fluido Oy has branches in Germany (reg.number HRB 252914) and in Netherlands (reg.number 80799140)

Estimate of risks and uncertainties

Business risks relate mainly to general global economic situation and the impact of economic fluctuations to companies investments.

The company has managed to hire competent employees and invest into Fluido being an interesting and attracting workplace also in the future. Fluido has no major customer risk. The revenue split among customers is such, that no single customer represents over 10% of revenue.

Estimate of future developments

2022 has started as expected. Group will aim to grow revenue and profit according to its business plan.

Key Ratios (1000 euro)

Fluido Oy	1.1.-31.12.2021	1.1.-31.12.2020	1.1.-31.12.2019
Revenue	28.247 euroa	24.787 euroa	23.383 euroa
Ebitda	2.779 euroa	4.189 euroa	1.024 euroa
Profit before tax	2.698 euroa	4.008 euroa	860 euroa
EBIT-%	9,3%	16,4%	3,9%
Equity Ratio(%)	68,4%	63,7%	41,8%
ROE (%)	16,8%	35,7%	13,1%

Group	1.1-31.12.2021	1.1.-31.12.2020	1.1.-31.12.2019
Revenue	50.164 euroa	40.099 euroa	37.280 euroa
Ebitda	5.061 euroa	4.826 euroa	1.394 euroa
Profit before tax	4.164 euroa	4.091 euroa	816 euroa
EBIT-%	8,4%	10,0%	2,3%
Equity Ratio (%)	54,9%	49,8%	22,8%
ROE (%)	26,7%	48,0%	25,7%

Personnel

On average 382 employees worked at Fluido Group during the year. The salaries and bonuses paid to personnel during the year were 30.6 M euro.

Personnel in average

	2021	2020	2019
Group	382	329	284
Parent company	194	186	165

Related party guarantees

The parent Company has issued a letter of support providing the Fluido Denmark A/S with sufficient liquidity to meet its current and future liabilities as they fall due.

Fluido Oy has additionally given guarantee to support its fully owned subsidiary Fluido UK Limited in such a way, that Fluido UK is able to meet all its liabilities as they fall due for at least 12 months from the date of signing of the Annual Accounts.

Fluido Oy has granted to its 100% owned subsidiaries the following loans without collateral:

Fluido Sweden AB 462.878 euro and Fluido UK Limited 2.049.501 euro. Arm's length interest tied to Euribor and Libor is charged on both loans. Rates have varied between 1,4-1,8%. Loan capital will be repaid, when cash flow of the companies is at sufficient level.

Fluido Oy has also granted a capital loan of SEK 5.333 203,10 to Fluido Sweden Ab. The loan is considered equity in Fluido Sweden AB. Repayment of loan is subject to increase of equity at Fluido Sweden to a level that would allow repayment. Capital loan is interest free.

Board proposal for dividend distribution

Board proposes to Annual General Meeting no dividend is distributed.

Group Balance Sheet

	31.12.2021	31.12.2020
Assets
NON-CURRENT ASSETS
Intangible assets
Other long term assets	19.106,82	50.943,65
Goodwill	1.107.803,52	1.754.977,74
Intangible total	1.126.910,34	1.805.921,39
Tangible assets
Machinery and equipment	513.837,23	409.222,24
Tangible total	513.837,23	409.222,24
TOTAL NON-CURRENT ASSETS	1.640.747,57	2.215.143,63
CURRENT ASSETS
Long term receivables
Other long term receivables	185.085,60	314.508,74
Total long term receivables	185.085,60	314.508,74
Short term receivables
Trade debtors	9.926.607,66	6.428.580,58
Other debtors	424.570,04	701.551,90
Prepayments and accrued income	2.997.272,56	1.613.889,77
Total short term receivables	13.348.450,26	8.744.022,25
Cash	7.385.101,74	7.679.717,34
TOTAL CURRENT ASSETS	20.918.637,60	16.738.248,33
Assets total	22.559.385,17	18.953.391,96

	31.12.2021	31.12.2020
Equity and liabilities
CAPITAL AND RESERVES
Share capital	2.500,00	2.500,00
Other reserves	5.508.280,03	5.508.812,92
Retained earnings	3.976.120,61	793.507,27
Profit (loss) of the financial year	2.911.925,15	3.182.613,34
Translation difference	-9.963,93	-47.773,30
TOTAL CAPITAL AND RESERVES	12.388.861,86	9.439.660,23
PROVISIONS	94.432,50	88.007,50
CREDITORS
Long-term creditors	11.506,00	245.212,06
Short term creditors
Advances received	155.470,96	309.740,10
Trade creditors	422.641,55	607.768,93
Other creditors	3.350.736,58	3.525.231,40
Accruals and deferred income	6.135.735,72	4.737.771,74
Total short term creditors	10.064.584,81	9.180.512,17
TOTAL CREDITORS	10.076.090,81	9.425.724,23
Total equity and liabilities	22.559.385,17	18.953.391,96

Group Profit and Loss Statement

	1.1.-31.12.2021	1.1.-31.12.2020
REVENUE	50.163.868,27	40.098.897,84
Other income	26.260,31	70.504,99
Materials and services
Materials
Purchases during year	-162.302,15	-186.796,53
Materials total	-162.302,15	-186.796,53
External services
External services	-2.521.531,72	-2.316.512,25
Materiaalit ja palvelut yhteensa	-2.683.833,87	-2.503.308,78
Personnel costs
Salaries	-30.611.881,68	-22.412.062,22
Personnel related costs
Pension costs	-3.810.889,87	-3.420.984,24
Other social costs	-3.097.656,94	-2.851.402,64
Total personnel related costs	-6.908.546,81	-6.272.386,88
Total personnel costs	-37.520.428,49	-28.684.449,10
Other expenses	-4.924.823,97	-4.156.126,96
EBITDA	5.061.042,25	4.825.517,99
Depreciation
Depreciation according to plan	-855.043,58	-801.493,80
Depreciation total	-855.043,58	-801.493,80
EBIT	4.205.998,67	4.024.024,19
Financial income and cost
Other interest income
Other	72.850,52	144.831,62
Total other financial income	72.850,52	144.831,62
Interest expenses & other financial costs
To others	-115.333,42	-78.319,29
Total interest expense & other costs	-115.333,42	-78.319,29
Total Financial income and cost	-42.482,90	66.512,33
PROFIT BEFORE TAX	4.163.515,77	4.090.536,52
Income tax	-1.251.590,62	-907.923,18
NET PROFIT	2.911.925,15	3.182.613,34

Group Cash Flow Statement

	1.1-31.12.2021	1.1-31.12.2020
Operations Cash Flow
Profit before Tax	4.163.515,76	4.090.536,52
Corrections:
Depreciations	855.043,58	801.493,80
Financial income	42.482,00	-66.512,33
Cash Flow before change in working capital	5.061.041,34	4.825.517,99
Change in working capital:
Addition to short-term receivables	-4.604.428,01	1.341.017,56
Additions to short-term debt	311.613,50	-4.334.039,86
Operations cash flow before financial items and tax	768.226,83	1.832.495,69
Paid direct taxes	-776.985,48	-505.796,34
Business interests	-42.482,00	66.512,33
Operations Cash Flow	-51.240,65	1.393.211,68
Investments Cash Flow
Investments to tangible and intangible	-280.647,52	-221.933,23
Long term investment to subsidiaries	0,00	-953.300,62
Investments Cash Flow	-280.647,52	-1.175.233,85
Funding Cash Flow
Paid increase of equity	0,00	2.496.793,87
Dividend pay-out	0,00	-10.000,00
Funding Cash Flow	0,00	2.486.793,87
Change of cash position	-331.888,17	2.704.771,70
Impact of currencies	37.272,57	-54.398,81
Cash 1.1	7.679.717,34	5.029.344,45
Cash 31.12	7.385.101,74	7.679.717,34

Parent company Balance Sheet

	31.12.2021	31.12.2020
Assets
NON-CURRENT ASSETS
Intangible assets
Other long term assets	0,00	29.856,10
Intangible total	0,00	29.856,10
Tangible assets
Machinery and equipment	355.536,24	277.382,39
Total tangible assets	355.536,24	277.382,39
Investments
Investment in group companies	4.482.574,96	4.482.574,96
Receivables from group companies	2.564.370,27	514.868,67
Investments total	7.046.945,23	4.997.443,63
NON-CURRENT ASSETS TOTAL	7.402.481,47	5.304.682,12
CURRENT ASSETS
Long term receivables
Deferred tax asset	129.827,19	93.926,74
Long term receivables total	129.827,19	93.926,74
Short term receivables
Trade debtors	2.834.618,84	2.430.956,88
Receivables from Group companies	5.110.482,52	4.844.007,19
Other receivables	328.409,66	219.884,01
Prepayments and accrued income	1.618.459,53	1.247.526,14
Short term receivables Total	9.891.970,55	8.742.374,22
Total receivables	10.021.797,74	8.836.300,96
Cash	3.004.195,55	4.390.510,33
CURRENT ASSETS TOTAL	13.025.993,29	13.226.811,29
ASSETS TOTAL	20.428.474,76	18.531.493,41

	31.12.2021	31.12.2020
Equity and liabilities
Equity
Share capital	2.500,00	2.500,00
Other reserves	5.499.123,10	5.499.123,10
Retained earnings	6.311.296,06	3.105.015,13
Profit (loss) of the financial year	2.160.779,97	3.206.280,93
Equity total	13.973.699,13	11.812.919,16
Provisions	94.432,50	88.007,50
Creditors
Short term creditors
Received advances	155.470,96	138.253,91
Accounts Payable	212.644,09	144.783,89
Group creditors	1.015.208,63	1.748.839,36
Other creditors	1.405.407,43	1.437.376,88
Accruals and deferred income	3.571.612,02	3.161.312,71
Short term creditors total	6.360.343,13	6.630.566,75
Creditors total	6.360.343,13	6.630.566,75
Equity and liabilities total	20.428.474,76	18.531.493,41

Parent company Profit and Loss Statement

	1.1.-31.12.2021	1.1.-31.12.2020
REVENUE	28.246.703,34	24.787.614,85
Other income	26.260,31	32.077,71
Materials and services
Materials
Purchases during year	-162.302,15	-186.796,53
Materials total	-162.302,15	-186.796,53
External services
External services	-2.309.953,53	-2.115.341,47
Materials and services total	-2.472.255,68	-2.302.138,00
Personnel costs
Salaries	-16.526.046,29	-12.772.059,85
Other Personnel related costs
Pension costs	-2.603.493,47	-2.221.722,46
Other Personnel related costs	-837.876,30	-727.360,57
Other Personnel related costs total	-3.441.369,77	-2.949.083,03
Total Personnel costs	-19.967.416,06	-15.721.142,88
Other expenses	-3.053.904,89	-2.606.504,62
EBITDA	2.779.387,02	4.189.907,06
Depreciation
Depreciation according to plan	-149.449,67	-132.724,97
Depreciation total	-149.449,67	-132.724,97
EBIT	2.629.937,35	4.057.182,09
Financial income and cost
Other interest income
Other	29.091,98	8.759,92
Total other financial income	59.121,14	0,00
Interest expenses & other financial costs	88.213,12	0,00
To others
Total interest expense & other costs	-19.695,35	-57.985,88
Total Financial income and cost	-19.695,35	-57.985,88
Financial income and cost	68.517,77	-49.225,96
PROFIT BEFORE TAX	2.698.455,12	4.007.956,13
Income tax	-537.675,15	-801.675,20
NET PROFIT	2.160.779,97	3.206.280,93

Parent company Cash Flow Statement

	1.1-31.12.2021	1.1-31.12.2020
Operations Cash Flow
Profit before Tax	2.698.455,12	4.007.956,13
Corrections:
Depreciations	149.449,67	132.724,97
Financial income	-68.517,77	49.225,96
Cash Flow before change in working capital	2.779.387,02	4.189.907,06
Change in working capital:
Addition to short-term receivables	-1.701.716,61	-623.290,97
Additions to short-term debt	539.070,03	-2.533.934,99
Operations cash flow before financial items and tax	1.616.740,44	1.032.681,10
Business interests	39.425,79	-57.985,88
Paid direct taxes	-573.575,60	-443.318,94
Operations Cash Flow	1.082.590,63	531.376,28
Investments Cash Flow
Investments to tangible and intangible	-197.747,42	-123.650,28
Long term investment to subsidiaries	-802.868,65	-1.546.466,41
Change in subsidiary receivables	-1.497.381,32	795.107,15
Interest income from subsidiaries	29.091,98	8.759,92
Investments Cash Flow	-2.468.905,41	-866.249,62
Funding Cash Flow
Paid increase of equity	0,00	2.488.700,10
Dividend pay-out	0,00	-10.000,00
Funding Cash Flow	0,00	2.478.700,10
Change in cash position	-1.386.314,78	2.143.826,76
Cash 1.1	4.390.510,33	2.246.683,57
Cash 31.12	3.004.195,55	4.390.510,33

Notes to Annual Accounts

Principles for accounting

Annual Accounts have been prepared according to current legislation and other stipulations regarding preparations of the Accounts.

All subsidiaries Fluido Sweden AB, Fluido Norway A/S, Fluido Denmark A/S ja Fluido Slovakia s.r.o, Infosys Fluido UK Ltd ja Infosys Fluido Ireland Ltd have been consolidated into the consolidated accounts. Consolidations have been done according to acquisition method in accounting. All intra group ownership, receivables, debts, internal margins and other transactions have been eliminated.

Valuation principles for assets

Non-current assets are valued at cost minus depreciation

Receivables and other financials assets have been valued as Accounting Act Chapter 5 section 2

Depreciation methods

Asset are depreciated according to plan

Depreciation schedule is:

―	Intangibles 5 years
―	Tangibles 25% residual depreciation
―	Goodwill 5 years

Profit and loss statement additional information

Revenue by Region

	Group		Parent
	2021	2020	2021	2020
Finland	19.276.514	19.892.716,15	19.276.514	19.892.716
Europe	17.925.697,56	15.083.415,36	3.862.192	2.474.394
Other	12.961.656,42	5.122.765,73	5.107.997	2.420.504
Total	50.163.868	40.098.897	28.246.703	24.787.614

Audit fees

	Group		Parent
	2021	2020	2021	2020
Audit	55.046,00	60.719,23	20.600,00	14.852,00
Other services	1.675,00	3.921,76	0,00	0,00
TOTAL	56.721,00	64.640,99	20.600,00	14.852,00

BALANCE SHEET ADDITIONAL INFORMATION

Non-current assets detail

	Group		Parent
	2021	2020	2021	2020
Non-current assets
Acq. cost at beginning of year	189.060,34	189.060,34	160.856,70	160.856,70
Additions	0,00	0,00	0,00	0,00
Acq cost 31.12	189.060,34	189.060,34	160.856,70	160.856,70
Accumul. depreciation 1.1	-138.951,23	-105.288,54	-131.000,60	-98.840,60
Depreciation cur. year	-31.408,27	-33.662,69	-29.856,10	-32.160,00
Accumul. depreciation 31.12	-170.359,50	-138.951,23	-160.856,70	-131.000,60
Currency difference	405,98	834,54	0,00	0,00
Accounting value 31.12	19.106,82	50.943,65	0,00	29.856,10
Goodwill
Acq. cost at beginning of year	3.297.388,62	2.042.868,09	0,00	0,00
Additions	0,00	1.254.520,53	0,00	0,00
Acq cost 31.12	3.297.388,62	3.297.388,62	0,00	0,00
Accumul. depreciation 1.1	-1.601.374,56	-975.066,89	0,00	0,00
Depreciation cur. year	-636.110,55	-626.307,67	0,00	0,00
Accumul. depreciation 31.12	-2.237.485,11	-1.601.374,56	0,00	0,00
Currency difference	47.900,01	58.963,68	0,00	0,00
Accounting value 31.12	1.107.803,52	1.754.977,74	0,00	0,00
Machinery & equipment
Acq. cost at beginning of year	834.946,92	677.879,56	597.260,43	473.610,15
Additions	295.218,82	157.067,36	197.747,42	123.650,28
Acq cost 31.12	1.130.165,74	834.946,92	795.007,85	597.260,43
Accumul. depreciation 1.1	-430.737,53	-289.268,89	-319.878,04	-219.313,07
Depreciation cur. year	-187.524,76	-141.468,64	-119.593,57	-100.564,97
Accumul. depreciation 31.12	-618.262,29	-430.737,53	-439.471,61	-319.878,04
Currency difference	1.933,78	5.012,85	0,00	0,00
Accounting value 31.12	513.837,23	409.222,24	355.536,24	277.382,39
Investments
Acq. cost at beginning of year	0,00	0,00	3.679.706,31	2.133.239,90
Additions	0,00	0,00	0,00	1.546.466,41
Acq cost 31.12	0,00	0,00	3.679.706,31	3.679.706,31

Prepayments and accrued income

	Group		Parent
	2021	2020	2021	2020
Unbilled sales	2.527.190,16	1.382.930,88	1.317.206,13	1.073.100,45
Other receivables	470.082,40	230.958,89	301.253,40	174.425,69
Total	2.997.272,56	1.613.889,77	1.618.459,53	1.247.526,14

Group structure

Fluido group ultimate parent is Infosys Ltd, domiciled in Bangalore, India. Infosys Financial Statements are available at Infosys Ltd web page www.infosys.com.

Ownership in other entities

Name and residence	Ownership (%)
Fluido Sweden AB	100 %
Fluido Denmark A/S	100 %
Fluido Norway AS	100 %
Fluido Slovakia s.r.o	100 %
Infosys Fluido UK Ltd	100 %
Infosys Fluido Ireland Ltd	100%

Receivables from group companies

	2021	2020
Long term
Capital loans	514.868,67	514.868,67
Other long term loans	2.049.501,60	0,00
Short term
Trade receivables	4.647.604,38	3.829.008,77
Other receivables	462.878,14	1.014.998,42
TOTAL	7.674.852,79	5.358.875,86

Previously UK subsidiary debt 560.029,19 euro was classified as short term debt. Now it has been classified as long term. Previous year's comparison column financials were not changed.

Deferred taxes

Deferred tax is booked from temporary differences related to cost accruals. In group statements there are deferred tax bookings related to losses.

	2021		2020
	Group	Parent	Group	Parent
Tax for the year	1.130.345,42	573.575,60	375.083,94	364.737,94
Change in deferred taxes	121.245,20	-35.900,45	532.839,24	436.937,26
TOTAL	1.251.590,62	537.675,15	907.923,18	801.675,20

Changes in equity

	2021		2020
	Group	Parent	Group	Parent
Share capital	2.500,00	2.500,00	2.500,00	2.500,00
Other reserves	5.508.280,03	5.499.123,10	5.508.812,92	5.499.123,10
Translation difference	-9.963,93	0,00	-47.773,30	0,00
Retained earnings	3.976.120,61	6.311.296,06	803.507,27	3.115.015,13
Dividends	0,00	0,00	-10.000,00	-10.000,00
Own share purchase	0,00	0,00	0,00	0,00
Profit for the year	2.911.925,15	2.160.779,97	3.182.613,34	3.206.280,93
Total available equity	12.386.361,86	13.971.199,13	9.437.160,23	11.810.419,16
TOTAL EQUITY	12.388.861,86	13.973.699,13	9.439.660,23	11.812.919,16

Calculation of distributable equity according to Company Act 13:5§:

Other reserves	5.499.123,10
Retained earnings	6.311.296,06
Profit for the year	2.160.779,97
Total available equity	13.971.199,13
Capitalised development costs	0,00
Total available equity for dividend	13.971.199,13

Debts to group companies

	2021	2020
Creditors	1.015.208,63	945.970,71
Other group debt	0,00	802.868,65
TOTAL	1.015.208,63	1.748.839,36

Other accrued debts

	Group		Parent
	2021	2020	2021	2020
Salary related	5.584.767,45	4.306.860,02	3.337.727,47	2.859.168,64
Tax related	95.165,55	120.790,43	95.165,55	120.790,43
Other	455.802,72	280.121,29	138.719,00	181.353,64
Total	6.135.735,72	4.707.771,74	3.571.612,02	3.161.312,71

Group transactions with related party

During financial year Fluido Oy had group sales worth 7.606.298,93 euro and group purchases 1.661.434,21 euro. Sales and purchases have been carried out at normal commercial terms.

Personnel

Average personnel

Group		Parent
2021	2020	2021	2020
382	329	194	186

Guarantees and future liabilities

Fluido Oy guarantees following on behalf of Fluido Denmark A/S: Fluido Oy irrevocably and unconditionally guarantees to provide sufficient liquidity to Fluido Denmark A/S so that it can all time meet its current and future liabilities.

Fluido Oy has additionally given guarantee to support its fully owned subsidiary Fluido UK Limited in such a way, that Fluido UK is able to meet all its liabilities as they fall due for at least 12 months from the date of signing of the Annual Accounts.

Keva (facilities landlord), rental guarantee for Espoo office 122.541,81 eur. Lease will end 28.2.2023. Fluido Oy can end lease by giving notice of 6 months and paying 6 months rent. Total future rent liability to Keva is 557.170,18 eur and to others 12.664,32 eur.

Signatures of Annual Accounts

Espoo, 25.4.2022

Thomas Johanson, CEO

Ravi Kumar Singisetti, Chairman of the Board

Dinesh Ramakrishna, Board Member

Jasmeet Singh, Board Member

Auditor signature

Audit statement has been given with this date

Helsingissū, 12/5/2022

Audita Oy, publicly certified auditing firm

Marko Kämppi, KHT

List of Accounting Materials

Daily Ledger	Electronic
General Ledger	Electronic
Annual Accounts	Electronic/physical
Balance sheet spesifications	Electronic/physical

Various accounting material types and method of preserving

Sales invoices	Electronic
Purchase invoices	Electronic
E-invoices	Electronic
Travels expense claims	Electronic
Salaries	Electronic
Bank statements	Electronic
VAT calculations	Electronic
Periodical tax returns	Electronic

AUDITOR'S REPORT

To the Annual General Meeting of Fluido Oy

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Fluido Oy for the year ended 31 December 2021. The financial statements comprise the balance sheet, income statement, cash flow statements and notes for the group as well as the parent company.

In our opinion, the financial statements give a true and fair view of the group's and the company's financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor's Responsibilities for the Audit of Financial Statements section of my report. We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we fulfill my other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director are responsible for the preparation of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent company's and the group's ability to continue as going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of Financial Statements

Our objective is to obtain reasonable assurance on whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•	Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control.
•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
•	Conclude on the appropriateness of the Board of Directors' and the Managing Director's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company's or the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
•	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
•	Obtain sufficient appropriate audit evidenced regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during my audit.

Other Reporting Requirements

Other Information

The Board of Directors and the Managing Director are responsible for the other information. The other information comprises information included in the report of the Board of Directors. Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the information included in the report of the Board of Directors and, in doing so, consider whether the information included in the report of the Board of Directors is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Our responsibility also includes considering whether the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.

In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.

If, based on the work we have performed on the report of the Board of Directors, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Helsinki, 12th May, 2022

Auditia Oy
Authorised Public Accountants

Marko Kämppi, Authorised Public Accountant