Holvi Payment Services Oy - Zweigniederlassung Deutschland

Berlin

Befreiender Jahresabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

Holvi Payment Services Oy

Helsinki/Finnland

Financial statements

First in this document you see the Profit and Loss Statement, Balance Sheet and the Cash Flow Statement; this is where you find the actual financial results for the year 2022 for Holvi.

The Profit and Loss Statement (also called the P/L) shows how much revenue Holvi earned in 2022. The P/L also details the costs and expenses associated with earning that revenue during the year. The literal "bottom line" of the statement shows Holvi's results for the year.

To understand how the P/L statements are set up, think of them as a set of stairs. You start at the top with the total amount of sales made during 2022 (this is called "net turnover" in the P/L statement - net beacuse no cost/expense deductions have been made against the total sales yet). Then you go down, one step at a time. At each step, you make a deduction for certain costs or other operating expenses associated with earning the revenue. At the bottom of the stairs, after deducting all of the expenses, you learn how much the company actually earned or lost during the accounting period. This is the "the bottom line" mentioned above.

The Balance Sheet provides detailed information about Holvi's assets, liabilities and shareholders' equity. Unlike the P/L, which details the revenue and expenses generated during a 12-month period, the Balance Sheet shows a snapshot of Holvi's financial position as at the date of reporting (this being the 31st of December 2022). Think of the balance sheet as a freeze frame of what Holvi owns and owes to other as at the last day of the year.

Assets are things that Holvi owns that have value, i.e. they can either be sold or used by the company to provide services that can be sold to customers. Assets include physical property and equipment, as well as things that can't be touched but nevertheless exist and have value, such as product developments created at Holvi. Also money owed by our customers to us in return for the services we provide to them (receivables) is an asset, as well as cash we hold in our bank accounts. We do not hold the customer deposits held in Holvi accounts by our customers in our balance sheet, so those are not assets of ours.

Liabilities are amounts of money that we owe to other companies. This can include all kinds of obligations, like money borrowed from Business Finland to launch a new product, money owed to suppliers for services they provide to us, and payroll-related balances Holvi owes to its employees (such as holiday pays etc).

Shareholders' equity is sometimes called capital or net worth. It's the money that would be left if Holvi sold all of its assets and paid off all of its liabilities. This leftover money belongs to the shareholders, (i.e. the owners) of the Holvi.

As the name suggests, the balance sheet has to balance - you can see that the total Assets equals to the total Equity & Liabilities.

The Cash Flow Statement shows Holvi's inflows and outflows of cash. While an income statement can tell you whether Holvi made a profit in 2022, and balance sheet shows the financial position of Holvi, the cash flow statement tells you whether the company generated cash during 2022.

The bottom line of the cash flow statement shows the net increase or decrease in cash for 2022. Generally, cash flow statements are divided into three main parts. Each part reviews the cash flows in and out from one of three types of activities:

(1) operating activities - this analyzes Holvi's cash flows from generating the revenue and incurring the related expenses during 2022;

(2) investing activities - this part shows the cash flow from all investing activities, which generally include purchases or sales of assets (such as those physical assets in the office). Very simply put, you can see the cash implications of any changes to the assets section in the Balance Sheet in this part; and

(3) financing activities - this section includes the cash injected into Holvi from owners and loans taken from external banking/financing institutions (such as Business Finland), as well as any financing-related expenses (such as interest paid).

Notes to the financial statements

The notes include further elaboration on the numbers included in the financial statements and how the numbers were derived. You can find other relevant information related to the business there, such as the accounting policies used in the financial accounting and reporting, and a detailed breakdown of the balances reporting in the different statements.

ANNUAL REPORT 1.1.2022 - 31.12.2022

Significant events during and after the fiscal year

Holvi Payment Services Oy's business operations developed favourably during the fiscal year 2022. The share of active customers in the total number of customers continued to grow to 76% (74% in 2021), whereas the per customer profitability increased by 25%. The increased quality of the customer base was also reflected in the decline in the write downs of receivables in 2022.

Operations were expanded during the year, e.g. via Mastercard credit card offering introduced at the start of the year in both of the primary operational markets. The customer experience was enhanced by improving the processing times of payment services offered. All revenue segments of the company grew in total by almost 30% while the variable costs remained stable year on year, as such increasing the gross margin to 77% (72% in 2021). To support the growth, the headcount was increased by approximately a third during the year.

In the last quarter of the year, the company took advantage of the changed interest rate market by depositing customer funds in interest-bearing deposits, in compliance with the company policies and the Finnish Financial Supervisory Authority ("FIN-FSA") regulations regarding the deposit of customer funds. The positive effects of the development of the interest rate market can be seen as early as the beginning of 2023.

The results of the year improved by 68% from the prior year.

Assessment of future developments

The company invests in product development, targeting new service packages for SMEs within the company's main operational market areas in Finland and Germany. Additional focus is placed on customer acquisition and growing the number of paying customers. A positive customer experience and, through it, the per customer profitability is supported by expanding the partner network and by bringing international payments into the payment services offering. Taking advantage of the positive interest rate market, the company also continues to develop the custody of customer funds within the framework of the regulations and guidelines of the FIN-FSA.

Risks and uncertainties of the business

Statement on the key business risks and uncertainty factors

The company's risk policy includes the risk management guidelines, measures, goals and limitations that the business is managed in compliance with in all operations. The company reacts to foreseeable risks as early as possible.

The company is prepared for credit risks through comprehensive credit decisions. The decisions are carefully considered and are based on the company's decision-making policy and the customer's valid credit rating. As a payment institution, the company bears the credit risk with its own funds. Operational risk management covers procedures and processes for identifying, assessing, controlling and reducing potential risks. As a payment institution, the company is bears the interest rate risks with its own funds.

Identified risk factors - such as inadequate internal processes, human resources or systems, external events and legal risks - are monitored in accordance with the company's risk policy.

The most significant risks and uncertainty factors threatening the company's business are related to the global economic policy changes that affect the uncertain development of interest rates. The uncertainty in the banking sector that started in the United States in March 2023 is not seen to be an immediate threat to the company's business. In 2022, the company has already strengthened the procedure for depositing customer funds by securing funds in two separate central banks of the Euro area and in low-risk Euro area securities. During the fiscal year, the company's own funds covered the required minimum thershold set by the FIN-FSA, as well as the the internally set requirements for the adequacy of own funds.

Changes were also seen in 2022 in the competitive field of European payment service providers, as mergers of providers occurred.

Key financial figures	31.12.2022	31.12.2021
Turnover	7.885.999,05	6.161.580,33
Gross Profit	6.097.019,50	4.417.113,67
Gross Margin (%)	76,70	71,70
Operating Profit	-1.828.660,46	-5.455.069,52
Operating Margin (%)	-23,20	-88,50
Own funds total	2.044.675,52	4.366.083,77
Requirement of own funds	793.423,92	1.106.832,07

Research and development expenditure

The customer experience of the company's services was developed especially through expanding the online payment services offering. After a successful pilot project, at the beginning of the year a credit card product was added to the payment card offering in both of the main operational markets. In the second quarter, Apple Pay and Google Pay wallets were added to the product portfolio. Early autumn, the payment card offering was supplemented with a virtual card product.

During the fiscal year, the company changed its SEPA payment service provider. The new service provider enabled faster payment processing times, improving the competitiveness of the company's services and the customer satisfaction.

In the fiscal year 2022, 24% of the company's personnel (17% 2021) worked in research and development, which corresponds to approximately a quarter of the financial year's salary expenses. In 2023, the company's share is estimated to remain the same in preparation for expanding the company's operational license.

Information about foreign branches

Company's foreign branches

Holvi Payment Services Oy - Zweigniederlassung Deutschland

Harzer Str. 39

12059 Berlin

Germany

Information required by the Limited Liability Companies Act

The number of shares in the company by class of shares, and the terms of the articles of association for each class of shares

The company has a total of 39,054 shares (one class of shares).

The company has a redemption clause in its articles of association.

Restructuring and financing arrangements

No valid board mandates.

The board's assessment for utilisation of the profit or loss for the year

Loss for the financial year amounted to -1.761.906,07 euros. The board proposes that no dividend will be distributed and that the loss for the financial year is to be carried forward in full to the retained earnings.

PROFIT AND LOSS STATEMENT

	1.1.2022 - 31.12.2022	1.1.2021 - 31.12.2021
NET TURNOVER	7.885.999,05	6.161.580,33
OTHER OPERATING INCOME	114.734,44	46.646,45
RAW MATERIALS AND SERVICES
Raw materials and consumables
Purchases during the financial year	-1.671.083,99	-1.606.636,62
External services	-232.630,00	-184.476,49
Raw material and services total	-1.903.713,99	-1.791.113,11
STAFF EXPENSES
Wages and salaries	-4.231.584,19	-5.137.784,16
Social security expenses
Pension expenses	-616.934,65	-701.415,36
Other social security expenses	-272.013,64	-376.319,48
Staff expenses total	-5.120.532,48	-6.215.519,00
DEPRECIATION AND REDUCTION IN VALUE
Depreciation according to plan	-213.218,16	-229.933,51
Depreciation and reduction in value total	-213.218,16	-229.933,51
OTHER OPERATING CHARGES	-2.591.929,32	-3.421.906,50
OPERATING PROFIT (LOSS)	-1.828.660,46	-5.450.245,34
FINANCIAL INCOME AND EXPENSES
Other interest and financial income
Other	52.388,29	793,06
Interest and other financial expenses
Other	14.366,10	-5.617,24
Financial income and expenses in total	66.754,39	-4.824,18
Profit before tax and appropriations	-1.761.906,07	-5.455.069,52
Profit (loss) for the financial year	-1.761.906,07	-5.455.069,52

BALANCE SHEET 31.12.2022 31.12.2021

ASSETS

NON-CURRENT ASSETS
Intangible assets
Development expenses	1.150.940,90	637.569,98
Other intangible assets	26.789,12	53.578,16
Intangible assets total	1.177.730,02	691.148,14
Tangible assets
Machinery and equipment	150.438,83	200.585,15
Tangible assets total	150.438,83	200.585,15
NON-CURRENT ASSETS TOTAL	1.328.168,85	891.733,29
CURRENT ASSETS
Long-term debtors
Other receivables	2.110.922,59	2.110.922,59
Long-term debtors total	2.110.922,59	2.110. 922,59
Short-term debtors
Trade debtors	723.231,72	680.063,04
Other receivables	11.175,44	17.716,14
Prepayments and accrued income	225.070,14	281.228,40
Short-term debtors total	959.477,30	979.007,58
Cash in hand and at banks	1.064.022,14	2.522.140,18
CURRENT ASSETS TOTAL	4.134.422,03	5.612.070,35
TOTAL ASSET	5.462.590,88	6.503.803,64

LIABILITIES

CAPITAL AND RESERVES
Subscribed capital	496.254,00	496.254,00
Other reserves (limited liability co.)
Reserve provided for by the articles of association (limited liability co.)	72.566.407,00	72.566.407,00
Other reserves total	72.566.407,00	72.566.407,00
Retained earnings (loss)	-68.005.429,10	-62.550.359,58
Profit (loss) for the financial year	-1.761.906,07	-5.455.069,52
CAPITAL AND RESERVES TOTAL	3.295.325,83	5.057.231,90
CREDITORS
Long-term creditors
Loans from credit institutions	531.950,00	342.238,00
Total long-term creditors	531.950,00	342.238,00
Short-term creditors
Trade creditors	541.224,73	337.587,15
Other creditors	156.167,64	122.270,83
Accruals and deferred income	937.922,67	644.475,75
Total short term capital	1.635.315,04	1.104.333,73
CREDITORS TOTAL	2.167.265,04	1.446.571,73
TOTAL LIABILITIES	5.462.590,87	6.503.803,63

Direct cash flow method

	1.1.2022-31.12.2022	1.1.2021 - 31.12.2021
Cash flow from operating activities
Payments received from sales	7,876,341.56	6,145,650.70
Payments from other operating income	114,734.44	46,646.45
Payments for operating expenses	-9,056,006.71	-12,501,311.72
Operating cash flow before financial items and taxes	-1,064,930.71	-6,309,014.57
Interest received from operational activities received	620.00	793.06
Operating cash flow	-1,064,310.71	-6,308,221.51
Cash flow from investing activities
Investments in tangible and intangible assets	-649,653.72	-292,714.98
Other non-current receivables (-)	0.00	-1,574,792.86
Interest received from investments	52,851.11	0.00
Investing cash flow	-596,802.61	-1,867,507.84
Cash flow from financing activities
Paid increases in equity	0.00	1,000,000.00
Withdrawals of long-term loans	189,712.00	342,238.00
Interest and financial expenses paid (-)	13,283.28	-5,617.24
Financing cash flow	202,995.28	1,336,620.76
Change in cash and cash equivalents	-1,458,118.04	-6,839,108.59
Cash and cash equivalents as at 1.1.2022	2,522,140.18	9,361,248.77
Cash and cash equivalents as at 31.12.2022	1,064,022,14	2,522,140.18

NOTES TO FINANCIAL STATEMENTS

NOTES TO THE PREPARATION OF FINANCIAL STATEMENTS

Valuation and depreciation principles and methods

Valuation of fixed assets

Fixed assets are valued at cost and the varrying value is calculated by depreciating the asset according to the planned depreciation schedule. Depreciation is calculated on a straight-line basis and is based on the expected useful life of each asset category. Annual depreciation charges are prorated and the depreciation commences from the first month of use of the asset.

Planned depreciation schedule

Development Costs	5 years straight depreciation
Renovation Expenses	3 years straight-line depreciation (after repairs are done)
Machines and hardware	25% residual depreciation

Acquisition costs of non-current assets with an expected useful life of less than 3 years, and low-value acquisitions (less than € 1,200.00) have been recognized in full as an expense during the acquisition period.

Valuation of financial instruments

Financial instruments are valued at the lower of cost or fair value.

Accruing of research and development fees and other long-term expenses

Research and development expenses are recognized as annual expenses in the year in which they are incurred. Product development costs that generate income for three or more years have been capitalized in the balance sheet as development costs and are depreciated over 3-5 years.

NOTES TO THE INCOME STATEMENT

	31.12.2022	31.12.2021
Revenue
Revenue by geographical distribution
Domestic sales	3.619.493,09	2.402.835,66
EU sales	250.213,68	472.959,17
German branch sales	4.016.292,28	3.285.785,50
	7.885.999,05	6.161.580,33
Operating expenses
Purchases
Purchases during the year	1.670.530,05	1.606.636,62
External services	232.630,00	184.476,49
	1.903.160,05	1.791.113,11
Personnel expenses
Average number of employees during the year
Average number of employees during the year	87	80
	87	80
Wages, salaries, and pension expenses for the financial year
Wages and salaries	4.231.584,19	5.137.784,16
Pension expenses	616.934,65	701.415,36
Other personnel expenses	272.013,64	376.319,48
	5.120.532,48	6.215.519,00
Depreciation and amortisation
Depreciation according to schedule	213.218,16	229.933,51
	213.218,16	229.933,51
Auditor's fees
Audit fee	8.000,00	26.200,00
	8.000,00	26.200,00
Finance income and expenses Other interest income
Others	52.388,29	63,49
Total interest income	52.388,29	63,49
Other financial income
Others	25.000,00	729,57
Total financial income	25.000,00	729,57
Total finance income	77.388,29	793,06
Interest expenses
Others	4.843,36	5.520,52
Total interest expenses	4.843,36	5.520,52
Other financial expenses
Others	5.790,54	96,72
Total financial expenses	5.790,54	96,72
Total finance expenses	10.633,90	5.617,24
Total finance income and expenses
Other interest and financial income includes foreign exchange gains (net)		634,28

NOTES TO THE BALANCE SHEET ASSETS

Depreciation of capitalized development costs

During the financial year software development costs for product development services purchased from an external service provider in the financial year 2019 were capitalized on the basis of actual costs incurred in accordance with Chapter 5, Section 8, Subsection 2 of the Finnish Accounting Standard. Capitalized expenses will be depreciated within five (5) years of capitalization according to the planned depreciation schedule.

During the financial year development costs of EUR 649 653,72 were capitalized. Capitalized costs consists of payroll and personnel costs.

BREAKDOWN OF THE NON-CURRENT ASSETS

Intangible assets	Development expenses	Other intangible assets	Total
Acquisition cost 1.1.2022	991.738,32	80.367,20	1.072.105,52
Additions	649.653,72	0,00	649.653,72
Disposals	0,00	0,00	0,00
Transfers	0,00	0,00	0,00
Acquisition cost 31.12.2022	1.641.392,04	80.367,20	1.721.759,24
Accumulated amortisation and impairments 1.1.2022	-354.168,34	-26.789,04	-380.957,38
Accumulated amortisation on deductions and transfers	0,00	0,00	0,00
Amortisation for the financial year	-136.282,81	-26.789,04	-163.071,85
Impairments	0,00	0,00	0,00
Accumulated amortisation and impairments 31.12.2022	-490.451,14	-53.578,08	-544.029,22
Net book value 31.12.2022	1.150.940,90	26.789,12	1.177.730,02
Net book value 31.12.2021	637.569,98	53.578,16	691.148,14

Tangible assets	Machinery and equipment	Total
Acquisition cost 1.1.2022	435.696,74	435.696,74
Additions	0,00	0,00
Disposals	0,00	0,00
Transfers	0,00	0,00
Acquisition cost 31.12.2022	435.696,74	435. 696,74
Accumulated depreciation and impairments 1.1.2022	-235.111,59	-235.111,59
Accumulated depreciation on deductions and transfers	0,00	0,00
Depreciation for the financial year	-50.146,32	-50.146,32
Impairments	0,00	0,00
Accumulated depreciation and impairments 31.12.2022	-285.257,91	-285.257,91
Net book value 31.12.2022	150.438,83	150.438,83
Net book value 31.12.2021	200.585,15	200.585,15

PARENT COMPANY INFORMATION

The parent company of the company is Keru Fintech Investment Oy (100% ownership).

CHANGES IN THE GROUP STRUCTURE

No changes in the group structure.

BREAKDOWN OF THE RECEIVABLES

Non-current receivables	31.12.2022	31.12.2021
Other receivables
Other receivables	2.110.922,59	2.110.922,59
Total	2.110.922,59	2.110.922,59
Total non-current receivables	2.110.922,59	2.110.922,59
Current receivables
Other receivables
Trade receivables	723.231,72	680.063,04
Other receivables	11.175,44	17.716,14
Accrued income	225.070,14	281.228,40
Total	959.477,30	979.007,58
Total current receivables	959.477,30	979.007,58

EQUITY

	31.12.2022	31.12.2021
Restricted equity
Share capital on 1 January	496.254,00	496.254,00
Share capital on 31 December	496.254,00	496.254,00
Total restricted equity	496.254,00	496.254,00
Unrestricted equity
Invested unrestricted equity fund on 1 January	72.566.407,00	71.566.407,00
Gratious invested own equity investments	0	1.000.000,00
Invested unrestricted equity fund on 31 December	72.566.407,00	72.566.407,00
Profit / (loss) for the previous financial year on 1 January	-68.005.429,09	-62.550.359,58
Profit / (loss) for the previous financial year on 31 December	-68.005.429,09	-62.550.359,58
Profit / (loss) for the financial year	-1.761.906,07	-5.455.069,52
Total non-restricted equity	2.799.071,84	4.560.977,90
Total own capital	3.295.325,84	5.057.231,90
Distributable non-restricted own equity
Profit (loss) for the previous financial year	-68.005.429,09	-62.550.359,58
Profit (loss) for the financial year	-1.761.906,07	-5.455.069,52
The invested unrestricted equity fund	72.566.407,00	72.566.407,00
Activated development costs	-1.003.712,05	-637.569,98
Total of distributable non-restricted own equity	1.795.359,79	3.923.407,92

NOTES TO THE LIABILITIES

Non-current liabilities	31.12.2022	31.12.2021
Loans from financial institutions	531.950,00	342.238,00
	531.950,00	342.238,00
Non-current liabilities due in over 5 years
Loans from financial institutions	531.950,00	342.238,00
	531.950,00	342.238,00
Current liabilities
Liabilities
Trade payables	541.224,72	337.587,15
Other payables	156.167,64	122.270,83
Accrued liabilities	937.922,67	644.475,75
Material items of accrued liabilities	1.635.315,03	1.104.333,73
Accrued personnel expenses	663.316,05	454.033,83
Other accruals	274.606,62	190.441,92
	937.922,67	644.475,75

COMMITMENTS AND CONTINGENT LIABILITIES

Other guarantees provided on own behalf	31.12.2022	31.12.2021
Rent security guarantees	94.919,95	94.919,95
Security deposits	350.002,64	350.002,64
Principal security deposits	1.666.000,00	1.666.000,00
	2.110.922,59	2.110.922,59
Off-balance sheet customer funds
Total amount of off-balance sheet customer assets (EUR)
Customer funds (EUR)	382.934.587,30	360.457.901,68
Customer funds (GBP)	0,00	0,00
	382.934.587,30	360.457.901,68
Other contingent liabilities
Lease liabilities for business premises and equipment total to EUR 185.880,23.
Payable in the next financial year	185.880,23	215.260,80
Payable after the next financial year	0	243.927,80
Total	185.880,23	459.188,60

RELATED PARTY TRANSACTIONS

During the fiscal, the following business transactions took place with related parties:

	31.12.2022	31.12.2021
Purchase of services	76.747,62	0,00
Total	76.747,62	0,00

Bericht des Wirtschaftsprüfers

an die Jahreshauptversammlung von Holvi Payment Services Oy

Prüfung des Jahresabschlusses

Stellungnahme

Wir haben den Jahresabschluss der Holvi Payment Services Oy (Unternehmens-ID 2193756- 4) für den Zeitraum vom 1.1 bis 31.12.2022 geprüft. Der Jahresabschluss besteht aus der Bilanz, der Gewinn- und Verlustrechnung, der Vermögensübersicht und dem Anhang.

Nach unserer Auffassung vermittelt der Jahresabschluss ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft in Übereinstimmung mit den in Finnland geltenden Vorschriften für die Erstellung von Jahresabschlüssen und entspricht den gesetzlichen Bestimmungen.

Begründungen der Stellungnahme

Wir haben unsere Prüfung in Übereinstimmung mit den in Finnland allgemein anerkannten Prüfungsgrundsätzen durchgeführt. Unsere Pflichten in Übereinstimmung mit den Prüfungsgrundsätzen sind im Abschnitt Pflichten des Abschlussprüfers bei der Prüfung des Jahresabschlusses ausführlicher beschrieben Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den in Finnland für unsere Prüfung geltenden berufsethischen Grundsätzen und haben unsere sonstigen berufsethischen Pflichten in Übereinstimmung mit diesen Grundsätzen erfüllt Wir sind der Auffassung, dass wir ausreichende geeignete Prüfungsnachweise erlangt haben, sodass unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil darstellt.

Pflichten des Vorstands und des Geschäftsführers für den Jahresabschluss

Der Vorstand und der Geschäftsführer sind für die Erstellung des Jahresabschlusses verantwortlich, der ein den tatsächlichen Verhältnissen entsprechendes Bild in Übereinstimmung mit finnischem Recht vermittelt und den gesetzlichen Vorschriften entspricht. Der Vorstand und der Geschäftsführer sind auch für die internen Kontrollen verantwortlich, die sie als notwendig erachten, um die Erstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen Falschaussagen ist, unabhängig davon, ob diese auf Unregelmäßigkeiten oder Fehler zurückzuführen sind.

Bei der Erstellung des Jahresabschlusses sind der Vorstand und der Geschäftsführer verpflichtet, die Fähigkeit des Unternehmens zur Fortführung der Unternehmenstätigkeit zu beurteilen und gegebenenfalls anzugeben, ob der Jahresabschluss auf der Grundlage der Fortführung der Unternehmenstätigkeit erstellt wurde. Der Jahresabschluss wird auf der Grundlage der Unternehmensfortführung erstellt, es sei denn, das Unternehmen soll liquidiert oder aufgelöst werden oder es gibt keine realistische Alternative dazu.

Pflichten des Wirtschaftsprüfers bei der Prüfung des Jahresabschlusses

Unsere Ziele sind, hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen falschen Angaben ist, unabhängig davon, ob diese aus Betrug oder Fehlern resultieren, und einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil beinhaltet. Angemessene Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass bei einer Prüfung in Übereinstimmung mit den für Jahresabschlüsse geltenden Prüfungsgrundsätzen wesentliche falsche Angaben aufgedeckt werden. Fehler können auf Unregelmäßigkeiten oder Irrtümern beruhen und werden als wesentlich angesehen, wenn vernünftigerweise erwartet werden kann, dass sie einzeln oder insgesamt die auf der Grundlage des Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen der Nutzer beeinflussen.

Eine Prüfung in Übereinstimmung mit den Prüfungsgrundsätzen beinhaltet ein fachliches Urteil und die Wahrung einer professionellen Skepsis während der gesamten Prüfung. Darüberhinaus:

―	identifizieren und beurteilen wir die Risiken wesentlicher falscher Darstellungen im Abschluss aufgrund von dolosen Handlungen oder Irrtümern, planen und führen wir Prüfungshandlungen als Reaktion auf diese Risiken durch und erlangen Prüfungsnachweise, die für die Erteilung unseres Prüfungsurteils wesentlich sind. Das Risiko, dass eine wesentliche falsche Darstellung aufgrund von dolosen Handlungen nicht aufgedeckt wird, ist größer als das Risiko, dass eine wesentliche falsche Darstellung aufgrund von Irrtümern nicht aufgedeckt wird, da dolose Handlungen Absprachen, Betrug, vorsätzliche Auslassungen oder Falschdarstellungen von Informationen oder Versäumnisse bei der Aufrechterhaltung interner Kontrollen beinhalten können.
―	gewinnen wir ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um die Prüfungshandlungen festzulegen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Urteil über die Wirksamkeit des internen Kontrollsystems des Unternehmens abzugeben.
―	beurteilen die Angemessenheit der angewandten Rechnungslegungsgrundsätze und - methoden und die Vertretbarkeit der von den gesetzlichen Vertretern ermittelten geschätzten Werte sowie der von ihnen gemachten Angaben.
―	geben wir eine Schlussfolgerung darüber ab, ob der Vorstand und der Geschäftsführer den Jahresabschluss ordnungsgemäß auf der Grundlage der Annahme der Unternehmensfortführung aufgestellt haben und ob auf der Grundlage unserer Prüfungsnachweise eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die erhebliche Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen können. Wenn wir zu dem Schluss kommen, dass eine wesentliche Unsicherheit besteht, müssen wir den Leser unseres Prüfungsberichts auf die Informationen über die Unsicherheit aufmerksam machen, die im Jahresabschluss enthalten sind, oder, falls die Informationen über die Unsicherheit nicht ausreichen, unser Prüfungsurteil anpassen. Unsere Schlussfolgerungen beruhen auf den bis zum Datum des Prüfungsberichts erlangten Prüfungsnachweisen. Nachteilige Ereignisse oder Umstände können jedoch dazu führen, dass die Gesellschaft nicht in der Lage ist, ihren Betrieb fortzuführen.
―	beurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses, einschließlich aller darin enthaltenen Angaben, sowie die Frage, ob der Jahresabschluss ein den tatsächlichen Verhältnissen entsprechendes Bild der zugrunde liegenden Vorgänge und Ereignisse vermittelt.

Sonstige Berichtspflichten

Sonstige Informationen

Der Vorstand und der Geschäftsführer sind für die sonstigen Informationen verantwortlich. Weitere Informationen enthält der Tätigkeitsbericht. Unser Prüfungsurteil zu den Jahresabschlüssen erstreckt sich nicht auf sonstige Informationen.

Unsere Verantwortung besteht darin, die sonstigen Informationen im Zusammenhang mit der Prüfung des Jahresabschlusses zu lesen und dabei zu beurteilen, ob die sonstigen Informationen im Wesentlichen nicht mit dem Jahresabschluss oder mit unserem bei der Durchführung der Prüfung gewonnenen Wissen übereinstimmen oder sonst wesentlich falsch dargestellt erscheinen. Nach unserer Beurteilung sind wir der Auffassung, dass die Informationen im Lagebericht und im Jahresabschluss in Einklang stehen und dass der Lagebericht in Übereinstimmung mit den für seine Erstellung geltenden Vorschriften erstellt wurde.

Wenn wir aufgrund unserer Arbeit zu dem Schluss kommen, dass der Lagebericht wesentliche falsche Angaben enthält, sind wir verpflichtet, darüber zu berichten. Hierzu haben wir nichts zu berichten.

Helsinki, den 12. April 2023

KPMG OY AB

Mikko Kylliäinen, KHT Von der Handelskammer zugelassener Wirtschaftsprüfer

Bericht des Wirtschaftsprüfers Holvi Payment Services Oy 2022

Diese Unterschriftsanlage gilt für alle zu unterzeichnenden Dokumente, die in dieser Vorschau erscheinen (zusammen "Dokumente"). Mit der elektronischen Signatur dieser Unterschriftenanlage bestätige ich, dass ich die in den Dokumenten enthaltenen Bestimmungen und Bedingungen gelesen und verstanden habe und ihnen zustimme (ggf. mit der entsprechenden Autorisierung).

Dieser Dokumentensatz enthält die folgenden Dokumente:

Zu unterschreibendes Dokument

Holvi Payment Services Oy ttk 2022(14311747).pdf

Unterschriftenanlage (mit elektronischen Signaturen nach der Unterzeichnung)

Allekirjoitusliite_Holvi Payment Services Oy ttk 2022 (14311747.1).pdf

Unterzeichner

KPMG Oy Ab

Mikko Kylliäinen, Wirtschaftsprüfer

Dieser Unterschriftenanhang bezieht sich auf das Dokument Holvi Payment Services Oy ttk 2022(14311747.1).pdf, dessen SHA256-Zusammenfassung lautet: 7697dcb 120eced8874e50fb2431cf499c745b796c869a1cc2cbdd3ca559aa4ec

Allekirjoitusliite_Holvi Payment Services Oy ttk 2022(14311747.1 )pdf

Unterzeichner:

2023-04-12

Mikko Kasperi Kylliäinen

Unterschrift unter dem Geschäftsbericht und dem Jahresabschluss

31.02.2023

Tuomas Toivonen, Geschäftsführer, Holvi Payment Services Oy, Vorstandsvorsitzender

Adriano Celiento, Vorstandsmitglied

Sascha Bross, Vorstandsmitglied

Prüfvermerk

Der Bericht über den durchgeführten Jahresabschluss ist heute abgegeben worden.

Helsinki, 12.4.2023

Mikko Kylliäinen, Von der Handelskammer zugelassener Wirtschaftsprüfer

Wirtschaftsprüfer KPMG Oy AB

Die Richtigkeit und Vollständigkeit der vorliegenden Übersetzung aus der finnischen in die deutsche Sprache sowie die vollinhaltliche Übereinstimmung mit dem finnischen Schriftstück wird bestätigt.

Berlin, 22.03.2024

Petra Sauerzapf-Poser, Durch den Präsidenten des Landgerichts Potsdam ermächtigte Übersetzerin für die finnische Sprache

Certified Translation from the German Language

Translation from Finnish language:

KPMG Oy Ab, Töölönlahdenkatu 3 A

PL 1037

00101 HELSINKI

Auditor's report

to the annual general meeting of Holvi Payment Services Oy

Audit of the annual financial statements

Opinion

We have considered the annual financial statements of Holvi Payment Services Oy (company ID 2193756-4) for the period from January 1 by December 31, 2022. The annual financial statements consist of the balance sheet, the profit and loss statement, the balance sheet and the notes.

In our opinion, the annual financial statements give a true and fair view of the assets, financial position and results of operations of the Company in accordance with the requirements applicable in Finland for the preparation of annual financial statements and comply with legal requirements.

Reasons for the opinion

We conducted our audit in accordance with auditing principles generally accepted in Finland. Our duties in accordance with the Audit Standards are described in more detail in the section Auditor's Duties in the Audit of the Financial Statements. We are independent of the Company in accordance with the professional ethics principles applicable to our auditing in Finland and have fulfilled our other professional ethics obligations in accordance with these principles. We believe that we have obtained sufficient appropriate audit evidence so that our audit provides a sufficiently secure basis for our opinion

Duties of the board of directors and the managing director for the annual financial statements

The Board of Directors and the Managing Director are responsible for preparing the annual financial statements that give a true and fair view in accordance with Finnish law and comply with legal requirements. The Board of Directors and the Managing Director are also responsible for such internal controls as they consider necessary to enable the preparation of financial statements that are free from material misstatement, whether due to irregularity or error.

When preparing the annual financial statements, the board of directors and the managing director are obliged to assess the company's ability to continue as a going concern and, if necessary, to indicate whether the annual financial statements were prepared on a going concern basis. The financial statements are prepared on a going concern basis unless the company is to be liquidated or dissolved or there is no realistic alternative but to do so.

Duties of the auditor when auditing the annual financial statements

Our objectives are to obtain reasonable assurance about 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 in accordance with auditing standards applicable to financial statements will detect material misstatements.

Mistakes may be due to irregularities or errors and are considered material if, individually or in the aggregate, they can reasonably be expected to influence the economic decisions made by users on the basis of the financial statements.

An audit in accordance with the Auditing Principles involves professional judgment and maintaining professional skepticism throughout the audit. Beyond that:

―	We identify and assess the risks of material misstatement in the financial statements due to fraud or error, plan and perform audit procedures in response to these risks, and obtain audit evidence that is material to expressing our opinion. The risk that a material misstatement will not be detected due to fraud is greater than the risk that a material misstatement will not be detected due to error, since fraud includes collusion, premeditative acts, intentional omission or misrepresentation of information, or failure to do so maintaining internal controls.
―	we gain an understanding of the internal control system relevant to the audit in order to determine audit procedures that are appropriate in the circumstances, but not with the aim of expressing an opinion on the effectiveness of the company's internal control system.
―	assess the appropriateness of the accounting principles and methods used and the reasonableness of the estimated values determined by the legal representatives and the information provided by them.
―	We express a conclusion on whether the Board of Directors and the Managing Director have properly prepared the financial statements based on the going concern assumption and whether, based on our audit evidence, there is a material uncertainty relating to events or conditions that cast significant doubt on the ability of the company to continue its business activities as a going concern. If we conclude that a material uncertainty exists, we must draw the attention of the reader of our audit report to the information about the uncertainty contained in the financial statements or, if the information about the uncertainty is not sufficient, adjust our opinion. Our conclusions are based on the audit evidence obtained up to the date of the audit report. However, adverse events or circumstances may result in the Company being unable to continue its business activities as a going concern.
―	We assess the overall presentation, structure and content of the annual financial statements, including all information contained therein, as well as the question of whether the annual financial statements provide a true and fair view of the underlying processes and events.

Other reporting requirements

Other Information

The board of directors and the managing director are responsible for the other information. The activity report contains further information. Our opinion on the financial statements does not cover any other information.

Our responsibility is to read the other information in connection with the audit of the financial statements and to evaluate whether the other information is materially inconsistent with the financial statements or with our knowledge obtained in performing the audit, or otherwise appears to be materially misstated.

In our opinion, we believe that the information in the management report and the annual financial statements are consistent and that the management report was prepared in accordance with the regulations applicable to its preparation.

If, based on our work, we come to the conclusion that the management report contains material misstatements, we are obliged to report this. We have nothing to report on this.

Helsinki, April 12, 2023

KPMG OY AB

Mikko Kylliainen, KHT Auditor authorized by the Chamber of Commerce

Report of the auditor Holvi Payment Services Oy 2022

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Document to be signed

Holvi Payment Services Oy ttk 2022(14311747).pdf

Signature attachment (with electronic signatures after signing) Allekirjoitusliite_Holvi

Payment Services Oy ttk 2022( 14311747.1 ).pdf Signatory

KPMG Oy Ab

Mikko Kylliainen, Auditors

This signature attachment refers to the document Holvi Payment Services Oy ttk 2022(14311747.1).pdf, whose SHA256 summary is:

7697dcb120eced8874e50fb2431cf499c745b796c869alcc2cbdd3ca559aa4ec

Signatory:

2023-04-12

Mikko Kasperi Kylliainen

Signature under the annual report and the annual financial statements

31/02/2023

Tuomas Toivonen, Managing Director, Holvi Payment Services Oy, Chairman of the Board

Adriano Celiento, Board member

Sascha Bross, Board member

Audit note

The report on the annual financial statements was submitted today.

Helsinki. 12/04/2023

Mikko Kylliainen, Auditor authorized by the Chamber of Commerce

Auditor KPMG

Oy AB

20(21)

The accuracy and completeness of the present translation from Finnish into German as well as the full agreement with the Finnish document are confirmed.

Berlin, March 22, 2024

Round Seal: By the President of the Potsdam Regional Court

Petra Sauerzepf Poser, authorized translator for the Finnish language

This is to certify that the above translation rendering of the German document consisting of 7 pages is true and correct.

Ina Kaczmarek, graduate, authorized, sworn translator for English, German, Russian, Belorussian languages.

Kerzenheim, March 28, 2024

Ina Kaczmarek, Diplom-Übersetzerin