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Financial Review 2020 TIETOEVRY 2020 GOVERNANCE and REMUNERATION FINANCIALS

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Financial Review 2020 TIETOEVRY 2020 GOVERNANCE and REMUNERATION FINANCIALS Financial Review 2020 TIETOEVRY 2020 GOVERNANCE AND REMUNERATION FINANCIALS Table of contents TietoEVRY 2020 3 Governance 7 Financials 33 CEO review 4 Corporate Governance Report by the Board of Statement 8 Directors 34 Annual General Meeting 9 Consolidated financial Shareholders' statements 77 Nomination Board 10 Parent company's The Board of Directors 12 financial statements 143 The President and CEO Dividend proposals, signatures and operative management 18 for the Board of Directors' report and Financial Internal control and risk Statement and Auditor's note 157 management 21 Auditor's report 158 Related-party transactions 24 Insider administration 25 Auditors 26 Remuneration Remuneration report 27 FINANCIAL REVIEW 2020 2 TIETOEVRY 2020 GOVERNANCE AND REMUNERATION FINANCIALS TietoEVRY 2020 CEO review 4 FINANCIAL REVIEW 2020 3 TIETOEVRY 2020 GOVERNANCE AND REMUNERATION FINANCIALS CEO REVIEW 2020: The year of integration - building a foundation for the future 2020 will stand out as one of the most unusual years ever. Extraordinary circumstances brought by the global pandemic led us to reassess our values and priorities on both an individual and organizational level. Employee safety and the continuity of customers’ operations have been the leading themes for us at TietoEVRY during a time when some 96% of our 24 000 employees globally have worked remotely. Simultaneously, we have been taking the first steps on our journey as a strong integrated company, aiming to create digital advantage for businesses and societies. Progress impacted by our digital platforms and core processes, as integration and Covid-19 well as started to build a unified company We started the operational and cultural culture and renewed identity. We have integration of TietoEVRY in December 2019 come a long way in creating the foundation after the formal approvals of the merger for becoming the company we want to be. were received. The multi-faceted integration Given the Covid-19 pandemic and with the work was high on our agenda throughout the majority of our employees working remotely year. We have implemented a new operating most of the year, we can be proud that the model, nominated new leadership, harmonized integration progressed according to our plan. FINANCIAL REVIEW 2020 4 TIETOEVRY 2020 GOVERNANCE AND REMUNERATION FINANCIALS On the financial side, TietoEVRY reached a time items associated with measures that Together, Always Genuine and Keep Learning. the Children and Youth Foundation in Finland. merger synergy run rate of EUR 80 million will contribute to future profit improvement. The culture work continues in 2021 as we take The Polite Type is an open-source font that by the end of 2020. Organically, revenue was Overall, we are pleased to have completed a in these common principles, live by them, rewrites hurtful words, replacing them with down by 2.2% from the previous year, with demanding year with sound performance. and let them guide our everyday work. more inclusive ones, and is intended to be the decline driven by the pandemic. We were, used for educational purposes to promote however, able to mitigate the impact of the Building on the Nordic heritage For a more inclusive digital world the responsible use of technology especially revenue decline on our profitability. Adjusted We have focused on creating a strong united As the leading Nordic digital services and amongst the young. The initiative was well- operating profit (EBIT) increased to EUR 355.0 TietoEVRY built on our Nordic heritage software company, we feel our responsibility received and it was also later introduced in (341.7) million and adjusted operating margin and values: openness, trust and diversity. to ensure digitalization takes place in a Sweden together with the Friends organization. was strong at 12.7 (11.6). While measures to Our corporate culture sets the tone for the sustainable way. During the year, we began In 2021, we will continue working on this drive merger-related efficiencies required large company and affects every aspect of our several initiatives as part of our ongoing important topic with, for example, school integration costs during 2020, cash flow from business, forming a critical foundation for our contribution in this area. In August, just as workshops in Finland, Sweden and Norway. operating activities was strong at EUR 354.7 future success. During 2020, we launched our the new school year was getting underway, million. Operating profit (EBIT) was down to Culture Code, which is built on the following we launched the Polite Type, an initiative EUR 146.7 (230.5) million due to large one- key elements: Customer Driven, Achieving against online bullying in collaboration with FINANCIAL REVIEW 2020 5 TIETOEVRY 2020 GOVERNANCE AND REMUNERATION FINANCIALS of working adopted during the pandemic We see a very attractive market with with reduced business traveling. To further possibilities for our customers to accelerate minimize the environmental burden, we will their business performance through data- focus on reusing and circulating our hardware. driven opportunities and software-driven Digitalization plays an increasing role digitalization. Agile enterprises are becoming “in solving the biggest challenges of In 2020, we were recognized for leadership a new norm in the post-pandemic era and we our time, increasing well-being and in corporate sustainability by global are ready to enable our customers to step into environmental non-profit organization the advanced digital future. Our high-growth supporting our everyday life. CDP, securing a place on its prestigious areas – data and analytics, cloud anywhere ‘A List’ for tackling climate change. as well as next-generation enterprise services – give us confidence in accelerating Technology allows us to provide our customers the growth outlook for the company. in different industries with digital solutions that significantly reduce emissions and The opportunities we can create for our environmental burden. We are committed employees’ growth constitute an important The IT sector has long been affected by SHE Index which promotes diversity and to working for the sustainable future of our aspect of our growth agenda. As TietoEVRY the gender gap. Diversity and inclusion inclusion in leadership and workforce, equal societies – together with our customers. we are fortunate to have a significant and are important elements for innovation compensation as well as work-life balance. meaningful role in realizing the digital society. and hence crucial in our type of business, Market outlook and With our 24 000 professionals, we empower where we are every day solving our Building more sustainable societies ambitions forward sustainable digital development and shape customers’ challenges. This involves not only Digitalization plays an increasing role in This exceptional year has accelerated the the future of our societies. We look towards balance in gender, but also in age, ethnical solving the biggest challenges of our time, digitalization of society in many ways as the post-pandemic era with confidence and background, and nationality. During the year, increasing well-being and supporting interactions of all kinds became virtual. At our are inspired by the opportunities enabling we launched our Diversity and Inclusion our everyday life. In late 2020, and as a Capital Markets Day in early December, we the transformation for digital enterprises Charter, driving the development for equal continuum to our previous three-year plan, estimated that the pandemic has advanced and societies, as well as the learning and opportunities at TietoEVRY. The charter we launched our Sustainability 2023 game digital development by three years. collaboration opportunities in front of all of us. includes a target to have a gender balanced plan which outlines our key priorities for I would like to sincerely thank our customers, workforce with 50 percent women and 50 ethical conduct, climate actions and creating In the middle of all the uncertainty, employees, partners, and shareholders percent men by 2030. This is an ambitious an exciting place to work for our employees. organizations doubled down on digital for 2020, and look forward to continued goal, and we are building a roadmap with interactions to not only push through the close collaboration in the year ahead. concrete actions that will get us there. We have the ambition to reduce our CO2 crisis but to emerge stronger after the footprint in our own operations by 80 percent pandemic. This development is significant As one encouragement for this work, by 2023. This will be achieved by using green for the competitiveness of the Nordic TietoEVRY was in 2020 ranked as one of energy in all our data centers and offices as businesses, for the national economies Kimmo Alkio the leading companies in Sweden in the well as by maintaining the more flexible ways and from a sustainability perspective. President and CEO FINANCIAL REVIEW 2020 6 TIETOEVRY 2020 GOVERNANCE AND REMUNERATION FINANCIALS Governance Corporate Governance Statement 8 Annual General Meeting 9 Shareholders' Nomination Board 10 The Board of Directors 12 The President and CEO and operative management 18 Internal control and risk management 21 Related-party transactions 24 Insider administration 25 Auditors 26 Remuneration Remuneration report 27 FINANCIAL REVIEW 2020 7 TIETOEVRY 2020 GOVERNANCE AND REMUNERATION FINANCIALS Corporate Governance Statement TietoEVRY is committed to good corporate governance. In addition to the relevant
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