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Financial Review Worldreginfo - C9fcfcd6-3816-4219-B7e7-4A367bc4eddc TIETO ANNUAL REPORT 2017 / TABLE of CONTENTS 2

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Financial Review Worldreginfo - C9fcfcd6-3816-4219-B7e7-4A367bc4eddc TIETO ANNUAL REPORT 2017 / TABLE of CONTENTS 2 2017 Financial Review WorldReginfo - c9fcfcd6-3816-4219-b7e7-4a367bc4eddc TIETO ANNUAL REPORT 2017 / TABLE OF CONTENTS 2 TABLE OF CONTENTS Tieto in 2017 5 CEO's statement Governance 8 Corporate Governance Statement 21 Major risks 9 Annual General Meeting 24 Related-party transactions 10 Shareholders' Nomination Board 24 Insider administration (SNB) 25 Auditors 12 The Board of Directors 26 Remuneration Statement 17 The President and CEO and operative 33 Letter from the Chairman of the management Remuneration Committee 19 Internal control and risk management Financials 34 Report by the Board of Directors 53 Personnel 35 IT market development 56 Non-financial information 38 Strategy implementation 60 Shareholders' Nomination Board 41 Financial performance 61 The Board of Directors 46 Cash flow and financing 63 The President and CEO and operative 47 Investments and development management 47 Order backlog 65 Auditors 48 Major agreements 66 Shares 52 Business transactions 70 Dividend This PDF has been generated from Tieto’s online Annual Report 2017 and only contains the parts specified and downloaded by the user. Please visit ar2017.tieto.com for the full online report. WorldReginfo - c9fcfcd6-3816-4219-b7e7-4a367bc4eddc TIETO ANNUAL REPORT 2017 / TABLE OF CONTENTS 3 71 Near-term risks and uncertainties 106 10. Stock options and share incentives 72 Full-year outlook for 2018 108 11. Pension plans 72 Financial calendar 2018 111 Income taxes 111 12. Income taxes 73 Reported alternative performance measures 112 13. Deferred income tax Assets 74 Five-year key figures 114 114 14. Intangible assets 75 Key figures by quarter 116 15. Property, plant and equipment 76 Calculation of key figures 118 16. Available-for-sale financial assets 77 Consolidated financial statements 119 17. Trade and other receivables 77 Income statement (IFRS) 119 18. Cash and cash equivalents 79 Balance sheet (IFRS) 120 Equity and liabilities 81 Statement of cash flow (IFRS) 120 19. Issued capital and reserves 82 Statement of changes in equity (IFRS) 120 20. Interest-bearing loans and borrowings 84 Notes to the consolidated financial 121 21. Reconciliation of liabilities arising from financing activities statements (IFRS) 122 22. Provisions 84 Corporate information 123 23. Finance leases 84 Corporate information 124 24. Trade and other payables 84 Basis of preparation and accounting principles for the consolidated financial 125 Financial instruments - Fair values and risk statements management 84 Basis of preparation 125 25. Management of financial risks 84 New and amended standards adopted by the 130 26. Carrying amounts and fair values of Group financial assets and financial liabilities 96 Performance for the year 132 27. Derivatives 96 1. Segment Information 133 Group structure and goodwill 100 2. Percentage of completion 133 28. Subsidiary shares 100 3. Other operating income 135 29. Interest in joint ventures 101 4. Other operating expenses 137 30. Acquisitions 101 5. Development costs 138 31. Impairment testing of goodwill 102 6. Financial income and expenses 139 Other information 102 7. Earnings per share 139 32. Commitments and contingencies 103 Employee benefits 139 33. Operating leases 103 8. Employee benefit expenses 140 34. Related party transactions 104 9. Management remuneration 140 35. Events after the balance sheet date This PDF has been generated from Tieto’s online Annual Report 2017 and only contains the parts specified and downloaded by the user. Please visit ar2017.tieto.com for the full online report. WorldReginfo - c9fcfcd6-3816-4219-b7e7-4a367bc4eddc TIETO ANNUAL REPORT 2017 / TABLE OF CONTENTS 4 141 Parent company's financial 154 Note 13 statements 155 Notes 14-16 141 Income statement (FAS) 156 Notes 17-18 142 Balance sheet (FAS) 157 Note 19 144 Statement of cash flows (FAS) 158 Note 20 Note 21 145 Notes to the parent company's financial 159 statements (FAS) 160 Dividend proposal, signatures for the Board of Directors’ report and 145 Parent company accounting principles financial statements and Auditor’s Notes 1-4 148 note 149 Notes 5-6 161 Shares and shareholders 150 Note 7 166 Information for shareholders 151 Note 8 168 Auditor's report (Translation of the 152 Note 9 Finnish Original) 153 Notes 10-12 This PDF has been generated from Tieto’s online Annual Report 2017 and only contains the parts specified and downloaded by the user. Please visit ar2017.tieto.com for the full online report. WorldReginfo - c9fcfcd6-3816-4219-b7e7-4a367bc4eddc TIETO ANNUAL REPORT 2017 / TIETO IN 2017 / CEO'S STATEMENT 5 CEO's statement ACCELERATING VALUE TO ALL STAKEHOLDERS In today's data-driven world, demand for new innovations and fast technology adoption increases. Tieto seeks a pivotal role in this change and aims to become the trusted partner and customers' first choice for their business renewal. We are also proud about Tieto’s nomination to Thomson Reuters Top 100 Global Tech Leaders list, including altogether 14 European and 3 Nordic companies. This nomination is a recognition of our 14 000 employees’ commitment to drive innovation, performance and social responsibility. From this strong foundation, we step into 2018 with great excitement; as Tieto, we have been shaping the future of the Nordic enterprises and society already for 50 years. While celebrating our 50th anniversary and embracing the history, we are inspired by the market momentum and the data-rich world providing ample opportunities to support the multifaceted development of societies. TOWARDS GREATER CUSTOMER EXPERIENCES Customer value and experience are indisputably amongst key success metrics for the daily work of the global team of over 14 000 Tieto employees. Every interaction counts in creating a seamless good experience for our customers. As part of our company renewal, we have during the past years also concentrated on setting up mechanisms and processes to keep constantly up to date with our customers’ sentiments. This includes feeding the insights from our customers back to the It was delightful to witness the strong progress organization to foster understanding and ambitions achieved on Tieto's long term agenda during 2017; for continuous improvement. we were able to make major improvements in In 2017, we witnessed a significant improvement in customer experience, continued positive our strategic customer experience (CX) survey development in employee engagement and results, with Net Promoter Score reaching all-time motivation and continued to deliver strong financial high. It is rewarding to see our multi-year consistent results with good cash flow and profitability attention and work on company renewal and culture development enabling continued attractive dividend starting to pay off. payout. This PDF has been generated from Tieto’s online Annual Report 2017 and only contains the parts specified and downloaded by the user. Please visit ar2017.tieto.com for the full online report. WorldReginfo - c9fcfcd6-3816-4219-b7e7-4a367bc4eddc TIETO ANNUAL REPORT 2017 / TIETO IN 2017 / CEO'S STATEMENT 6 Our ambition is to turn customer experience into a During the past two years we have increased competitive differentiator. This can only happen investments mainly in our data-driven businesses through sincere commitment from the entire Tieto and selected industry solutions and growth services. team: our promises to customers need to be fulfilled The selected industry solutions include: Lifecare in in every interaction, seamlessly through all Healthcare and Welfare; Case Management for the touchpoints, every single day. This requires us to Public sector and Banking and Payments solutions treasure a corporate culture where both employee in Financial Services. Selected growth services and customer experience are equally valued and comprise Cloud services, Customer Experience their undisputable correlation recognized. Management and Security Services. Over the recent years we have continued to seek EMPLOYEE EXPERIENCE – A CORE ELEMENT growth and competitiveness also through M & A, OF SUCCESS with altogether six acquisitions made since 2013. We recognize employee experience as a core The latest addition to Tieto family is Avega, a element of our success. Our Open Source Culture Swedish consulting company, joining us in strives to enhance employee experience and December 2017. With the active acquisition agenda engagement, and to further support this, we also we further accelerate our software businesses and focus on continuously enhancing our digital tools consulting capabilities, aligned with our strategic and invest in modern working environments. In 2017 ambition to be the first choice for business renewal our overall employee engagement score improved, for our customers. continuing the positive trend since 2014. In today’s rapidly changing world, the required skills SUSTAINABILITY AND RESPONSIBILITY IN and competences are evolving fast. As digitalization FOCUS is turning practically all companies into tech- The importance of sustainability and responsibility companies, competition over talent is intensifying. accelerates as stakeholders are increasingly Through recruitments in new service areas, interested in building sustainable value chains competence development, active co-innovation with across businesses and markets. Tieto's core customers and partners and consistent attention on corporate responsibility objectives are to be an employee wellbeing, Tieto aims to master the ethical forerunner, minimize environmental impact competition. and create value for all stakeholders. During
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