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Report by the Board of Directors and Financial Statements 2020 Report by the Board of Directors and Financial Statements

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Report by the Board of Directors and Financial Statements 2020 Report by the Board of Directors and Financial Statements Report by the Board of Directors and Financial Statements 2020 Report by the Board of Directors and financial statements REPORT BY THE BOARD OF DIRECTORS Tokmanni’s business ..................................................................................................................................................................................... 3 Highlights 2020 ............................................................................................................................................................................................. 3 Operating environment and market development ......................................................................................................................................... 4 Operational development .............................................................................................................................................................................. 5 Financial development .................................................................................................................................................................................. 6 Acquired businesses ..................................................................................................................................................................................... 7 Tokmann's long-term financial targets and achievements ............................................................................................................................ 8 Strategy ......................................................................................................................................................................................................... 8 Personnel ...................................................................................................................................................................................................... 9 Corporate responsibility .............................................................................................................................................................................. 10 Shares and shareholders ............................................................................................................................................................................ 12 Repurchase of own shares for the company’s incentive programmes ........................................................................................................ 13 Share-based incentive programs ................................................................................................................................................................ 14 Flagging notifications .................................................................................................................................................................................. 14 Governance ................................................................................................................................................................................................. 15 Information contained in the notes to the financial statements ................................................................................................................... 16 Risk management ....................................................................................................................................................................................... 17 Events after the review period ..................................................................................................................................................................... 19 Tokmanni’s outlook for 2021 ....................................................................................................................................................................... 19 Board of directors dividend proposal ........................................................................................................................................................... 20 Statement of non-financial information ........................................................................................................................................................ 21 Group key figures and calculation of financial ratios ................................................................................................................................... 28 Calculation of the Group’s key figures ........................................................................................................................................................ 30 Shares and share capital ............................................................................................................................................................................ 32 FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS (IFRS) Consolidated income statement .................................................................................................................................................................. 34 Consolidated statement of financial position ............................................................................................................................................... 35 Consolidated statement of cash flows ......................................................................................................................................................... 36 Consolidated statement of changes in equity ............................................................................................................................................. 37 Notes to the consolidated financial statements ........................................................................................................................................... 38 1. Accounting policies used in the consolidated financial statements ................................................................................................... 38 1.1 Basic information on the Group ......................................................................................................................................................... 38 1.2 Accounting policies used in the financial statements ........................................................................................................................ 38 1.3 Accounting policies used in the consolidated financial statements ................................................................................................... 38 1.4 Accounting policies requiring management judgement and major sources of estimation uncertainty .............................................. 39 1.5 Application of new and revised IFRS standards ................................................................................................................................ 40 1.6 Forthcoming IFRS standards ............................................................................................................................................................. 40 2. Business performance ....................................................................................................................................................................... 41 2.1 Segment information ......................................................................................................................................................................... 41 2.2 Income ............................................................................................................................................................................................... 41 2.3 Materials and services ....................................................................................................................................................................... 42 2.4 Other operating expenses ................................................................................................................................................................. 42 2.5 Depreciation ...................................................................................................................................................................................... 43 2.6 Employee benefit expenses .............................................................................................................................................................. 43 2.7 Financial income and expenses ........................................................................................................................................................ 44 2.8 Income taxes for the financial period and deferred tax balances ...................................................................................................... 45 3. Assets and liabilities .......................................................................................................................................................................... 47 3.1 Property, plant and equipment .......................................................................................................................................................... 47 3.2 Intangible assets ................................................................................................................................................................................ 54 3.3 Inventories ........................................................................................................................................................................................
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