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Annual Report ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE

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Annual Report ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE 2019Annual Report ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE Content Patria’s Annual Report consists ANNUAL REVIEW RESPONSIBILITY of the Business Units’ Review, 3 Patria in brief 33 Corporate responsibility in Patria 5 Key figures Patria and society the Corporate Responsibility 38 6 Review by the President and CEO 45 Ethical conduct Progress Report and the Financial 10 Operating environment 49 A responsible employer Statements Report. Patria’s 56 Developing environmental reporting is a priority Annual Report is published only BUSINESS 64 GRI Index on the company’s website at 13 Aviation www.patriagroup.com. 16 Systems FINANCIALS 19 International Support Partnerships 67 Board of Directors’ report 22 Land 71 Consolidated Financial Statements (IFRS) 25 Aerostructures 97 Financial Statements of the Parent Company (FAS) 27 Millog 30 Nammo GOVERNANCE 108 Corporate governance 111 Industrial participation 112 Risk Management 115 Board of Directors 116 Consultative Committee 117 Group Management Team 2 ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE Patria Business units and net sales as share of group net sales in brief 15% Aviation 4% Aerostructures Offers life-cycle support services for aircraft and helicopters, primarily Designs and manufactures demanding aerospace composite to the authorities and military clients in Northern Europe. Life-cycle structures and is actively involved in the development programmes Patria is an international provider support services cover fuselage, engine, and equipment repair; of the new composite technologies. The core competences are of defence, security and aviation maintenance and modification; and pilot training. the design of composite structures and efficient manufacturing processes. life cycle support services, pilot training and technology solutions. 16% Systems Patria provides its aerospace and military customers with Makes comprehensive system and equipment deliveries to defence 43% Millog equipment availability, continuous performance development forces and security authorities. Areas of expertise are intelligence, Provides defence materiel life-cycle support services to military as well as selected intelligence, surveillance and management surveillance and command and control systems, as well as their customers and to its strategic partner, the Finnish Defence Forces. integration, software and life-cycle support. Patria owns 61.8% of Millog. system products and services. Patria’s mission is to give its customers confidence in all conditions, and the vision is to be the #1 partner for critical operations. Patria has several Nammo locations including Finland, Sweden, Norway, Belgium, Estonia 9% International Focuses on developing and producing ammunition and missile and Spain. Patria employs more than 3,000 professionals. Support Partnerships products,as well as environmentally sound demilitarization Patria is owned by the State of Finland (50.1%) and Norwegian Offers international life-cycle support services, which include maintenance, services. Nammo is equally owned by Patria and the State of Norway. Kongsberg Defence & Aerospace AS (49.9%). Patria owns modifications, repairs, spare part supply and technical support. 50% of Norwegian Nammo, and together these three companies form a leading Nordic defence partnership. More information: www.patriagroup.com 13% Land Offers cutting-edge armoured wheeled vehicles, mortar systems and related life-cycle support services. Patria AMV product family and Patria Nemo mortar system are the highest-profile products in this range. 3 ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE Mission: WE GIVE OUR WE WANT We are proud of our work, and we want to CUSTOMERS CONFIDENCE TO SUCCEED show it. IN ALL CONDITIONS. Customer promise: WHEN IF IS NOT AN OPTION. OUR OPERATIONS Co-operation guarantees ARE CUSTOMER the success of all parties. ORIENTED Employer promise: YOU MAKE THE DIFFERENCE. OUR VALUES OUR TOGETHER WE We give constructing Vision: feedback. We enjoy CREATE SUCCESS succeeding together. THE #1 PARTNER FOR CRITICAL OPERATIONS. 4 ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE KEY FIGURES Net sales, EUR million Operating profit,EUR million Gross investments in fixed assets,EUR million 507.5 EUR million 507.5 23.9 Net sales 489.9 74.6 467.2 476.1 427.7 7.8 EUR million 46.8 15.1 12.6 12.1 Operating profit 34.6 35.9 7.3 7.8 3,055 Personnel 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 Personnel end of period Order stock, EUR million Equity ratio, % Net sales outside Finland, % 3,055 1,056.4 58.3 2,806 2,765 2,792 2,815 53.7 54.4 49.8 857.7 691.4 687.1 39.1 649.2 41 31 33 27 26 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 As of 2018 figure personnel, end of period 5 ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE PRESIDENT AND CEO’S REVIEW International growth and strengthening partnerships Two highlights of 2019 were the completion of our acquisitions in Norway and Belgium, as they constitute significant steps in the internationalisation of our maintenance business. We made new international breakthroughs in pilot training as well. 2019 was also an important year for deepening our strategic partnership with the Finnish Defence Forces. 2019 was a year of growth and change for Patria. CFO Ville Jaakonsalo was acting CEO for the Group during early 2019 before I took over the position in July. Two of the most important events of the year were the completion of acquisitions that will provide a firm foundation for international growth over the coming years. In the first acquisition, Patria and Kongsberg Defence & Aerospace AS acquired AIM Norway, which is responsible for the maintenance, upkeep and modernisation of the Norwegian Air Force’s helicopters and other aircraft. 6 ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE A programme to boost Patria 6x6 personnel carriers spark interest Patria has made a new addition to its high-performance product range: Patria 6x6 armoured operational efficiency has vehicle. This next-generation armoured personnel carrier was demonstrated to a number of potential customers at several events during the year, attracting a great deal of interest. been launched to improve The interest being shown in Patria vehicles is also reflected in the selection of the profitability within the Group. Patria AMVXP for an approximately one-year programme of field tests in Japan. The decision was made on the basis of a tender and Japan’s Ministry of Defence will purchase two test vehicles from Patria. In a second acquisition in June, Patria acquired the entire share capital of Belgium Due to the postponement of major sales projects, the Land business unit fell short of its Engine Center SPRL from AIM Norway. This company operates out of Belgium and financial targets and was forced to launch cooperation negotiations covering all personnel specialises in the maintenance, repair and upkeep of military aircraft engines. Both at the end of the year. Over the long term, however, new opportunities are opening up for acquisitions constitute key steps in line with our international growth strategy for Patria vehicles. Patria’s maintenance and lifecycle business, which focuses on Europe in particular. Changes in the general security environment have led many countries to increase their level of preparedness. This includes, for example, boosting the efficiency of troop International breakthroughs in pilot training transportation with associated equipment purchases. One of the most significant events for the Aviation business unit was the transfer of elementary pilot training from Pirkkala to Córdoba, Spain. This training uses single- Cooperation in the HX project intensifies engine DA40 aircraft. The change will support future growth in professional pilot training One of the major events in Finland was Patria’s agreement with the Finnish Defence Forces through an increased number of international airline customers. for modernisations and lifecycle upgrades to Hamina-class missile boats. This project will During the year, Patria signed an agreement to train new pilots for the airline Air run to the end of 2021 as planned. Astana until 2022. Patria is also actively involved in the HX fighter project, which is one of the Finnish In September, Aviation signed a three-year pilot training agreement with Turkish Defence Forces’ largest upcoming projects. From 2025, its existing Hornet fleet will be Airlines. This agreement with one of the world’s fastest growing airlines will be highly replaced with a solution based on new multirole fighters. This process will intensify during significant for Patria’s growth over the coming years. 2020 with the final decision being made in 2021. In Finland, Patria and the Finnish Defence Forces are continuing their collaboration – We play a major role in the Finnish Air Force’s lifecycle support services and the HX project is the parties have signed an agreement for elementary and basic pilot training. In addition extremely important for us. We are also seeking a considerable proportion of the project’s future to training, this agreement also includes the required maintenance of the training fleet. industrial participation, which will bring significant added value to the Finnish national economy. 7 ANNUAL REVIEW BUSINESS RESPONSIBILITY FINANCIALS GOVERNANCE A new change programme Adding depth to our partnership with the Defence Forces The Millog business unit has been systematically deepening its strategic partnership will focus on Patria’s
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