samlink annual report 2013

40
2013 Annual report

Upload: kumppania-oy

Post on 23-Mar-2016

225 views

Category:

Documents


2 download

DESCRIPTION

 

TRANSCRIPT

Page 1: Samlink Annual report 2013

2013

Annual report

Page 2: Samlink Annual report 2013

2

President and CEO’s review: A successful, work-filled year for the whole of Samlink

Summary of 2013

Group key figures

Reliable IT services for the financial and energy sectors

Fast reform and change of culture

Administration

Samlink’s administration principles

Executive Team

Board of Directors

Key figures

Board of Directors report of operations

Financial statements

Consolidated profit and loss account

Consolidated balance sheet

Consolidated financial statement

Parent company profit and loss account

Parent company balance sheet

Parent company financial statement

Accounting principles

Notes to the profit and loss account

Notes to the balance sheet

Other notes to the accounts

Signatures

Auditors’ report

Contents3

4

5

6

8

9

10

12

15

17

18

22

22

23

24

25

26

27

28

29

31

35

36

37

2

Page 3: Samlink Annual report 2013

3

2013 was characterised by the significant structural changes of customers, which will continue until 2015. Aktia launched its own core banking system renewal project, and we are co-operating in its progress.

The year was full of work and we accomplished much. We won the online banking bidding competition, and most of our bank customers

are introducing the new online banks of private and corporate customers in 2014. The largest of our investments in the future, the NEXT project, continued as planned. Virtual Signature and archiving services were completed.

Financially, 2013 was a good year. We succeeded in cost management, our order book was good and we turned the result of electronic transactions from negative to positive. In electronic transactions, we particularly focused on the financial and energy sectors in accordance with our strategy. In future, we will develop solutions and services that provide synergy benefits for customers across different sectors. We improved the flexibility and speed of our delivery, among other things with two significant new partnership agreements.

A key issue in 2014 is to carry out structural changes in agreed schedules. We are also studying alternatives for core banking systems, and decisions on this matter

will be made in autumn 2014. Major themes are the ability to change and the speed of change. We are investing in fast operational change and in improving our service culture in order to be able to respond to the latest requirements and expectations targeted at our services.

I would like to extend my sincere thanks to all Samlink personnel, customers, partners and shareholders for a successful 2013.

WE REACHED OUR FINANCIAL TARGETS, PRODUCED

SIGNIFICANT NEW SERVICES FOR OUR CUSTOMERS AND

MADE PROGRESS AS A SERVICE INTEGRATOR.

Heikki SirvePresident and CEO

All our business areas achieved their targets.

A successful, work-filled year for the whole of Samlink

Page 4: Samlink Annual report 2013

The focuses of service development were the significent increase in Virtual Desktop services and investments in online banks. Several versions of mobile services were

introduced and comprehensive renewal of online banks was started. The develop-ment of Central Financial Institution

services continued emphatically at the pace of the changing business needs of our customers. During 2013, the Virtual Signature was put into production, and support was introduced for the electronic

presentation of contracts. The Electronic Transactions sector focused on the financial and energy sectors.

Production ran at almost 100 % capacity. Production environments were updated and, during the year, more than one billion transactions were handled.

Investments in agile methods continued by developing expertise and creating evaluation practices and delivery agreement templates. VersionOne was selected as the tool for agile projects.

Spying on state-owned companies and private persons as well as cyber security dominated public debate on data security. Samlink’s year, however, passed quietly in the normal way in terms of data security. In order to demonstrate our desire and ability

to take care of data security, we committed ourselves to the cyber security principles of the World Economic Forum.

4

Data security is one of our most important service quality criteria.

SAMLINK’S OWNERS

Samlink’s owners are Aktia Bank plc (22.56%), Savings Banks (57.44%), Handelsbanken (7.53%), POP Banks (6.59%) and Itella Corporation (5.88%).

The ten largest owners hold a total of about 70%, and the other owners (59) a total of about 30%.

FINANCIAL TARGETS WERE ACHIEVED WITH A GOOD ORDER BOOK BY TURNING THE ELECTRONIC

TRANSACTIONS BUSINESS FROM NEGATIVE TO POSITIVE AND BY CONTROLLING COSTS.

Summary of 2013

Page 5: Samlink Annual report 2013

Group key figures

55

Achieving financial targets Launching the comprehensive renewal of online banks  Developing the services of the Central Financial Institution

20132011 201220102009

Net sales (EUR million) 70.4 80.5 81.8 89.8 93.8

Operating profit (EUR million) 3.0 2.1 -0.7 1.6 4.8

% of net sales 4.2 2.6 -0.8 1.8 5.1

Profit before appropriations and taxes (EUR million) 3.0 2.1 -0.7 1.4 4.5

% of net sales 4.2 2.6 -0.9 1.6 4.8

Return on equity, % 20.6 20.1 -8.5 10.3 27.4

Return on investment, % 38.4 23.1 -6.2 7.6 18.6

Earnings per share, EUR 12.1 12.4 -5.92 7.93 22.5

Equity/share, EUR 60.19 63.30 79.13 74.96 89.52

Equity ratio, % 41.8 39.7 44.6 35.6 38.8

Investments (EUR million) 0.5 4.1 4.7 6.0 2.9

Number of personnel, average 322 384 439 495 5150

10

20

30

40

50

2009 2010 2011 2012 2013

38.841.8

39.7

44.6

35.6

0

20

40

60

80

100

2009 2010 2011 2012 2013

93.8

70.4

80.5 81.889.8

0

20

40

60

80

100

2009 2010 2011 2012 2013

93.8

70.4

80.5 81.889.8

0

20

40

60

80

100

2009 2010 2011 2012 2013

93.8

70.4

80.5 81.889.8

0

100

200

300

400

500

600

2009 2010 2011 2012 2013

515

322

384

495439

0

1

2

3

4

5

2009 2010 2011 2012 2013

4.8

3.0

2.11.6

-0.7

NET SALES (EUR MILLION)

EQUITY RATIO, %

OPERATING PROFIT (EUR MILLION)

NUMBER OF PERSONNEL

KEY EVENTS IN 2013

Page 6: Samlink Annual report 2013

6

We produce modern solutions for the needs of the financial sector and particularly the retail banking sector. Our solid experience

guarantees our customers reliable, modern and secure services.

Our solutions enable us to serve private

and corporate customers both online and in the office. We are investing in user interface design to make our service availability top-

class. In order to support the work of bank staff, we supply diverse office systems, work stations and a service package of electronic transactions. Bank customers have at their disposal solutions tailored to different user groups and user situations from full-service online banks to express services suitable for mobile devices.

We are involved in the daily work of our customers: our own Service Desk serves as a centralised point of contact in technical and application advice. We also offer a wide range of training services.

We also provide comprehensive financial

administration outsourcing services from accounting to financial statements and from payroll to reporting to authorities. Our strongest field of expertise is the requirements and practices related to retail banking operations. On behalf of our customers, we constantly monitor developments in the sector and ensure that our service remains marketable.

In electronic transaction services, we particularly focus on the financial and energy sectors, but we also produce business and sales portals, online shops and integration and reporting solutions, irrespective of sector.

Reliable IT services for the financial and energy sectors

We are involved in the daily work of our customers.

WE ARE EXPERTS IN THE PRODUCTION, DEVELOPMENT AND INTEGRATION OF APPLICATION SERVICES. OUR RANGE OF

SERVICES IS BUILT ON OUR OWN SERVICE OFFERING AND THAT OF OUR MOST TRUSTED PARTNERS.

Page 7: Samlink Annual report 2013

Samlink’s products and

services

Financing

Support services

Electronic transaction

services

Energy

Financial administration

services

PaymentsDaily

business services

Investment and

savingsMulti-

channel banking services

Office equipment

and phone-in services

The retail banking

community

Customer-specific

financialsolutions

Loans

Bankconnection

services

Other services

Maintenance

Electronic transaction services and

portals

Consumer reporting

Maintenance

Maintenance

Expert services

Disturbance information

system

Integrationsolutions

Reportingsolutions

Energy Online

Online shops

Customised solutions

Safety

User support

Authorityservices

Payroll service

Internal and external

accounting

Solvency and risk

management support

77

Page 8: Samlink Annual report 2013

8

We work hard to ensure that all 515 Samlink employees are committed to our

strategy and customer promise and are actively going in the same direction. We have added

social elements to our work environment in order to increase transparency and as a channel for the personnel to have their say. Strategic dialogue has been partaken

in at many different levels and discussion is ongoing. New forms of communication like videos and blogs as part of the intranet and Yammer were actively introduced. To support strategy, in 2013 we organised two fairs directed at all personnel, which offered information on and possibilities to influence common operating practices and strategic action programmes.

We encourage our personnel to change our corporate culture and to act to change everyday working life. In order to accelerate change, we trained up the first Change

Makers group, which was active in carrying out many small and large deeds that resulted in change in operation and the work environment.

The planned management of expertise is part of our strategy. After having precisely defined our key areas of expertise, we can better focus on expertise development. Expertise development is based on putting things into practice together with the expertise working group. The different roles of management will also be revamped through the Esimies 3.0 development project.

CUSTOMER NEEDS AND EMPLOYEE EXPERIENCE DICTATE

CHANGE IN CORPORATE CULTURE AND OPERATING PRACTICES.

8

Fast reform and change of culture

Transparency and opportunities to influence

Page 9: Samlink Annual report 2013

Administration

Page 10: Samlink Annual report 2013

10

Samlink observes acts of Parliament, regulations and good business practice. The Board of Directors of Samlink is responsible for

ensuring that the company operates in accordance with good corporate governance principles. The Board ensures the appropriate organisation of operation and guides and monitors

Samlink’s executive management. The Board also approves Samlink’s long-term strategic

objectives, major development projects and investments.

The CEO appointed by the Board is in charge of the company’s business operations. The CEO is responsible for business management in accordance with rules of corporate governance and guidelines issued by the Board. The CEO and other members appointed by the Board form Samlink’s Executive Team. The Executive Team assists the CEO in such tasks as the preparation of company strategy, business plans and development projects.

Internal monitoring and risk managementKPMG Oy Ab is responsible for Samlink’s internal auditing. The audit is carried out in accordance with operating guidelines for the

internal audit confirmed by the Board and with the yearly plan. The internal audit is reported both to Group management and to the Board. In addition to an external audit, Samlink also carries out its own constant internal monitoring of the company.

Samlink endeavours to identify operational risks as early as possible. The company uses a risk management process covering all its operations. This process assesses strategic, operational and financial risks as well as risks to support functions. Through the process, efforts are made to understand the extent of risks and the probability of their being realised. The necessary action plans are drawn up based on this information.

Samlink’s administration principles

In addition to an external audit, Samlink also carries out its own constant internal monitoring.

SAMLINK OBSERVES ACTS OF PARLIAMENT, REGULATIONS AND GOOD BUSINESS PRACTICE.

Page 11: Samlink Annual report 2013

Annual General Meeting

Board of Directors

President and CEO

Executive Team

Business support functions

Paikallispankkien PP-Laskenta Oy

Samcom Oy

Business units

Personnel and

internal services

Law

Customers and service

development

Expert services

Financial administration

Servicebusiness

Internal audit

Solutions business

Financial administration

services

SUBSIDIARIES

SAMLINK’S ADMINISTRATIVE ORGANS

11

Project-IT Oy51.5% of voting rights

Page 12: Samlink Annual report 2013

Executive team

Heikki Sirve President and CEOborn 1953Master of Laws

Sirve has served as President and CEO of Oy Samlink Ab since 1 January 2004. Before that, he served as Managing Director and Director of Suomen Arvopaperikeskus Oy/Hex Oyj from 1997 to 2003, and Investment Director of Oy Samlink Ab from 1994 to 1996. He has also served in several management positions at Sp-Palvelu Oy, Samstock Oy, Sp-Meklarit Pankkiiriliike and the Savings Bank Group.

Piia HeikkiläExecutive Vice President, HRborn 1963Master of Science (Economic and Business Administration)

Heikkilä has served as Executive Vice President and HR at Oy Samlink Ab since 2006. She started work at Samlink as a Personnel Manager in 1999. She also served as HR Manager at Valtameri Osakeyhtiö from 1990 to 1993 and as Personnel Secretary at the State Printing Centre from 1988 to 1989.

Tarja BelovExecutive Vice President, Expert Servicesborn 1958Master of Philosophy

Belov has served as a Director of Oy Samlink Ab since 2008. Before that, she worked as a Director of Fidenta Oy from 2002 to 2008, as Development Manager at Sonera Oyj from 1998 to 2001 and in various positions at TietoEnator Oyj.

Marko HykkönenExecutive Vice President, Customers and Service Developmentborn 1963Licentiate of Science (Technology)

Hykkönen has served as a Director of Oy Samlink Ab since 2011. Before that, he served as IT Director at Luottokunta from 2006 to 2011, as a Director of OMX/HEX Oyj from 2000 to 2006 and at eQ Pankkiiriliike Oy from 1999 to 2000, as Development Manager at Arvopaperikeskus/Helsingin Rahamarkkinakeskus Oy from 1994 to 1999 and as a consultant at Accenture from 1989 to 1994.

12

Page 13: Samlink Annual report 2013

Juha LeinonkoskiExecutive Vice President, Solutions business unit, Managing Director of the subsidiary Samcom Oyborn 1964Master of Science (Economics and Business Administration) Leinonkoski has served as a director at Oy Samlink Ab since 2012. Before that, he served in several positions in Digia plc. His last position was Senior Vice President of the company’s management team. Leinonkoski has also served as Samstock Oy’s Managing Director and Chairman of the Board of Finansium and Datium.

Maarit KuuriLegal Counsel, Secretary to the Executive Teamborn 1962Master of Laws trained on the bench

Kuuri has served as Oy Samlink Ab’s lawyer since 2010. She started at Samlink as Product Manager in 2009. Before that, she served as Managing Director of Lammin Osuuspankki (2008) and as Managing Director and Administrative Director of Aktiv Hansa Oy from 2000 to 2007. Kuuri also has experience in several positions at Arsenal Asset Management Company and the Savings Bank Group.

Matti RantalaManaging Director, Paikallispankkien PP-Laskenta Oyborn 1961Master of Science (Economics and Business Administration)

Rantala has served as President and CEO of Paikallispankkien PP-Laskenta Oy since 2010. Before that, he served as CFO of Gt Trading Finland Oy from 2009 to 2010, and as Business Director and International Sector Manager at Visma Software Oy/As from 2007 to 2008. Rantala has also worked as an entrepreneur and in different positions at Pretax Oy.

13

Executive team

Pertti SimolaExecutive Vice President, Services Business Unit, Deputy to CEOborn 1955Bachelor of Science (Economic and Business Administration)

Simola has served as a director at Oy Samlink Ab since 2008. Before that, he worked as Service Director at Elisa Oyj from 2004 to 2008 and as a Director at Radiolinja from 2003 to 2004. He has also served in several positions at HPY/Elisa Oyj, the Bank of Finland, Sp-Palvelu Oy, the Central Bank for the Finnish Savings Bank (SKOP) and the Cooperative Banking Centre.

Page 14: Samlink Annual report 2013

Matti SärkkinenFinancial Directorborn 1962Master of Science (Economics and Business Administration)

Särkkinen has served as Financial Director of Oy Samlink Ab since 2007. Before that, he was responsible for the finances and administration of Esy Oy (TietoEnator Esy Oy as of 1 January 2006) from 1999 to 2006. Särkkinen has also served in several supervisor and management positions in Varma-Sampo, Eläke-Sampo and Vakuutusosakeyhtiö Sampo.

Markus TuominenLeading expert and personnel representative on the Executive Teamborn 1971Business school graduate

Tuominen has served in application expert positions at Oy Samlink Ab since 1997.

14

Executive team

Page 15: Samlink Annual report 2013

Board of Directors

Pasi KämäriChairman of the BoardBoard member since 2009born 1959 Master of Science (Economics and Business Administration), MBA, Managing DirectorThe Finnish Savings Banks Group

15

Juhani StrömbergVice Chairman of the BoardBoard member since 2011born 1953Ph.D. (Technology),Director, Strategic Development,Itella Corporation

Anders NorrenaBoard member since 2011born 1967Master of Science (Economics and Business Administration)Director of Finance and Administration,Handelsbanken Finland

Jarmo PartanenBoard member since 2009born 1956Master of Arts, MBA,Managing DirectorEtelä-Karjalan Säästöpankki

Page 16: Samlink Annual report 2013

Heikki SuutalaBoard member since 2007born 1957Master of Science (Technology)Managing Director,POP Pankkiliitto

16

Board membersJussi Laitinen(until 22 March 2013) Magnus Weurlander(from 22 March 2013)

Deputy board members Sami Iltanen Hannu Lanteri Harri Mattinen Ville RissanenMatti Saustila Risto SundqvistHeli Valanne Jarmo Yli-Juuti

Board of Directors

Jukka RauhalaBoard member since 2012born 1959Master of Science (Technology)Managing Partner,Open Innovation Management Oy

Olli SydänlammiBoard member since 2012born 1977Master of Science (Law), Polytechnic Engineer, Chief Technology Architect,Royal Bank of Scotland

Magnus WeurlanderBoard Member since 2013born 1964Master of Science (Economics and Business Administration)Director,Aktia Pankki Oyj

Page 17: Samlink Annual report 2013

Key figures

Page 18: Samlink Annual report 2013

18

Assessment of the company’s financial position and result In 2013, the net sales of Samlink Group totalled MEUR 93.8, an increase over the previous year of 4.4%. The net sales of the parent company, Oy Samlink Ab in 2013 were MEUR 84.7 (MEUR 80.6 in 2012).

The operating profit of Samlink Group was MEUR 4.8 (MEUR 1.6 the previous year). The operating profit of Oy Samlink Ab in 2013 was MEUR 4.4 (MEUR 2.6 the previous year). The improvement in profit can particularly be attributed to successful cost management and a good order book.

The Group’s balance sheet total in 2013 was MEUR 33.7 (MEUR 30.7), and that of the parent company MEUR 31.5 (MEUR 30.4).

Fundamental changes in businessIn 2013, some significant joint projects were carried out. The new distribution of labour in Savings Banks, POP Banks and Aktia was prepared for by starting new projects in the areas of segregating the services of the Central Financial Institution and four monetary institution groups. The stages of implementation and introduction of these projects will be focused on 2014 and 2015. During the year, several customer projects were also carried out, such as the renewal of the online bank, mobile services, reform of the loan and guarantee system and projects required by the authorities like Basel III and Finrep.

Also during the year, the NEXT development programme was extended, the

aim of which is to develop Samlink’s ability as a service provider to respond to the needs of different customer groups and to enable service packages wanted by customers. During 2013, the Virtual Signature service was introduced, support was carried out for the electronic presentation of contracts, the first stages of centralised product management were put into production, and the features of the Virtual Desktop were further extended.

In method development, the expansion of the use of agile methods was extended.

Samcom Oy, which was bought by Samlink Group in 2010, continued its strong growth in the field of electronic business. At the end of 2013, 100 ICT experts in the field of electronic business were working for Samcom. During

Board of Directors report of operations

Page 19: Samlink Annual report 2013

19

the financial period, Samcom’s business focused on the financial and energy sectors. In December 2013, Samlink’s Board of Directors decided to merge Samcom Oy and Samlink by 30 June 2014. The merger agreement was signed on 6 February 2014. The purpose of this decision is to change the Group structure to better correspond to strategic policies.

Samlink’s wholly-owned subsidiary, Paikallispankkien PP-Laskenta Oy, offers its customers services in financial administration, risk management and payroll. During 2013, the focuses of operational development were preparation for the introduction of a new operating model for payroll services, the start of a quality project and a general improvement in operating efficiency.

Assessment of probable future developmentOne of Oy Samlink Ab’s key functions is the support of the competitiveness of customer banks and the creation of synergies. In the coming years, a positive result will continue to be the target.

Aktia has announced that it will be transferring to a new core banking system and that it will be implementing the transfer in one accord with its present IT provider, Samlink. For Samlink, changing the distribution of labour between Aktia, Savings Banks and POP Banks means significant orders for system changes during 2014 and 2015. The changes will speed up Samlink’s transformation to an integrator of services.

The Group is still targeting the creation of synergies as a customer-centred, growing and respected service integrator in the financial sector. The greatest growth potential can be seen in the field of electronic transactions.

Assessment of operational risks and factors of uncertainty The Group uses a risk management process. Principles approved by senior management have been defined for risk management, risks have been identified and assessed and clear procedures have been created for their management. In the risk management process, strategic, operative, financial and human resources-related risks related to Group operations are assessed.

Key figures Net sales (EUR million) 93.8 84.7 89.8 80.6 81.8 74.8

Operating profit (EUR million) 4.8 4.4 1.6 2.6 -0.7 -0.8

Operating profit, % of net sales 5.1 5.1 1.8 3.2 -0.8 -1.1

Profit for the financial period, % of net sales 3.5 3.1 1.3 1.9 -1.0 0.4

Return on equity (average ROE), (%) 27.4 21.0 10.3 13.3 -8.5 2.9

Equity ratio, (%) 38.8 41.2 35.6 38 44.6 47.6

2013 Group

2012 Group

2011 Group

2013 Parent

Company

2012 Parent

Company

2011 Parent

Company

Page 20: Samlink Annual report 2013

20

The changes in the distribution of labour between customers will mean a fall in the number of customer orders from present customers after 2015.

Environmental issuesIn Samlink’s operations, direct environmental impact is quite small. In its acquisitions, the company endeavours to favour environmentally-friendly and recyclable materials, which cause as little harm as possible to the environment. In waste treatment and sorting, the principles of sustainable development are observed. Equipment and materials that have reached the end of their life are disposed of in an environmentally-friendly and data-secure way. Samlink also requires environmentally-friendly operations from its partners.

Group structureOy Samlink Ab has three subsidiaries: Paikallispankkien PP-Laskenta Oy, Samcom Oy and Project-IT Oy. Paikallispankkien PP-Laskenta Oy and Samcom Oy are wholly owned by Samlink. Samlink owns a 51.5% share of voting rights in Project-IT Oy.

Types of sharesThe company has two series of shares: A and B. Each A-share carries five (5) votes and each B-share one (1) vote at the Annual General Meeting. In relation to other matters, B-shares carry equal rights to A-shares.

Events following the closing of the booksSince the closing of the books, no essential matters impacting the profit development or solvency of the company have occurred.

The proposal by the Board of Directors on disposal of profits Calculation of distributable equity, 31 Dec 2013

Profit from previous financial period Profit from financial period Invested unrestricted equity fund Distributable assets total

The Board proposes to the Annual General Meeting that: - the profit for the financial period be distributed as dividend EUR 10.25 /share, totalling EUR 1,497,422.50

- left as shareholders’ equity EUR 6,132,164.16

Since the conclusion of the financial period, no fundamental changes have taken place in the company’s financial position. The company’s solvency is good and, in the opinion of the Board of Directors, the proposed distribution of profits does not jeopardise it. Management and auditors Oy Samlink Ab’s Annual General Meeting on 22 March 2013 confirmed the company’s financial statements for the previous financial period, and discharged the Board members and CEO from liability for the accounts.

Heikki Sirve, LLM serves as President and CEO of Oy Samlink Ab. The auditors are Jan Holmberg, APA, and auditing company PricewaterhouseCoopers Oy, with Juha Tuomala, APA, as the auditor with principal responsibility.

398,076.95

2,583,699.53

4,647,810.18

7,629,586.66

Page 21: Samlink Annual report 2013

21

Information concerning personnel

Samlink 339 334 314

Samcom 100 91 61

PP-Laskenta 58 55 51

Project-IT 18 15 13

Total 515 495 439

29,898 28,524 23,688

44 44 44

2013

2013

2013

20132011

2011

2011

201120112012

2012

2012

20122012

Average number of employees

Years of service Group personnel 2013

Salaries and bonuses paid by the Group (EUR thousand)

Distribution of Group personnel by age

Average age of personnel in Samlink Group

Average years of service in 2013 was 9.3.

Number of departures

6.1 3.9 8.1

Turnover 9.8 6.9 11.6

20–29 years 8.0% 10.1% 10.6%

30–34 years 14.2% 14.1% 13.4%

35–39 years 19.4% 16.5% 14.7%

40–44 years 9.8% 9.1% 8.4%

45–49 years 14.8% 16.7% 16.4%

50–54 years 15.0% 14.3% 15.8%

55–59 years 12.0% 13.2% 14.7%

Over 60 6.8% 6.0% 6.0%

Turnover of personnel in the Group

Distribution by gender

Women46.4%

Men53.6%

Over 30 years

20–29 years

10–19 years

5–9 years

5.6%

13.0%

12.8%

13.2%

Under 5

55.4%

2013

Page 22: Samlink Annual report 2013

22

1.1.-31.12.2013 1.1.-31.12.2012

NET SALES 93,815,439.44 89,845,258.22 Note 1.1

Other operating income 20,971.36 63,540.69 Note 1.2

Materials and services 22,538,146.93 22,113,039.50 Note 1.3

Personnel costs 35,197,453.19 32,669,479.34 Note 1.4

Depreciation and write-downs 2,809,988.64 1,835,115.66 Note 1.5

Other operating expenditure 28,518,520.65 31,703,922.65 Note 1.6

Costs in total 89,064,109.41 88,321,557.15

OPERATING PROFIT 4,772,301.39 1,587,241.76

Financial earnings and expenses -286,733.43 -142,367.15 Note 1.7

OPERATING PROFIT BEFORE EXTRAORDINARY ITEMS 4,485,567.96 1,444,874.61

PROFIT BEFORE APPROPRIATIONS AND TAXES 4,485,567.96 1,444,874.61

Direct taxes -1,113,052.06 -242,747.89 Note 1.9

Minority interest -85,185.56 -43,389.67

PROFIT FOR THE FINANCIAL PERIOD 3,287,330.34 1,158,737.05

Consolidated profit and loss account

Financial statements

Page 23: Samlink Annual report 2013

23

Consolidated balance sheet31.12.2013 31.12.2012

A S S E T S

NON-CURRENT ASSETSIntangible assets 11,130,891.75 10,778,479.50 Note 2.1Tangible assets 749,546.96 954,801.39 Note 2.1Investments 1.00 0.00Non-current assets, total 11,880,439.71 11,733,280.89

CURRENT ASSETSInventories 23,820.00 29,612.25 Note 1.3Long-term receivables 132,359.88 15,989.04 Note 2.4Short-term receivables 15,084,217.97 14,625,291.30 Note 2.5Cash and cash in bank 6,603,529.35 4,304,788.70

Current assets, total 21,843,927.20 18,975,681.29

TOTAL ASSETS 33,724,366.91 30,708,962.18

L I A B I L I T I E S

EQUITY Note 2.6Share capital 2,337,500.00 2,337,500.00Share premium fund 3,044,513.65 3,044,513.65Invested unrestricted equity fund 4,647,810.18 4,647,810.18Profit brought forward -239,790.34 -237,815.97Profit from financial period 3,287,330.34 1,158,737.05

Total shareholders’ equity 13,077,363.83 10,950,744.91

MINORITY INTEREST 191,531.87 146,086.89

LIABILITIESLong-term liabilities 857,136.00 1,890,500.23 Note 2.7Short-term liabilities 19,598,335.21 17,721,630.14 Note 2.8

Liabilities, total 20,455,471.21 19,612,130.37

LIABILITIES TOTAL 33,724,366.91 30,708,962.18

Page 24: Samlink Annual report 2013

24

Consolidated financial statement

2013 2012

BUSINESS CASH FLOW:

Payments received from sales + 93,356,512.77 89,185,318.36Payments received from other business earnings + 20,971.36 63,540.69Payments from business costs - 85,507,407.30 85,487,302.93Business cash flow before financial items and taxes 7,870,076.83 3,761,556.12Interest paid from business - -286,733.43 -142,367.15Interest received from business +

Dividends received from business +

Direct taxes paid - -1,113,052.06 -242,747.89Cash flow before extraordinary items 6,470,291.34 3,376,441.08BUSINESS CASH FLOW 6,470,291.34 3,376,441.08

INVESTMENT CASH FLOW:

Investments in tangible and intangible assets - -2,957,147.46 -6,038,826.80INVESTMENT CASH FLOW -2,957,147.46 -6,038,826.80

FINANCIAL CASH FLOW:

Repayments of long-term loans -1,033,364.23 -285,716.00

Withdrawals of long-term loans 0.00 747,648.23Repayments of short-term loans -4,000,000.00 0.00Withdrawals of short-term loans 5,000,000.00 4,000,000.00Dividends paid - -1,181,039.00 -1,902,329.00FINANCIAL CASH FLOW -1,214,403.23 2,559,603.23

Change in financial assets 2,298,740.65 -102,782.49

FINANCIAL ASSETS AT THE START OF THE FINANCIAL PERIOD 4,304,788.70 4,407,571.19FINANCIAL ASSETS AT THE END OF THE FINANCIAL PERIOD 6,603,529.35 4,304,788.70

Page 25: Samlink Annual report 2013

25

1.1.-31.12.2013 1.1.-31.12.2012

NET SALES 84,699,248.75 80,554,786.97 Note 1.1

Other operating earnings 7,394.81 63,540.69 Note 1.2

Materials and services 22,190,317.58 21,595,359.25 Note 1.3

Personnel costs 24,843,832.47 22,970,800.78 Note 1.4

Depreciation and write-downs 2,085,554.90 1,097,699.29 Note 1.5

Other operating expenditure 31,236,741.11 32,364,446.08 Note 1.6

Costs in total 80,356,446.06 78,028,305.40

OPERATING PROFIT 4,350,197.50 2,590,022.26

Financial earnings and expenses -908,672.87 -73,615.35 Note 1.7

PROFIT BEFORE EXTRAORDINARY ITEMS 3,441,524.63 2,516,406.91

Extraordinary items 0.00 -830,000.00 Note 1.8

PROFIT BEFORE APPROPRIATIONS AND TAXES 3,441,524.63 1,686,406.91

Direct taxes -857,825.10 -134,218.96 Note 1.9

PROFIT FOR THE FINANCIAL PERIOD 2,583,699.53 1,552,187.95

Parent company profit and loss account

Page 26: Samlink Annual report 2013

26

31.12.2013 31.12.2012

A S S E T S

NON-CURRENT ASSETS

Intangible assets 9,918,408.33 8,949,221.77 Note 2.2

Tangible assets 479,404.02 656,508.82 Note 2.2

Shares to companies in the same group 2,696,682.37 4,132,672.72 Note 2.3

Non-current assets, total 13,094,494.72 13,738,403.31

CURRENT ASSETS

Short-term receivables 14,475,843.24 14,950,348.27 Note 2.5

Cash and cash in bank 3,974,033.01 1,754,422.49

Current assets, total 18,449,876.25 16,704,770.76

TOTAL ASSETS 31,544,370.97 30,443,174.07

L I A B I L I T I E S

EQUITY Note 2.6

Share capital 2,337,500.00 2,337,500.00

Share premium fund 3,044,513.65 3,044,513.65

Invested unrestricted equity fund 4,647,810.18 4,647,810.18

Profit brought forward 398,076.95 0.00

Profit from financial period 2,583,699.53 1,552,187.95

SHAREHOLDERS’ EQUITY TOTAL 13,011,600.31 11,582,011.78

LIABILITIES

Long-term liabilities 857,136.00 1,890,500.23 Note 2.7

Short-term liabilities 17,675,634.66 16,970,662.06 Note 2.8

Liabilities, total 18,532,770.66 18,861,162.29

LIABILITIES TOTAL 31,544,370.97 30,443,174.07

Parent company balance sheet

Page 27: Samlink Annual report 2013

27

Parent company financial statement2013 2012

BUSINESS CASH FLOW:

Payments received from sales + 83,743,357.40 79,099,545.72

Payments received from other business earnings + 7,394.81 63,540.69

Payments from business costs - -78,638,839.79 -74,975,342.19

Business cash flow before financial items and taxes 5,111,912.42 4,187,744.22

Interest paid from business - -291,526.74 -153,618.14

Interest received from business + 3,892.44 9,995.09

Dividends received from business + 814,951.78 70,007.70

Direct taxes paid - -772,155.72 -321,468.52

Cash flow before extraordinary items 4,867,074.18 3,792,660.35

BUSINESS CASH FLOW 4,867,074.18 3,792,660.35

INVESTMENT CASH FLOW:

Investments in tangible and intangible assets -2,877,636.66 -5,805,691.58

Loans granted - 0.00 1,500,000.00

Repayments of loan receivables + 1,500,000.00 0.00

INVESTMENT CASH FLOW -1,377,636.66 -7,305,691.58

FINANCIAL CASH FLOW:

Withdrawals of short-term loans + 5,000,000.00 4,000,000.00

Repayments of short-term loans - -4,000,000.00 0.00

Repayments of long-term loans - -285,716.00 -285,716.00

Withdrawals of long-term loans +  0.00  747,648.23

Group contributions paid - -830,000.00 0.00

Group contributions received + 0.00 270,000.00

Dividends paid - -1,154,111.00 -1,767,689.00

FINANCIAL CASH FLOW -1,269,827.00 2,964,243.23

Change in financial assets 2,219,610.52 -548,788.00

FINANCIAL ASSETS AT THE START OF THE FINANCIAL PERIOD 1,754,422.49 2,303,210.49

FINANCIAL ASSETS AT THE END OF THE FINANCIAL PERIOD 3,974,033.01 1,754,422.49

Page 28: Samlink Annual report 2013

28

Current assetsIncomplete current assets are valued according to their acquisition expenditure, which includes variable costs. Long-term projects have been posted as income on the principle of assignment. Receivables have been entered on the balance sheet at their nominal value, but at no more than their probable value.

Research and development expenditureThe company’s own development work is entered as annual costs in the year in which the costs arose, excluding development expenses related to the NEXT programme, which are being activated.

Pension costsPension costs are entered on an accrual basis and there are no uncovered pension liabilities.

ProvisionsProvisions are entered from deferred expenditure whose realisation is probable and which is allocated to the financial period just ended.

Foreign currency itemsThere are no foreign currency items.

Accounting principlesThe financial statements of Samlink Group from 2013 have been prepared in accordance with the Accounting Act presently in force and with the provisions concerning financial statements in the Limited Companies Act.

Consolidated financial statementsThe consolidated accounts include the financial statements of the parent company Oy Samlink Ab and its subsidiaries. Companies that have been treated as subsidiaries are those in which the parent company has control accordant to Chapter 1 Section 5 of the Accounting Act. The company has no associated companies.

The Group’s internal shareholding has been eliminated using the acquisition cost method. Companies acquired are treated as subsidiaries from the date upon which the Group gained control over them, and divested subsidiaries until the date upon which control was relinquished. All internal business transactions between group companies, internal receivables and liabilities, and internal dividends have

been eliminated when drawing up the consolidated accounts.

Valuation principlesNon-current assetsFixed assets are entered on the balance sheet quantitatively as a acquisition expense minus planned depreciation. Planned depreciation is calculated as straight-line depreciation based on the holding period of fixed assets.

Depreciation periods are as follows:Intangible assets 4–10 years Consolidated goodwill 5 years Computer equipment 2–4 years Machinery and equipment 3–5 years Rented equipment 2–4 yearsDevelopment expenditure 10 years

Development expenditure for the NEXT development programme is depreciated over ten years, because the service life of IT systems used in banking is typically long and the effective period of NEXT investment is deemed to be at least 10 years.

Page 29: Samlink Annual report 2013

29

1 Notes to the profit and loss accountGroup Group Parent Company Parent Company

31.12.2013 31.12.2012 31.12.2013 31.12.20121.1 Net sales by sector:

Financial sector 89,233,008.74 84,831,960.70 84,699,248.75 80,554,786.97Electronic transactions 4,582,430.70 5,013,297.52 0.00 0.00Total 93,815,439.44 89,845,258.22 84,699,248.75 80,554,786.97

Net sales by market areaFinland 93,815,439.44 89,845,258.22 84,699,248.75 80,554,786.97Total 93,815,439.44 89,845,258.22 84,699,248.75 80,554,786.97

1.2 Other operating earnings:Fixed assets sales gains 20,971.36 63,540.69 7,394.81 63,540.69Total 20,971.36 63,540.69 7,394.81 63,540.69

1.3 Materials and services:purchases of licences 24,392.25 58,332.75 0.00 0.00Total 24,392.25 58,332.75 0.00 0.00

Outsourced services 22,513,754.68 22,054,706.75 22,190,317.58 21,595,359.25Materials and services total 22,538,146.93 22,113,039.50 22,190,317.58 21,595,359.25

1.4 Personnel costs:Salaries and bonuses 29,897,926.41 28,524,433.30 21,419,703.71 20,583,178.41Pension costs 5,106,723.58 4,883,583.29 3,579,644.26 3,428,051.34Other personnel costs 1,471,203.47 1,434,073.77 1,122,884.77 1,091,052.50Total 36,475,853.46 34,842,090.36 26,122,232.74 25,102,282.25Activated personnel costs -1,278,400.27 -2,172,611.02 -1,278,400.27 -2,131,481.47Personnel costs total 35,197,453.19 32,669,479.34 24,843,832.47 22,970,800.78

Average number of employees during financial period 515 495 339 334

Auditor’s feesAuditing of the accounts 51,363.53 38,193.18 37,389.65 30,214.65Taxation advice 19,782.47 0.00 19,782.47 0.00Other services 0.00 75,291.99 0.00 57,727.59

Management salaries and bonusesPresident and CEO’s 584,183.85 540,056.39 0.00 0.00Remuneration for Members of the Board 67,500.00 21,500.00 67,500.00 21,500.00

Page 30: Samlink Annual report 2013

30

Group Group Parent Company Parent Company31.12.2013 31.12.2012 31.12.2013 31.12.2012

1.5 Depreciation and write-downsDepreciations from tangible and intangibleassets and write-downs 2,809,696.70 1,835,115.66 2,085,554.90 1,097,699.29

1.6 Other operating expenditureBrokered services 2,314,225.50 1,615,715.17 7,491,124.97 4,141,681.16Costs allocated to personnel 1,877,186.41 1,504,962.17 1,392,205.25 1,163,144.24Rents 8,713,883.35 10,335,924.05 8,224,309.20 9,960,648.44Office costs 2,952,793.94 2,715,473.99 1,948,899.64 1,736,382.00Other expenses 13,954,334.73 18,502,086.79 13,474,105.32 18,332,829.76Other operating expenditure, total 29,812,423.93 34,674,162.17 32,530,644.38 35,334,685.60Other activated operating expenditure -1,293,903.27 -2,970,239.52 -1,293,903.27 -2,970,239.52Other operating expenditure, total 28,518,520.66 31,703,922.65 31,236,741.11 32,364,446.08

1.7 Financial earnings and costs:Other interest and financial earningsfrom companies in the same group 0.00 0.00 814,387.31 69,614.81From elsewhere 7,948.97 12,496.64 4,456.91 10,387.98Interest and other financial earnings, total 7,948.97 12,496.64 818,844.22 80,002.79

Interest and other financial expenditureTo companies in the same group 0.00 0.00 0.00 2.28To elsewhere 294,682.40 154,863.79 291,526.74 153,615.86Interest and other financial expenditure, total 294,682.40 154,863.79 291,526.74 153,618.14

Write-downs of fixed asset investments 0.00 0.00 1,435,990.35 0.00Financial earnings and expenses, total -286,733.43 -142,367.15 -908,672.87 -73,615.35

1.8 Extraordinary items:Extraordinary expenses/Group contribution 0.00 0.00 0.00 830,000.00Extraordinary items, total 0.00 0.00 0.00 830,000.00

1.9 Direct taxes:Income taxes from actual operations 1,117,710.50 242,804.38 862,550.42 134,275.45Taxes from the previous financial period -4,658.44 -56.49 -4,725.32 -56.49Direct taxes, total 1,113,052.06 242,747.89 857,825.10 134,218.96

1 Notes to the profit and loss account

Page 31: Samlink Annual report 2013

31

2 Notes to the balance sheet2.1 Group non-current assets

Intangible assetsDevelopment expenditure Intangible rights Consolidated goodwill Other long-term expenditure

Acquisition cost 1 Jan 2013 8,306,880.08 5,612,878.34 2,987,266.20 300,591.70Additions 2,572,303.54 228,453.15 0.00 0.00Acquisition cost 31 Dec 2013 10,879,183.62 5,841,331.49 2,987,266.20 300,591.70

Accrued depreciation 1 Jan 2013 320,515.92 4,488,178.83 1,346,716.89 273,725.18Depreciation for the financial period 1,389,730.00 456,204.79 593,453.28 8,956.37Accrued depreciation 31 Dec 2013 1,710,245.92 4,944,383.62 1,940,170.17 282,681.55

Book value 31 Dec 2013 9,168,937.70 896,947.87 1,047,096.03 17,910.15

Intangible assets, total Tangible assetsmachinery and equipment

Acquisition cost 1 Jan 2013 17,207,616.32 7,551,115.55Additions 2,800,756.69 189,794.74Deductions 0.00 -93,432.51Acquisition cost 31 Dec 2013 20,008,373.01 7,647,477.78

Accrued depreciation 1 Jan 2013 6,429,136.82 6,596,314.16Accrued depreciation for deductions 0.00 -59,735.60Depreciation for the financial period 2,448,344.44 361,352.26Accrued depreciation 31 Dec 2013 8,877,481.26 6,897,930.82

Book value 31 Dec 2013 11,130,891.75 749,546.96

Page 32: Samlink Annual report 2013

32

2.2 Parent company non-current assets Intangible assets Tangible assets

Development expenditure Intangibles Machinery and equipmentrights

Acquisition cost 1 Jan 2013 8,306,880.08 5,656,439.31 6,802,087.93Additions 2,572,303.54 228,453.15 82,516.60Deductions 0.00 0.00 -27,056.47Acquisition cost 31 Dec 2013 10,879,183.62 5,884,892.46 6,857,548.06

Accrued depreciation 1 Jan 2013 320,515.92 4,693,581.70 6,145,579.11Accrued depreciation for deductions 0.00 0.00 -21,419.84

Depreciation for the financial period 1,389,730.00 441,840.13 253,984.77Accrued depreciation 31 Dec 2013 1,710,245.92 5,135,421.83 6,378,144.04

Book value 31 Dec 2013 9,168,937.70 749,470.63 479,404.02

Expenditure related to the latest products and services have been activated as development expenditure.

2.3 Investments of the parent company

SharesGroup companies

Acquisition cost 1 Jan 2013 4,132,672.72Write-downs -1,435,990.35Acquisition cost 31 Dec 2013 2,696,682.37

Parent company investments consist of shares in subsidiariesGroup companies

Group’s shareholding %Paikallispankkien PP-Laskenta Oy, Espoo 100%Samcom Oy, Jyväskylä 100%Project-IT, Lohja, starting in the Group from 1 June 2011 34%

The subsidiaries are combined in the Group.

2 Notes to the balance sheet

(the Group has a 51.5% share of voting rights)

Page 33: Samlink Annual report 2013

33

Group Group Parent Company Parent Company31.12.2013 31.12.2012 31.12.2013 31.12.2012

Receivables2.4 Long-term receivablesLong-term accrued income from elsewhereLong-term accrued income 132,359.88 15,989.04 0.00 0.00Long-term receivables, total 132,359.88 15,989.04 0.00 0.00

2.5 Short-term receivablesAccounts receivable from elsewhere 10,540,981.28 10,365,980.43 9,757,455.90 9,066,367.47Accounts receivable from the Group 0.00 0.00 258,916.10 326,843.20Advance payments made 1,431,476.78 1,346,251.49 1,419,172.78 1,346,251.49Loan receivables from the Group 0.00 0.00 0.00 1,500,000.00Other receivables 604,943.45 604,943.55 604,943.45 604,943.55Accrued income from elsewhere 2,506,816.46 2,308,115.83 2,435,219.15 1,798,087.75Accrued income from the Group 0.00 0.00 135.86 307,854.81Short-term receivables, total 15,084,217.97 14,625,291.30 14,475,843.24 14,950,348.27

Receivables, total 15,216,577.85 14,641,280.34 14,475,843.24 14,950,348.27

Other accrued income items:Accrued incomefrom Group companies 0.00 0.00 135.86 307,854.81Others 2,506,816.46 2,308,115.83 2,435,219.15 1,798,087.75Advance payments 1,431,476.78 1,346,251.49 1,419,172.78 1,346,251.49Total 3,938,293.24 3,654,367.32 3,854,527.79 3,452,194.05

2.6 EquityShare capital on 1 Jan 2,337,500.00 2,337,500.00 2,337,500.00 2,337,500.00Share capital on 31 Dec 2,337,500.00 2,337,500.00 2,337,500.00 2,337,500.00

Share premium fund 1 Jan 3,044,513.65 3,044,513.65 3,044,513.65 3,044,513.65Share premium fund 31 Dec 3,044,513.65 3,044,513.65 3,044,513.65 3,044,513.65

Invested unrestricted equity fund 1 Jan 4,647,810.18 5,000,067.20 4,647,810.18 5,000,067.20Repayment of capital 0.00 -352,257.02 0.00 -352,257.02Invested unrestricted equity fund 31 Dec 4,647,810.18 4,647,810.18 4,647,810.18 4,647,810.18

Profit from previous financial period 1 Jan 920,921.08 1,177,616.01 1,552,187.95 1,415,431.98Payment of dividend -1,154,111.00 -1,415,431.98 -1,154,111.00 -1,415,431.98Redemption of own Project-IT shares -6,600.42 0.00 0.00 0.00Profit from previous financial period 31 Dec

-239,790.34 -237,815.97 398,076.95 0.00

Profit/loss on financial period 3,287,330.34 1,158,737.05 2,583,699.53 1,552,187.95

Total shareholders’ equity 13,077,363.83 10,950,744.91 13,011,600.31 11,582,011.78 

Distributable assets total 7,695,350.18 5,568,731.26 7,629,586.66 6,199,998.13

The company has two types of shares. There are 137.500 A-shares and 8.590 B-shares.

Page 34: Samlink Annual report 2013

34

Group Group Parent Company Parent Company31.12.2013 31.12.2012 31.12.2013 31.12.2012

Liabilities

2.7 Long-term liabilities

Loans from financial institutions 857,136.00 1,890,500.23 857,136.00 1,890,500.23

Non-current liabilities, total 857,136.00 1,890,500.23 857,136.00 1,890,500.23

2.8 Short-term liabilities

Debts to others

Accounts payable 1,429,879.43 1,280,118.13 1,317,180.51 1,156,825.05

Accrued charges and deferred credits 8,676,480.09 9,573,214.02 6,511,049.82 7,930,653.31

Other short-term liabilities 4,206,304.58 2,582,581.99 3,916,800.12 2,275,213.59

Loans from financial institutions 5,285,671.11 4,285,716.00 5,285,716.00 4,285,716.00

Liabilities to companies in the same group

Accounts payable 0.00 0.00 193,570.98 223,580.81

Accrued charges and deferred credits 0.00 0.00 451,317.23 1,098,673.30

Short-term liabilities, total 19,598,335.21 17,721,630.14 17,675,634.66 16,970,662.06

Liabilities, total 20,455,471.21 19,612,130.37 18,532,770.66 18,861,162.29

Most significant items of accrued charges and deferred credits:Holiday pay liability with social costs 4,270,048.15 4,168,164.07 3,097,427.99 3,048,623.91

Other salary and social costs 80,439.95 116,264.87 32,619.39 22,065.33

Accounting items and cost accruals 4,325,991.99 5,288,785.08 3,381,002.44 4,859,964.07

Accrued charges and deferred credits, total 8,676,480.09 9,573,214.02 6,511,049.82 7,930,653.31

Page 35: Samlink Annual report 2013

35

Other notes to the accountsGroup Group Parent Company Parent Company

31.12.2013 31.12.2012 31.12.2013 31.12.2012

3.1 Securities issued, contingent liabilities and other liabilities

Securities issued on behalf of shareholders

Security deposit 737,303.33 622,833.59 604,943.45 604,943.55

Securities issued on behalf of shareholders, total 737,303.33 622,833.59 604,943.45 604,943.55

Contingent liabilities and liabilities

Leasing liabilities

Payables during the next 12 months 494,666.97 708,177.19 408,464.95 651,930.21

Payable after 12 months 359,081.26 587,953.06 284,386.44 491,229.19

Leasing liabilities, total 853,748.23 1,296,130.25 692,851.39 1,143,159.40

3.2 Other liabilities

Premises leasing liabilities

Payables during the next 12 months 2,860,926.39 2,755,449.73 2,466,733.08 2,420,114.76

Payable after 12 months 17,042,357.62 18,892,625.02 16,482,937.62 18,643,618.86

Premises leasing liabilities, total 19,903,284.01 21,648,074.75 18,949,670.70 21,063,733.62

Page 36: Samlink Annual report 2013

36

Espoo, 6 March 2014

Board of Directors

Pasi Kämäri, Chairman

Jukka Rauhala

Juhani Strömberg

Signatures

Today we present the report on the auditing that has been carried out.

Helsinki, 10 March 2014

PricewaterhouseCoopers Oy Authorised Public Accountants

Juha Tuomala Jan Holmberg APA APA

Jarmo Partanen

Olli Sydänlammi

Heikki SirvePresident and CEO

Anders Norrena

Heikki Suutala

Magnus Weurlander

Page 37: Samlink Annual report 2013

37

We have audited Oy Samlink Ab’s bookkeeping, financial statements, annual report and corporate governance for the financial year 1 January–31 December 2013. The financial statement includes both the Group’s and the parent company’s balance sheet, income statement, the financial statement and notes to the accounts. Responsibilities of the Board of Directors and CEOThe Board of Directors and the CEO are responsible for preparing the financial statement and annual report, and for

ensuring that they give correct and sufficient information in accordance with the regulations in force in Finland concerning the preparation of financial statements and annual reports. The Board of Directors is responsible for the appropriate organisation of control of bookkeeping and financial administration, and the CEO for seeing that the bookkeeping is done in accordance with the law and that financial administration is organised in a reliable way. Obligations of the AuditorOn the basis of the audit that we perform,

we are obliged to provide an opinion on the financial statements, the consolidated financial statements and the annual report. The Auditing Act stipulates that we must observe professional principles. We have performed the audit in compliance with good auditing practices observed in Finland. Good auditing practice requires us to plan and perform the audit, in order that we can be reasonably certain about whether fundamental inaccuracy exists in the financial statement or annual report, and whether the Members of the Board or CEO of the parent company are guilty of a deed or of negligence that might

Auditors’ reportFOR OY SAMLINK AB’S ANNUAL GENERAL MEETING

Page 38: Samlink Annual report 2013

38

result in the company being liable to pay compensation, or are in breach of the Limited Companies Act or the Articles of Association.

The audit entails measures aimed at obtaining auditing evidence of figures contained in the financial statement and annual report and of other information presented therein. The choice of measures is at the discretion of the auditor, and includes assessment of the risks of fundamental inaccuracy resulting from misdemeanour or error. In assessing these risks, the auditor takes into account internal supervision which, in the company, is important from a point of view of preparing the financial statement and annual report to ensure that they provide true and fair information. The auditor assesses such internal supervision in order to be able to plan auditing measures appropriate

to conditions, but not for the purpose of issuing an opinion on the effectiveness of the company’s internal supervision. Auditing also entails the evaluation of the appropriateness of principles applied in the preparation of the financial statement, the evaluation of the fairness of the accounting assessments made by serving management, and the evaluation of the general method of presentation of the financial statement and annual report.

As far as we understand, we have obtained a sufficient amount of auditing evidence applicable for our purpose on which to base our opinion. OpinionIn our opinion, the financial statement and annual report, as defined in regulations in force in Finland concerning the preparation of

financial statements and annual reports, give a true and fair view of the Group and parent company’s result of operations and financial standing. There is no conflict between the information in the report of operations and that in the financial statement.

Helsinki, 10 March 2014 PricewaterhouseCoopers OyAuthorised Public Accountants

Juha Tuomala Jan HolmbergAPA APA

Page 39: Samlink Annual report 2013
Page 40: Samlink Annual report 2013

Oy Samlink Ab. PO Box 130 (Linnoitustie 9), FI-02601 Espoo. Tel. +358 (0)9 548 050. www.samlink.fi.