FINANCIAL STATEMENTS 2017A 2018A 2019A

Assumptions
Income Statement
New equipment sales as % of total 52.9% 53.3%
Services sales as % of total 47.1% 46.7%
Sales growth (%) 3.1% 10.0%
Cost & expenses as % sales
Direct materials, supplies and subcontracting 39.8% 40.3%
Wages, salaries, and other employment expenses 31.1% 30.5%
Other production costs 8.1% 7.5%
Selling, administrative and other expenses 7.6% 7.1%
Items impacting comparability 0.8% 0.5%
Depreciation and amortization 31.5% 60.8%
Other Income (22) (19)
Share of associated companies' net income (3) -
Financing expense (%) 6.4% 4.8%
Financing income 61 52
Effective tax rate 22.3% 22.9%

Dividend payout ratio 100% 91%

Balance sheet
Accounts receivable (Days) 80 82
Inventory (Days) 63 59
Accounts payable (Days) 79 73
Capital Expenditures 1% 1%
ST loans (Days) 1 4
Debt Issuance (Repayment) - -
Equity issued (Repaid)
Current deposits and loan (Days) 57 58

Debt issuance (Repayment)

Equity issued (Repaid)

Income Statement MEUR

Sales
New equipment 4,654 4,797 5,319
Services 4,143 4,274 4,663
Total 8,797 9,071 9,982
Cost & expenses
Direct materials, supplies and subcontracting 3,614 4,022
Wages, salaries, and other employment expenses 2,818 3,048
Other production costs 739 745
 Selling, administrative and other expenses 690 706
Items impacting comparability 70 45
Depreciation and amortization 119 242
Other income (22) (19)
Total cost & expenses 8,028 8,790
Operating income 1,042 1,192
Share of associated companies' net income (3) -
Financing income 61 52
Financing expenses (14) (27)
Income before taxes 1,087 1,217
Taxes (242) (279)
Net income 845 938
Net income attributable to:
Shareholders of the parent company 841 931
Non-controlling interests 4 7
Total 841 931
Weighted average number of shares
Basic 514,746 516,252
Diluted 516,084 517,105

Earnings per share attributable to

the shareholders of the parent company
Basic 1.63 1.80
Diluted 1.63 1.80

Balance Sheet MEUR

Non-current assets
Goodwill 1,333 1,367
Other intangible assets 260 248
Tangible assets 377 397 742
Shares and other non-current financial assets 143 139
Non-current loans receivable 1 1
Employee benefits 29 22
Deferred tax assets 254 292
Total non-current assets 2,418 2,811
Current assets
Inventories 627 624 649
Accounts receivable 1,911 1,988 2,232
Deferred assets 602 596
Income tax receivables 59 74
Current deposits and loan 1,407 1,590
Cash and cash equivalents 636 662
Total current assets 5,316 5,802

Total assets 7,734 8,613

Shareholders' Equity
 Share capital 66 66
Share premium account 100 100
Paid-up unrestricted equity reserve 259 322
Fair value and hedge reserves 27 10
Translation differences 65 110
Remeasurements of employee benefits (90) (124)
Retained earnings 2,637 2,688
Total Shareholders' Equity 3,065 3,173
Non-controlling interests 16 20

Total Equity 3,081 3,193

Non-current liabilities
Loans 194 427
Employee benefits 147 173
Deferred tax liabilities 149 160
Total non-current liabilities 490 760
Provisions 139 127

Current liabilities
Current portion of long-term loans 16 104
Short-term loans and other liabilities 13 18
Advance payments received and deferred revenue 1,562 1,754
Accounts payable 705 787 810
Accruals 1,574 1,725
Income tax payables 73 123
Total current liabilities 4,025 4,533

Total Liabilities 4,653 5,421

Total equity and liabilities 7,734 8,613

1.00 1.00
0.00 0.00

Cash Flow MEUR

Cash receipts from customers 9,003 9,967

Cash paid to suppliers and employees (7,852) (8,418)
Cash flow from operations before financing items and taxes 1,150 1,550
Interest received 41 39
Interest paid (3) (16)
Dividends received and capital repayments 9 6
Other financing items (17) (22)
Income taxes paid (210) (287)
Cash flow from operating activities 970 1,270
Capital expenditure (114) (98)
Proceeds from sales of fixed assets 3 -
 Acquisitions, net of cash (27) (27)
Proceeds from sales of businesses 16 3
Cash flow from investing activities (121) (122)

Cash flow after investing activities 849 1,148

Change in deposits and loan receivables, net 155 (183)
Change of current creditors (13) (120)
Proceeds from long-term liabilities - -
Payments of long-term liabilities (23) (14)
Purchase of own shares - -
Increase in equity (option rights) 23 38
Profit distribution (849) (852)
Changes in non-controlling interests (3) (4)
Cash flow from financing activities (709) (1,135)

Change in cash and cash equivalents 140 13

Cash and cash equivalents at beginning of period 497 636

Translation differences (0) 13
Cash and cash equivalents at end of period 636 662

Supporting Schedule
Working capital schedule
Accounts receivable 1,911 1,988 2,232
Inventory 627 624 649
Accounts payable 705 787 810
Net working capital (NWC) 1,833 1,826 2,071
Change in NWC (7) 245

Depreciation schedule
PPE opening 377 397
Capex 114 98
Depreciation 119 242
PPE Closing 377 397 742
PPE Adjustment 26 488

Intrest bearing LT liabilities schedule

Debt opening 222 549
Issuance (repayment) - -
Debt closing 222 549

ST Loans 28 122
2020A 2021E 2022E 2023E 2024E 2025E ###
###
###
###
###
53.7% 53.3% 53.3% 53.3% 53.3% 53.3%###
46.3% 46.7% 46.7% 46.7% 46.7% 46.7%###
-0.4% 4.7% 4.7% 4.7% 4.7% 4.7%###
###
39.8% 40.0% 40.0% 40.0% 40.0% 40.0%###
30.6% 30.7% 30.7% 30.7% 30.7% 30.7%###
7.2% 7.6% 7.6% 7.6% 7.6% 7.6%###
7.7% 7.5% 7.5% 7.5% 7.5% 7.5%###
0.4% 0.5% 0.5% 0.5% 0.5% 0.5%###
32.2% 32.2% 32.2% 32.2% 32.2% 32.2%###
(27) (23) (23) (23) (23) (23)
###
- - - - - -
6.0% 5.7% 5.7% 5.7% 5.7% 5.7%###
42 52 52 52 52 52###
22.6% 22.6% 22.6% 22.6% 22.6% 22.6%

93% 95% 95% 95% 95% 95%

###
###
80 80 80 80 80 80
###
55 55 55 55 55 55
###
82 82 82 82 82 82
###
1% 1% 1% 1% 1% 1%
###
10 5 5 5 5 ###
5
- 50 - 50 - 50
###

80 65 65 65 65 65

###
###
###
###
###
###
###
5,340 5,545 5,804 6,075 6,359 6,657
###
4,598 4,858 5,085 5,323 5,572 5,832
###
9,939 10,403 10,889 11,398 11,931 12,489
###
###
3,958 4,160 4,354 4,558 4,771 4,994
###
3,043 3,198 3,348 3,504 3,668 3,839
###
713 790 827 866 906 949
###
 762 775 811 849 889 931###
38 55 58 61 64 67###
239 229 228 229 232 235###
(27) (23) (23) (23) (23) (23)
###
8,726 9,185 9,604 10,045 10,507 10,992###
1,213 1,218 1,285 1,354 1,424 1,497###
- - - - - -###
42 52 52 52 52 52###
(30) (29) (32) (32) (35) (35)
###
1,224 1,241 1,305 1,373 1,441 1,514###
(277) (281) (295) (311) (326) (342)
###
947 960 1,010 1,063 1,115 1,171###
###
939 952 1,001 1,054 1,105 1,161###
8 8 9 9 10 10###
939 952 1,001 1,054 1,105 1,161###
###
517,679 517,679 517,679 517,679 517,679 517,679###
518,264 518,264 518,264 518,264 518,264 518,264###
###

###
1.81 1.84 1.93 2.04 2.14 2.24
###
1.81 1.84 1.93 2.03 2.13 2.24
###
###
###
###
###
###
1,327 1,327 1,327 1,327 1,327 1,327
###
223 223 223 223 223 223
###
710 708 712 720 731 744
###
143 143 143 143 143 143
###
1 1 1 1 1 ###
1
19 19 19 19 19 19
###
242 242 242 242 242 242
###
2,666 2,664 2,668 2,676 2,687 2,700###
###
597 628 657 688 720 753
###
2,179 2,280 2,387 2,499 2,615 2,738
###
639 639 639 639 639 639
###
82 82 82 82 82 82
###
2,171 1,848 1,934 2,024 2,119 2,218###
458 ###
6,126 5,477 5,699 5,932 6,175 6,430###
###
8,792 8,141 8,367 8,608 8,862 9,131###
###
 66 66 66 66 66 66
###
100 100 100 100 100 100
###
346 346 346 346 346 346
###
42 42 42 42 42 42
###
(11) (11) (11) (11) (11) (11)
###
(115) (115) (115) (115) (115) (115)
###
2,747 2,797 2,850 2,905 2,964 3,025###
3,175 3,225 3,278 3,333 3,392 3,453###
23 23 23 23 23 23
###
###
3,197 3,248 3,300 3,356 3,414 3,476###
###
244 559 559 609 609 659###
187 187 187 187 187 187###
90 90 90 90 90 90
###
522 836 836 886 886 936###
155 155 155 155 155 155###
###
###
259 145 152 159 167 174###
6 - - - - -###
1,767 1,767 1,767 1,767 1,767 1,767###
891 936 980 1,026 1,074 1,124###
1,883 1,883 1,883 1,883 1,883 1,883###
114 - - - - -###
4,918 4,731 4,782 4,835 4,890 4,948###
###
5,595 5,722 5,773 5,876 5,931 6,039###
###
8,792 8,970 9,073 9,231 9,345 9,514###
###
1.00 ###
0.00 -828.40 -705.55 -623.42 -482.65 -383.75###
###
###
###
###
10,057 ###
(8,150) ###
1,908 ###
31 ###
(19) ###
8 ###
(44) ###
(333) ###
1,550 ###
(88) (108) (113) (119) (124) (130)
###
5 ###
 (27) ###
- ###
(110) ###
###
1,440 ###
(606) ###
(130) ###
- ###
(4) ###
- ###
- ###
(881) (902) (948) (998) (1,047) (1,100)
###
(4) ###
(1,624) ###
###
(184) ###

662 ###
(20) ###
458 ###
###
###
###
###
###
2,179 2,280 2,387 2,499 2,615 2,738
###
597 628 657 688 720 753
###
891 936 980 1,026 1,074 1,124
###
1,885 1,972 2,064 2,160 2,261 2,367
###
(186) 87 92 96 101 106
###
###
###
###
742 710 708 712 720 731
###
88 108 113 119 124 130
###
239 229 228 229 232 235
###
710 708 712 720 731 744
###
119 119 119 119 119 119
###
###

###
509 509 559 559 609 609
###
- 50 - 50 - 50
###
509 559 559 609 609 659
###
###
265 145 152 159 167 174
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
 Notes

Estimates based on average of % sales of total from 2018A - 2020A

Estimates based on average of % sales of total from 2018A - 2020A
Sales estimted to grow at 4.7%, actual sales CAGR from 2018A - 2020A

Average of COGS as % of Sales for year 2018A - 2020A

Fairly fixed cost
Average of % of Sales for year 2018A - 2020A
Fairly fixed cost
One-offs so considered latest figures
Considered 2020A D&A as % of tangible assets
Average of other income for year 2018A - 2020A
Associate income for year 2020A
Average of % of debt opening balance for year 2018 - 2020
Average of financing income for year 2018A - 2020A
Effective tax rate for year 2020A

Average of dividend payout ratio for year 2018A - 2020A

(182.500) (581.900) 323.681
Translation differences other than capex and D&A accounted for PPE opening balance and closing balance
(86.367)
ing balance
MEUR 2018A 2019A 2020A 2021A
Non-current assets
Goodwill 1,333 1,367 1,327
Other intangible assets 260 248 223
Tangible assets 397 742 710
Shares and other non-current financial assets 143 139 143
Non-current loans receivable 1 1 1
Employee benefits 29 22 19
Deferred tax assets 254 292 242
Total non-current assets 2,418 2,811 2,666
Current assets
Inventories 624 649 597
Accounts receivable 1,988 2,232 2,179
Deferred assets 602 596 639
Income tax receivables 59 74 82
Current deposits and loan 1,407 1,590 2,171
Cash and cash equivalents 636 662 458
Total current assets 5,316 5,802 6,126

Total assets 7,734 8,613 8,792

Shareholders' Equity
Share capital 66 66 66
Share premium account 100 100 100
Paid-up unrestricted equity reserve 259 322 346
Fair value and hedge reserves 27 10 42
Translation differences 65 110 (11)
Remeasurements of employee benefits (90) (124) (115)
Retained earnings 2,637 2,688 2,747
Total Shareholders' Equity 3,065 3,173 3,175
Non-controlling interests 16 20 23

Total Equity 3,081 3,193 3,197

Non-current liabilities
Loans 194 427 244
Employee benefits 147 173 187
Deferred tax liabilities 149 160 90
Total non-current liabilities 490 760 522
Provisions 139 127 155

Current liabilities
Current portion of long-term loans 16 104 259
 Short-term loans and other liabilities 13 18 6

Advance payments received and deferred revenue 1,562 1,754 1,767

Accounts payable 787 810 891
Accruals 1,574 1,725 1,883
Income tax payables 73 123 114
Total current liabilities 4,025 4,533 4,918

Total Liabilities 4,653 5,421 5,595

Total equity and liabilities 7,734 8,613 8,792

1.00 1.00 1.00

2022A 2023A 2024E 2025E
MEUR 2018A 2019A 2020A

Cash receipts from customers 9,003 9,967 10,057

Cash paid to suppliers and employees (7,852) (8,418) (8,150)
Cash flow from operations before financing items and taxes 1,150 1,550 1,908
Interest received 41 39 31
Interest paid (3) (16) (19)
Dividends received and capital repayments 9 6 8
Other financing items (17) (22) (44)
Income taxes paid (210) (287) (333)
Cash flow from operating activities 970 1,270 1,550
Capital expenditure (114) (98) (88)
Proceeds from sales of fixed assets 3 - 5
Acquisitions, net of cash (27) (27) (27)
Proceeds from sales of businesses 16 3 -
Cash flow from investing activities (121) (122) (110)

Cash flow after investing activities 849 1,148 1,440

Change in deposits and loan receivables, net 155 (183) (606)
Change of current creditors (13) (120) (130)
Proceeds from long-term liabilities - - -
Payments of long-term liabilities (23) (14) (4)
Purchase of own shares - - -
Increase in equity (option rights) 23 38 -
Profit distribution (849) (852) (881)
Changes in non-controlling interests (3) (4) (4)
Cash flow from financing activities (709) (1,135) (1,624)

Change in cash and cash equivalents 140 13 (184)

Cash and cash equivalents at beginning of period 497 636 662
Translation differences (0) 13 (20)
Cash and cash equivalents at end of period 636 662 458
2021A 2022A 2023A 2024E 2025E
Interest-bearing debt < 1 year 1–5 years > 5 years 2020A 2021E
Long-term loans
Lease liabilities 98.9 199.8 44.2 342.9
Short-term loans 160 - 160
Used bank overdraft limits 1.4 - 1.4
Option liabilities from acquisitions 4.2 - 4.2
Employee benefits 187.2 187.2 187.2
Opening balance 695.7 244
ST Loans & liabilities 28.8% 264.5 70.4
LT Loans and liabilities 244 -13.57504
Employee benefits 187.2