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<br /> 2017<br /> Content<br /> Martela in brief 2<br /> Martela in 2017 3<br /> CEO’s review 4<br /> Operational environment 6<br /> Martela Lifecycle® 7<br /> Financial statements 9<br /> Martela in brief<br /> MARTELA DESIGNS AND CREATES the best work-<br /> places and learning environments for its customers.<br /> We offer user centric solutions for modern working<br /> environments – for mobile work and activity based<br /> offices. Martela’s objective is to provide its customers<br /> and partners with the best service and high-quality,<br /> ergonomic and innovative products. Fast deliveries<br /> and an efficient delivery network help us attain this<br /> objective.<br /> Martela is one of the leading companies in Nordic<br /> countries to concentrate in working environment. We<br /> also offer the widest range of services in the <a title="Martela_Annual_Report_2017 page 1" href="http://viewer.zmags.com/publication/304e2326?page=1"> 2017</a> <a title="Martela_Annual_Report_2017 page 2" href="http://viewer.zmags.com/publication/304e2326?page=2"> Content Martela in brief </a> <a title="Martela_Annual_Report_2017 page 3" href="http://viewer.zmags.com/publication/304e2326?page=3"> Martela in 2017 CHALLENGES IN IMPLEMENTING THE </a> <a title="Martela_Annual_Report_2017 page 4" href="http://viewer.zmags.com/publication/304e2326?page=4"> CEO’s review – Moving forward after a difficult y</a> <a title="Martela_Annual_Report_2017 page 5" href="http://viewer.zmags.com/publication/304e2326?page=5"> PREVAILING MEGATRENDS such as digitalisation and </a> <a title="Martela_Annual_Report_2017 page 6" href="http://viewer.zmags.com/publication/304e2326?page=6"> Nordic countries leading the way IN MARTEL</a> <a title="Martela_Annual_Report_2017 page 7" href="http://viewer.zmags.com/publication/304e2326?page=7"> Trends Change in content of work Work is</a> <a title="Martela_Annual_Report_2017 page 8" href="http://viewer.zmags.com/publication/304e2326?page=8"> Martela Lifecycle® – user centric workplaces and </a> <a title="Martela_Annual_Report_2017 page 9" href="http://viewer.zmags.com/publication/304e2326?page=9"> Financial statements Board of Directors’ Report </a> <a title="Martela_Annual_Report_2017 page 10" href="http://viewer.zmags.com/publication/304e2326?page=10"> Board of Directors’ Report Key figures The Group</a> <a title="Martela_Annual_Report_2017 page 11" href="http://viewer.zmags.com/publication/304e2326?page=11"> REVENUE 140 135,9 132,3 132,8 130 </a> <a title="Martela_Annual_Report_2017 page 12" href="http://viewer.zmags.com/publication/304e2326?page=12"> Corporate responsibility activities are supervise</a> <a title="Martela_Annual_Report_2017 page 13" href="http://viewer.zmags.com/publication/304e2326?page=13"> PERSONNEL BY AREAS, ON AVERAGE 2017 </a> <a title="Martela_Annual_Report_2017 page 14" href="http://viewer.zmags.com/publication/304e2326?page=14"> prevention of corruption and bribery Matters rela</a> <a title="Martela_Annual_Report_2017 page 15" href="http://viewer.zmags.com/publication/304e2326?page=15"> short-term risks The company operations have norm</a> <a title="Martela_Annual_Report_2017 page 16" href="http://viewer.zmags.com/publication/304e2326?page=16"> Consolidated comprehensive income statement (EU</a> <a title="Martela_Annual_Report_2017 page 17" href="http://viewer.zmags.com/publication/304e2326?page=17"> Consolidated balance sheet (EUR 1000) </a> <a title="Martela_Annual_Report_2017 page 18" href="http://viewer.zmags.com/publication/304e2326?page=18"> Statement of changes in equity (EUR 1000) </a> <a title="Martela_Annual_Report_2017 page 19" href="http://viewer.zmags.com/publication/304e2326?page=19"> Accounting principles for the consolidated financi</a> <a title="Martela_Annual_Report_2017 page 20" href="http://viewer.zmags.com/publication/304e2326?page=20"> the transaction date. At the end of the reporting</a> <a title="Martela_Annual_Report_2017 page 21" href="http://viewer.zmags.com/publication/304e2326?page=21"> that it is probable that taxable profit will be a</a> <a title="Martela_Annual_Report_2017 page 22" href="http://viewer.zmags.com/publication/304e2326?page=22"> Inventories Inventories are measured at the lower</a> <a title="Martela_Annual_Report_2017 page 23" href="http://viewer.zmags.com/publication/304e2326?page=23"> impairment testing The carrying amounts of non-cu</a> <a title="Martela_Annual_Report_2017 page 24" href="http://viewer.zmags.com/publication/304e2326?page=24"> 1. Segment reporting As reported earlier, as a r</a> <a title="Martela_Annual_Report_2017 page 25" href="http://viewer.zmags.com/publication/304e2326?page=25"> 3. Employee benefits expenses (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 26" href="http://viewer.zmags.com/publication/304e2326?page=26"> 6. Research and development expenses The income </a> <a title="Martela_Annual_Report_2017 page 27" href="http://viewer.zmags.com/publication/304e2326?page=27"> 10. Intangible assets (EUR 1 000) Acquisitio</a> <a title="Martela_Annual_Report_2017 page 28" href="http://viewer.zmags.com/publication/304e2326?page=28"> 11. Tangible assets (EUR 1 000) 1.1.2017–31.12</a> <a title="Martela_Annual_Report_2017 page 29" href="http://viewer.zmags.com/publication/304e2326?page=29"> Tangible assets, finance leases. Tangible assets i</a> <a title="Martela_Annual_Report_2017 page 30" href="http://viewer.zmags.com/publication/304e2326?page=30"> 13. Book values of financial assets and liabilitie</a> <a title="Martela_Annual_Report_2017 page 31" href="http://viewer.zmags.com/publication/304e2326?page=31"> 14. Deferred tax assets and liabilities (EUR 1 </a> <a title="Martela_Annual_Report_2017 page 32" href="http://viewer.zmags.com/publication/304e2326?page=32"> 15. Inventories (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 33" href="http://viewer.zmags.com/publication/304e2326?page=33"> 18. Share-based payments Share-based incentive </a> <a title="Martela_Annual_Report_2017 page 34" href="http://viewer.zmags.com/publication/304e2326?page=34"> Effect of share-based incentive schme 2017–2018 o</a> <a title="Martela_Annual_Report_2017 page 35" href="http://viewer.zmags.com/publication/304e2326?page=35"> 20. Pension obligations Martela’s defined benef</a> <a title="Martela_Annual_Report_2017 page 36" href="http://viewer.zmags.com/publication/304e2326?page=36"> 21. Current liabilities (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 37" href="http://viewer.zmags.com/publication/304e2326?page=37"> Analysis of sensitivity to transaction risk The f</a> <a title="Martela_Annual_Report_2017 page 38" href="http://viewer.zmags.com/publication/304e2326?page=38"> The maximum financial asset credit risk amount on</a> <a title="Martela_Annual_Report_2017 page 39" href="http://viewer.zmags.com/publication/304e2326?page=39"> Liquidity risks The Group strives to assess and m</a> <a title="Martela_Annual_Report_2017 page 40" href="http://viewer.zmags.com/publication/304e2326?page=40"> 23. Operating leases (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 41" href="http://viewer.zmags.com/publication/304e2326?page=41"> The table below presents the employee benefits re</a> <a title="Martela_Annual_Report_2017 page 42" href="http://viewer.zmags.com/publication/304e2326?page=42"> 26. Key financial indicators for the Group Mart</a> <a title="Martela_Annual_Report_2017 page 43" href="http://viewer.zmags.com/publication/304e2326?page=43"> Formulas to key figures Earnings / share </a> <a title="Martela_Annual_Report_2017 page 44" href="http://viewer.zmags.com/publication/304e2326?page=44"> 28. Shares and shareholders Share capital The n</a> <a title="Martela_Annual_Report_2017 page 45" href="http://viewer.zmags.com/publication/304e2326?page=45"> Parent Company Income Statement (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 46" href="http://viewer.zmags.com/publication/304e2326?page=46"> Parent Company Balance Sheet (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 47" href="http://viewer.zmags.com/publication/304e2326?page=47"> Parent Company’s Cash Flow Statement (EUR 1 000</a> <a title="Martela_Annual_Report_2017 page 48" href="http://viewer.zmags.com/publication/304e2326?page=48"> Accounting policies for parent company financial S</a> <a title="Martela_Annual_Report_2017 page 49" href="http://viewer.zmags.com/publication/304e2326?page=49"> Research and development: Research and developmen</a> <a title="Martela_Annual_Report_2017 page 50" href="http://viewer.zmags.com/publication/304e2326?page=50"> 1. Breakdown of revenue by market area, % of reve</a> <a title="Martela_Annual_Report_2017 page 51" href="http://viewer.zmags.com/publication/304e2326?page=51"> 6. Financial income and expenses (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 52" href="http://viewer.zmags.com/publication/304e2326?page=52"> 10. Tangible assets (EUR 1 000) 1.1.2017–31.12.</a> <a title="Martela_Annual_Report_2017 page 53" href="http://viewer.zmags.com/publication/304e2326?page=53"> 11. Investments (EUR 1 000) 1.1.2017–31.12.2017</a> <a title="Martela_Annual_Report_2017 page 54" href="http://viewer.zmags.com/publication/304e2326?page=54"> 12. Receivables (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 55" href="http://viewer.zmags.com/publication/304e2326?page=55"> 14. Depreciation difference (EUR 1 000) </a> <a title="Martela_Annual_Report_2017 page 56" href="http://viewer.zmags.com/publication/304e2326?page=56"> 17. Pledges granted and contingent liabilities </a> <a title="Martela_Annual_Report_2017 page 57" href="http://viewer.zmags.com/publication/304e2326?page=57"> Auditor’s Report To the Annual General Meeting o</a> <a title="Martela_Annual_Report_2017 page 58" href="http://viewer.zmags.com/publication/304e2326?page=58"> how the matter was addressed in the audit • We ha</a> <a title="Martela_Annual_Report_2017 page 59" href="http://viewer.zmags.com/publication/304e2326?page=59"> mine is necessary to enable the preparation of fi</a> <a title="Martela_Annual_Report_2017 page 60" href="http://viewer.zmags.com/publication/304e2326?page=60"> Corporate governance statement 2017 Corporate go</a> <a title="Martela_Annual_Report_2017 page 61" href="http://viewer.zmags.com/publication/304e2326?page=61"> Board must have both sexes and a diverse age dist</a> <a title="Martela_Annual_Report_2017 page 62" href="http://viewer.zmags.com/publication/304e2326?page=62"> tionship, which are defined in a written CEO’s se</a> <a title="Martela_Annual_Report_2017 page 63" href="http://viewer.zmags.com/publication/304e2326?page=63"> Management remuneration, benefits and incentive pl</a> <a title="Martela_Annual_Report_2017 page 64" href="http://viewer.zmags.com/publication/304e2326?page=64"> Board From left: Yrjö Närhinen, Kirsi Komi, Anni</a> <a title="Martela_Annual_Report_2017 page 65" href="http://viewer.zmags.com/publication/304e2326?page=65"> Members of the Board Chairman of the board Mart</a> <a title="Martela_Annual_Report_2017 page 66" href="http://viewer.zmags.com/publication/304e2326?page=66"> Management team From left: Petri Boman, Riitta J</a> <a title="Martela_Annual_Report_2017 page 67" href="http://viewer.zmags.com/publication/304e2326?page=67"> Members of group management team Chief Executive</a> <a title="Martela_Annual_Report_2017 page 68" href="http://viewer.zmags.com/publication/304e2326?page=68"> Information for shareholders Annual General Meet</a> <a title="Martela_Annual_Report_2017 page 69" href="http://viewer.zmags.com/publication/304e2326?page=69"> Contact Finland Martela Oyj Takkatie 1 PL 44 F</a>