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<br /> 2018<br /> Content<br /> Martela in brief 2<br /> Martela in 2018 3<br /> CEO’s review 4<br /> Highlights in 2018 6<br /> Operational environment 7<br /> Martela Lifecycle® 8<br /> Board of Directors’ Report<br /> and Financial Statements 10<br /> Martela in brief<br /> MARTELA IS A NORDIC LEADER SPECIALISING in user centric working and learn-<br /> ing environments.<br /> We offer our customers a single point of contact throughout the workplace life­<br /> cycle, from specifying needs to maintenance and optimisation of the workplace.<br /> Martela is a family company founded in 1945 and its shares are quoted on the<br /> OMX Nordic Exchange Helsinki. Our main market areas are Finland, Sweden and<br /> Norway, and our solutions are also sold globally through our network of dealers.<br /> <a title="Martela_Annual_report_2018 page 1" href="http://viewer.zmags.com/publication/3e31fa2c?page=1"> 2018</a> <a title="Martela_Annual_report_2018 page 2" href="http://viewer.zmags.com/publication/3e31fa2c?page=2"> Content Martela in brief </a> <a title="Martela_Annual_report_2018 page 3" href="http://viewer.zmags.com/publication/3e31fa2c?page=3"> Martela 2018 IN 2018, Martela’s revenue and oper</a> <a title="Martela_Annual_report_2018 page 4" href="http://viewer.zmags.com/publication/3e31fa2c?page=4"> Challenging market – operating efficiency imp AT</a> <a title="Martela_Annual_report_2018 page 5" href="http://viewer.zmags.com/publication/3e31fa2c?page=5"> Our goal is to offer the best customer experience</a> <a title="Martela_Annual_report_2018 page 6" href="http://viewer.zmags.com/publication/3e31fa2c?page=6"> Highlights in 2018 Syvälahti community </a> <a title="Martela_Annual_report_2018 page 7" href="http://viewer.zmags.com/publication/3e31fa2c?page=7"> Transformation of workplaces continues DIFFERENT</a> <a title="Martela_Annual_report_2018 page 8" href="http://viewer.zmags.com/publication/3e31fa2c?page=8"> Costs Usage % 4. MAINTENANCE AND DEVELOPMEN</a> <a title="Martela_Annual_report_2018 page 9" href="http://viewer.zmags.com/publication/3e31fa2c?page=9"> Martela Lifecycle® – User-centric workplaces and </a> <a title="Martela_Annual_report_2018 page 10" href="http://viewer.zmags.com/publication/3e31fa2c?page=10"> Board of Directors’ Report and Financial Statemen</a> <a title="Martela_Annual_report_2018 page 11" href="http://viewer.zmags.com/publication/3e31fa2c?page=11"> Board of Directors’ Report Key figures The Group’s</a> <a title="Martela_Annual_report_2018 page 12" href="http://viewer.zmags.com/publication/3e31fa2c?page=12"> REVENUE </a> <a title="Martela_Annual_report_2018 page 13" href="http://viewer.zmags.com/publication/3e31fa2c?page=13"> also houses most of the company’s R&D and purchas</a> <a title="Martela_Annual_report_2018 page 14" href="http://viewer.zmags.com/publication/3e31fa2c?page=14"> PERSONNEL BY AREAS, ON AVERAGE 2018 </a> <a title="Martela_Annual_report_2018 page 15" href="http://viewer.zmags.com/publication/3e31fa2c?page=15"> before Interest and Taxes (EBIT) and from the ear</a> <a title="Martela_Annual_report_2018 page 16" href="http://viewer.zmags.com/publication/3e31fa2c?page=16"> Consolidated comprehensive income statement (EU</a> <a title="Martela_Annual_report_2018 page 17" href="http://viewer.zmags.com/publication/3e31fa2c?page=17"> Consolidated balance sheet (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 18" href="http://viewer.zmags.com/publication/3e31fa2c?page=18"> Statement of changes in equity Share (EUR 1 00</a> <a title="Martela_Annual_report_2018 page 19" href="http://viewer.zmags.com/publication/3e31fa2c?page=19"> Accounting Principles for the Consolidated Financ</a> <a title="Martela_Annual_report_2018 page 20" href="http://viewer.zmags.com/publication/3e31fa2c?page=20"> Other amended standards did not have an effect on</a> <a title="Martela_Annual_report_2018 page 21" href="http://viewer.zmags.com/publication/3e31fa2c?page=21"> pay all employees the benefits relating to employ</a> <a title="Martela_Annual_report_2018 page 22" href="http://viewer.zmags.com/publication/3e31fa2c?page=22"> tangible assets Land, buildings, machinery and eq</a> <a title="Martela_Annual_report_2018 page 23" href="http://viewer.zmags.com/publication/3e31fa2c?page=23"> A simplified model according to IFRS 9 is </a> <a title="Martela_Annual_report_2018 page 24" href="http://viewer.zmags.com/publication/3e31fa2c?page=24"> Application of new and revised IFRS’s and IFRIC i</a> <a title="Martela_Annual_report_2018 page 25" href="http://viewer.zmags.com/publication/3e31fa2c?page=25"> 1. Segment reporting As a result of harmonising</a> <a title="Martela_Annual_report_2018 page 26" href="http://viewer.zmags.com/publication/3e31fa2c?page=26"> 3. Employee benefits expenses (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 27" href="http://viewer.zmags.com/publication/3e31fa2c?page=27"> 6. Research and development expenses The income</a> <a title="Martela_Annual_report_2018 page 28" href="http://viewer.zmags.com/publication/3e31fa2c?page=28"> 10. Intangible assets (EUR 1 000) Acquisitio</a> <a title="Martela_Annual_report_2018 page 29" href="http://viewer.zmags.com/publication/3e31fa2c?page=29"> 11. Tangible assets (EUR 1 000) 1.1.2018–31.12</a> <a title="Martela_Annual_report_2018 page 30" href="http://viewer.zmags.com/publication/3e31fa2c?page=30"> Tangible assets, finance leases Tangible assets in</a> <a title="Martela_Annual_report_2018 page 31" href="http://viewer.zmags.com/publication/3e31fa2c?page=31"> 13. Book values of financial assets and liabilitie</a> <a title="Martela_Annual_report_2018 page 32" href="http://viewer.zmags.com/publication/3e31fa2c?page=32"> 14. Deferred tax assets and liabilities (EUR 1 </a> <a title="Martela_Annual_report_2018 page 33" href="http://viewer.zmags.com/publication/3e31fa2c?page=33"> 15. Inventories (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 34" href="http://viewer.zmags.com/publication/3e31fa2c?page=34"> 18. Share-based payments Share-based incentive </a> <a title="Martela_Annual_report_2018 page 35" href="http://viewer.zmags.com/publication/3e31fa2c?page=35"> 19. Financial liabilities (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 36" href="http://viewer.zmags.com/publication/3e31fa2c?page=36"> 20. Pension obligations Martela’s defined benefi</a> <a title="Martela_Annual_report_2018 page 37" href="http://viewer.zmags.com/publication/3e31fa2c?page=37"> 21. Current liabilities (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 38" href="http://viewer.zmags.com/publication/3e31fa2c?page=38"> Analysis of sensitivity to transaction risk The f</a> <a title="Martela_Annual_report_2018 page 39" href="http://viewer.zmags.com/publication/3e31fa2c?page=39"> The maximum financial asset credit risk amount on</a> <a title="Martela_Annual_report_2018 page 40" href="http://viewer.zmags.com/publication/3e31fa2c?page=40"> Liquidity risks The Group strives to assess and m</a> <a title="Martela_Annual_report_2018 page 41" href="http://viewer.zmags.com/publication/3e31fa2c?page=41"> 23. Operating leases (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 42" href="http://viewer.zmags.com/publication/3e31fa2c?page=42"> The table below presents the employee benefits re</a> <a title="Martela_Annual_report_2018 page 43" href="http://viewer.zmags.com/publication/3e31fa2c?page=43"> 26. Key financial indicators for the Group Mart</a> <a title="Martela_Annual_report_2018 page 44" href="http://viewer.zmags.com/publication/3e31fa2c?page=44"> Formulas to key figures Earnings / share </a> <a title="Martela_Annual_report_2018 page 45" href="http://viewer.zmags.com/publication/3e31fa2c?page=45"> 28. Shares and shareholders Share capital The n</a> <a title="Martela_Annual_report_2018 page 46" href="http://viewer.zmags.com/publication/3e31fa2c?page=46"> Parent Company Income Statement (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 47" href="http://viewer.zmags.com/publication/3e31fa2c?page=47"> Parent Company Balance Sheet (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 48" href="http://viewer.zmags.com/publication/3e31fa2c?page=48"> Parent Company’s Cash Flow Statement (EUR 1 000</a> <a title="Martela_Annual_report_2018 page 49" href="http://viewer.zmags.com/publication/3e31fa2c?page=49"> Accounting Policies for Parent Company Financial </a> <a title="Martela_Annual_report_2018 page 50" href="http://viewer.zmags.com/publication/3e31fa2c?page=50"> Income tax: The company income taxes are recognis</a> <a title="Martela_Annual_report_2018 page 51" href="http://viewer.zmags.com/publication/3e31fa2c?page=51"> 1. Breakdown of revenue by market area, % of reve</a> <a title="Martela_Annual_report_2018 page 52" href="http://viewer.zmags.com/publication/3e31fa2c?page=52"> 6. Financial income and expenses (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 53" href="http://viewer.zmags.com/publication/3e31fa2c?page=53"> 10. Tangible assets (EUR 1 000) 1.1.2018–31.12.</a> <a title="Martela_Annual_report_2018 page 54" href="http://viewer.zmags.com/publication/3e31fa2c?page=54"> 11. Investments (EUR 1 000) 1.1.2018–31.12.2018</a> <a title="Martela_Annual_report_2018 page 55" href="http://viewer.zmags.com/publication/3e31fa2c?page=55"> 12. Receivables (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 56" href="http://viewer.zmags.com/publication/3e31fa2c?page=56"> 14. Depreciation difference (EUR 1 000) </a> <a title="Martela_Annual_report_2018 page 57" href="http://viewer.zmags.com/publication/3e31fa2c?page=57"> 17. Pledges granted and contingent liabilities </a> <a title="Martela_Annual_report_2018 page 58" href="http://viewer.zmags.com/publication/3e31fa2c?page=58"> Auditor’s Report This document is an English tran</a> <a title="Martela_Annual_report_2018 page 59" href="http://viewer.zmags.com/publication/3e31fa2c?page=59"> how the matter was addressed in the audit • We ev</a> <a title="Martela_Annual_report_2018 page 60" href="http://viewer.zmags.com/publication/3e31fa2c?page=60"> In preparing the financial statements, the B</a> <a title="Martela_Annual_report_2018 page 61" href="http://viewer.zmags.com/publication/3e31fa2c?page=61"> Corporate Governance Statement 2018 Corporate go</a> <a title="Martela_Annual_report_2018 page 62" href="http://viewer.zmags.com/publication/3e31fa2c?page=62"> Board must have both sexes and a diverse a</a> <a title="Martela_Annual_report_2018 page 63" href="http://viewer.zmags.com/publication/3e31fa2c?page=63"> Group management team The Board of Directors and </a> <a title="Martela_Annual_report_2018 page 64" href="http://viewer.zmags.com/publication/3e31fa2c?page=64"> Insider administration Martela complies with the </a> <a title="Martela_Annual_report_2018 page 65" href="http://viewer.zmags.com/publication/3e31fa2c?page=65"> Board of Directors From left: Eero Martel</a> <a title="Martela_Annual_report_2018 page 66" href="http://viewer.zmags.com/publication/3e31fa2c?page=66"> Board of Directors Chairman of the Board Martel</a> <a title="Martela_Annual_report_2018 page 67" href="http://viewer.zmags.com/publication/3e31fa2c?page=67"> Group Management Team From left: Johan Wes</a> <a title="Martela_Annual_report_2018 page 68" href="http://viewer.zmags.com/publication/3e31fa2c?page=68"> Group Management Team Chief Executive Officer (</a> <a title="Martela_Annual_report_2018 page 69" href="http://viewer.zmags.com/publication/3e31fa2c?page=69"> Information for Shareholders Annual General Meet</a> <a title="Martela_Annual_report_2018 page 70" href="http://viewer.zmags.com/publication/3e31fa2c?page=70"> Contact Finland Martela Oyj Takkatie 1 PL 44 F</a>