2022
Board of directors’ report
and financial statements
ENENTO GROUP PLC
This publication includes the Board of Directors’ Report including
a report on non-financial information, the Financial Statements
including Notes to the Financial Statements, the Auditor’s Report
and the Corporate Governance Statement.
Contents
BOARD OF DIRECTORS’ REPORT
BOARD OF DIRECTORS’ REPORT 2022 .............................................................................. 3
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................. 26
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .............................................28
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .............................................29
CONSOLIDATED STATEMENT OF CASH FLOWS .............................................................31
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .......................................32
1 General information ...........................................................................................................32
2 Summary of significant accounting policies ............................................................32
2.1 Basis of preparation ....................................................................................................32
2.1.1 New standards and interpretations adopted in 2022 ...........................33
2.1.2 New standards and interpretations and changes in accounting
policies not yet adopted ......................................................................................... 33
2.2 Consolidation ................................................................................................................33
2.3 Segment reporting ......................................................................................................34
2.4 Goodwill and intangible assets ..............................................................................34
2.5 Property, plant and equipment ..............................................................................35
2.6 Financial assets ............................................................................................................ 35
2.7 Accounts receivable ...................................................................................................36
2.8 Cash and cash equivalents .....................................................................................36
2.9 Financial liabilities ........................................................................................................ 36
2.10 Accounts payable .....................................................................................................36
2.11 Foreign currency translation and net investment hedge .............................. 37
2.12 Interest income ............................................................................................................ 37
2.13 Share capital ...............................................................................................................37
2.14 Current and deferred income tax......................................................................... 37
2.15 Employee benefits .....................................................................................................38
2.16 Provisions .......................................................................................................................39
2.17 Share-based payments ...........................................................................................39
2.18 Revenue recognition .................................................................................................39
2.19 Lease agreements .....................................................................................................43
2.20 Government grants ................................................................................................. 44
2.21 Operating profit (EBIT) ........................................................................................... 44
3 Critical accounting estimates and judgements .................................................... 44
3.1 Defining cash-generating units, allocating goodwill and assumptions
used in goodwill impairment testing ............................................................................45
3.2 Business combinations ...............................................................................................45
3.3 Accounting for the shareholder agreement .......................................................45
3.4 Capitalised development expenses .....................................................................45
3.5 Defined benefit pension obligations ....................................................................45
4 Financial risk management ............................................................................................46
4.1 Financial risk factors ....................................................................................................46
4.1.1 Market risk ............................................................................................................46
4.1.2 Credit risk .............................................................................................................47
4.1.3 Liquidity risk .......................................................................................................49
4.2 Capital management ................................................................................................49
5 Acquisitions ...........................................................................................................................51
6 Net sales ...............................................................................................................................51
7 Other operating income ..................................................................................................51
8 Materials and services .....................................................................................................51
9 Personnel expenses ..........................................................................................................51
10 Other operating expenses ..........................................................................................52
11 Depreciation, amortisation and impairment ..........................................................52
12 Finance income and expenses ...................................................................................52
13 Income tax expenses .....................................................................................................52
14 Earnings per share .......................................................................................................... 53
15 Intangible assets .............................................................................................................54
16 Tangible assets and Right-of-use assets ...............................................................56
17 Investments in associates ............................................................................................. 57
18 Financial instruments .................................................................................................... 57
19 Accounts receivable and other receivables ..........................................................58
20 Assets and liabilities based on contracts with customers ...............................58
21 Cash and cash equivalents .........................................................................................59
22 Equity ..................................................................................................................................59
23 Post-employment obligations ................................................................................... 59
24 Financial liabilities ..........................................................................................................60
25 Deferred tax assets and liabilities..............................................................................61
26 Provisions ........................................................................................................................... 63
27 Other current liabilities ..................................................................................................63
28 Commitments and contingent liabilities ................................................................63
29 Related parties ..............................................................................................................63
30 Group companies .......................................................................................................... 67
31 Events after the reporting date .................................................................................. 67
PARENT COMPANY FINANCIAL STATEMENT
PARENT COMPANY INCOME STATEMENT (FAS) ............................................................. 69
PARENT COMPANY BALANCE SHEET (FAS) .....................................................................70
PARENT COMPANY STATEMENT OF CASH FLOWS (FAS) ............................................ 72
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS ..................................73
1 Accounting principles ....................................................................................................... 73
1.1 Valuation principles ............................................................................................. 73
1.2 Items denominated in foreign currencies ..................................................73
1.3 Cash pooling arrangement ............................................................................. 73
2 Net sales ..............................................................................................................................73
3 Personnel expenses .........................................................................................................73
4 Other operating expenses ............................................................................................ 74
5 Finance income and expenses ................................................................................... 74
6 Appropriations ................................................................................................................... 74
7 Income tax expenses ......................................................................................................74
8 Investments ......................................................................................................................... 74
9 Long-term receivables.................................................................................................... 75
10 Short-term receivables ................................................................................................. 75
11 Equity ................................................................................................................................... 75
12 Current liabilities .............................................................................................................. 76
BOARD’S PROPOSAL FOR THE DISTRIBUTION OF FUNDS ........................................ 76
SIGNATURES TO THE FINANCIAL STATEMENTS ............................................................. 77
AUDITOR’S NOTE ...................................................................................................................... 77
AUDITOR’S REPORT ............................................................................................................... 78
GOVERNANCE
CORPORATE GOVERNANCE STATEMENT 2022 .............................................................84
BOARD OF DIRECTORS 31.12.2022 .....................................................................................94
EXECUTIVE MANAGEMENT TEAM 31.12.2022 ...................................................................96
SHARES AND SHAREHOLDERS
SHARES AND SHAREHOLDERS ..........................................................................................100
INFORMATION FOR SHAREHOLDERS ............................................................................. 103
ENENTO GROUP AS AN INVESTMENT .............................................................................104
Board of Directors’ Report
Business Overview
liability company and the parent company to Enento Group
(“Enento Group” or “the Group”). On the financial statements
date, the Group consisted of the parent company Enent o
ApS and UC AB and its subsidiaries UC Affärsinformation AB
and Proff AB.
Enento Group is one of the leading Nordic providers of busine s s
business and consumer information services, collateral valua-
tion, real estate information, sales and marketing information
as well as consumer credit information markets in Finland, Swe-
den, Norway and Denmark. The Group’s products and services
are primarily used for risk management, finance and admin-
istration, decision-making, sales and marketing, automation,
compliance, real estate transactions and real estate financing
as well as personal financial management. The Group’s largest
clients include financial institutions and other financial service
providers, expert service companies, insurance companies as
well as wholesale and retail companies. The Group’s customer
base includes corporations as well as private individuals.
Enento Group has comprehensive databases consisting of
information gathered from the authorities and other public
sources as well as privately acquired information. The data-
bases are the basis for the Group’s product and service offering
and the development of new products and services. The Group
has a strong track record of developing and launching new
products and services.
Enento Group has an extensive product and service offering
that is based on the Group’s own databases, data links to pub-
lic and private sources, data provided by the Group’s clients
and other companies as well as data gathered from the inter-
net and other sources of unstructured data. The Group’s prod-
uct and service offering ranges from basic information con-
cerning corporations and private individuals to advanced risk
management services, analyses as well as sales and marketing
services. The Group delivers its products and services to clients
for example, by integrating its services into the client’s business
processes, through customer interfaces, online subscription ser-
vices and open online services that do not require separate
subscription agreements. The Group also offers printed prod-
ucts and credit rating certificates.
Enento Group’s organization consists of two types of units: busi-
ness areas and functional units. The business areas are respon-
sible for the Group’s service offering and the functional units for
the production, maintenance and active development of the
operations in their own focus area and business processes. The
functional units are Sales and Customer Operations, Marketing
and Communications, IT and Technology, Data and Analytics,
Human Resources, and Finance.
The Group’s business areas are:
Business Insight: Business Area consists of three business lines.
Enterprise Solutions is responsible for service offering and
development for the strategic and large customers in the key
customer verticals, including banking and finance. The Premium
Solutions business line provides business information services
for the needs of SMEs. Freemium Solutions develops freemi-
um-model business information websites in all Nordic markets.
The products and services are primarily used for risk manage-
ment and sales and marketing purposes.
Consumer Insight: Business Area develops and provides lead-
ing consumer information and decisioning services in the Nor-
dics. Consumer Insight serves both consumers and several
industries, the largest ones including finance and banking as
well as e-commerce, oil and energy sectors, among others. The
products and services are primarily used for risk management,
finance, administration and decision-making. The services for
consumers help consumers to understand and better manage
their own finances, protecting them also from identity theft and
fraud.
Digital Processes: Services in this business area include, among
others, real estate and apartment information, information
about buildings and their valuation as well as solutions that
help customers to automate their collateral management pro-
cesses and digitalize the administration of housing transac-
tions. The services of the business area are also used for com-
pliance purposes; for instance, to identify companies’ beneficial
owners and politically exposed persons.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 4
Financial Results
Net Sales
Enento Group’s net sales in the financial year 2022 amounted
to EUR 167,5 million (EUR 163,5 million) and increased by 2,5 %
compared with the previous year. Net sales from new products
and services were EUR 7,8 million (EUR 12,0 million), which was
4,6 % (7,3 %) of the total net sales for the financial year. The key
drivers of net sales growth during the review period were the
increased market demand for the Consumer Insight business
area’s consumer credit information services both in Finland and
Sweden, the continued strong growth of the Digital Processes
business area’s Compliance services and the positive devel-
opment of the Business Insight business area’s Freemium and
Premium services. The number of banking days with a volume
effect was the same in Sweden. Finland had one business day
less than in the comparison period.
Financial Results
Enento Group’s operating profit (EBIT) for the financial year
2022 amounted to EUR 25,8 million (EUR 35,2 million). Operating
profit included items affecting comparability of EUR -11,5 million
(EUR -1,1 million), arising mainly from write-downs of IT platform
development investments and including also expenses related
to restructuring and integration. Operating profit also includes
amortisation from fair value adjustments related to acquisitions
of EUR -11,8 million (EUR -12,6 million).
The adjusted EBIT margin for the review period decreased by
0,7 percentage points year-on-year despite of favorable net
sales development. Decrease was relating to investments made
to support future growth in Nordic business platform increased
the IT maintenance, license and capacity costs. Profitability
compared to prior year was also affected by expensed Tambur
development work and first quarter impairment of the service.
The Group’s depreciation, amortisation and impairment for the
review period amounted to EUR 29,8 million (EUR 22,7 million).
Of the depreciation and amortisation, EUR 11,8 million (EUR 12,6
million) resulted from amortisation from fair value adjustments
related to the acquisitions. Of the impairment EUR 5,8 million
(EUR 0,0 million) resulted from write-down of IT platform devel-
opment investments, reported as items affecting comparability.
The Group’s depreciation of right-of-use assets (IFRS 16) during
the review period amounted to EUR 2,7 million (EUR 2,4 million).
The Group’s share of associated company’s net income for the
review period was EUR -0,9 million (EUR -0,4 million), including
also amortisation from fair value adjustments
Net financial expenses during the review period were EUR 2,7
million (EUR 2,2 million). Financial expenses related to lease lia-
bilities (IFRS 16) were EUR 0,0 million (0,1 million) in the review
period, and recognised exchange rate gains amounted to EUR
0,3 million (EUR 0,3 million).
The Group’s profit before income taxes for the review period
was EUR 22,1 million (EUR 32,7 million).
The tax amount booked as expense for the review period was
EUR -4,8 million (EUR -6,8 million).
The Group’s profit for the review period was EUR 17,4 million (EUR
25,9 million).
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 5
Cash Flow
Cash flow from operating activities amounted to EUR 44,8 mil-
lion (EUR 43,9 million). The effect of the change in the Group’s
working capital on cash flow was EUR -4,0 million (EUR -3,3 mil-
lion). The impact of items affecting comparability on operating
cash flow was EUR -0,4 million (EUR -0,3 million).
The Group paid EUR 9,5 million (EUR 8,5 million) in taxes during
the review period.
Cash flow from investing activities for the review period
amounted to EUR -14,8 million (EUR -19,5 million). The cash flow
from investing activities consisted of service development costs
and acquisitions of equipment and investment in associated
company.
Cash flow from financing activities for the review period
amounted to EUR -33,6 million (EUR -25,2 million). The cash flow
from financing activities for the review period consisted of dis-
tribution of funds to shareholders, repayments of lease liabili-
ties (IFRS 16) and repayment of the long-term loan in connec-
tion with the refinancing of Enento´s loan agreement, which is
explained in more detail in the next paragraph.
Statement of financial position
At the end of the review period, the Group’s total assets were
EUR 499,1 million (EUR 543,8 million). Total equity amounted to
EUR 294,9 million (EUR 316,4 million) and total liabilities to EUR
204,1 million (EUR 227,4 million). The change in equity mainly
consists of the result for the review period, decrease in benefit
plan pension liabilities following the increase of discount rate,
distribution of equity repayment and translation differences
included in comprehensive income mainly due to the weaken-
ing of Swedish Krona. Of the total liabilities, EUR 151,2 million (EUR
164,5 million) were long-term interest-bearing liabilities. Of the
total liabilities, EUR 18,0 million (EUR 22,7 million) were deferred
tax liabilities, EUR 0 million (EUR 3,7 million) non-current pension
liabilities, EUR 1,4 million (EUR 2,3 million) current interest-bear-
ing lease liabilities and EUR 33,5 million (EUR 34,1 million) cur-
rent non-interest-bearing liabilities. Goodwill amounted to EUR
340,7 million (EUR 354,6 million) at the end of the review period.
Enento Group’s cash and cash equivalents at the end of the
review period were EUR 20,8 million (EUR 25,3 million), and net
debt was EUR 131,8 million (EUR 141,6 million).
Enento Group signed on 23rd September 2022 a new long-
term financing agreement that replaces the previous long-
term financing agreement. The financing agreement consists
of a EUR 150 million long-term loan as well as a EUR 30 million
revolving credit facility. The Company took out the term loan
partly in EUR and partly in SEK in accordance with the terms of
the loan agreement. The agreement is for the next three years
and includes two one-year options for an extension of the loan
period.
Capital expenditure
The majority of Enento Group’s capital expenditure is related to
the development of new services, Nordic service platform and
IT infrastructure. Other capital expenditure mainly comprises
purchases of company cars and office equipment. The Group’s
gross capital expenditure in the review period amounted to
EUR 12,6 million (EUR 15,7 million). Capital expenditure on intan-
gible assets was EUR 12,5 million (EUR 14,1 million) and capital
expenditure on property, plant and equipment was EUR 0,1 mil-
lion (EUR 1,6 million).
Research and Development
The product development activities of Enento Group involve
development of the product and service offering. In 2022, the
capitalised development and software costs of the Group
amounted to EUR 12,5 million (EUR 13,7 million). Capitalised
development and software costs consist of costs related to
the Group’s product and service offering, investments in Nordic
service platform as well as IT infrastructure. The Group had no
material research activities in 2022.
Personnel
At the end of the financial year, Enento Group had a total of
443 (449) employees, of whom 185 (184) were employed by the
Group companies in Finland, 212 (218) by the Swedish subsidi-
ary, 41 (43) by the Norwegian subsidiary and 5 (4) by the Danish
subsidiary. Of the Group’s personnel, 2 (0) worked in manage-
ment, 161 (164) in business areas, 121 (129) in Sales Units and Mar-
keting and Communications, 71 (72) in IT and Technology, 52 (49)
in Data and Analytics and 36 (36) in Finance and HR. The table
below presents Enento Group’s number of employees as well as
wages and salaries for 2020–2022.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 6
At the end of financial year, the Company’s share capital
amounted to EUR 80 thousand (EUR 80 thousand) and the total
number of shares was 24 034 856 (24 034 856).
The Company did not hold any of its own shares at the end
of the financial year. The Annual General Meeting of Share-
holders on 28 March 2022 authorised the Board of Directors
to decide on the repurchase of a maximum of 1 500 000 own
shares of the Company. The authorisation replaced the corre-
sponding authorisation issued to the Board of Directors by the
Annual General Meeting held on 29 March 2021. The maximum
amount corresponds to approximately 6,2 % of the Company’s
shares and voting rights. The authorisation is effective for 18
months from the date of the resolution. Further information on
the authorisation is provided under “Authorisations of the Board
of Directors”.
Share price and volume
During the financial year, a total of 2 557 740 (3 080 974) shares
were traded, and the total value of the exchanged shares was
EUR 62,6 million (EUR 109,6 million). The highest share price during
the financial year was EUR 34,50 (EUR 43,20), the lowest price
was EUR 18,96 (EUR 31,10), the average price was EUR 24,48 (EUR
35,57) and the closing price was EUR 21,40 (EUR 33,00). Market
capitalisation measured at the closing price of the financial
year was EUR 514,3 million (EUR 793,2 million).
Shareholders
According to the book-entry securities system, the Company
had 5 042 (3 362) shareholders, including 9 (9) nominee-regis-
tered shareholders, on 31 December 2022. A list of the largest
shareholders is available on the Company’s investor pages at
enento.com/investors.
Key figures describing the Group’s personnel
Personnel 2022 2021 2020
Average number of personnel 447 432 418
Full time 428 416 405
Part time and temporary 19 16 13
Geographical distribution
Finland 182 178 169
Sweden 217 207 206
Norway 42 43 42
Denmark 6 4 2
Wages and salaries for the financial
year (EUR million)
29,7 29,2 2 7, 4
The Group’s personnel expenses for the financial year 2022
amounted to EUR 40,8 million (EUR 39,7 million). This figure
includes an accrued cost of EUR 0,3 million (EUR 0,4 million) from
the management’s long-term incentive plan. More information
on the management’s long-term incentive plan is provided in
note 29 Related parties in the notes to the consolidated finan-
cial statements.
Shares and shareholders
Enento Group Plc has one share class. Each share carries one
vote at the General Meeting of Shareholders and each share
confers equal right to dividends and net assets of the Company.
The shares have no nominal value. The shares of the Company
are entered in the book-entry securities system maintained by
Euroclear Finland Ltd.
Board of Directors’ Report Consolidated Financial Statements Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 7
Significant shareholders on 31 December 2022
Shareholder Number of shares % of shares
1 Skandinaviska Enskilda Banken AB (Publ) Helsinki Branch
1
12 952 440 53,89 %
2 Sampo Plc 2 920 000 12,15 %
3 Nordea Bank Abp 2 309 315 9,61 %
4 Ilmarinen Mutual Pension Insurance Company 664 494 2,76 %
5 Elo Mutual Pension Insurance Company 481 455 2,00 %
6 Kaleva Mutual Insurance Company 370 907 1,54 %
7 Varma Mutual Pension Insurance Company 345 000 1,44 %
8 Danske Invest Finnish Equity Fund 311 370 1,30 %
9 Nordea Nordic Small Cap Fund 264 561 1,10 %
10 Evli Finnish Small Cap Fund 235 212 0,98 %
11 Kirkon Eläkerahasto 211 068 0,88 %
12 Citibank Europe Plc
1
158 940 0,66 %
13 OP-Finland Small Cap 149 886 0,62 %
14 OP-Henkivakuutus Ltd. 140 694 0,59 %
15 Säästöpankki Finland Mutual Fund 111 972 0,47 %
16 Fyrklöver-Invest Oy Ab 91 744 0,38 %
17 Ruuska Jukka Pekka 87 096 0,36 %
18 Derome John Nicholas 80 000 0,33 %
19 Veritas Pension Insurance Company Ltd. 72 685 0,30 %
20 Danske Invest Europe Small Cap Fund 71 784 0,30 %
20 largest shareholders total 22 030 623 91,66 %
All shares 24 034 856 100,00 %
1
Nominee-registered.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 8
Shareholder structure by sector, 31 December 2022
Sector
Number of
shareholders % of shareholders Number of shares % of shares
Finance and insurance institutions 39 0,77 % 7 337 350 30,53 %
Foreign shareholders 18 0,36 % 13 201 632 54,93 %
General government 11 0,22 % 1 589 944 6,62 %
Households 4 476 88,77 % 1 198 710 4,99 %
Companies and housing companies 400 7,9 3 % 617 617 2,57 %
Non-profit organisations 98 1,94 % 89 603 0,67 %
Total 5 042 100 % 24 034 856 100 %
The information is based on the list of the Company’s shareholders maintained by Euroclear Finland
Ltd. Each nominee-registered shareholder is registered as one shareholder. It is possible to manage
several shareholders’ portfolios through one nominee-registered shareholder.
Management’s share ownership on 31 December 2022
Board of Directors Number of shares
Lapveteläinen Patrick, Chairman of the Board 10 000
Related party ownership 8 000
Carpén Petri 0
Related party ownership 0
Forsberg Erik 1 500
Related party ownership 0
Johansson Martin 3 000
Related party ownership 0
Kuusisto Tiina 0
Related party ownership 0
Parhiala Minna 0
Related party ownership 0
Total 22 500
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 9
Management Number of shares
Jäger Jeanette, CEO 2 300
Related party ownership 2 260
Darner Andreas 0
Related party ownership 0
Ejderberg Daniel 0
Related party ownership 0
Göransson Gabriella 1 326
Related party ownership 0
Hane Siri 3 606
Related party ownership 0
Karemo Mikko 12 347
Related party ownership 0
Preger Victoria 3 656
Related party ownership 0
Stråhlman Elina 4 007
Related party ownership 0
Werner Karl-Johan 3 656
Related party ownership 0
Ylipekkala Heikki 4 007
Related party ownership 0
Öhlander Eleonor 3 656
Related party ownership 0
Total 40 821
Auditor Number of shares
Grandell Martin, auditor in charge 0
Related party’s ownership 0
Total 0
Board of Directors’ Report Consolidated Financial Statements Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 10
Management
Board of Directors
The Company’s Board of Directors consists of a minimum of four
and maximum of eight members. The Annual General Meeting
elects the Board members and decides on their remuneration.
The Board of Directors elects the Chairman of the Board and
also, if necessary, the Vice Chairman of the Board from among
its members. The term of office of the Board members ends at
the conclusion of the first Annual General Meeting following their
election. There are no limitations to the number of terms a person
can be a Board member.
Enento Group Plc’s Annual General Meeting held on 28 March
2022 adopted the financial statements and discharged the Board
members and CEO from liability for the financial year ended
31 December 2021. The Annual General Meeting resolved that
the Chairperson of the Board of Directors be remunerated EUR
53 000 annually and that the members of the Board of Directors
be remunerated EUR 37 500 annually. In addition, an attendance
fee of EUR 500 is paid for attending a Board meeting. For attend-
ing the Board Committee meetings, the Chairpersons of the
Committees will be remunerated EUR 500 per meeting and the
Committee members will be remunerated EUR 400 per meeting.
In accordance with the proposal of the Shareholders’ Nomination
Board, the Annual General Meeting of 28 March 2022 re-elected
Petri Carpén, Patrick Lapveteläinen, Martin Johansson, Tiina Kuu-
sisto Minna Parhiala and Erik Forsberg. Following these elections,
the Board of Directors consisted of six members. In its organi-
sational meeting held on 28 March 2022, the Board of Directors
elected Patrick Lapveteläinen as the Chairman of the Board. The
Board of Directors met 10 times in 2022.
Board Committees
The Board of Directors appoints two committees from among
its members: i) the Audit Committee and ii) the Nomination and
Remuneration Committee. The Board of Directors may also
appoint other committees, if deemed appropriate. The com-
mittees assist the Board of Directors by preparing and drawing
up proposals and recommendations for the Board of Director’s
consideration.
On 28 March 2022, the Board of Directors re-nominated Petri
Carpén, Erik Forsberg and Martin Johansson as members of
the Audit Committee. Petri Carpén continued as the Chairman
of the Audit Committee.
The Nomination and Remuneration Committee consists of at
least three members. On 28 March 2022, the Board of Direc-
tors decided not to appoint the Nomination and Remuneration
Committee.
Authorisations of the Board of Directors
Share issue authorisation 28 March 2022
The Annual General Meeting of Shareholders held on 28 March
2022 authorised the Company’s Board of Directors to decide on
one or more share issues, including the right to issue new shares
or transfer shares held by the Company. The maximum number
of shares covered by the authorisation is 1 500 000. The Board of
Directors was also authorised to decide on a directed share issue.
The authorisation can be used for material arrangements from
the Company’s point of view, such as financing or implement-
ing business arrangements or investments or for other purposes
determined by the Board of Directors, in which case there would
be a significant financial reason for issuing shares, potentially in
the form of a directed share issue.
The company’s Board of Directors was authorised to decide on
all other share issue conditions, including payment term, specifi-
cation grounds for subscription of shares and subscription price
or issue shares without payment or that subscription price can be
paid by cash, but also fully or partially by other assets.
The authorisation is effective for 18 months from the close of the
Annual General Meeting, until 28 September 2023. The author-
isation replaced the corresponding authorisation issued to the
Board of Directors by the Annual General Meeting held on 29
March 2021.
Authorisation for repurchasing own shares 28 March 2022
The Annual General Meeting authorised the Board of Directors
to decide on the repurchase of maximum of 1 500 000 com-
pany’s own shares, in one or several instalments. The shares will
be repurchased with the Company’s unrestricted sharehold-
ers’ equity, and the repurchases will reduce funds available for
the distribution of profits. The shares can be repurchased for
example to develop the company’s capital structure, carry out
or finance potential corporate acquisitions or other business
arrangements, to be used as a part of the company’s incentive
programme or to be otherwise conveyed further, retained as
treasury shares, or cancelled.
In accordance with the resolution of the Board of Directors,
shares may be repurchased also in a proportion other than
that in which shares are owned by the shareholders (directed
acquisition) at the market price of the shares at marketplaces
on which the company shares are traded or a price otherwise
established on the market at the time of the repurchase. The
Board of Directors decides how shares are repurchased. Among
other means, derivatives may be used in acquiring the shares.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 11
According to the authorisation, the Board of Directors decides
on any other matters related to the repurchase of shares.
The authorisation is effective for 18 months from the close of the
Annual General Meeting, until 28 September 2023. The author-
isation replaced the corresponding share repurchase author-
isation issued to the Board of Directors by the Annual General
Meeting held on 29 March 2021. The authorisation has not been
used as of 13 February 2023.
The Company publishes a separate Corporate Governance
Statement.
CEO and Executive Team
Jeanette Jäger is the Chief Executive Officer (CEO) of the Com-
pany. At the end of the financial year 2022, the other members
of the Executive Team were Elina Stråhlman (Finance), Gabri-
ella Göransson (Consumer Insight), Siri Hane (Business Insight),
Heikki Ylipekkala (Digital Processes), Mikko Karemo (Sales Units),
Victoria Preger (Marketing and Communications), Daniel Ejder-
berg (IT and Technology), Karl-Johan Werner (Data and Analyt-
ics), Andreas Darner (Strategy and Transformation) and Eleonor
Öhlander (HR).
Auditor
Authorised Public Accountants PricewaterhouseCoopers Oy
served as the Company’s auditor in 2022. The auditor in charge
was Martin Grandell, Authorised Public Accountant.
Loans, Liabilities and Commitments
to Third Parties
Enento Group Plc completed during the third quarter of the
financial year a new long-term financing agreement that
replaced the previous long-term financing agreement. The new
long-term loan agreement is in total EUR 180 million with Dan-
ske Bank A/S, OP Corporate Bank Plc and Nordea Bank Plc.
The agreement consists of a term loan of EUR 150 million and a
revolving credit facility of EUR 30 million. The Company took out
the term loan partly in EUR and partly in SEK in accordance with
the terms of the loan agreement. At the end of the financial
year, the Company had used EUR 0 (EUR 0 million) of its credit
facility. The loans will mature in one instalment in September
2025, and include two one-year options for extension of loan
period. If both of these extension options would be used, the
loans would mature in September 2027.
Group has a multi-currency cash pool arrangement with Dan-
ske Bank A/S. An overdraft of EUR 15,0 million is included in the
cash pool arrangement. The overdraft had not been utilised on
31 December 2022.
Enento Group’s cash and cash equivalents on 31 December
2022 amounted to EUR 20,8 million (EUR 25,3 million).
Further information on loans, liabilities and commitments to
related parties is provided in note 24 Financial liabilities, note
28 Contingent liabilities and note 29 Related parties in the con-
solidated financial statements.
Group Structure and Organisation
At the end of the financial year, Enento Group consisted of
Enento Group Plc, its wholly-owned subsidiaries Suomen Asi-
akastieto Oy, Emaileri Oy, Proff AS and Proff ApS as well as UC
AB and its wholly-owned subsidiaries UC Affärsinformation AB
and Proff AB.
Enento Group’s organisation consists of two types of units: busi
-
ness areas and functional units. The business areas are respon-
sible for the Group’s service offering and the functional units for
the production, maintenance and active development of the
operations in their own focus area and business processes. The
functional units are Sales Units, Marketing and Communica-
tions, IT and Technology, Data and Analytics, HR and Finance.
Legal proceedings
Enento Group was not party to any material litigation or admin-
istrative proceeding in 2022 that may have a material effect on
its financial position or profitability. The Company is not aware
of any material such proceedings being pending or threatened.
Events after the reporting date
Enento Group announces an 8-million-euro annualized
efficiency program, write-downs of platform development
investments and confirms guidance for 2022, long-term
financial targets
Enento Group announced an 8-million-euro annualized effi-
ciency program, write-downs of platform development invest-
ments and confirmed guidance for 2022 and long-term finan-
cial targets on 26 January 2023.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 12
The program aims for efficiencies of at least EUR 8 million in
total during 2023-2024. Full amount of the estimated bene-
fits will be realized in free cash flow from 2025 onwards. More
than half of the EUR 8 million benefits will result as permanent
improvement in the adjusted EBITDA, whereas the remaining
cash flow benefits materialize as reduced capitalized expend-
iture and facility costs. The largest efficiency measures relate to
reduction of number of employees and improved IT efficiency
and decommissioning of low-profitability products and ser-
vices.
As part of the program, Enento will start change negotiations in
Finland, Sweden, and Norway in accordance with the respec-
tive local legislations. The aim of the negotiations is to per-
manently adjust the company’s cost structure and number of
personnel to meet the demand of the changed market situa-
tion. The negotiations concern all employees in the respective
countries and the estimated need for permanent personnel
reductions is approximately 40 people. The aim is to conclude
the negotiations during the first quarter of 2023 in all countries.
Enento has decided to write-down partially the platform devel-
opment investments, resulting in a one-time negative impact
of approximately EUR 10 million on the company’s operating
profit of 2022. The write-down will impact the last quarter of
2022 and has no effect on cash flow, adjusted operating profit
(adjusted EBIT) or adjusted EBITDA.
Enento will communicate on the progress of the efficiency
program on a quarterly basis as part of its regular financial
reporting. The restructuring and other direct costs connected
to the program will be treated as items affecting comparability.
Investments that meet capitalization criteria will be treated as
normal investments.
Request for an additional clarification from the Finnish Data
Protection Ombudsman (DPA) sent to Suomen Asiakastieto Oy
The Finnish Data Protection Ombudsman (DPA) has on 16 Jan-
uary 2023 sent to Suomen Asiakastieto Oy a request for an
additional clarification concerning the payment default entries
that Asiakastieto has made to credit registers based on legally
binding court decisions. Based on the case description on
the letter, DPA is concerned about Asiakastieto having made
payment default entries to credit registers on legally binding
decisions where there has still been dispute about the correct
amount the person had to pay. Due to the dispute the person
not paying did not implicate the unwillingness or inability to
pay, so these cases shouldn´t have been recorded as payment
defaults. Office of the Data Protection Ombudsman’s sanctions
board will now consider, if it is, based on the General Data Pro-
tection Regulation, justified to impose an administrative fine on
Asiakastieto.
Report on non-financial information
Enento Group’s Board of Directors and management are
responsible for the management of corporate responsibility.
Enento Group complies with laws and regulations of its oper-
ating countries, the Articles of Association, rules and guideline
of Nasdaq Helsinki and Corporate Governance Code for listed
companies in its administration. In practical work, responsibility
issues are guided by the Group’s Code of Ethics. Furthermore,
operations are governed by policies and operating practices
approved by the Board of Directors and Executive Team. All the
partners must also conform to the laws and agreements. The
Code of Ethics, along with key Group-level policies guidelines, is
published online on the Company’s investor pages.
Enento Group’s business model and governance
Enento Group’s mission is to maintain and create trust in the
markets: in trading and the concluding of agreements between
companies as well as between companies and private par-
ties. Trust is created through the provision of services that help
companies verify the reliability of their contractual counter-
parties. The foundation for these services consists of Enento
Group’s Nordic databases of up-to-date information on com-
panies and consumers. The digital services refined from this
data improve the efficiency of customers’ operations, increase
responsibility and reduce the Group’s carbon footprint.
The Group’s operations are guided by
• The strategy approved by the Board of Directors
• The Group’s annual budget and action plan
• The Group’s management and governance model.
The quality management system of Suomen Asiakastieto Oy,
a subsidiary of Enento Group Plc, has been certified since 2015
and the certificate has been subsequently renewed in 2018 and
January 2021. At the end of 2021, in connection with the annual
audit of the quality management system, the operations of
Enento Group’s subsidiary UC AB were audited and included
in the ISO 9001:2015 certificate. In the certification audit, the
system was found to be compliant with the 9001:2015 stand-
ard. The certificate will be valid for a period of three years until
15 January 2024. The key processes defined in the system are
related to the customer-driven development and management
of products and services.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 13
Enento Group’s strategy 2020–2023 and
sustainability
Enento Group aims for growth and increased profitability by
strengthening its current position and seizing new opportuni-
ties within credit information, business information and the dig-
italisation of data-related processes. Focusing on innovation,
building a future-fit innovative organisation and developing
a Nordic service platform will enable Enento to achieve these
goals.
Enento has three main objectives for the strategy period: to
retain and strengthen its leading position in credit information,
to become a preferred alternative to knowledge-based busi-
ness service processes and to become a leading provider of
business information.
Sustainability is at the core of Enento’s business. The Group
contributes to sustainability in society by building trust and sup-
porting our customers to be more sustainable, through making
responsible decisions and preventing over-indebtedness. Our
goal is to create a broad Nordic offering of sustainability ser-
vices to support customers’ decision-making. The Group’s over-
all impact on society is very positive.
Environmental issues
The carbon footprint of Enento Group’s own operations is low.
Prior to the COVID-19 pandemic, the most significant environ-
mental impacts arose from business travel, the energy con-
sumption of offices and hosting and data services. The Group’s
objective is to achieve carbon neutrality by 2023. In order to
achieve this goal, the sources and quantities of emissions have
been determined, and a carbon footprint has been deter-
mined on the basis of these, as well as a plan that we started
to implement with several activities during 2022.
The Group’s largest offices are located in Helsinki (headquar-
ters) and Stockholm. Both are in locations with good pub-
lic transport connections. They are modern activity-based
offices in which fewer heated square metres per employee are
needed. The lessors of both of the premises monitor electricity
consumption, the use of warm and cold water, district heating,
district cooling and waste management on a monthly basis.
Digital service production and data processing account for
part of the Group’s total emissions. The Group’s IT environments
have mainly been virtualized and procured as outsourced data
centre services that operate energy-efficiently. Our suppliers
of data centre services use renewable energy without carbon
dioxide (CO2) emissions. More detailed annual comparison fig-
ures are published in a separate sustainability report. There are
no significant risks associated with the Group’s environmental
aspects since our emissions are, in comparison with other com-
panies and industries, very low.
Social and employee-related issues
In 2022, the number of people employed by Enento Group on
average was 447, of whom 182 worked in the Finnish companies,
217 in the Swedish companies, 42 in the Norwegian company
and 6 in the Danish company.
Enento Group emphasises competence development, commu-
nity spirit and the development of high-quality management
in its approach to social responsibility. The Group’s goal is to be
an attractive employer that offers interesting jobs for people
representing various competence backgrounds. Enento Group
offers opportunities for employees to develop their expertise or
management skills and seek new roles inside the Group within
its Nordic offices. Recruitment is a separate process supported
by a separate recruitment system.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 14
The Group ensures the fulfilment of its social responsibility
through fair working conditions, remuneration and practices
that are based on, among other things, the Group’s values and
Code of Ethics, Recruitment Policy, Remuneration Policy, Work-
ing Environment Policy, Remote Work Policy and Diversity and
Equality Policy.
The quality of management, experience in the work commu-
nity, clear work objectives and competence are the key factors
influencing the employees’ commitment to work and well-being
at work. During 2022, the Grow Talk model continued, which
is a process with several dialogues during the year between
manager and employee – to encourage and support each
employee to grow as a professional and to succeed together
with colleagues. Grow Talk discussions start with an annual
personal target-setting discussion held in the first quarter of
the year. The target-setting discussion is followed by monthly
follow-up discussions with the supervisor and evaluation dis-
cussions held twice a year. The purpose of the discussions is to
create commitment and build an understanding of how each
employee contributes to the achievement of the shared goals.
Another purpose of the discussions is to ensure each employ-
ee’s well-being and ability to develop in their work.
The Group continued to develop its supervisors’ competence in
the management of hybrid work and organized competence
development for all employees in connection with hybrid work.
In addition, measures were taken to support occupational
well-being, such as Meeting Free Wednesdays, Health Hour
and Auntie’s occupational well-being service. Also, personnel’s
coping, motivation and experience in management and hybrid
work were surveyed quarterly using the Pulse survey. During
the year measures were also taken to start to follow up more
frequently on the wellbeing of employees by using the weekly
pulse survey tool Winningtemp.
The most recent Trust Index survey carried out in September
2022 showed that being a friendly workplace is one of Enento
Group’s biggest strengths. As many as 91 % of Enento’s employ-
ees participated in the Trust Index survey. If the Trust Index
score is 70 % or higher, the organisation is awarded the inter-
national Great Place to Work® certificate for good employee
experience and corporate culture. Suomen Asiakastieto Oy and
UC AB are certified as Great Place To Work companies from
year 2020, and Proff AS from 2021. This was the last year we
conducted the Great Place to Work employee survey in favor
for a new pulse survey tool, Winningtemp.
In August 2022 we started to conduct bi-weekly pulse survey
measurements via Winningtemp. The new pulse survey tool
gives us in real time insights about our organization. With the
regular updated feedback we have a good understanding on
what actions to take on different levels and on regular basis.
Measurements are done in different areas including meaning-
fulness, personal development, job satisfaction, leadership,
work situation, team spirit. With Winningtemp we contribute to
a positive feedback culture.
Ensuring information security and privacy protection
Enento Group requires an organization and processes to sup-
port a purposeful and systematic approach to information
Security. Information is the most important asset for Enento
Group and is dependent on having accurate and reliable infor-
mation. A systematic approach to information security ensures
that information is always available and accurate, which is
critical for the business to continue its operation and reach its
goals. Insufficient information security can lead to information
leakage that can affect the business and heavily damage the
trust of our partners and employees. To maintain our very high
level of trust we need to always be one step ahead when it
comes to securing our customers and their customers integrity
and data. As well as their end-customers.
The Group processes data with care and in full compliance with
the law, and privacy protection is ensured in the processing of
personal data. Information security, privacy and confidentiality
are addressed in the Group’s Code of Ethics, Information Secu-
rity Policy and Safety Policy. Furthermore, the confidentiality
obligation is included in the employment agreement.
Respect for human rights
Enento Group operates in the Nordic countries, where respect
for human rights and equal treatment of people are gener-
ally at a very high level. At Enento Group, the requirement that
human rights and equality must be respected applies to per-
sonnel and partners alike. The Code of Ethics includes prac-
tices and procedures for dealing with issues related to respect
for human rights. There were no suspected violations of human
rights or violations related to discrimination or other unfair
treatment of employees observed in 2022.
The Group has a whistleblowing channel to enable employees
to report suspected violations anonymously.
Anti-corruption and bribery
Enento Group’s internal guidelines prohibit corruption and brib-
ery. The Group’s practices and procedures reduce opportunities
for taking action that would be contrary to the rules. The Ethi-
cal principles include operational guidelines for handling issues
related to corruption and bribery. No corruption or bribery cases
or other violations related to unethical business practices were
reported in 2022.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 15
Risks and uncertainties
Enento Group is exposed to a number of risks and uncertainties
that are related, for instance, to the market conditions and the
Group’s industry, strategy, business and financing. The realisa-
tion of such risks could have a considerable adverse effect on
Enento Group’s business, financial situation, performance and
future outlook.
Market and strategic risks
The demand for the Group’s products and services depends
on the activity of the business operations of its customers.
Slow economic growth or a declining economy may result in a
weakening demand for the services of Enento Group. In addi-
tion, regulatory changes that reduce the lending ability of the
Group’s customers may have a negative effect on the demand
for the Group’s services and products.
War in Ukraine increases the economic uncertainty in the Nor-
dic countries and globally. The war has a negative impact on
macro-economic development and economic activity, which
decreases the Group´s ability to predict the demand for its ser-
vices and causes a risk of weakening revenue development.
Enento Group does not have business in Ukraine, Russia or
Belarus.
Enento Group operates in a number of product and service
markets in which competition is continuously becoming tougher
and customers’ needs keep changing. Information services are
available more easily than before. This is primarily attributable
to better availability of public information, increase of digital
information and new service providers, who may increase com-
petition in the markets. Better availability of information may
also provide the Group’s customers with better opportunities
for in-house development of services, such as analysis services.
Tendering carried out by customers and general cost-aware-
ness may put some pressure for lower prices on the Group’s
markets. In addition, price pressures caused by Enento Group’s
competitors may have a negative effect on the Group’s mar-
gins and result and hamper its opportunities to acquire new
customers on the current terms and conditions.
No customer of the Group accounted for more than ten per
cent of the Group’s total invoicing in 2022. Even though the
Group’s customer base is diverse, the loss of one or more major
customers or a significant decrease in sales to one or more
such customers for any reason could have a very harmful effect
on the Group’s business, financial position, business result and
future outlook.
The gathering, storage and use of information is subject to strict
regulations, for example data privacy legislation. In Sweden,
a licence is required for certain operations of the Group, such
as credit register-related operations. In addition, according to
UC’s shareholder agreement, UC’s minority shareholders may
veto certain decisions concerning UC’s credit register and the
control of credit register data. This may restrict Enento Group’s
possibilities to materially change business operations related
thereto. The Group and its employees must also comply with
numerous other laws and regulations. Changes to the regula-
tory framework may require Enento Group to adapt its service
offering or strategy. These changes can include an introduc-
tion of governmental credit registers on which there already
are plans in the Nordic countries. Any actions in breach of reg-
ulations concerning operations subject to a licence may lead
to changing of Enento Group’s operations, imposing additional
conditions to the licence or cancellation of the licence. The
above may also lead to higher costs, force the Group to stop
providing some products or services, or prevent or delay devel-
opment of its operations, or the Group may end up in legal
proceedings or become subject to legal claims.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 16
may not develop as expected and its expenses may increase.
In addition, the Group may end up in an unfavourable com-
petitive position in the market if it cannot, for example, offer
certain new products and services or gather certain type of
new information.
Despite testing and information quality control, products and
services developed and supplied by Enento Group as well as
the operating systems and software it uses may contain errors
or faults. Material defects or errors in the Group’s information,
products or services as well as delays in providing products
and services may harm its reputation or lead to loss of income,
increased costs, regulatory measures or legal claims. Enento
Group’s IT network and infrastructure may be exposed to dam-
age and problems resulting from many reasons. Such damage
or problem may lead to a failure of Enento Group’s IT infrastruc-
ture, which in turn may complicate the company’s work and
lead, for instance, to breaches of contract.
Enento Group is operating in a regulated business and changes
in the applicable regulation may impact on revenue and profit.
Such regulation may concern, but are not limited to data pro-
tection, credit information as well as lending-related legislation.
Any governmental plans to change credit information register-
related regulations or potential introduction of governmental
credit information registers may change the competitive land-
scape and/or otherwise impact Enento’s business, revenue and
profit. Also, the failure to comply with regulations could have
legal consequences and cause reputational harm.
The Group’s brands and reputation are important competitive
advantages. The company’s success is also based on its own
technologies, processes, methods and information. The com-
pany protects its intellectual rights with trademarks and domain
names, for instance, and by relying on business secrets and the
development of products and technology. Failure to protect
intellectual rights, damage to reputation or negative views of
the company in the market may have a negative effect on the
company.
Enento Group’s success also depends on its management
and other professional personnel as well as its ability to recruit
competent personnel and develop, train and retain them. The
Group’s inability to retain or recruit new employees may have a
material harmful effect on the Group.
Disproportionately high sickness absences and especially long
sick leave for key personnel pose a risk to the development of
the Group’s business. In information work, the most significant
health hazards consist of inadequate work ergonomics and
stress caused by work pressure. A good working atmosphere
and high-quality management, as well as early intervention in
problem areas, prevent the need for sick leaves.
Enento Group has taken out insurances to cover various risks or
loss events. The Group’s insurance coverage may be insufficient
or the Group may not be able to maintain its current insurance
coverage, in which case the company may suffer losses not
covered by its insurances.
Enento Group is exposed to various financing risks, includ-
ing currency exposure, interest rate risk and solvency risk. The
Group’s financing risks and their management are described in
note 4 in Notes to the consolidated financial statements.
Enento Group has a lot of goodwill recognised on acquisitions.
Impairment of goodwill and other assets could have a material
effect on the Group’s reported result.
Operational risks
Safe and uninterrupted functioning of Enento Group’s IT net-
work and systems, cyber security and mitigation of cyber risks,
are critical for the company’s business. Unauthorised access to
or disclosure of information as well as loss or abuse of informa-
tion may lead to a breach of data protection and other appli-
cable laws by Enento Group, harm to reputation, loss of income,
claims or measures taken by the authorities.
In its business, Enento Group relies on information from external
sources, such as government offices and other public sources,
customers and other sources. If one or more of them stopped
providing information for any reason or considerably increased
the price of the information provided, this could have a harmful
effect on Enento Group’s ability to offer its products and ser-
vices to its customers.
Enento Group believes that its continued success will be influ-
enced by its ability to meet customers’ needs through the
development of products and services that are easy to use and
that seek to increase customers’ business process efficiency,
offer cost savings, and facilitate better business decisions. The
Group’s financial result may suffer if the development of new
products or services or improvements to existing products are
delayed for reasons related to possible technical challenges,
problems related to external IT development resources, infor-
mation acquisition or regulatory requirements.
Enento Group has invested and will continue to invest in its
technical infrastructure, including equipment and software. If
Enento Group fails in its technological investments, its income
Board of Directors’ Report Consolidated Financial Statements Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 17
Financial targets, Dividends and
Outlook
Financial targets
The Board of Directors of Enento Group has adopted long-term
financial targets and dividend policy for the Group. The long-
term financial targets are:
• Growth: 5 to 10 per cent annual average net sales growth
• Profitability: Adjusted EBITDA growth rate exceeding net
sales growth rate
• Balance sheet structure: Net debt to Adjusted EBITDA
below 3x while maintaining an efficient capital structure.
Dividend Policy
The Company’s dividend policy is to distribute as dividends
at least 70 per cent of the Company’s net profit, whilst tak-
ing into consideration the business development and invest-
ment needs of the Group. Any dividends to be paid in future
years, their amount and the time of payment will depend
on Enento Group’s future earnings, financial condition, cash
flows, investment needs, solvency and other factors.
Enento Group distributed funds to its shareholders totaling
EUR 24 035 thousand for the financial year 2021 and EUR
22 833 thousand for the financial year 2020. The capital
repayment was EUR 1,00 per share for the financial year 2021
and EUR 0,95 per share for the financial year 2020. Pursuant
to the Companies Act, the Annual General Meeting of Share-
holders resolves on the distribution dividend based on the
Board of Directors’ proposal.
Dividends are typically distributed once per financial year,
and dividends can only be distributed once the Annual
General Meeting of Shareholders has approved the finan-
cial statements. If dividends are distributed, all shares confer
equal rights to dividends.
Proposal for the Distribution of Funds
At the end of the financial year 2022, the distributable funds of
the Group’s parent company amounted to EUR 403 535 449,59
of which the profit for the financial year was EUR 30 502 626,82.
The Board of Directors proposes to the Annual General Meeting
convening on 28 March 2023 that funds amounting to EUR 1,00
per share, total EUR 24 034 856,00, based on the Company’s
registered total number of shares at the time of the proposal,
be distributed for the financial year that ended on 31 Decem-
ber 2022 as follows:
EUR/share EUR
From the invested unrestricted equity
reserve as a repayment of capital
1,00 24 034 856,00
To be retained in unrestricted equity 379 500 593,59
Total 403 535 449,59
The equity repayment from the reserve for invested unrestricted
shareholders’ equity will be paid to a shareholder registered in
the Company’s shareholders’ register held by Euroclear Finland
Ltd on the payment record date of 30 March 2023. The Board
of Directors proposes that the funds shall be paid on 11 April
2023.
Future outlook
The general macroeconomic environment remains uncertain
and unpredictable and is expected to impact negatively on the
growth outlook of the Group. The weakening demand for sales
and marketing and direct-to-consumer services is expected to
negatively impact the net sales development. Enento expects
increased demand for risk management and compliance ser-
vices, which together with the introduction of new services will
offset the decline. The discontinuance of the Swedish housing
transaction service Tambur from second quarter onwards is
estimated to have a negative impact up to -1,5 % of the Group’s
net sales at comparable exchange rates.
Enento expects cost inflation to increasingly burden the prof-
itability level of the Group and is mitigating the impact by the
introduction of the efficiency program.
Guidance
Net Sales: Enento Group expects net sales in 2023 to grow
between 0 % – 5 % excluding the impact from the discontinued
Tambur service at comparable exchange rates as compared
to 2022.
Adjusted EBITDA: Enento Group expects its adjusted EBITDA
margin to be in the range of 36,0 % - 37,0 %.
Comparable exchange rates mean that the effects of any
changes in currencies are eliminated by calculating the figures
for the previous period using current period’s exchange rates.
The future outlook is subject to risks related to, among other
factors, the economic development of Enento Group’s coun-
tries of operation and the development of the Group’s busi-
ness operations. The most significant risks related to business
operations include, for example, risks related to the success of
product and service development activities, launches of new
products and services and risks related to competitive tenders
and to losing significant customer accounts.
Board of Directors’ Report Consolidated Financial Statements Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 18
Key income statement and cash flow figures and ratios
EUR million (unless otherwise mentioned) 2022 2021 2020
Net sales 167,5 163,5 151,3
EBITDA 55,6 58,0 4 9, 1
EBITDA margin, % 33,2 35,5 32,5
Adjusted EBITDA 61,2 59, 1 54,0
Adjusted EBITDA margin, % 36,6 36,2 35,7
Operating profit (EBIT) 25,8 35,2 2 7, 8
Operating profit (EBIT) margin, % 15,4 21,6 18,4
Adjusted EBIT
1
49, 1 49,0 45,0
Adjusted EBIT margin, %
1
29,3 30,0 29,7
Free cash flow 33,9 29,8 32,6
Cash conversion, %
2
56,0 51,5 66,3
Net sales from new products and services 7, 8 12,0 8,5
New products and services of net sales, % 4,6 7, 3 5,6
Key balance sheet ratios
EUR million (unless otherwise mentioned) 2022 2021 2020
Balance sheet total 499,1 543,8 552,5
Net debt 131,8 141,6 143,0
Net debt to adjusted EBITDA, x 2,2 2,4 2,6
Return on equity, % 5,7 8,2 6,2
Return on capital employed, % 5,4 7, 3 5,8
Equity ratio, % 60,3 59, 4 58,3
Gearing, % 44,7 44,7 45,4
Gross investments 12,6 15,7 12,0
Key financial information for the Group
1
The method used for calculating the adjusted operating profit (EBIT) is that also amortisation from fair value adjustments related
to the acquisitions and external expenses arising from significant regulatory changes are taken into account as items to be
adjusted.
2
The cash conversion, % does not include the impact of write-downs made to development investments in December 2022 of
EUR 10,9 million.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 19
Share-related key figures
EUR (unless otherwise stated) 2022 2021 2020
Earnings per share, basic 0,72 1,08 0,81
Earnings per share, diluted 0,72 1,08 0,81
Earnings per share, comparable
1
1,11 1,49 1,21
Equity per share 12,27 13,16 13,12
Dividend per share 1,00 1,00 0,95
Dividend per earnings, % 138,9 92,6 117,3
Effective dividend yield, % 4,7 3,0 2,8
Price per earnings 29,7 30,6 41,5
Share price development
Average price 24,48 35,57 31,83
Highest price 34,50 43,20 40,30
Lowest price 18,96 31,10 24,20
Closing price 21,40 33,00 33,60
Market capitalisation, EUR million 514,3 793,2 806,6
Trading volume, pcs 2 557 740 3 080 974 6 757 380
Trading volume, % 10,64 12,82 28,15
Adjusted number of shares
Weighted average during financial year 24 034 856 24 030 363 24 004 917
At the end of the financial year 24 034 856 24 034 856 24 007 061
Number of shares adjusted for share issue, diluted
Weighted average during financial year 24 046 707 24 039 950 24 029 391
At the end of the financial year 24 046 707 24 044 443 24 031 536
1
The comparable earnings per share do not contain amortisation from fair value adjustments related to the acquisitions or their tax impact.
Board of Directors’ Report Consolidated Financial Statements Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 20
Alternative performance measures used in financial
reporting
Enento Group Plc discloses a summary on the use of alterna-
tive performance measures used by the Group, definitions of
the performance measures used and their matching with the
IFRS financial statements figures in accordance with the ESMA
(European Securities and Markets Authority) Guidelines on
Alternative Performance Measures
1
.
Enento Group Plc presents alternative performance measures
as additional information for key performance measures in the
consolidated statements of income, financial position and cash
flows prepared according to IFRS to reflect the financial devel-
opment of its business operations and to enhance compara-
bility from period to period. According to the management’s
view, alternative performance measures provide substantial
supplemental information on the result of the Group’s oper-
ations, financial position and cash flows to the management
and investors, securities analysts and other parties. Alternative
performance measures are not, as such, included in the con-
solidated financial statements prepared according to IFRS, but
they are derived from the IFRS consolidated financial state-
ments by adjusting items in the consolidated statements of
income, financial position and cash flows and/or by propor-
tioning them to each other. Alternative performance meas-
ures should not be considered as a substitute for measures in
accordance with IFRS. Not all companies calculate alternative
performance measures in a uniform way, and thus the alterna-
tive performance measures of the Company are not necessar-
ily comparable with similarly named performance measures of
other companies.
Certain non-operational or non-cash valuation transactions
with significant income statement impact are adjusted as items
affecting comparability, if they arise from:
• M&A and integration-related expenses
• restructuring expenses, including expenses arising from
redundancy and other costs directly associated with the
operational efficiency program
• external expenses arising from significant regulatory
changes
• compensation for damages
• legal actions.
1
Alternative Performance Measure refers to a financial measure other than financial
measure defined or specified in IFRS norms.
Alternative performance measures are defined as follows:
• EBITDA
EBITDA is the profit (loss) for the financial year before (i)
income taxes, (ii) financial income and expenditure and (iii)
depreciation and amortisation.
• Adjusted EBITDA
Adjusted EBITDA is defined as EBITDA excluding items
affecting comparability.
• Adjusted EBIT
Adjusted EBIT is defined as EBIT excluding items affecting
comparability and amortisation from fair value adjust-
ments related to acquisitions.
• Net sales of new products and services
Net sales of new products and services include the total
sales of products launched during the past 24 months.
New products and services are a significant driver of
growth in the company and consumer data market. The
impact of new products and services is especially impor-
tant in times of poor economy, because they dilute the
impact of the poor economic situation on the demand for
current products and services. New products and services
replace or update old products and services. They are
often more advanced than old products and services, or
they respond to potential market demand. In addition to
customer needs, the development of new products and
services is also guided by opportunities recognised by
service providers. According to the Company’s view, com-
pany and consumer data markets in its countries of oper-
ation are somewhat immature compared to many Euro-
pean countries, and there is potential for new products
and services in the market.
• Free cash flow
Free cash flow consists of the cash flow from operat-
ing activities before (i) paid interests and other financing
expenses, (ii) received interests and other financing income
deducted by (iii) acquisitions of tangible and intangible
assets.
• Cash conversion
Cash conversion is calculated by dividing free cash flow
by EBITDA.
• Net debt
Net debt is calculated as difference of interest-bearing
liabilities and cash and cash equivalents. Interest-bear-
ing liabilities include loans from financial institutions
(short- and long-term loans), and cash and cash equiv-
alents include short-term deposits, cash assets and bank
accounts.
• Net debt to adjusted EBITDA
Net debt to adjusted EBITDA is calculated by dividing net
debt by adjusted EBITDA.
• Return on equity
Return on equity is calculated by dividing (i) profit (loss) for
the financial year by (ii) total equity (average for the finan-
cial year).
• Return on capital employed
Return on capital employed is calculated (i) by adding
financial expenses to the profit (loss) before taxes and (ii)
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 21
by dividing the sum by the average of the difference of
the balance sheet total and non-interest bearing debts of
the opening and closing balance sheet.
• Gearing
Gearing is calculated by dividing net debt by total equity.
• Equity ratio
Equity ratio is calculated by dividing (i) total equity by (ii)
balance sheet total, deducted by advances received.
• Gross investments
Gross investments are fixed asset acquisitions with long-
term effect, from which no sales of property or renuncia-
tion of business have been deducted. As a general rule,
fixed assets comprise property, plant and equipment and
intangible assets.
• Earnings per Share, comparable
Profit for the period attributable to the owners of the
parent company excluding amortisation from fair value
adjustments related to acquisitions and their tax impact,
divided by the weighted average number of shares in
issue.
Purpose of use of alternative performance measures
EBITDA, adjusted EBITDA and adjusted EBIT are presented as
alternative performance measures to enhance comparability
of business performance between reporting periods and are
frequently used by analysts, investors and other parties.
Net sales from new products and services is presented as alter-
native performance measures, as it, according to the Com-
pany’s view, describes the development and structure of the
Company’s net sales.
Free cash flow, cash conversion and gross investments are pre-
sented as alternative performance measures, as they provide,
according to the Company’s view, a good insight into the needs
relating to the Group’s business cash flow and are frequently
used by analysts, investors and other parties.
Net debt, net debt to adjusted EBITDA, return on equity and
return on capital employed are presented as alternative per-
formance measures, as they are, according to the Company’s
view, useful measures of the Group’s ability to obtain financing
and pay its debts, and they are frequently used by analysts,
investors and other parties.
Gearing and equity ratio are presented as alternative perfor-
mance measures, as they, according to the Company’s view,
reflect the level of risk related to financing and help to monitor
the level of capital employed in the Group’s business.
Comparable earnings per share is presented as an alternative
performance measure, as it, according to the Company’s view,
helps to reflect the profit attributable to the owners.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 22
Reconciliation of alternative performance measures to the closest IFRS performance measure
ADJUSTED EBIT
EUR thousand 2022 2021 2020
Operating profit 25 764 35 249 27 816
Amortisation from fair value adjustments related to
acquisitions
11 833 12 647 12 252
Items affecting comparability
M&A and integration related expenses 352 207 1 984
Restructuring expenses 317 -98 161
Legal actions - - 2 745
Expenses related to regulatory changes - 1 135 -
Insurance compensations - -100 -
Other costs affecting comparability 10 859 - -
Total items affecting comparability 11 529 1 144 4 890
Adjusted operating profit 49 126 49 040 44 958
EBITDA AND ADJUSTED EBITDA
EUR thousand 2022 2021 2020
Operating profit 25 764 35 249 27 816
Depreciation, amortisation and impairment 29 795 22 749 21 311
EBITDA 55 559 57 997 49 127
Items affecting comparability
M&A and integration related expenses 352 207 1 984
Restructuring expenses 317 -98 161
Legal actions - - 2 745
Expenses related to regulatory changes - 1 135 -
Insurance compensations - -100 -
Other costs affecting comparability 5 011 - -
Total items affecting comparability 5 681 1 144 4 890
Adjusted EBITDA 61 240 59 141 54 017
FREE CASH FLOW
EUR thousand 2022 2021 2020
Cash flow from operating activities 44 792 43 945 40 912
Paid interest and other financing expenses 2 587 2 193 2 593
Received interest and other financing income -283 -60 -50
Acquisition of tangible assets and intangible assets -13 187 -16 236 -10 875
Free cash flow 33 909 29 842 32 579
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
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Enento Group Financial review 2022 | 23
Formulas for key figures
EBITDA Operating profit + depreciation, amortisation and impairment.
Items affecting comparability
Material items outside the ordinary course of business that concern i) M&A and integration-related expenses, ii) redundancy payments, iii) external expenses
arising from significant regulatory changes, iv) compensation paid for damages and (v) legal actions.
Adjusted EBITDA EBITDA + items affecting comparability
Adjusted operating profit (EBIT) Operating profit excluding amortisation from fair value adjustments related to acquisitions + items affecting comparability.
Net sales from new products and services Net sales of new products and services is calculated as net sales of those products and services introduced within the past 24 months.
Free cash flow
Cash flow from operating activities added by paid interests and other financing expenses, deducted by received interests and other financing income and
deducted by acquisition of tangible and intangible assets.
Cash conversion, %
Free cash flow x 100
EBITDA
Net debt Interest-bearing liabilities - Cash and cash equivalents
Net debt to adjusted EBITDA, x
Net debt
Adjusted EBITDA
Return on equity, %
Profit (loss) for the financial year
x 100
Total equity (average for the financial year)
Return on capital employed, %
Profit (loss) before taxes + Financial expenses
x 100
Total assets - non-interest-bearing liabilities (average for the financial year)
Gearing, %
Interest -bearing liabilities - cash and cash equivalents
x 100
Total equity
Equity ratio, %
Total equity
x 100
Total assets - advances received
Dividend / earnings, %
Dividend per share
x 100
Earnings per share
Effective dividend yield, %
Dividend per share
x 100
Market value per share on the last day of the financial year
Price / Earnings
Market value per share on the last day of the financial year
Earnings per share
Earnings per share, basic Profit for the period attributable to the owners of the parent company divided by the weighted average number of shares in issue.
Earnings per share, diluted
Profit for the period attributable to the owners of the parent company divided by the weighted average number of shares in issue, taking into consideration the
possible impact of the Group’s management’s long-term incentive plan.
Earnings per share, comparable
Profit for the period attributable to the owners of the parent company excluding amortisation from fair value adjustments related to acquisitions and their tax
impact, divided by the weighted average number of shares in issue.
Gross investments
Gross investments are fixed asset acquisitions with long-term effect, from which no sales of property or disposal of business have been deducted. As a general
rule, fixed assets comprise property, plant and equipment and intangible assets.
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Enento Group Financial review 2022 | 24
Consolidated Financial Statements
EUR thousand Note 1.1.–31.12.2022 1.1.–31.12.2021
Net sales 6 167 529 163 515
Other operating income 7 412 690
Materials and services 8 -27 685 -27 593
Personnel expenses 9 -40 772 -39 732
Work performed by the entity and capitalised
1
Total personnel expenses -37 207 -35 798
Other operating expenses
1
10 -47 489 -42 818
Depreciation, amortisation and impairment
1
11 -29 795 -22 749
Operating profit 25 764 35 249
Share of results of associated companies 17 -932 -381
Finance income 12 411 426
Finance expenses 12 -3 134 -2 593
Finance income and expenses -2 722 -2 166
Profit before income tax 22 110 32 701
Income tax expense 13 -4 754 -6 830
Profit for the financial year 17 355 25 871
Consolidated Statement of Comprehensive Income
1
In reporting year 2022 Enento Group made a partial write-down to platform development investments. The write-down included an impairment of intangible assets of EUR -5,8
million and a write-down of work in progress of EUR -5,0 million, of which EUR -4,0 million is included in other operating expenses and EUR -1,0 million on row work performed
by the entity and capitalised.
Enento Group Financial review 2022 | 26
Board of Directors’ Report Consolidated Financial Statements Parent Company Financial Statement Governance
Shares and Shareholders
Note 1.1.–31.12.2022 1.1.–31.12.2021
Items that may be reclassified to profit or loss:
Translation differences on foreign units
-21 755
-5 652
Hedging of net investments made in foreign units 5 038 1 389
Income tax relating to these items -1 008 -278
-17 725
-4 540
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations 23 3 278 4 325
Income tax relating to these items -675 -891
Other comprehensive income for the financial year, net of tax -15 122 -1 106
Total comprehensive income for the financial year 2 234 24 764
Profit attributable to:
Owners of the parent company 17 355 25 871
Total comprehensive income attributable to:
Owners of the parent company 2 234 24 764
Earnings per share attributable to the owners of
the parent during the financial year:
Basic, EUR
14
Diluted, EUR
14
Enento Group Financial review 2022 | 27
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Consolidated Statement Of Financial Position
EUR thousand Note 31.12.2022 31.12.2021
ASSETS
Non-current assets
Goodwill 15 340 712 354 621
Other intangible assets 15 98 029 124 592
Property, plant and equipment 16 1 561 2 508
Right-of-use assets 16 4 531 6 376
Deferred tax assets 25 - -
Investments in associated companies 17 3 933 3 370
Financial assets and other receivables 18 -6 76
Total non-current assets 448 761 491 542
Current assets
Account and other receivables 19 29 525 26 896
Cash and cash equivalents 21 20 785 25 318
Total current assets 50 310 52 214
Total assets 499 071 543 757
EUR thousand Note 31.12.2022 31.12.2021
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital 22 80 80
Invested unrestricted equity reserve 22 270 499 294 533
Translation differences -14 063 3 662
Retained earnings 22 38 344 18 118
Equity attributable to owners of the parent 294 859 316 394
Share of equity held by non-controlling interest 0 0
Total equity 294 860 316 394
Provisions 26 89 -
Liabilities
Non-current liabilities
Financial liabilities 24 151 187 164 547
Pension liabilities 23 - 3 679
Deferred tax liabilities 25 17 989 22 712
Other non-current liabilities 11 37
Total non-current liabilities 169 188 190 975
Current liabilities
Financial liabilities 1 411 2 335
Advances received 27 10 196 10 738
Account and other payables 27 23 328 23 315
Total current liabilities 34 934 36 388
Total liabilities 204 122 227 363
Total equity and liabilities 499 071 543 757
Enento Group Financial review 2022 | 28
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Consolidated Statement of Changes In Equity
Attributable to owners of the parent
EUR thousand Share capital
Invested
unrestricted
equity reserve
Translation
differences
Retained
earnings Total
Share of equity
held by non-
controlling
interest Total equity
Equity at 1.1.2022 80 294 533 3 662 18 118 316 394 0 316 394
Profit for the period - - - 17 355 17 355 - 17 355
Other comprehensive income for the period
Translation differences - - -21 755 - -21 755 - -21 755
Hedging of net investments - - 5 038 - 5 038 - 5 038
Income tax relating to these items - - -1 008 - -1 008 - -1 008
Items that may be reclassified to profit or loss - - -17 725 - -17 725 - -17 725
Defined benefit plans - - - 3 278 3 278 - 3 278
Income tax relating to these items - - - -675 -675 - -675
Items that will not be reclassified to profit or loss - - - 2 603 2 603 - 2 603
Other comprehensive income for the period, net of tax - - -17 725 2 603 -15 122 - -15 122
Total comprehensive income for the period - - -17 725 19 958 2 234 - 2 234
Transactions with owners
Distribution of funds - -24 035 - - -24 035 - -24 035
Management’s incentive plan - - - 267 267 - 267
Equity at 31.12.2022 80 270 499 -14 063 38 344 294 859 0 294 860
Enento Group Financial review 2022 | 29
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Attributable to owners of the parent
EUR thousand Share capital
Invested
unrestricted
equity reserve
Translation
differences
Retained
earnings Total
Share of equity
held by non-
controlling
interest Total equity
Equity at 1.1.2021 80 317 367 8 202 -10 575 315 073 0 315 073
Profit for the period - - - 25 871 25 871 - 25 871
Other comprehensive income for the period
Translation differences - - -5 652 - -5 652 - -5 652
Hedging of net investments - - 1 389 - 1 389 - 1 389
Income tax relating to these items - - -278 - -278 - -278
Items that may be reclassified to profit or loss - - -4 540 - -4 540 - -4 540
Defined benefit plans - - - 4 325 4 325 - 4 325
Income tax relating to these items - - - -891 -891 - -891
Items that will not be reclassified to profit or loss - - - 3 434 3 434 - 3 434
Other comprehensive income for the period, net of tax - - -4 540 3 434 -1 106 - -1 106
Total comprehensive income for the period - - -4 540 29 304 24 764 - 24 764
Transactions with owners
Distribution of funds - -22 833 - - -22 833 - -22 833
Management’s incentive plan - - - -612 -612 - -612
Equity at 31.12.2021 80 294 533 3 662 18 119 316 394 0 316 394
Enento Group Financial review 2022 | 30
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Consolidated Statement of Cash Flows
EUR thousand Note 1.1.–31.12.2022 1.1.–31.12.2021
Cash flow from operating activities
Profit before income tax 22 110 32 701
Adjustments:
Depreciation, amortisation and impairment 11 29 795 22 749
Finance income and expenses 12 3 654 2 548
Profit (-) / loss (+) on disposal of property,
plantand equipment
-49 -156
Management’s incentive plan 28 267 -612
Other adjustments 4 810 669
Cash flows before change in working capital 60 587 57 899
Change in working capital:
Increase (-) / decrease (+) in account
and other receivables
-4 182 -2 098
Increase (+) / decrease (-) in account
and other payables
Change in working capital -4 039 -3 323
Interest expenses paid 12 -2 587 -2 193
Interest income received 12 283 60
Income taxes paid 13 -9 452 -8 498
Cash flow from operating activities 44 792 43 945
EUR thousand Note 1.1.–31.12.2022 1.1.–31.12.2021
Cash flows from investing activities
Purchases of property, plant and equipment 16 -140 -1 625
Purchases of intangible assets 15 -13 047 -14 611
Proceeds from sale of property,
plant and equipment
Investments in associated companies 17 -1 835 -3 802
Cash flows from investing activities -14 811 -19 463
Cash flows from financing activities
Repayments of interest-bearing liabilities 24 -9 556 -2 379
Dividends paid and other profit distribution 22 -24 052 -22 833
Cash flows from financing activities -33 608 -25 212
Net increase/decrease in cash
and cash equivalents
-3 627 -730
Cash and cash equivalents at beginning of
the financial year
Net change in cash and cash equivalents -3 627 -730
Translation differences of cash
and cash equivalents
-906 -115
Cash and cash equivalents at end of
the financial year
Enento Group Financial review 2022 | 31
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Parent Company Financial Statement
Parent Company Income Statement (FAS)
EUR Note 1.1.–31.12.2022 1.1.–31.12.2021
Net sales 2 1 099 383,12 1 051 389,45
Other operating income 0 100 000,00
Personnel expenses 3 -1 280 318,34 -2 009 545,11
Other operating expenses 4 -1 805 519,65 -1 016 795,24
Operating loss -1 986 454,87 -1 874 950,90
Finance income and expenses
Income from group undertakings 5 9 662 023,00 11 839 573,20
Other interest and finance income 5 5 322 111,36 1 638 007,95
Interest expenses and other finance expenses 5 -3 282 373,78 -2 235 004,17
Total finance income and expenses 11 701 760,58 11 242 576,98
Profit (loss) before appropriations and taxes 9 715 305,71 9 367 626,08
Appropriations
Group contributions 6 26 004 141,49 24 305 384,56
Income tax expense 7 -5 216 820,38 -4 366 846,81
Profit for the financial year 30 502 626,82 29 306 163,84
Enento Group Financial review 2022 | 69
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Parent Company Balance Sheet (FAS)
EUR Note 31.12.2022 31.12.2021
ASSETS
Non-current assets
Investments 8 550 533 199,61 548 698 297,87
Total non-current assets 550 533 199,61 548 698 297,87
Current assets
Long-term receivables 9 272 557,07 108 595,86
Short-term receivables 10 26 681 798,04 24 520 805,67
Cash in hand and at banks 16 614 996,65 20 702 554,97
Total current assets 43 569 351,76 45 331 956,50
Total assets 594 102 551,37 594 030 254,37
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Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
EUR Note 31.12.2022 31.12.2021
EQUITY AND LIABILITIES
Shareholders’ equity
Share capital 11 80 000,00 80 000,00
Invested unrestricted equity reserve 11 288 195 250,22 312 230 106,22
Retained profit 11 84 837 572,55 55 531 408,71
Profit for the financial year 30 502 626,82 29 306 163,84
Total equity 403 615 449,59 397 147 678,77
Liabilities
Non-current liabilities
Loans from financial institutions 148 654 532,24 160 533 837,87
Total non-current liabilities 148 654 532,24 160 533 837,87
Current liabilities
Accounts payable 12 101 912,06 77 228,54
Payables to Group companies 12 37 622 882,99 34 700 550,96
Other liabilities 12 50 066,56 43 265,12
Accrued expenses 12 4 057 707,93 1 527 693,11
Total current liabilities 41 832 569,54 36 348 737,73
Total liabilities 190 487 101,78 196 882 575,60
Total equity and liabilities 594 102 551,37 594 030 254,37
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Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Parent Company Statement Of Cash Flows (FAS)
EUR Note 1.1.–31.12.2022 1.1.–31.12.2021
Cash flow from operating activities
Loss before appropriations and taxes 9 715 305,71 9 367 626,08
Adjustments:
Finance income and expenses 5 -11 701 760,58 -11 242 576,98
Cash flows before change in working capital -1 986 454,87 -1 874 950,90
Change in working capital:
Increase (-) / decrease (+) in account and other receivables -439 948,41 2 591,21
Increase (+) / decrease (-) in account and other payables 715 872,36 -179 313,12
Change in working capital 275 923,95 -176 721,91
Paid interest and other financing expenses 5 -2 258 137,91 -1 777 200,68
Dividends received 5 9 662 023,00 11 839 573,20
Interest and other finance income received 5 44 470,51 20 788,79
Income taxes paid 7 -3 576 812,61 -3 464 289,09
Cash flow from operating activities 2 161 012,07 4 567 199,41
Cash flows from investing activities
Investments in associated companies 8 -1 834 901,74 -3 801 361,46
Cash flows from investing activities -1 834 901,74 -3 801 361,46
Cash flows from financing activities
Proceeds from short-term borrowings 2 138 259,59 -3 968 720,39
Repayments of short-term borrowings -6 822 456,80 -
Group contributions received 6 24 305 384,56 24 662 075,97
Dividends paid and other profit distribution 11 -24 034 856,00 -22 833 113,20
Cash flows from financing activities -4 413 668,65 -2 139 757,62
Net increase (+) / decrease (-) in cash and cash equivalents -4 087 558,31 -1 373 919,66
Cash and cash equivalents at beginning of the financial year 20 702 554,97 22 076 474,63
Cash and cash equivalents at end of the financial year 16 614 996,66 20 702 554,97
Enento Group Financial review 2022 | 72
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Notes to the Parent Company Financial Statements
1 Accounting principles
Enento Group Plc is a Finnish limited liability company and
the parent company of Enento Group. The Company listed its
shares on the main list of Nasdaq Helsinki Ltd on 31 March 2015.
Enento Group Plc’s financial statements have been prepared in
accordance with the accounting principles based on the Finn-
ish accounting legislation (FAS).
1.1 Valuation principles
FINANCIAL INSTRUMENTS
The fees paid on draw-down loans have been entered in
accrued income. These will be discharged as financial expenses
on the basis of time in equal proportions. At the time of loan
amortisation the respective share of the remaining fees in the
balance sheet will be entered as expenses.
DEFERRED TAX ASSETS
Deferred tax assets are calculated on the temporary differ-
ences between taxation and the financial statement using the
tax rates effective for future years confirmed on the balance
sheet date. The balance sheet includes the deferred tax assets
at their estimate realisable amount.
1.2 Items denominated in foreign currencies
Transactions in foreign currencies are entered at the exchange
rates prevailing at the transaction dates. The unsettled bal-
ances on foreign currency receivables and liabilities are con-
verted into euros at the rates of exchange prevailing at the end
of the financial year.
2 Net sales
Net sales by market area
EUR 1.1.–31.12.2022 1.1.–31.12.2021
Finland 454 394,42 464 696,89
Sweden 581 627,75 530 838,95
Other countries 63 360,95 55 853,61
Total 1 099 383,12 1 051 389,45
Net sales consist of management fees from Group companies.
3 Personnel expenses
EUR 1.1.–31.12.2022 1.1.–31.12.2021
Salaries and benefits -1 117 140,52 -1 767 528,94
Pension expenses -143 691,68 -217 439,79
Other social security expenses -19 486,14 -24 576,38
Total -1 280 318,34 -2 009 545,11
1.3 Cash pooling arrangement
To facilitate efficient cash management in the Group, Enento
Group Plc has implemented a multi-currency cash pool
arrangement with Danske Bank A/S. The subsidiaries’ bank
accounts in Danske Bank have been included as member
accounts in the arrangement. The positive balances of the
subsidiaries’ member accounts are shown in the balance sheet
item “Payables to Group companies” and negative balances in
the balance sheet item “Receivables from Group companies”.
The pension provision for the personnel is arranged at Elo
Mutual Pension Insurance Company.
Salaries and benefits of the management
EUR 1.1.–31.12.2022 1.1.–31.12.2021
Board members and CEO -381 374,00 -927 942,32
Total -381 374,00 -927 942,32
The salaries and benefits paid to the management are item-
ised in more detail in the notes to the consolidated financial
statements, in note 29 Related parties.
Number of personnel on average
Employees 1.1.–31.12.2022 1.1.–31.12.2021
Full time 10 10
Part time and temporary - 1
Total 10 11
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Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
4 Other operating expenses 5 Finance income and expenses
EUR 1.1.–31.12.2022 1.1.–31.12.2021
Other employment expenses -51 595,01 -110 792,27
Expenses related to premises -43 433,45 -49 209,07
Marketing expenses -125 835,08 -118 449,72
Office expenses -213 541,58 -215 721,52
IT expenses -124 361,19 -120 125,49
Purchased services -1 118 783,02 -311 074,93
Other expenses -127 970,32 -91 422,24
Total -1 805 519,65 -1 016 795,24
EUR 1.1.–31.12.2022 1.1.–31.12.2021
Income from group undertakings
Dividends 9 662 023,00 11 839 573,20
Other interest and finance income
Interest income
From Group companies 355,38 19 708,97
From parties outside the Group 44 115,13 1 079,82
Other finance income
From parties outside the Group 5 277 640,85 1 617 219,16
Total finance income 14 984 134,36 13 477 581,15
Interest expenses and other
finance expenses
Interest expenses
To Group companies -70 467,46 -1 551,26
to parties outside the Group -2 816 204,78 -2 002 200,94
Other finance expenses
to parties outside the Group -395 701,54 -231 251,97
Total finance expenses -3 282 373,78 -2 235 004,17
Total 11 701 760,58 11 242 576,98
6 Appropriations
EUR 1.1.–31.12.2022 1.1.–31.12.2021
Group contributions received 26 004 141,49 24 305 384,56
Total 26 004 141,49 24 305 384,56
Auditor’s fees
EUR 1.1.–31.12.2022 1.1.–31.12.2021
PricewaterhouseCoopers Oy
Statutory fees -75 000,00 -68 000,00
Tax advisory - -
Other services - -
Total -75 000,00 -68 000,00
7 Income tax expenses
EUR 1.1.–31.12.2022 1.1.–31.12.2021
On business operations -5 216 820,38 -3 716 580,75
Change in deferred tax asset - -650 266,06
Total -5 216 820,38 -4 366 846,81
8 Investments
EUR 31.12.2022 31.12.2021
Shares in Group companies
Cost at 1.1. 544 896 936,41 544 896 936,41
Additions - -
Cost at 31.12. 544 896 936,41 544 896 936,41
Shares in associated companies
Cost at 1.1. 3 801 361,46 -
Additions 1 834 901,74 3 801 361,46
Cost at 31.12. 5 636 263,20 3 801 361,46
Net book value at 1.1. 548 698 297,87 544 896 936,41
Net book value at 31.12. 550 533 199,61 548 698 297,87
Enento Group Financial review 2022 | 74
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
9 Long-term receivables
EUR 31.12.2022 31.12.2021
Prepaid expenses and accrued
income
Financial expenses periodised 272 557,07 108 595,86
Total prepaid expenses and accrued
income
272 557,07 108 595,86
Total 272 557,07 108 595,86
10 Short-term receivables
EUR 31.12.2022 31.12.2021
Receivables from Group companies
Accounts receivable 394 693,13 -
Prepaid expenses and accrued
income
Group contribution 26 004 141,49 24 305 384,56
Total receivables from Group
companies
26 398 834,62 24 305 384,56
Other receivables 5 102,40 39 656,98
Prepaid expenses and accrued
income
Financial expenses periodised 165 543,38 143 256,35
Other periodised expenses 112 317,64 32 507,78
Total prepaid expenses and accrued
income
277 861,02 175 764,13
Total 26 681 798,04 24 520 805,67
31.12.2022
Ownership (%)
31.12.2021
Ownership (%)
Group companies
Suomen Asiakastieto Oy, Helsinki 100,00 100,00
Emaileri Oy, Turku 100,00 100,00
UC AB, Stockholm 99,99 99,99
UC Affärsinformation AB, Stockholm 100,00 100,00
Proff AB, Stockholm 100,00 100,00
Proff AS, Oslo 100,00 100,00
Proff ApS, Frederiksberg 100,00 100,00
Associated companies
Goava Sales Intelligence Ab,
Stockholm
48,2 38,3
All the group companies have been consolidated to the Parent
Company’s consolidated financial statements. A specification
of the Group companies is included in note 29 to the consoli-
dated financial statements.
11 Equity
EUR 31.12.2022 31.12.2021
Share capital at 1.1. 80 000,00 80 000,00
Share capital at 31.12. 80 000,00 80 000,00
Total restricted shareholders’ equity 80 000,00 80 000,00
Invested unrestricted
equity reserve at 1.1.
312 230 106,22 335 063 219,42
Capital repayment -24 034 856,00 -22 833 113,20
Total invested unrestricted
equity reserve at 31.12.
288 195 250,22 312 230 106,22
Retained profit at 1.1. 84 837 572,55 55 531 408,71
Distribution of dividend - -
Total retained profit at 31.12. 84 837 572,55 55 531 408,71
Profit for the financial year 30 502 626,82 29 306 163,84
Total unrestricted shareholders’
equity
403 535 449,59 397 067 678,77
Total equity 403 615 449,59 397 147 678,77
Distributable funds
EUR 31.12.2022 31.12.2021
Invested unrestricted equity reserve 288 195 250,22 312 230 106,22
Retained profit 84 837 572,55 55 531 408,71
Profit for the financial year 30 502 626,82 29 306 163,84
Total 403 535 449,59 397 067 678,77
Enento Group Financial review 2022 | 75
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
12 Current liabilities
Payables to Group companies
EUR 31.12.2022 31.12.2021
Accounts payable 784 072,44 -
Other liabilities 36 838 810,55 34 700 550,96
Accrued expenses - -
Total 37 622 882,99 34 700 550,96
Other current liabilities
EUR 31.12.2022 31.12.2021
Accrued expenses
Holiday pay liabilities 150 149,49 169 417,93
Other accrued personnel
expenses
316 347,45 391 861,48
Interest expenses 1 352 666,53 353 174,44
Taxes 2 232 877,46 592 869,69
Other 5 667,00 20 369,57
Total accrued expenses 4 057 707,93 1 527 693,11
Other liabilities
Derivatives payable - -
Other 50 066,56 43 265,12
Total other liabilities 50 066,56 43 265,12
Accounts payable 101 912,06 77 228,54
Total other current liabilities 4 209 686,55 1 648 186,77
Total 41 832 569,54 36 348 737,73
Board’s Proposal For The Distribution Of Funds
At the end of the financial year 2022, the distributa-
ble funds of the Group’s parent company amounted to
EUR 403 535 449,59, of which the profit for the financial year
was EUR 30 502 626,82. The Board of Directors proposes
to the Annual General Meeting convening on 28 March
2023 that funds amounting to EUR 1,00 per share, total EUR
24 034 856,00, based on the Company’s registered total num-
ber of shares at the time of the proposal, be distributed for the
financial year that ended on 31 December 2022 as follows:
EUR/share EUR
From the invested unrestricted equity
reserve as a repayment of capital
1,00 24 034 856,00
To be retained in unrestricted equity 379 500 593,59
Total 403 535 449,59
The equity repayment from the reserve for invested unrestricted
shareholders’ equity will be paid to a shareholder registered in
the Company’s shareholders’ register held by Euroclear Finland
Ltd on the payment record date of 30 March 2023. The Board
of Directors proposes that the funds be paid on 11 April 2023.
After the financial year there are no material changes in the
Company’s financial position. The Company’s liquidity is good
and, based on the Board of Directors’ view, the proposed distri-
bution of profits does not compromise the Company’s liquidity.
Enento Group Financial review 2022 | 76
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Signatures To The Financial Statements
The report of the audit has been submitted today.
Helsinki, 13 February 2023
PricewaterhouseCoopers Oy
Authorised Public Accountants
Helsinki, 13 February 2023
Patrick Lapveteläinen
Chairman of the Board
Martin Johansson
Member of the Board
Tiina Kuusisto
Member of the Board
Erik Forsberg
Member of the Board
Minna Parhiala
Member of the Board
Auditor’s Note
Petri Carpén
Member of the Board
Jeanette Jäger
CEO
Martin Grandell
Authorised Public Accountant
Enento Group Financial review 2022 | 77
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
TO THE ANNUAL GENERAL MEETING OF ENENTO GROUP OYJ
Report on the Audit of the Financial
Statements
Opinion
In our opinion
• the consolidated financial statements give a true and fair
view of the group’s financial position and financial perfor-
mance and cash flows in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU
• the financial statements give a true and fair view of the
parent company’s financial performance and financial
position in accordance with the laws and regulations
governing the preparation of the financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report to the Audit
Committee.
What we have audited
We have audited the financial statements of Enento Group
Oyj
(business identity code 2194007-7) for the year ended 31
December 2022. The financial statements comprise:
• the consolidated statement of financial position, state-
ment of comprehensive income, statement of changes
in equity, statement of cash flows and notes, including a
summary of significant accounting policies
• the parent company’s balance sheet, income statement,
statement of cash flows and notes.
Auditor’s Report
Basis for Opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good auditing
practice are further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Independence
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our audit, and
we have fulfilled our other ethical responsibilities in accordance
with these requirements.
To the best of our knowledge and belief, the non-audit ser-
vices that we have provided to the parent company and to the
group companies are in accordance with the applicable law
and regulations in Finland and we have not provided non-audit
services that are prohibited under Article 5(1) of Regulation (EU)
No 537/2014. The non-audit services that we have provided are
disclosed in note 10 to the Financial Statements.
Our Audit Approach
Overview
• Materiality:
Overall group materiality: € 1,6 million, which represents
approximately 5 % of profit before taxes adjusted with
non-recurring items.
• Audit Scope:
The group audit scope includes all significant legal entities
in Finland and Nordic countries, covering the vast majority
of revenues, assets and liabilities of the group.
• Goodwill:
Goodwill in Enento Group’s consolidated statement
of financial position was € 340 712 thousand which is
approximately 68 % of the total assets of € 499 071 thou-
sand. We have tested the impairment assessment and
assessed the appropriateness of the estimates used by
Group’s management in their impairment assessment.
• Net sales:
Enento Group’s net sales in the financial year 2022
amounted to € 167 529 thousand. There is a risk in revenue
recognition that revenue accounted for in the financial
statements are not real or revenue has been recognised
in incorrect amount or in incorrect accounting period,
whether caused by fraud or error. We have tested revenue
recognition principles as well as revenue transactions in
order to respond to risks in revenue recognition.
As part of designing our audit, we determined materiality and
assessed the risks of material misstatement in the financial
statements. In particular, we considered where management
made subjective judgements; for example, in respect of signif-
Enento Group Financial review 2022 | 78
Board of Directors’ Report Consolidated Financial Statements Parent Company Financial Statement Governance
Shares and Shareholders
icant accounting estimates that involved making assumptions
and considering future events that are inherently uncertain.
Materiality
The scope of our audit was influenced by our application of
materiality. An audit is designed to obtain reasonable assur-
ance whether the financial statements are free from material
misstatement. Misstatements may arise due to fraud or error.
They are considered material if individually or in aggregate,
they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial state-
ments.
Based on our professional judgement, we determined certain
quantitative thresholds for materiality, including the overall
group materiality for the consolidated financial statements as
set out in the table below. These, together with qualitative con-
siderations, helped us to determine the scope of our audit and
the nature, timing and extent of our audit procedures and to
evaluate the effect of misstatements on the financial state-
ments as a whole.
Overall group materiality
€ 1,6 million (previous year € 1,6 million)
How we determined it
Approximately 5 % of profit before taxes adjusted with non-
recurring items
Rationale for the materiality benchmark applied
We chose profit before tax as the benchmark because, in our
view, it is the benchmark against which the performance of the
group is most commonly measured by users, and is a generally
accepted benchmark. We chose 5 % which is within the range
of acceptable quantitative materiality thresholds in auditing
standards.
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the
structure of the group, the accounting processes and controls,
and the industry in which the group operates.
The group audit scope included the group parent company
and all subsidiaries to the parent company.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the finan-
cial statements of the current period. These matters were
addressed in the context of our audit of the financial state-
ments as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
As in all of our audits, we also addressed the risk of manage-
ment override of internal controls, including among other mat-
ters consideration of whether there was evidence of bias that
represented a risk of material misstatement due to fraud.
Enento Group Financial review 2022 | 79
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Key audit matter in the audit of the group How our audit addressed the key audit matter
Goodwill Refer to note 15 of the financial statements
Net sales Refer to note 6 and to summary of significant accounting policies section 2.18 of the financial statements.
The Group’s goodwill amounted to € 340 712 thousand as at 31 December 2022 which is approximately 68
% of total assets € 499 071 thousand. Goodwill is material to the consolidated financial statements. The
Group’s management uses significant judgement when assessing future estimated cash flows.
For the purpose of impairment testing, the recoverable amount of the Group’s three cash-generating units
have been determined based on value-in-use calculations which require the use of estimates. These cal-
culations use cash flow projections based on financial estimates approved by the management covering
a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth
rates.
Key parameters in the projections are the development of net sales and key cost items as well as long-
term growth rate and discount rate. Management has performed a sensitivity analysis around the key
parameters of the goodwill allocated to each cash generating units in which the combined effect of
changes in the parameters is tested.
Enento Group provides information services. The majority of revenue is transaction based generated from
the delivery of individual pieces or bundles of credit, business and market information. The information is
processed or refined by the Group and made available to the customers mainly through online facilities.
Revenue is recognised at the point in time when the performance obligation is satisfied by the delivery
of information or over time depending on performance obligation to be satisfied. The Group recognises
as revenue transaction price to which Enento Group expects to be entitled in exchange for transferring
goods and services to customer.
There is a risk in revenue recognition that revenue accounted for in the financial statements are not real or
revenue has been recognised in incorrect amount or in incorrect accounting period, whether caused by
fraud or error. The Company aims to ensure by its internal processes and controls that revenue recognition
in the financial statements is materially correct.
This matter is a significant risk of material misstatement referred to in Article 10(2c) of Regulation (EU) No
537/2014.
We assessed and tested the effectiveness of sales process key controls. We also tested revenue transactions
by using computer assisted audit techniques and by substantive testing procedures in order to respond to
risk of fraud in revenue recognition and to the risk that recognised revenue is not real or has been recognised
incorrectly. We also tested that revenue transactions have been accounted for in the correct financial period.
We audited journal entries related to revenue. In addition, we have performed analytical procedures to respond
to risk of material misstatement in the financial statements.
We have no key audit matters to report with respect to our audit of the parent company financial statements.
We tested the cash flow estimates prepared by the Group’s management for years 2023-2026 as well as the
determination of the discount rate used. We compared the used cash flow estimates to financial budgets
and projections prepared by the management and approved by the board to verify that cash flow esti-
mates used in the assessment are not greater than the financial budget. We assessed the reasonabless
and consistency of estimated profitability levels to approved financial budgets and cash flow estimates. We
compared estimated growth rates used in the cash flow estimates to the Group’s historic growth and tested
mathematical accuracy of these cash flow estimates. We assessed appropriateness of the discount rate
used in the calculations and tested the mathematical accuracy of the discount rate calculations.
We tested the sensitivity analysis prepared by management in order to ascertain the combined effect of
changes in key parameters that would lead to impairment. We tested the mathematical accuracy of the
sensitivity analysis related to the goodwill impairment assessment.
Enento Group Financial review 2022 | 80
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Responsibilities of the Board of Directors
and the Managing Director for the Financial
Statements
The Board of Directors and the Managing Director are respon-
sible for the preparation of consolidated financial statements
that give a true and fair view in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU, and
of financial statements that give a true and fair view in accord-
ance with the laws and regulations governing the preparation
of financial statements in Finland and comply with statutory
requirements. The Board of Directors and the Managing Director
are also responsible for such internal control as they determine
is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the Board of Directors and
the Managing Director are responsible for assessing the parent
company’s and the group’s ability to continue as a going con-
cern, disclosing, as applicable, matters relating to going concern
and using the going concern basis of accounting. The finan-
cial statements are prepared using the going concern basis of
accounting unless there is an intention to liquidate the parent
company or the group or to cease operations, or there is no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from mate-
rial misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assur-
ance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with good auditing practice will
always detect a material misstatement when it exists. Misstate-
ments can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on
the basis of these financial statements.
As part of an audit in accordance with good auditing practice,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, mis-
representations, or the override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the par-
ent company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of the Board of Direc-
tors’ and the Managing Director’s use of the going con-
cern basis of accounting and based on the audit evi-
dence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant
doubt on the parent company’s or the group’s abil-
ity to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclo-
sures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions
may cause the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events so that the financial statements
give a true and fair view.
• Obtain sufficient appropriate audit evidence regard-
ing the financial information of the entities or business
activities within the group to express an opinion on the
consolidated financial statements. We are responsible for
the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regard-
ing, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a state-
ment that we have complied with relevant ethical requirements
regarding independence, and to communicate with them
all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with gov-
ernance, we determine those matters that were of most signif-
icance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regula-
Enento Group Financial review 2022 | 81
Board of Directors’ Report
Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
tion precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Other Reporting Requirements
Appointment
We have been acting as auditors appointed by the annual
general meeting since 5.5.2008. Our appointment represents a
total period of uninterrupted engagement of 15 years. Author-
ised Public Accountant (KHT) Martin Grandell has acted as the
responsible auditor since 30.3.2017, which represents a total
period of uninterrupted engagement of 6 years. Enento Group
Oyj became a public interest entity on 31.3.2015 as a result of
the initial public offering.
Other Information
The Board of Directors and the Managing Director are respon-
sible for the other information. The other information com-
prises the report of the Board of Directors and the informa-
tion included in the Annual Report, but does not include the
financial statements and our auditor’s report thereon. We have
obtained the report of the Board of Directors prior to the date
of this auditor’s report and the Annual Report is expected to be
made available to us after that date.
Our opinion on the financial statements does not cover the
other information.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above
and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be
materially misstated. With respect to the report of the Board of
Directors, our responsibility also includes considering whether
the report of the Board of Directors has been prepared in
accordance with the applicable laws and regulations.
In our opinion
• the information in the report of the Board of Directors is
consistent with the information in the financial statements
• the report of the Board of Directors has been prepared in
accordance with the applicable laws and regulations.
If, based on the work we have performed on the other informa-
tion that we obtained prior to the date of this auditor’s report,
we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have noth-
ing to report in this regard.
Helsinki 13 February 2023
PricewaterhouseCoopers Oy
Authorised Public Accountants
Martin Grandell
Authorised Public Accountant (KHT)
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Parent Company Financial Statement Governance
Shares and Shareholders
Governance
limited liability company. The parent company of the Group is
Enento Group Plc , the domicile is Helsinki , Finland . The shares
of the Company are listed on Nasdaq Helsinki Ltd starting from
31 March 2015.
The Company’s governance is subject to the Finnish Compa-
nies Act, the Finnish Securities Markets Act, the Accounting Act,
the rules of Nasdaq Helsinki Ltd as well as the Company’s Arti-
cles of Association. In addition, Enento complies fully with the
Finnish Corporate Governance Code issued by the Securities
Market Association in 2020 (the “CG Code”). The CG Code is
available at www.cgfinland.fi.
This Company’s Corporate Governance Statement is published
separately from the Board of Directors’ report.
The Company’s governance is organised through the General
Meeting, the Board of Directors and the Chief Executive Officer.
Further, the Company has an Executive Team led by the Chief
Executive Officer.
General Meeting
The General Meeting is Enento’s highest decision-making body,
which normally convenes once a year. Its tasks and procedures
are defined in the Finnish Companies’ Act and the Compa-
ny’s Articles of Association. Certain important matters, such as
amending the Articles of Association, approval of the financial
statements, approval of the dividend, election of the members
of the Board of Directors and the auditors fall within the sole
jurisdiction of the General Meeting.
The General Meeting is convened by the Board of Directors. The
Annual General Meeting shall be held within six (6) months of
the end of the financial year. An Extraordinary General Meeting
shall be held whenever the Board of Directors deems neces-
sary, the auditor of the Company or shareholders with at least
10 % of the shares so demand in writing in order to deal with a
given matter, or if this is otherwise required by law.
The General Meeting handles the matters presented on the
agenda by the Board of Directors. According to the Finn-
ish Companies Act, a shareholder may also request that his/
her proposal be handled at the next General Meeting. Such
a request shall be made in writing to the Company’s Board of
Directors at the latest on the date specified by the Company
on its website. This date shall be published no later than by
the end of the financial period preceding the general meeting.
The request is always deemed to be on time, if the Board of
Directors has been notified of the request no later than four (4)
weeks before the delivery of the notice of the General Meeting.
According to the Company’s Articles of Association, notices
of the General Meetings shall be published on the Compa-
ny’s website no more than three months before the record date
pursuant to the Limited Liability Companies Act (eight work-
ing days before the General Meeting) and at the latest three
weeks before the General Meeting, however, always at least
nine days before the said record date. In addition, the Board
of Directors may decide to publish the notice in full or in part in
an alternative manner as it deems appropriate. The notice shall
contain information on the Member of the Board of Directors,
their remuneration, the matters to be handled at the General
Meeting and other information required under the Companies
Act and the CG Code.
The notice of the General Meeting, documents to be submit-
ted to the General Meeting (e.g. financial statements, report
by the Board of Directors, auditor’s report) and the resolution
proposals to the General Meeting are made available on the
Company’s website at least three (3) weeks before the General
Meeting.
The minutes of the General Meeting are published on the Com-
pany’s website within two (2) weeks after the General Meeting.
In addition, the decisions of the General Meeting are also pub-
lished by means of a stock exchange release immediately after
the General Meeting. The documents related to the General
Meeting are available on the Company’s website at least for a
period of three (3) months after the General Meeting.
Shareholders may attend a General Meeting either in person
or by proxy. Notification regarding the attendance to a meet-
ing must be made by the date mentioned in the notice to the
General Meeting.
Only shareholders, who are registered in Enento’s sharehold-
ers’ register maintained by Euroclear Finland Ltd on the record
date (i.e. eight (8) working days before the General Meeting)
are entitled to attend a General Meeting. Holders of nominee
registered shares may be registered temporarily in said share-
Corporate Governance Statement 2022
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Parent Company Financial Statement Governance
Shares and Shareholders
holders’ register and therefore, they are advised to request from
their custodian banks necessary instructions regarding such
temporary registration and the issuing of proxy documents. A
proxy representative shall produce a dated proxy document
or otherwise in a reliable manner demonstrate his/her right to
represent the shareholder.
The Board of Directors may decide that the shareholders may
participate in the General Meeting by post or telecommunica-
tions or by other technical means.
Enento has one series of shares. Each share has one vote in all
matters dealt with by a General Meeting. A shareholder shall
have the right to vote at the General Meeting, if he/she has
registered to participate in the meeting by the date specified
in the notice to the General Meeting, which date shall not be
earlier than ten (10) days before the meeting. A shareholder
may at the General Meeting vote with different shares in a dif-
ferent manner and a shareholder may also vote with only part
of his/her shares. The Articles of Association of Enento include
no redemption clauses or voting limitations.
Most resolutions by the General Meeting require a simple major-
ity of the votes cast at the meeting. In an election, the person
receiving the highest number of votes shall be deemed elected.
The General Meeting may, however, prior to an election, decide
that to be elected, a person shall receive more than half of the
votes cast. However, there are several matters, which according
to the Companies Act require a two-third (2/3) majority of the
votes cast and of the shares represented at the meeting.
All Members of the Board of Directors, the auditor and CEO
shall attend the General Meeting.
The Annual General Meeting was held on 28 March 2022. When
arranging the meeting Enento followed temporary changes
in Finnish Company Act made for COVID-19 pandemic which
allowed the meeting to be arranged without shareholders
presence.
Shareholders’ Nomination Board
Based on the proposal by the Board of Directors, the sole
shareholder of the Company resolved on 10 March 2015 to
establish a Shareholders’ Nomination Board for an indefinite
period to prepare proposals to the Annual General Meeting for
the election and remuneration of the members of the Board of
Directors and the remuneration of the Board Committees and
the Nomination Board. According to the Charter of the Share-
holders’ Nomination Board, it shall comprise representatives of
the Company’s three largest shareholders who, on 30 Septem-
ber preceding the next Annual General Meeting, hold the larg-
est number of votes calculated of all shares in the Company
and, in addition, of the Chairperson of the Board of Directors
as expert member.
The right to nominate the shareholder representatives lies with
those three shareholders whose share of all the voting rights in
the Company is on 30 September preceding the next Annual
General Meeting the largest on the basis of the shareholders’
register of the Company held by Euroclear Finland Ltd. How-
ever, holdings by a shareholder who, under the Finnish Securi-
ties Market Act, has the obligation to disclose its shareholdings
(flagging obligation) that are divided into several funds or reg-
isters, will be summed up when calculating the share of all the
voting rights, provided that such shareholder presents a writ-
ten request to that effect to the Chairperson of the Company’s
Board of Directors no later than on 29 September preceding
the next Annual General Meeting.
The aforementioned shareholders appoint, in accordance with
the Charter of the Nomination Board, from the request of the
Chairperson of the Company’s Board of Directors their repre-
sentatives to the Nomination Board after 30 September.
Shareholders’ Nomination Board submits its proposal to the
Board of Directors of the Company at the latest on 31 Janu-
ary preceding the next Annual General Meeting. Sharehold-
ers’ Nomination Board reviews its performance and procedures
once a year and gives out a report of its actions annually. The
report is published in the Corporate Governance Statement.
Principles concerning the diversity of
the Board of Directors
The Company has defined the principles concerning the diver-
sity of the Board of Directors in the following way:
In Enento Group Plc, the proposal concerning the composition
of the Board of Directors is prepared and made to the Annual
general Meeting by the Shareholders’ Nomination Board, which
consists of the representatives of the Company’s three largest
shareholders and of the chairperson of the Board of Direc-
tors and a representative nominated by the Board of Directors
amongst them as expert members. When making their proposal
for the composition of the Board of Directors, the Shareholders’
Nomination Board applies these diversity principles defined by
the Company or the assessment of diversity.
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Shares and Shareholders
Diversity of the Board of Directors supports the development
of the Company’s business and the achievement of strategic
objectives as well as the promoting of customer insight. The
complementing expertise of the members and experience
in the lines of business essential for the Company (financing,
commerce, information technology) are considered important.
From the point of view of diversity, experience in international
operational environment and international representation are
considered essential. The objective is that both genders be rep
-
resented in the Board of Directors. Long-term needs and ade-
quate turnover shall be taken into account when electing the
members of the Board of Directors.
Realization of diversity of the Board
of Directors
At the moment (2022), the Company’s Board of Directors con-
sists of six members, two of whom are foreign nationals. The
members are experienced in Board duties in various types of
companies. Of the members of the Board of Directors, one have
acted in the Board of Directors of the Company or its subsid-
iary already before the Company’s listing in 2015; one person
became members of the Board of Directors in connection with
the listing or were nominated in the general meeting in 2016;
and one person became members of the Board of Directors in
connection with the completion of the acquisition of UC AB in
2018. One person have been nominated by the general meet-
ing in 2019, one in 2020 and one in 2021. Both genders are rep-
resented in the Company’s Board of Directors.
These principles and the realization of diversity are presented
as part of the Company’s corporate governance.
Report of the actions of the
Shareholders’ Nomination Board in
2022
General
The Company’s sole shareholder (before the Company’s listing
on the stock exchange) decided on 10 March 2015 to found the
Shareholders’ Nomination Board to prepare the proposals to
the Annual General Meeting for the selection and remuneration
of Board members and the remuneration of the Board com-
mittees and the Nomination Board. The term of the Nomination
Board is until next Annual General Meeting.
The three largest shareholders according to the share regis-
ter as at 30 September 2022 were Sampo Plc, Skandinaviska
Enskilda Banken Ab (publ.) and Nordea Bank Abp.
The companies appointed Petri Niemisvirta (Sampo Plc), Hugo
Preutz (Nordea Bank AB (publ)) and Mats Torstendahl (Skandi-
naviska Enskilda Banken AB (publ)) as members of the Nomi-
nation Board. Patrick Lapveteläinen is a expert member of the
Nomination Board as the Chairman of the Board of Directors.
Personal details on the Shareholders Nomination Board mem-
bers are set forth in the table below:
Name Occupation
Niemisvirta Petri Mandatum Life Insurance, CEO
Preutz Hugo
Nordea Bank AB (publ.), Head of Group Mergers &
Acquisitions
Torstendahl Mats
Skandinaviska Enskilda Banken AB (publ), Deputy
President & CEO
The Board elected Petri Niemisvirta as Chairman. The Board
assembled two times in November-December 2022. All mem-
bers of the Nomination Board participated to these meetings.
Shareholders’ Nomination Board’s proposal to Annual
General Meeting 2023
The Nomination Board proposes that the number of Board
members be six (6).
The Board proposes that Patrick Lapveteläinen, Martin Johans-
son, Minna Parhiala and Tiina Kuusisto and Erik Forsberg be
reelected as members of the Board of Directors.
The Board proposes Nora Kerppola to be elected the Board
of Directors as a new member. The Board proposes that the
remuneration payable to the Board of Directors Chairperson
be EUR 54 000 per year and to other Board members EUR
38 500 per year. An attendance fee of 500 euros shall be paid
per Board of Directors meeting.
The chairpersons of Board of Directors committees shall be
paid an attendance fee of EUR 500 and the committee mem-
bers shall be paid an attendance fee of EUR 400 per commit-
tee meeting.
The Board proposes that no remuneration will be paid to the
Nomination Board members.
The Board proposes that reasonable travelling expenses for the
attendance to the meetings shall be paid to members.
The Board proposes that the aforementioned proposed remu-
neration will become effective immediately after the next
Annual General Meeting of the Company.
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Board of Directors
The Board’s role is to manage the Company’s business in the
best possible way and in their work protect the interests of the
Company and its shareholders. In accordance with the Articles
of Association of Enento, the Board of Directors shall consist of a
minimum of four (4) and a maximum of eight (8) members elected
by the General Meeting. The members of the Board of Directors
shall be appointed for one year at a time. The Shareholders’
Nomination Board prepares a proposal on the composition of
the Board to the Annual General Meeting for its decision.
Enento’s Board members shall be professionally competent
and as a group have sufficient knowledge of and competence,
inter alia, in the Company’s field of business and markets. A new
Member of the Board must have induction of the activities. The
majority of the directors shall be independent of the Company.
In addition, at least two of the directors, representing the afore-
mentioned majority, shall be independent of significant share-
holders of the Company. Independency from the Company
is determined based on the fact whether a person has been
employed by any of the Enento Group companies within the last
5 years. Independency from the major shareholders is deter-
mined for example based on the fact whether a person has
either directly or through controlling interest company owned
Enento’s shares during the last year or whether the person has
an employment relationship or service contract with significant
shareholder.
The Board has general authority to decide on and act in any
matters not reserved by law or under the provisions of the Arti-
cles of Association to any other governing body of the Com-
pany. The Board of Directors is responsible for the management
of the Company and its business operations. Additionally, the
Board is responsible for the appropriate arrangement of the
bookkeeping and financial administration.
The operating principles and main duties of the Board of Direc-
tors have been defined in the Charter for the Board of Directors
and include, among other things, to:
• establish business objectives and strategy,
• appoint, continuously evaluate and, if required, remove
the CEO from office,
• ensure that there are effective systems in place for moni-
toring and controlling the Group’s operations and financial
position compared to its stated objectives,
• ensure that there is satisfactory control of the Company’s
compliance with laws and other regulations applicable to
the Company’s operations, and
• ensure that the Company’s external disclosure of informa-
tion is marked by openness and is correct, timely, relevant
and reliable, by way of, among other things, adopting a
disclosure policy.
By the resolution of Annual General Meeting on 28 March 2022,
Petri Carpén, Martin Johansson, Tiina Kuusisto, Patrick Lapvet-
eläinen, Minna Parhiala and Erik Forsberg were appointed as
members to the Board of Directors.
Independence of the Board of Directors
Under the Finnish Corporate Governance Code 2020, the
majority of directors shall be independent of the Company. In
addition, at least two directors of this majority shall be inde-
pendent of the Company’s major shareholders. The Board
shall evaluate the independence of directors and report
which directors it determines to be independent of the Com-
pany and which directors it determines to be independent of
major shareholders.
Based on an evaluation by the Board of Directors pursuant
to the Finnish Corporate Governance Code, all members of
the Company’s new Board of Directors are considered to
be independent of the Company. In addition, all members
of the Board, except for Patrick Lapveteläinen and Martin
Johansson who have employment relationship with a major
shareholder, are independent of the significant shareholders.
Patrick Lapveteläinen and Martin Johansson are not inde-
pendent of the company’s significant shareholders as they
have employment relationships with significant shareholders.
The Company is in compliance with recommendation 10 of
the Corporate Governance Code.
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Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Name Year of birth Position Education Occupation Positions of trust
Carpén Petri 1958
Board member
(from 22 December 2014)
Master’s Degree
in Law (LL.M.)
Director of Nets Oy –
Johansson Martin 1962
Board member (from 29
June 2018)
Master’s Degree in Science (Econ.)
Senior Advisor,
Skandinaviska Enskilda Banken AB
(publ.)
Chairman of the Board of Directors: Repono Holding AB, Försäkrings AB Suecia,
Försäkringsaktiebolaget Skandinaviska Enskilda Captive
Member of the Board of Directors of several other companies belonging to the SEB
Group
Kuusisto Tiina 1968
Board member (from 28
March 2019)
Master’s Degree in Science (Econ.)
Director (Chief Customer Officer) of
Kojamo Plc
–
Lapveteläinen Patrick 1966
Chairman
(from 1 April 2016)
Master’s Degree in Science (Econ.)
Chief Investment Officer of Sampo
Group
Chairman of the Board of Directors: Mandatum Life Insurance Company Limited,
Mandatum Holding Oy, Mandatum Asset Management Oy, Leviathan Oy
Member of the Board of Directors: If P&C Insurance Holding Ltd, If P&C Insurance Ltd
(publ.), Saxo Bank A/S
Parhiala Minna 1967
Board member (from 12
June 2020)
Master of Laws
Head of Business Area,
Nordea Personal Banking
Member of the Board of Directors: Limelight Horses Oy
Forsberg Erik 1971
Board member (from 29
March 2021)
M.Sc. Business and Administration,
Stockholm School of Economics
-
Chairman of the Board: Collectia Group (Care DK Bidco Aps)
Member of the Board: Stillfront Group, Kindred Group and Deltalite AB
Personal details of the Board members:
2/6 of the Members of the Board are women at the end of year 2022. The age
distribution is 50-65 years. Members present two nationalities and they have
gained experience from various industries.
The performance of the Board is evaluated annually. In 2022 the Board evaluated
the importance of the matters handled, time allocation in meetings, the frequency
and length of the meetings, practicalities of the meetings, the material received
by the Board and the material distribution, the culture of the Board, the role and
actions of the Chairman. Some of the Board meetings were kept virtually.
Meetings of the Board of Directors are convened by its Chairperson. The Board of
Directors constitutes a quorum when more than half of the members appointed by
the General Meeting are present at the meeting. When votes are cast, the majority
opinion will be the Board’s decision and, in the case of a tie, the Chairperson will
have the casting vote.
The Board of Directors is always obliged to act in the Company’s interests and in
such a way that its acts or measures are not likely to produce unjustified benefit
to any shareholder or other third party at the cost of the Company or another
shareholder.
A Board member is disqualified from participating in the handling of a matter
pertaining to a contract or other transaction between the Board member and the
Company or of such matter where the member is to derive an essential benefit and
that benefit may be contrary to the interests of the Company. In principle, a Board
member may not participate in the handling of a matter if the Board member is
involved in the matter under assessment in another capacity.
The Board of Directors shall convene as frequently as necessary to discharge its
responsibilities. The Chief Executive Officer ensures that the Board is provided with
sufficient information to assess the operations and financial situation of the group.
The secretary of the Board of Directors is Legal Counsel Juuso Jokela.
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According to its Charter, the Audit Committee assists the Board
in fulfilling its supervisory responsibilities and also prepares cer-
tain accounting and auditing matters to be handled by the
Board. In addition, the Audit Committee makes recommenda-
tions for the election and removal of the external auditors and
for their compensation and approves the external auditors’
audit plan based on the auditors’ proposal. Among its other
duties, the Audit Committee reviews and monitors the financial
reporting process, the efficiency of the system of internal con-
trol and risk management, and the audit process.
Petri Carpén serves as the Chairperson of the Audit Committee.
Erik Forsberg and Martin Johansson serve as members of the
Audit Committee.
Audit Committee convened 6 times during 2022. Average
attendance was 100 per cent.
In accordance with its financial calendar, the Audit Commit-
tee discussed matters relating to internal control and auditing
and reviewed the audit plan and remarks from auditing during
the financial year. The Audit Committee also reviewed financial
actual amounts and forecasts for the financial year, budget
for the next financial year and impairment testing.
Attendance to Board and Committee Meetings
Board
meeting
Audit
committee
Carpén Petri 10/10 6/6
Johansson Martin 9/10 6/6
Kuusisto Tiina 8/10
Lapveteläinen Patrick 10/10
Erik Forsberg 10/10 6/6
Parhiala Minna 10/10
Chief Executive Officer
The Chief Executive Officer (“CEO”) of Enento is appointed by the
Board. The CEO is in charge of the day-to-day management
of the Company. The duties of the CEO are governed primarily
by the Finnish Companies Act. The CEO leads the operational
activities and prepares information and decisions to support the
Board and presents his findings at Board meetings.
In accordance with the Finnish Companies Act, the CEO has a
right to decide himself on certain urgent matters which otherwise
would require a Board decision. CEO of the Company is Jeanette
Jäger. Jeanette Jäger took over as CEO of Enento Group from
the position of CEO of Bankgirot. She has previously worked in
various management-level positions at Tieto and TDC Commu-
nication. She is a Member of the Board of Telia Company AB.
Executive Team
The Company had an Executive Team at the end of year 2022
consisting of Mikko Karemo, Heikki Ylipekkala, Siri Hane, Vic-
toria Preger, Eleonor Öhlander, Karl-Johan Werner, Gabriella
Göransson, Daniel Ejderberg, Andreas Darner and Elina Stråhl-
man. The members of the Executive Team are appointed by
the Board based on a proposal by the CEO. The members of
the Executive Team report to the CEO.
The Executive Team members handle the issues that concern
managing of the group in their respective areas and on the
basis of the guidance provided by the Board of Directors.
The Executive Team meets one to two times per month, or as
required, and supports the CEO in, for example, the prepa-
ration and execution of strategic matters, operating plans,
Board meetings 2022
The Board of Directors convened altogether 10 times during
year 2022. Some of the Board meetings were kept virtually.
Average attendance was 97 per cent.
Board Committees
The Board annually appoints an Audit Committee and may
also appoint other permanent Committees if considered nec-
essary at its organization meeting following the Annual General
Meeting. The Board did not appoint Nomination and Remuner-
ation Committee in its organizational meeting 28 March 2022.
The Board has deemed, in particular taking into consideration
the size and composition of the Board, it more efficient to pre
-
pare and discuss matters pertaining to amongst other things
the development of remuneration schemes as well as remuner-
ation principles in its full composition. In addition, the Board has
assessed that it fulfils the independence requirements set out
for a Nomination and Remuneration Committee. The composi-
tion, duties and working procedures of the Committees shall be
defined by the Board in the Charters confirmed for the Commit-
tees. The Committees regularly report on their work to the Board.
Audit Committee
The Audit Committee consists of at least three (3) members, the
majority of which must be independent of the Company. The
members shall have the qualifications necessary to perform the
responsibilities of the Committee. At least one (1) member shall
be independent of the significant shareholders and at least
one (1) member shall have expertise specifically in accounting,
bookkeeping or auditing. All members of the Committee shall
be versed in financial matters.
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Consolidated Financial Statements
Parent Company Financial Statement Governance
Shares and Shareholders
Name Birth year Position Appointed
Jäger Jeanette 1969 CEO
2021
Stråhlman Elina 1979 CFO
2019
Hane Siri 1984 Director, Business Insight
2018
Karemo Mikko 1971 Director, Sales and Customers
2012
Darner Andreas 1981
Director, Strategy and
Transformation
2022
Ejderberg Daniel 1973 CIO
2022
Preger Victoria 1976
Director, Marketing and
Communications
2018
Werner Karl-Johan 1973 Director, Data & Analytics
2019
Ylipekkala Heikki 1967 Director, Digital Processes
2016
Öhlander Eleonor 1970 Director, HR
2018
Göransson
Gabriella
1971 Director, Consumer Insights
2021
Board members Number of shares
Lapveteläinen Patrick 10 000
Chairman of the Board
Related party’s ownership 8 000
Carpén Petri 0
Related party’s ownership 0
Johansson Martin 3 000
Related party’s ownership 0
Kuusisto Tiina 0
Related party’s ownership 0
Forsberg Erik 1500
Related party’s ownership 0
Parhiala Minna 0
Related party’s ownership 0
Total 22 500
Management’s share ownership 31 December 2022
matters of principle and any other significant matters. The
Executive Team also assists the CEO in ensuring the flow of
information and sound internal cooperation.
The following table presents details of the management team
members:
Board of Directors’ share ownership 31 December 2022
CEO and Executive Team Number of shares
Jäger Jeanette 2 300
Related party’s ownership 2 260
Stråhlman Elina 4 007
Related party’s ownership 0
Hane Siri 3 606
Related party’s ownership 0
Karemo Mikko 12 347
Related party’s ownership 0
Göransson Gabriella 1 326
Related party’s ownership 0
Ejderberg Daniel 0
Related party’s ownership 0
Preger Victoria 3 656
Related party’s ownership 0
Werner Karl-Johan 3 656
Related party’s ownership 0
Ylipekkala Heikki 4 007
Related party’s ownership 0
Öhlander Eleonor 3 656
Related party’s ownership 0
Darner Andreas 0
Related party’s ownership 0
Total 40 821
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Auditor
The main function of the statutory audit is to verify that the
financial statements provide true, accurate and sufficient infor-
mation on the Enento Group’s performance and financial posi-
tion for the financial year. The Enento Group’s financial year is
the calendar year. The auditor’s responsibility is to audit the
correctness of the Group’s accounting in the respective finan-
cial year and to provide an auditor’s report to the General
Meeting. In addition, Finnish law requires that the auditor also
monitors the lawfulness of the Company’s administration. The
auditor reports to the Board of Directors at least once a year.
The Audit Committee prepares a proposal on the appointment
of Enento’s auditors, which is then presented to the AGM for its
decision. The compensation paid to the auditors is decided by
the AGM and assessed annually by the Audit Committee.
Pursuant to Article 8 of the Company’s Articles of Association,
the Company must have one auditor that is a company of pub-
lic accountants approved by the Central Chamber of Com-
merce of Finland. The term of the Auditor of the Company shall
end at the close of the Annual Meeting following the election.
The Annual General Meeting 28 March 2022 has appointed
PricewaterhouseCoopers Oy, Authorised Public Accountants as
its auditor. PricewaterhouseCoopers Oy has appointed Martin
Grandell, Authorised Public Accountant, as the principal respon-
sible auditor.
In 2022 auditor Company was paid EUR 264 thousand for audit-
ing and for other services EUR 24 thousand.
Risk management and Internal control
Risk management
Enento is exposed to a number of risks and uncertainties related
to, among other factors, the market conditions, the Company’s
industry, the Company’s strategy, business operations of the
Company and financial risks. The materialisation of any such
risks could have a material adverse effect on Enento’s business,
financial condition, results of operations and future prospects.
The objective of Risk Management is to secure profitable per-
formance of the Enento Group and to ensure the continuity
of the business by executing risk management in a cost-ef-
fective and systematic manner in the different functions of the
Company. Risk management is part of Enento’s strategic and
operative planning, daily decision-making process and internal
control.
Main Principles for Organizing Risk Management
The Company complies with a policy approved by the Com-
pany’s Board of Directors for the management of risks. Risk
Management covers all activities that are related to the
objectives being achievable and consistent with the strat-
egy, to the identification, measuring, assessment, processing,
reporting and control of risks and to the reaction to risks.
Main Features of Risk Management Process
In conjunction with the strategy process and annual planning,
the Company’s CEO and members of the management group
evaluate the business risks which may prevent or endanger the
achieving of the group’s strategic and result objectives. The
units provide risk assessments of their own operations for the
support of the strategy process. The directors of the units have
to provide assessments of the risks of their own area of respon-
sibility and present action plans for the management of risks.
Changes taking place in the strategic and operative risks are
discussed in the management group.
Enento’s CEO reports the identified risks as well as planned and
implemented actions for the risk mitigation to the Audit Com-
mittee and the Board of Directors. In accordance with the rec-
ommendation 26 of the Finnish Corporate Governance Code,
the Company shall disclose the major risks and uncertainties
that the Board is aware of and the principles along which risk
management is organised. The Audit Committee shall assure
that the Corporate Governance Statement published by the
Company shall contain an appropriate description of the main
features of the internal control and risk management systems
in relation to the financial reporting process.
The report by the Board of Directors contains an evaluation of
the major risks and uncertainties. In addition, the interim reports
and financial statements releases shall describe major short-
term risks and uncertainties related to the business operations.
Internal control
The objective of the internal control in Enento Group is to
ensure that business operations are efficient and profitable,
financial reporting is reliable, and that applicable laws and
regulations for the Company’s business, as well as Company’s
internal instructions are followed. The specific objective of the
internal control over financial reporting is to ensure that interim
reports, financial statement releases and other financial report-
ing made available to the public, and financial statements and
annual reports are reliable and are prepared in accordance
with the accounting and reporting principles adopted by the
Company.
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The Audit Committee of Enento is responsible for, according
to its working order, the monitoring of the financial statement
preparation and financial reporting processes, and it monitors
the effectiveness of the Company’s internal control and risk
management processes.
CEO is operationally responsible for the organization of the
internal control. It includes that the Company has designed
and implemented adequate internal control mechanisms as
stipulated in the operating principles approved by the Board.
CEO, supported by the Management Team, is responsible to
ensure that the Company operates in accordance with the
agreed and defined principles, follows laws and regulations,
and reacts towards identified exceptions and takes adequate
corrective actions.
The duty of the CFO is to make sure and control that the book-
keeping and financial reporting practices of the group are in
accordance with the law and that the financial and manage-
ment reporting is reliable.
An integral part of the internal control is the document indicat-
ing the Company’s delegation of authority, as defined by the
Board (Delegation of Authority Summary). The guideline defines
authorisations of the Board, the CEO and other management
team members. The guideline deals with the situations where
authorisations may be required for annual financial accounts,
budget, remuneration, investments, acquisitions, financing and
one-off transactions. Enento Code of Ethics is applicable for all
the group employees. It has been published in the Company’s
intranet and is also introduced to all new employees.
Enento’s minimum internal control requirements are aimed at
preventing, detecting and correcting material accounting
and disclosure errors and irregularities and are performed on
all company levels. They include a range of activities such as
approvals, authorisations, verifications, reconciliations, reviews
of operating performance, the security of assets and the sepa-
ration of duties as well as general computer controls. In Finland
and Sweden, Enento has also adopted the ISO 9001-based
quality system. This describes the Company’s principal pro-
cesses and related controls, by means of which the units can
control and develop their process risk management.
General Description of Internal Control and
Operational Principles
Internal control is carried out by the Board of Directors, man-
agement and the Company’s entire personnel so that it can
reasonably be asserted that:
• the operations are functioning, efficient and in compliance
with the strategy
• the financial reporting and information given to the man-
agement is reliable, sufficient, and timely
• applicable laws and regulations as well as the Company’s
internal instructions and ethical values are complied with
at Enento.
Enento’s internal control contain the following structural ele-
ments:
• instructions and principles set by the Board of Directors for
internal control, risk management and administration
• the implementation and application of instructions and
principles under the supervision of the management
• control of the efficiency and functionality of operations
as well as the reliability of the financial and management
reporting by the financial department
• the Company’s risk management process, the purpose of
which is to identify, assess and reduce risks threatening
the achievement of objectives
• compliance processes, the purpose of which is to ensure
that all applicable laws, regulations, internal instructions
and ethical values are complied with common ethical
values and strong internal control culture amongst all
employees.
Enento has no specific internal audit organisation. This has
been taken into consideration in the content and extent of
the annual audit plan. The Audit Committee of the Board
shall, according to its working order, evaluate on a yearly basis
whether such function should be established. The Audit Com-
mittee may use either internal or external resources to carry out
specific internal audit assignments. The Group Finance of the
Company monitors adherence of the approval limits as defined
in the Delegation of Authority guidelines.
Focus areas in 2022 for internal control development
Areas of focus for the internal control in 2022 were to contin-
uously improve the processes and controls and continue to
standardize processes and controls in the entire Group.
Related party transactions
The Company has procedures in place to identify and define
its related parties and assesses and monitors related party
transactions to ensure that all conflicts of interest and the
Company’s decision-making process are appropriately taken
into account. The Group’s financial management monitors and
supervises related party transactions as part of the Company’s
normal reporting and monitoring procedures and reports to the
Board of Directors on regular basis.
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The Board of Directors monitors related party transactions on
a regular basis. All the material related party transactions that
deviate from the company’s normal business operations are to
be approved by the Board of Directors. Enento has not con-
ducted related party transactions that are material from the
perspective of the company and where such transactions devi-
ate from the company’s normal business operations or are not
made on market or market equivalent terms.
Compliance with laws and regulation
It is the policy of Enento to comply throughout the organiza-
tion with all applicable laws and regulations and to maintain
an ethical workplace for its officers and employees as well as
an ethical relationship with its customers, suppliers and other
business partners.
In its insider administration Enento follows the Guidelines for
Insiders issued by Nasdaq Helsinki Ltd complemented by the
Company’s own Insider Guidelines approved by the Board. The
Company maintains the list of persons discharging manage-
rial responsibilities and persons closely associated to them in
the SIRE system of Euroclear Finland Ltd. In accordance with
MAR regulation persons discharging managerial responsibili-
ties include the members of the Board (and their deputies, if
any) and in addition, based on a decision made by Enento’s
Board of Directors, the CEO, the Deputy CEO and the CFO.
Enento has no company-specific permanent insider register.
The Company maintains project specific insider registers itself.
According to Enento’s Insider Guidelines, persons discharging
managerial responsibilities shall always obtain a prior approval
for trading in the Company’s securities from the Company’s
Insider Officer. Persons discharging managerial responsibilities
may not in any event trade in the Company’s securities during
the period of 30 days before the publication of the (quarterly)
interim report or annual result (Closed Window). According to
the Insider Guidelines approved by the Board also the persons
who participate in the financial reporting of the Company are
concerned by this prohibition to trade during the Closed win-
dow.
A project-specific insider register is also maintained when
required by law or regulations. Project specific insiders are pro-
hibited from trading in the Company’s securities until the termi-
nation of the project.
Shareholders’ Agreement and
Articles of Association relating to
the Credit Register and the Credit
Register Information
The Company and UC AB’s former owners Skandinaviska
Enskilda Banken AB (publ), Nordea Bank AB (publ), Svenska Han-
delsbanken AB (publ), Swedbank AB (publ), Danske Bank A/S
Swedish branch and Länsförsäkringar Bank AB (publ) (together,
the “Sellers”) have entered into a shareholders agreement relat-
ing to the governance of UC AB’s Credit Register and Credit
Register Information, as a company jointly owned by the Sellers
received as part of the acquisition of UC AB a small number of
UC AB’s Class B shares that grant their holders certain govern-
ance related rights. The purpose of these arrangements has
been to secure the maintenance of the Credit Register and the
management of Credit Register Information provided by the
Sellers.
Board of Directors’ report
Board of Directors published in 6.3.2023 its report for financial
year 2022. Board of Directors report is published at the same
time with Corporate Governance Statement.
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Board of Directors 31.12.2022
Petri Carpén
b. 1958. Board member from 22 December 2014.
Education: Master of Laws (LL.M.)
Main duty: Director of Nets Oy
Positions of trust: –
Independent of the company and independent of its signifi-
cant shareholders.
Shareholding in Enento Group Plc on 31 December 2022: 0
shares, no holdings of interest parties.
Patrick Lapveteläinen
b. 1966. Chairman of the Board of Directors from 1 April 2016.
Education: M.Sc. (Econ.)
Main duty: Chief Investment Officer of Sampo Group
Positions of trust: Chairman of the Board of Directors: Manda-
tum Life Insurance Company Ltd, Mandatum Holding Oy, Man-
datum Asset Management Oy and Leviathan Oy Member of
the Board of Directors: If P&C Insurance Ltd (publ.), If P&C Insur-
ance Holding Ltd and Saxo Bank A/S.
Independent of the company but non-independent of its sig-
nificant shareholders.
Shareholding in Enento Group Plc on 31 December 2022: 10 000
shares, holdings of interest parties 8 000 shares.
Erik Forsberg
b. 1971. Board member from 29 March 2021.
Education: M.Sc. (Econ.)
Main duty: –
Positions of trust: Chairman of the Board of Directors: Collectia
Group (Care DK Bidco Aps)
Member of the Board of Directors: Stillfront Group, Kindred
Group and Deltalite AB.
Independent of the company and independent of its signifi-
cant shareholders.
Shareholding in Enento Group Plc on 31 December 2022: 1 500
shares, no holdings of interest parties.
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Tiina Kuusisto
b. 1968. Board member from 28 March 2019.
Education: M.Sc. (Econ.)
Main duty: Director (Chief Customer Officer) of Kojamo Plc
Positions of trust: –
Independent of the company and independent of its signifi-
cant shareholders.
Shareholding in Enento Group Plc on 31 December 2022: 0
shares, no holdings of interest parties.
Martin Johansson
b. 1962. Board member from 29 June 2018.
Education: M.Sc. (Econ.)
Main duty: Senior Advisor, Skandinaviska Enskilda Banken AB
(publ.)
Positions of trust: Chairman of the Board of Directors: Repono
Holding AB, Försäkrings AB Suecia, Försäkringsaktiebolaget
Skandinaviska Enskilda Captive. Member of the Board of Direc-
tors of several other companies belonging to the SEB Group.
Independent of the company but non-independent of its sig-
nificant shareholders.
Shareholding in Enento Group Plc on 31 December 2022: 3 000
shares, no holdings of interest parties.
Minna Parhiala
b. 1967. Board member from 12 June 2020.
Education: Master of Laws (LL.M.)
Main duty: Director of Nordea Bank (Head of Business Area,
Nordea Personal Banking)
Positions of trust: Member of the Board of Directors: Limelight
Horses Oy
Independent of the company and independent of its signifi-
cant shareholders.
Shareholding in Enento Group Plc on 31 December 2022: 0
shares, no holdings of interest parties.
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Executive Management Team 31.12.2022
Elina Stråhlman
b. 1979
CFO
M.Sc. (Econ.)
Employed by Enento Group and Executive
Management Team Member since 2019. She
has acted since 2013 at Finnair in different
management positions in finances, being
responsible for the group’s accounting, tax-
ation, financial reporting and service centre.
Before Finnair, she worked, among others, at
Fortum and Ernst & Young.
Shareholding in Enento Group Plc on 31
December 2022: 4 007 shares, no holdings of
interest parties.
Jeanette Jäger
b. 1969
CEO
B.Sc. in Business Administration and Economics
Employed by Enento Group, CEO and Execu-
tive Management Team Member since 2022.
Since 2016, she has worked in the Swedish
company Bankgirot, first as VP Digital Services
and from 2017 as CEO of Bankgirot. Previously
she has acted in different management level
positions in Tieto and TDC Communication.
Board member of the Telia Company AB.
Shareholding in Enento Group Plc on 31
December 2022: 2 300 shares, holdings of
interest parties 2 260 shares.
Gabriella Göransson
b. 1971
Director, Consumer Insight
Degrees in Business Economics and Business
Law
Executive Management Team Member since
2021. She has previously acted in several
leading positions at UC AB, the latest years
as Deputy Director for Credit Information Ser-
vices and Head of Risk Decisions Sweden. She
has also acted as the Deputy CEO of UC AB
since 2021.
Shareholding in Enento Group Plc on 31
December 2022: 1 326 shares, no holdings of
interest parties.
Siri Hane
b. 1984
Director, Business Insight
M.Sc. (Econ.)
Executive Management Team Member since
2018. She has previously acted as Business
Area Manager Consumer at UC AB, Head
of Consumer at Collector Bank and CEO at
Lendo AS.
Shareholding in Enento Group Plc on 31
December 2022: 3 606 shares, no holdings of
interest parties.
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Daniel Ejderberg
b. 1973
CIO
M.Sc. (Computer Science and Engineering)
Employed by Enento Group and Executive
Management Team Member since 2022. Since
2011, he has served at the Swedish insurance
company Folksam, first in different IT C-level
positions and from 2021 as Head of Business
Area Private of Folksam Life.
Shareholding in Enento Group Plc on 31
December 2022: 0 shares, no holdings of inter-
est parties.
Mikko Karemo
b. 1971
Director, Sales and Customers
Master of Laws (LL.M.)
Employed by Enento Group and Executive
Management Team Member since 2012. He
has previously acted as Sales and Market-
ing Director at Asiakastieto Group, Regional
Director at If P&C Company and in expert and
leading positions in finance and service sector
in Finland, Sweden and China.
Shareholding in Enento Group Plc on 31
December 2022: 12 347 shares, no holdings of
interest parties.
Victoria Preger
b. 1976
Director, Marketing and Communications
B.Sc. in Economics and in Communications
Executive Management Team Member since
2018. She has previously acted as Chief Mar-
keting Officer at UC AB and as Head of Mar-
keting and Communications at Swedish IT and
Telecom company Dialect.
Shareholding in Enento Group Plc on 31
December 2022: 3 656 shares, no holdings of
interest parties.
Karl-Johan Werner
b. 1973
Chief Data & Analytics Officer
M.Sc. (Econ.)
Employed by Enento Group and Executive
Management Team Member since 2019. He
has previously acted as Head of Customer
Insight at Skandia. Alongside that position
he has had several other responsibilities, such
as head of online financial advisory services,
infor- mation content owner of customer data
and GDPR business representative.
Shareholding in Enento Group Plc on 31
December 2022: 3 656 shares, no holdings of
interest parties.
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Heikki Ylipekkala
b. 1967
Director, Digital Processes
B.Pol.Sc., eMBA
Employed by Enento Group and Executive
Management Team Member since 2016. He
has previously acted as Head of Real Estate
and Collateral Information at Asiakastieto
Group and in the executive teams of the
national central securities depositories of
Finland and Sweden (Euroclear Finland and
Euroclear Sweden).
Shareholding in Enento Group Plc on 31
December 2022: 4 007 shares, no holdings of
interest parties.
Eleanor Öhlander
b. 1970
Director, HR
B.Sc. in Business Administration and Economics
Executive Management Team Member since
2018. She has previously acted as Head of HR
at UC Group, Head of HR at Aon Sweden AB,
Head of HR at Acta, HR Manager at Man-
power and Accountant at PwC and Ernst &
Young.
Shareholding in Enento Group Plc on 31
December 2022: 3 656 shares, no holdings of
interest parties.
Other changes in the
Executive Management
Team during the financial
year
Head of IT Operations Jari Julin was an acting
CIO and Executive Management Team Mem-
ber until 31 January 2022.
Andreas Darner
s. 1981
Director, Strategy and Transformation
M.Sc. in Business Administration
Employed by Enento Group and Executive
Management Team Member since 2022. He
has previously acted as Chief Strategy Officer
and Head of Corporate Strategy at Bankgirot,
Chif Operating Officer at DLN Payroll Services
and as management consultant at Accenture
and Canvisa.
Shareholding in Enento Group Plc on 31
December 2022: 0 shares, no holdings of inter-
est parties.
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Shares and Shareholders
Enento Group Plc has one share class. Each share carries one
vote at the General Meeting of Shareholders and each share
confers equal right to dividends and net assets of the Company.
The shares have no nominal value. The shares of the Company
are entered in the book-entry securities system maintained by
Euroclear Finland Ltd.
The Company did not hold any of its own shares at the end
of the financial year. The Annual General Meeting of Share-
holders on 28 March 2022 authorised the Board of Directors
to decide on the repurchase of a maximum of 1 500 000 own
shares of the Company. The authorisation replaced the corre-
sponding authorisation issued to the Board of Directors by the
Annual General Meeting held on 29 March 2021. The maximum
amount corresponds to approximately 6,2 % of the Company’s
shares and voting rights. The authorisation is effective for 18
months from the date of the resolution. Further information on
the authorisation is provided under “Authorisations of the Board
of Directors”.
At the end of financial year, the Company’s share capital
amounted to EUR 80 thousand and the total number of shares
was 24 034 856.
Share price and volume
During the financial year, a total of 2 557 740 shares were
traded, and the total value of the exchanged shares was EUR
62,6 million. The highest share price during the financial year
was EUR 34,50, the lowest price was EUR 18,96, the average
price was EUR 24,48 and the closing price was EUR 21,40. Mar-
ket capitalisation measured at the closing price of the financial
year was EUR 514,3 million.
Shareholders
According to the book-entry securities system, the Company
had 5 042 shareholders, including 9 nominee-registered share-
holders, on 31 December 2022. A list of the largest shareholders
is available on the Company’s investor pages at enento.com/
investors. The company’s biggest shareholder is the Sampo
Group (Sampo Plc and Mandatum Life), their joint holding being
12,18 %.
The information is based on the list of the company’s share-
holders maintained by Euroclear Finland Ltd.
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Significant shareholders 31.12.2022
Shareholder Number of shares % od share capital Nominee registered
Skandinaviska Enskilda Banken AB (Publ) Helsinki Branch 12 952 440 53,89 X
Sampo Plc 2 920 000 12,15
Nordea Bank Abp 2 309 315 9,61
Ilmarinen Mutual Pension Insurance Company 664 494 2,76
Elo Mutual Pension Insurance Company 481 455 2,00
Kaleva Mutual Insurance Company 370 907 1,54
Varma Mutual Pension Insurance Company 345 000 1,44
Danske Invest Finnish Equity Fund 311 370 1,30
Nordea Nordic Small Cap Fund 264 561 1,10
Evli Finnish Small Cap Fund 235 212 0,98
Kirkon Eläkerahasto 211 068 0,88
Citibank Europe Plc 158 940 0,66 X
OP-Finland Small Cap 149 886 0,62
OP-Henkivakuutus Ltd. 140 694 0,59
Säästöpankki Finland Mutual Fund 111 972 0,47
Fyrklöver-Invest Oy Ab 91 744 0,38
Ruuska Jukka Pekka 87 096 0,36
Derome John Nicholas 80 000 0,33
Veritas Pension Insurance Company Ltd. 72 685 0,30
Danske Invest Europe Small Cap Fund 71 784 0,30
20 largest shareholders total 22 030 623 91,66
All shares 24 034 856 100,00
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Shareholder structure by sector 31.12.2022
Sector
Number of
shareholders
% of
shareholders Number of shares % of share capital
Finance and insurance institutions 39 0,77 % 7 337 350 30,53 %
Foreign shareholders 18 0,36 % 13 201 632 54,93 %
General government 11 0,22 % 1 589 944 6,62 %
Households 4 476 88,77 % 1 198 710 4,99 %
Companies and housing companies 400 7,93 % 617 617 2,57 %
Non-profit organisations 98 1,94 % 89 603 0,67 %
Total 5 042 100,00 % 24 034 856 100,00 %
Ownership distribution by number of shares 31.12.2022
Number of shares
Number of
shareholders
% of
shareholders Number of shares % of share capital
1 – 100 2856 56,64 % 132 908 0,55 %
101 – 500 1 665 33,02 % 396 355 1,65 %
501 – 1 000 285 5,65 % 222 004 0,92 %
1 001 – 5 000 170 3,37 % 352 100 1,47 %
5 001 – 10 000 20 0,40 % 167 876 0,70 %
10 001 – 50 000 21 0,42 % 426 908 1,78 %
50 001 – 100 000 10 0,20 % 709 391 2,95 %
100 001 – 500 000 11 0,22 % 2 781 065 11,57 %
500 001 – 999 999 999 999 4 0,08 % 18 846 249 78,41 %
Total 5 042 100,00 % 24 034 856 100,00 %
Nominee register 9 13 196 679 54,91 %
The information is based on the list of the company’s shareholders maintained by Euroclear Finland Ltd.
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Information for shareholders
Annual General Meeting
Enento Group Plc’s Annual General Meeting will be held on
Monday, 28 March 2023, starting at 10:00 a.m. EEST at Rantatie
Business Park, Tutka & Plotteri Meeting Room (Hermannin r an -
land). The notice to the Annual General Meeting is published on
the Company’s website (enento.com/investors) and as a stock
exchange release.
Board of Directors’ proposal to the
Annual General Meeting
The Board of Directors proposes to the Annual General Meet-
ing convening on 28 March 2023 that from the financial year
ended 31 December 2022, funds be distributed amounting to
EUR 1,00 per share. If the Annual General Meeting approves the
Board of Directors’ proposal on the distribution of funds, the
payment shall be made to shareholders registered in the com-
pany’s shareholder register maintained by Euroclear Finland Ltd
on the payment record date of 30 March 2023. The Board of
Directors proposes that the funds are paid on 11 April 2023.
Changes of address
Shareholders are kindly requested to notify the account man-
ager of the book-entry account of any changes of address.
Financial information in 2023
Each year, Enento Group Plc publishes a financial statement
release, an annual review, a financial review, a sustainability
review, a half year financial report and two interim reports. After
they are published, the stock exchange releases are available
on the Group’s investors pages. The annual report is published
as a PDF file only.
Annual Report for 2022 .....................................................Week 10/2023
Interim Report 1 Jan – 31 Mar (Q1) ................................. 24 April 2023
Half Year Financial Report 1 Jan – 30 Jun .................20 July 2023
Interim Report 1 Jan – 30 Sep (Q3) ......................27 October 2023
Basic share information
Market .......................................................................................................................................Nasdaq Helsinki
List ............................................................................................................................................................................ Mid Cap
Sector ............................................................................................................................................................. Financials
Trading code ......................................................................................ENENTO
Votes/share ................................................................................................1 pcs
Number of shares on 31 December 2022 ........................24 034 856
Share capital (EUR) ............................................................................80 000
Analysts
Information about analysts following the company is availa-
ble on the Group’s Investor pages. The list is not necessarily
exhaustive, and Enento Group shall not be held responsible for
any estimates presented in analyses.
Investor Relations
The goal of the Group’s IR function is to produce accurate
up-to-date information about the company’s business oper-
ations and financial development. Enento Group publishes all
investor information on its Investors site in Finnish and English.
Enento Group Plc observes a 30-day period of silence before
the publishing of financial reports. During this period, the com-
pany does not arrange or participate in any one-on-one
meetings with investors, analysts, or the media.
IR contact information
Elina Stråhlman
CFO
Tel.
+358 10 270 7578
E-mail
elina.strahlman@enento.com
Arto Paukku
Investor Relations Officer
Tel.
+358 50 469 5380
E-mail
arto.paukku@enento.com
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Enento Group as an Investment
Profitable growth
Scalable business model
creates profitable growth
Resilient business
Wide range of services creates
sustainability for all economic
cycles
Dividend yield
Strong cash flow enables stable
dividend yield
Enento Group Plc
| Tel. 010 270 7200
| Hermannin rantatie 6
| PO Box, FI-00580 Helsinki
| Business ID 2194007-7
| enento.com/investors