Report by the Board of
Directors and Financial
Statements
2021
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Parent company
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Report by the Board
of Directors
statements
Auditor's report
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21
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Report by the Board of Directors
3
Report by
the Board
of Directors
Revenio is a leading company in the global market
for ophthalmological devices and software solu-
tions. Revenio’s ophthalmic diagnostic solu-
tions include intraocular pressure (IOP) measure-
ment devices (tonometers), perimeter and fundus
imaging devices under the iCare brand. In addition,
the Group’s eye care software platform Oculo offers
clinical communication, telehealth, remote patient
monitoring and data analytics capabilities.
JANUARY 1–DECEMBER 31, 2021
Report by the Board of Directors
4
-
-
-
-
-
-
-
-
Changes in the Group structure
Development of business
operations and the operating
environment in 2021
-
-
-
-
-
-
Report by the Board of Directors
5
Impact of the Covid-19 pandemic
and actions taken in 2021
-
-
-
-
Personnel and management
Loans granted to key management
personnel
Report by the Board of Directors
6
Shares, share capital, and manage-
ment and employee holdings
-
-
Authorization for the purchase of
own shares
-
-
-
Authorization to decide on a share
issue and on the granting of stock
options and other special rights
giving entitlement to shares
-
-
-
Share option schemes
-
JAN-DEC/2021 JAN-DEC/2020
167 135
AVERAGE NUMBER OF PERSONNEL
DURING THE FINANCIAL YEAR
Report by the Board of Directors
7
Share incentive plans
-
-
-
-
Trading on Nasdaq Helsinki
SUMMARY OF TRADING ON NASDAQ HELSINKI
JANUARY 1–DECEMBER 31, 2021
JANUARY–
DECEMBER 2021
TURNOVER,
NUMBER OF
SHARES
VALUE TOTAL,
EUR
HIGHEST,
EUR
LOWEST,
EUR
AVERAGE
PRICE,
EUR
LATEST,
EUR
DEC 31, 2021 DEC 31, 2020
Report by the Board of Directors
8
MAJOR SHAREHOLDERS
DECEMBER 31, 2021*
NO. OF
SHARES %
1
2
3
4
5
6
7
8
9
10
Management transactions
releases
Corporate Governance
*
-
-
Report by the Board of Directors
9
Annual General Meeting and Board
authorizations in effect
Decisions by the Annual General Meeting of
Revenio Group Corporation on March 17, 2021
1.
-
2.
-
3.
-
-
Report by the Board of Directors
10
4.
-
-
Board of Directors and Auditors
-
-
Audit Committee
The duties of the Audit Committee are to:
•
•
•
-
•
•
•
In addition, the tasks of the Audit
Committee include:
• -
-
•
Report by the Board of Directors
11
•
•
•
•
-
• -
•
Nomination and Remuneration
Committee
The duties of the Nomination and Remuneration
Committee include:
•
•
• -
•
•
•
•
•
Remuneration reporting
-
Assessment of risks and
uncertainty factors
-
-
-
-
-
Report by the Board of Directors
12
-
-
-
-
-
-
-
-
-
-
-
Disputes
Corporate responsibility
-
-
Research and development
activities
Financial guidance for 2022
The Board's Proposal to the
Annual General Meeting
-
Report by the Board of Directors
13
1–12/2021 1–12/2020 1–12/2019 1–12/2018 1–12/2017
816
3
84
167 135 88 48 41
KEY INDICATORS
PER SHARE
1–12/2021 1–12/2020 1–12/2019 1–12/2018 1–12/2017
-
12 MONTHS, IFRS 12 MONTHS, IFRS
Report by the Board of Directors
14
ALTERNATIVE GROWTH INDICATOR, TEUR
1–12/2021
786
Alternative growth indicators used in
-
-
PROFIT BEFORE TAXES
EARNINGS PER SHARE
NET GEARING, %
EQUITY RATIO, %
EBITDA
EQUITY PER SHARE
RETURN ON
INVESTMENT (ROI), %
RETURN ON EQUITY (ROE), %
Formulas used
Report by the Board of Directors
15
Distribution of shareholdings and information about shareholders
SHARES, GTY
NO. OF
SHARES
PERCENTAGE
OF SHARES
AND
PERCENTAGE
OF VOTING
RIGHTS
NO. OF
SHARE-
HOLDERS
PERCENTAGE
OF SHARE-
HOLDERS
1 - 100
101 - 200
201 - 500
501 - 1000
1001 - 2000 745
2001 - 5000 543
5001 - 10000 197
10001 - 20000 85
20001 - 50000 70
50001 - 100000 22
100001 - 200000 10
200001 - 500000 11
500001 - 1000000 4
1000001 - 2000000 2
2000001 - 5000000 1
5000001 - 0 0
Anonymous
ownership
Total 26,681,116 100.00% 22,621 100.00 %
NO. OF SHARES
PERCENTAGE
OF SHARES AND
PERCENTAGE OF
VOTING RIGHTS
1,873,055 7.02%
Total 26,681,116 100.00%
SHAREHOLDERS BY SECTOR SHAREHOLDERS BY SHARE OWNERSHIP
DEC 31, 2021* DEC 31, 2021*
*
-
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
16
Consolidated
Financial
Statements
JANUARY 1–DECEMBER 31, 2021
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
17
THE NOTES TO THE FINANCIAL STATEMENTS FORM AN ESSENTIAL PART OF THE FINANCIAL STATEMENTS.
NOTE
NO.
JAN 1–DEC
31, 2021
JAN 1–DEC
31, 2020
Net sales 1, 2 78,778 61,067
Other operating income 3 850 1,316
Use of materials and services
Materials:
-18,879 -14,095
Change in inventories 1,537 759
External services -5,681 -4,392
Materials and services total -23,023 -17,728
4, 5, 6
Salaries and fees -14,369 -1 1,023
Indirect personnel costs
Pension costs -1,036 -1,444
Other indirect personnel expenses -1,020 -250
-16,425 -12,718
Depreciation, amortization, and impairment 12, 13
Depreciation -2,992 -2,606
Impairments -628 -1,956
Depreciation, amortization, and
impairment total
-3,620 -4,563
NOTE
NO.
JAN 1–DEC
31, 2021
JAN 1–DEC
31, 2020
7, 8 -14,457 -10,244
22,103 17,130
9
Financial income 248 1
Financial expenses -252 -412
-4 -41 1
22,099 16,719
10
Income taxes -4,778 -3,357
-4,778 -3,357
17,321 13,362
Other comprehensive income items
Translation differences from
foreign operations
liabilities
-99 -194
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD
Earnings per share
11
Undiluted earnings per share (EUR) 0.652 0.505
Diluted earnings per share (EUR) 0.652 0.504
TEUR
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
18
ASSETS
NOTE
NO.
DEC 31,
2021
DEC 31,
2020
Non-current assets
Goodwill 12 59,815 50,409
Other intangible assets 12 18,169 16,861
Property, plant, and equipment 12 2,554 2,018
Right-of-use assets 13 1,690 932
Other receivables 195 157
Non-current assets total 82,423 70,378
Current assets
Inventories 14 6,414 4,875
Trade and other receivables 15 9,082 8,565
Deferred tax assets 10 1,308 1,009
Assets for current tax 139 714
Cash and cash equivalents 25,216 28,878
Current assets total 42,160 44,041
ASSETS TOTAL 124,583 1 14,419
EQUITY AND LIABILITIES
NOTE
NO.
DEC 31,
2021
DEC 31,
2020
Equity 16, 17
Share capital 5,315 5,315
Fair value reserve 300 300
Reserve for invested unrestricted equity 52,597 52,505
Other reserves 280 280
Retained earnings 22,125 13,971
Translation differences -38 -329
Own shares -2,149 -2,333
SHAREHOLDERS’ EQUITY TOTAL 78,429 69,710
LIABILITIES
NOTE
NO.
DEC 31,
2021
DEC 31,
2020
Non-current liabilities
Deferred tax liabilities 10 3,608 3,856
Interest-bearing non-current liabilities 19 0 21,659
Lease liabilities 901 376
Pension obligations 6 777 701
Non-current liabilities total 5,287 26,591
Current liabilities
Deferred tax liabilities 10 301 425
Current tax liabilities 21 1,253 2,108
Interest-bearing current liabilities 19 22,709 4,604
Lease liabilities 814 581
Provisions 20 476 330
Trade and other payables 21 15,314 10,071
Current liabilities total 40,867 18,1 18
LIABILITIES TOTAL 46,154 44,709
EQUITY AND LIABILITIES TOTAL 124,583 1 14,419
Consolidated balance sheet
TEUR
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
19
CASH FLOW FROM OPERATIONS
NOTE
NO.
JAN 1–DEC
31, 2021
JAN 1–DEC
31, 2020
17,321 13,362
Adjustments:
Depreciation, amortization, and impairment 12 3,620 4,563
Non-cash items 569 539
Financial income and expenses 9 4 4 11
Taxes 10 4,778 3,357
Other adjustments -1,077 0
Change in working capital:
Change in trade and other receivables 15 362 -2,893
Change in inventories 14 -1,539 -1,423
Changes in trade and other payables 21 2,231 1,014
Change in working capital, total 1,054 -3,302
Interests paid 9 -247 -265
Interest received 9 1 1
Taxes paid 10 -4,513 -3,436
21,509 15,230
CASH FLOW FROM INVESTING
ACTIVITIES
NOTE
NO.
JAN 1–DEC
31, 2021
JAN 1–DEC
31, 2020
Acquisitions of subsidiaries less cash and
cash equivalents at acquisition time
-1 1,322 0
Purchase of tangible assets 12 -1,235 -840
Purchase of intangible assets 12 -980 -702
Loans granted 0 -50
-13,538 -1,591
CASH FLOW FROM FINANCING
ACTIVITIES
NOTE
NO.
JAN 1–DEC
31, 2021
JAN 1–DEC
31, 2020
Repayments of loans 19 -3,209 -2,159
Dividends paid 17 -8,498 -7,948
Share subscription through exercised options 17 275 1,304
Acquisition of own shares 0 -1,613
Payments of lease agreement liabilities -708 -659
-12,140 -1 1,075
Net change in cash and credit accounts
-4,169 2,564
Cash and cash equivalents at beginning of period 28,878 26,675
Effect of exchange rates 507 -360
Cash and cash equivalents at end of period 25,216 28,878
TEUR
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
20
Consolidated statement of changes in equity
EQUITY
RESERVE FOR
INVESTED
UNRESTRICTED
EQUITY
OTHER
RESERVES
OWN
SHARES
TRANSLATION
DIFFERENCES
RETAINED
EARNINGS
TOTAL
EQUITY
EQUITY JAN 1, 2020
13,362 13,362
Other comprehensive income -386 -194 -580
Total comprehensive income for the period 0 0 0 0 -386 13,168 12,782
Transactions with owners
Dividend distribution -7,948 -7,948
Share-based remuneration 49 21 70
Purchase of own shares -1,613 -1,613
Share-based payments adjusted by taxes 536 536
Other direct entries to retained earnings 216 216
Exercised options 1,304 1,304
Transactions with owners total 0 1,353 0 -1,593 0 -7,196 -7,435
Equity Dec 31, 2020 5,315 52,505 580 -2,333 -329 13,971 69,710
EQUITY JAN 1, 2021
17,321 17,321
Other comprehensive income 291 -99 192
Total comprehensive income for the period 0 0 0 0 291 17,223 17,514
Transactions with owners
Dividend distribution -8,498 -8,498
Share-based remuneration -183 183 0
Share-based payments adjusted by taxes -556 -556
Other direct entries to retained earnings -15 -15
Exercised options 275 275
Transactions with owners total 0 91 0 183 0 -9,069 -8,794
Equity Dec 31, 2021 5,315 52,597 580 -2,149 -38 22,125 78,429
PARENT COMPANY SHAREHOLDERS’ EQUITY, EUR THOUSAND
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
21
Notes to the consolidated
DEC 31, 2021
General
Revenio is a global leader in ophthalmological devices
and solutions. Revenio Group's ophthalmic diagnostic
solutions include intraocular pressure measurement
devices under the iCare brand, retinal imaging devices
and perimeters. In addition, the Group’s eye care soft-
ware platform Oculo brings together clinical communi-
cation, telehealth, remote patient monitoring, and data
analytics capabilities.
company of the Revenio Group. The company is a public
the City of Vantaa , and is listed on the Nasdaq Helsinki
Stock Exchange since October 2001. The company’s
registered address is Äyritie 22, 01510 Vantaa , Finland .
The Board of Directors of the Revenio Group Corporation
meeting on March 16, 2022. According to the Finnish
Limited Liability Companies Act, shareholders have the
Annual General Meeting following their issuance. The
statements.
company’s website at .
Accounting principles for the
§
Basis of preparation
prepared in accordance with the International Financial
Reporting Standards, IFRS, approved for use in
the EU. The IAS and IFRS Standards and SIC and
IFRIC Interpretations in effect on December 31, 2021
have been applied. International Financial Reporting
Standards refer to the Standards and their interpreta-
tions approved for application in the EU in accordance
with the procedure stipulated in Regulation (EC) No
1606/2002 and embodied in Finnish accounting legis-
lation and the statutes enacted under it. The notes to
Finnish accounting and company legislation comple-
menting the IFRS Standards.
thousands of euros. The euro is the operating currency
and presentation currency of the Group’s parent
company and all of its subsidiaries with the exception
of Icare USA Inc, which has the US dollar as its oper-
ating currency, and the subsidiaries Icare World Australia
Pty Ltd and Revenio Australia Pty Ltd, which have the
Australian dollar as their operating currency.
Application of new or revised IFRS Standards
and IFRIC Interpretations
up in accordance with the same accounting principles
as in 2020, with the exception of the following new
standards, interpretations and amendments to existing
standards, which the Group has applied effective from
January 1, 2021:
• IFRS 9, IAS 39, IFRS 7, IFRS 4, and
IFRS 16; Phase 2 of Interest Rate
Benchmark Reform and Covid-19
The amendments to the above-mentioned standards have
Critical accounting estimates and assumptions
the use of estimates and assumptions about the future.
The actual results may differ from these estimates and
assumptions. In addition, judgment needs to be exer-
cised in the application of accounting principles. The
the management has been required to use its judgment
and for which the estimates include uncertainty are
presented below.
• Note 6) Pension liabilities
Assumptions and judgment have been exercised to deter-
mine the actuarial assumptions used for calculating the
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
22
• Note 12) Intangible and tangible
assets, section Goodwill
The Group tests goodwill annually and assesses indi-
cations of impairment as described under accounting
principles. The recoverable amounts of cash-generating
-
the business and on all factors that may affect it.
• Note 12) Intangible and tangible assets,
section Other intangible assets
For other intangible assets with a limited useful life, it is
estimated annually whether any indications of their impair-
ment exist. If such indications are detected, the other
intangible assets are subjected to impairment testing.
These calculations require the use of estimates.
and prognoses for the coming years, Group management
bases its prognoses on estimates about the macro and
micro-economic factors that affect demand in the busi-
consistent with external information.
Consolidation principles
company Revenio Group Corporation and all subsid-
iaries in which the Group has a controlling interest. The
Group has a controlling interest in a company if the
interest exposes the Group to the company’s variable
returns or entitles it to such returns, and the Group is
over the company. Subsidiary companies are consoli-
dated wholly from and including the date on which the
Group has acquired the right of control. The consolida-
tion will cease when the right of control ends.
The acquisition of subsidiaries is handled using the
procurement method. The consideration paid for the
acquisition is the fair value of the assets transferred, the
equity interests issued, and the liabilities incurred to the
former owners. Any contingent consideration is recog-
as a liability or shareholder equity. Contingent consid-
on the last day of each reporting period. The resulting
assumed and contingent liabilities are initially measured
at their acquisition-date fair values. Goodwill is recog-
nized as the amount by which the transferred consider-
ation exceeds the fair value of the net assets acquired. If
the acquisition cost is less than the net assets acquired,
at the date of acquisition. All acquisition-related costs
are recognized as expenses in the periods in which the
costs are incurred and the services are received, with
the exception of costs arising from the issuance of debt
or equity securities.
All intercompany transactions, receivables, payables,
between subsidiaries are eliminated as part of the
consolidation process. Unrealized losses are not elimi-
nated if the loss is a result of impairment.
Foreign currency items
In Group companies, transactions are recorded in the
operating currencies of each Group company. Foreign
currency transactions are recognized at the exchange
rate on the transaction date rate in the operating
receivables, liabilities and monetary items are measured
at the exchange rate prevailing on the balance sheet
losses are included in the corresponding items above
-
cial statements is the euro and the parent company’s
operating currency is the euro. The income statements
of Group companies outside the euro zone have been
translated into euros at the average exchange rate
translated at the exchange rate on the closing date.
Goodwill for an acquired Group company that operates
in a foreign currency and fair value adjustments to book
values are translated to euros at the average exchange
is concerned and at the exchange rate on the closing
date where the balance sheet is concerned. Translating
the income statement and balance sheet at different
exchange rates creates a translation difference that is
recognized in equity and whose effect is recognized in
other comprehensive income. When a foreign Group
company has been established by the Group itself, its
acquisition does not involve goodwill or fair value adjust-
ments of book values and subsequent asset items that
would need to be translated into euros. Changes in trans-
lation differences arising from the translation of equity
items accumulated after a Group company’s establish-
ment or acquisition are recognized in other comprehen-
sive income. When a company is sold, the accumulated
translation differences are recognized as part of the gain
or loss on the sale.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
23
1) Operating segments
The Group consists of a single reportable segment formed out of its independent
subsidiaries with business operations and the parent company.
The conditions of the additional purchase price related to the acquisition completed
in 2019 were not met, so the company has recorded an adjustment of EUR 986,000
in 2020 for other income and additional purchase price debt.
3) Other operating income
§
Basis of preparation
Other operating income is income that is not considered to be related to operational
activities. Government grants for offsetting realized expenses are recorded under
other operating income. Government grants are recognized at the same time as the
expenses relating to the target of the grant are recorded as an expense. The Group
certain that the recognized grants will be awarded.
2) Net sales
§
Basis of preparation
Net sales consists of revenue accrued from selling products, services and soft-
ware licenses at the amount the Group expects to be entitled to in exchange for
the goods and services promised to the customer. Revenue from sales is recog-
nized when the customer obtains control over a good, service or software license
-
In the case of imaging devices, the performance obligation includes the device as
well as its delivery and installation. As a rule, control is transferred to the customer
in connection with delivery in accordance with the terms of agreement. Over 99%
of the Group’s net sales consists of the the sale of tonometers and sensors, retinal
imaging devices, software licenses and services at a point of time.
The sale of tonometers, probes, macular imaging devices and software licenses
represents more than 99% of the Group's net sales.
2021, TEUR FINLAND
OTHER
EUROPE OTHERS TOTAL
Net sales 1,796 12,046 64,936 78,778
Non-current
assets
5,490 64,311 12,622 82,423
2020, TEUR FINLAND
OTHER
EUROPE OTHERS TOTAL
Net sales 871 12,554 47,642 61,067
Non-current
assets
6,151 61,297 2,930 70,378
TEUR
JAN 1–DEC
31, 2021
JAN 1–DEC
31, 2020
Grants and subsidies received 577 244
Change in additional purchase price debt 0 986
Others 273 87
Total 850 1,316
Sharebased payments and Note 24 Related parties and remuneration of management.
4) Personnel and personnel expenses
EMPLOYEE BENEFIT EXPENSES
JAN 1–DEC
31, 2021
TEUR
JAN 1–DEC
31, 2020
TEUR
Salaries and wages -13,638 -10,297
Share-based remuneration, paid in shares -731 -726
-1,035 -1,356
-1 -88
Other indirect personnel expenses -1,020 -250
Total -16,425 -12,718
AVERAGE NUMBER OF PERSONNEL
DURING FINANCIAL PERIOD
JAN 1–DEC
31, 2021
JAN 1–DEC
31, 2020
167 135
INFORMATION ABOUT GEOGRAPHICAL AREAS
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
24
5) Share-based payments
Option rights of personnel
§
Basis of preparation
The company has had a stock option program decided by the Board of
Directors on August 10, 2015, based on the authorization of the Annual
General Meeting on March 19, 2015. The stock option program ended
during 2021.
at fair value at grant date, and they are recognized as expenses in the
income statement on a straight-line basis during the vesting period. The
expense at grant date is based on fair value calculated according to
the Black-Scholes option pricing model. The fair value of the shares is
based on actual quotations. The expected volatility is determined on
the basis of actual historical share price development. The effect on the
are equity instruments. When option rights are exercised, the consider-
ations received on the basis of share subscriptions are recorded in the
unrestricted equity reserve under shareholders’ equity.
CHANGES IN OPTIONS 2021
10,388
0
Options returned to the company 0
Reallocated options 0
Used options 7,388
Expired options 3,000
0
0
Members of the Management Team and the managing directors of subsidiaries did not
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
25
Management incentive scheme
§
Basis of preparation
The Board of Directors of Revenio Group Corporation has decided on four long-term
share-based incentive schemes directed at key personnel. The long-term incentive
schemes form part of the company’s remuneration program for key personnel and are
aimed at supporting the implementation of the company’s strategy and aligning the
goals of key personnel and the company in order to increase the company's value.
The Board of Directors decides separately on the minimum, target and maximum
bonus for each participant as well as the performance criteria and related targets.
The amounts of the bonuses paid to the participants depends on the achievement of
previously set targets. The bonus is not paid if the targets are not achieved or if the
participant’s employment relationship or service relationship is terminated before
the payment of the bonus. The targets of the incentive scheme are related to the
total absolute shareholder return of the company’s share and cumulative operating
result over a three-year period.
If the targets of the incentive scheme are achieved, the bonuses are paid in the
spring of the year following the end of the performance period. The total amount of
share-based bonuses payable based on the performance period under the scheme
is equal to gross earnings minus any cash component deducted from it in order to
cover taxes and any other tax-like charges arising from the share-based incentive,
with the remaining net bonus paid in shares. However, the company has the right to
pay the bonus fully in cash in certain situations.
The number of shares granted is based on the value of the share on the date of
granting the shares. The present value of the dividends earned during the perfor-
based incentive scheme are recognized as expenses in the income statement evenly
over time during the period in which the right arises, until the time of payment. In
addition, the CEO is entitled to a restricted share-based incentive scheme provided
that certain conditions are met.
EARNING YEARS
TIME OF BONUS
PAYMENT
MAXIMUM
NUMBER OF
PARTICIPANTS
MAXIMUM
AMOUNT OF
SHARE BONUS
2018-2020 2021 6 Ended
2019-2021 2022 7 32,455
2020-2022 2023 8 24,239
2021-2023 2024 22 18,212
Restricted share-
based incentive
scheme
2022–2024 5 3,000
The company’s Board of Directors has decided in March 2021 on a restricted share-
established for certain key employees of Oculo as part of the long-term incentive
and retention scheme. The purpose of the plan is to support the execution of the
company’s strategy, to align the interests of shareholders and the scheme partic-
and to engage the participants’ commitment to the company following the acquisi-
tion. The scheme has a restricted maximum number of shares. Under the scheme,
shares will be issued for a total maximum value of AUD 1,660,000, calculated using
the weighted average price on the end date of the Oculo acquisition. The scheme
is a three-year performance-based share-based incentive scheme that covers the
calendar years 2021, 2022, and 2023.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
26
6) Pension liabilities
§
Basis of preparation
The Group’s pensions are handled by external pension insurance companies. The
period they arise.
Revenio also has an individual supplementary pension scheme for a limited
personnel group. The insured retirement age is 63 years. These supplementary
pensions are arranged with external pension insurance companies.
§
Basis of preparation
termination of the employment relationship. The plan is unfunded and the Group has no
related asset items.
on the difference between the present value of the pension obligations and the fair
value of plan assets. Liabilities are calculated as the present values of estimated cash
bonds issued by companies. Actuarial gains and losses are recognized in comprehen-
the income statement.
If the yields of the bonds on which the discount rate is based change, the Group may
and items recognized in other comprehensive income due to remeasurements. TFR
-
members. The expected increase in life expectancy will increase the amount of the
employee’s annual salary. If actual salary growth is higher than the salary increase rate
assumption used for calculating the pension obligation, this may increase the amount
of the pension obligation.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
27
DEFINED BENEFIT PENSION COSTS
RECOGNIZED IN THE INCOME
STATEMENT AND COMPREHENSIVE
INCOME STATEMENT
JAN 1–DEC
31, 2021
TEUR
JAN 1–DEC
31, 2020
TEUR
Current service cost
0 -86
Interest costs
-1 -2
Pension costs in the income statement
-1 -88
Actuarial gains and losses
-137 -194
the income statement and comprehensive
income statement
-138 -282
PRESENT VALUE OF FUNDED
OBLIGATIONS
DEC 31, 2021
TEUR
DEC 31, 2020
TEUR
Obligation at the beginning of the period 701 428
Acquired businesses 0 0
Service cost 0 86
Interest costs 1 2
Actuarial gains and losses arising from
137 194
-62 -9
Present value of funded obligations 777 701
CHANGES IN FAIR VALUES OF
PLAN ASSETS
31.12.2021
TEUR
31.12.2020
TEUR
Fair value of plan assets on Jan 1 0 0
Interest income from assets 0 0
Contributions paid by the employer to the plan 62 9
-62 -9
Fair values of plan assets on Dec 31 0 0
CHANGES OF LIABILITIES PRESENTED
IN THE BALANCE SHEET
DEC 31, 2021
TEUR
DEC 31, 2020
TEUR
Liabilities Jan 1 701 428
Acquired businesses 0 0
Pension costs in the income statement 1 88
Pension costs in the comprehensive income
statement
137 194
-62 -9
Liabilities Dec 31 777 701
ACTUARIAL ASSUMPTIONS USED
DEC 31, 2021
TEUR
DEC 31, 2020
TEUR
Discount rate, % 0.6 % 0.2%
1.9 % 1.1%
Employee turnover, % 5.3 % 5.5%
IMPACT OF CHANGES IN
KEY ASSUMPTIONS
ASSUMPTION
CHANGE IN
ASSUMPTION
EFFECT OF
GROWTH IN
ASSUMP
-
TION,
TEUR
EFFECT OF
GROWTH IN
ASSUMP-
TION, %
Discount rate
0.5 percentage
point
-50 -6%
Future salary increase rate
0.5 percentage
point
55 7%
Employee turnover
0.5 percentage
point
-8 -1%
DEFINED BENEFIT PENSION LIABILITIES
RECOGNIZED IN THE BALANCE SHEET
DEC 31, 2021
TEUR
DEC 31, 2020
TEUR
Present value of funded obligations 777 701
Fair value of assets 0 0
Present value of funded obligations on Dec 31 777 701
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
28
7) Research and development expenses
§
Basis of preparation
expenses for new or more advanced products are capitalized on the balance
sheet as intangible goods from the moment the product is technically
feasible, it can be utilized commercially, and it is estimated that commercial
those material, work, and testing costs directly attributable to the completion
of the product for its intended use. Development expenses recognized as
expenses earlier are not capitalized later.
Amortization is recognized for a good from the moment it is ready for use.
A good not yet ready for use is annually tested for impairment. After initial
recording, capitalized R&D expenses are recognized adjusted by amorti-
zation on the purchase cost and impairment. The useful life of capitalized
R&D costs is 10 years on average, during which period they are recorded
as expenses through straight-line amortization.
The research and development expenses included in the income statement
are presented in Note 8 Other operating expenses.
8) Other operating expenses
JAN 1–DEC
31, 2021
TEUR
JAN 1–DEC
31, 2020
TEUR
Voluntary personnel expenses -1,036 -571
-363 -277
IT, machinery, and equipment expenses -1,328 -1,112
Marketing and travel expenses -3,205 -2,134
Research and development -2,574 -1,768
Administrative services -5,902 -4,447
Other operating expenses -50 63
Total -14,457 -10,244
Administrative services include the auditor’s fees as itemized below.
AUDITOR’S FEES
JAN 1–DEC
31, 2021
TEUR
JAN 1–DEC
31, 2020
TEUR
Deloitte
Auditing fees -105 -102
-13 -25
Tax services -7 0
Total -126 -127
9) Financing expenses (net)
JAN 1–DEC
31, 2021
TEUR
JAN 1–DEC
31, 2020
TEUR
-223 -236
Exchange rate losses 0 -160
-29 -17
Interest income 1 1
Exchange rate ganes 246 0
Total -4 -411
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
29
10) Income taxes
§
Basis of preparation
The tax expense in the income statement consists of tax based on taxable
-
nies’ taxable income at the applicable tax rate. The tax is adjusted by taxes
based on temporary differences between book values and taxable values.
However, a deferred tax liability is not recognized in the initial recognition
of an asset or liability in a transaction that is not a business combination.
Deferred tax is not recognized if the recognition of the asset or liability
affects neither accounting nor taxable income at the date of the transaction.
Deferred tax is not recognized for non-tax-deductible goodwill or for subsid-
iaries’ retained earnings to the extent that it is probable that the temporary
difference will not reverse in the foreseeable future.
The principal temporary differences, i.e. deferred taxes, arise from internal
margins on inventories and changes in the fair value of intangible rights
arising in connection with acquisitions.
Deferred tax assets are recognized to the extent that it is probable that
will be available.
TAX RATE RECONCILIATION
JAN 1–DEC 31,
2021
TEUR
JAN 1–DEC 31,
2020
TEUR
22,099 16,719
Income tax using parent company tax rate -4,420 -3,344
Different tax rates of foreign subsidiaries -255 -100
Non-taxable income and non-deductible expenses 226 90
Unused losses fo the period -387 0
58 -3
-4,778 -3,357
Reconciliation of tax expenses in the income statement and taxes calculated using
the parent company tax rate 20% (20%):
JAN 1–DEC 31,
2021
TEUR
JAN 1–DEC 31,
2020
TEUR
Tax based on taxable income for the current period -5,421 -4,096
58 -3
Change in deferred tax liabilities and assets 586 741
Total -4,778 -3,357
INCOME TAXES IN THE INCOME STATEMENT
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
30
11) Earnings per share
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
17,321 13,362
(TEUR)
17,321 13,362
Weighted average number of outstanding shares
26,557,464 26,608,033
Undiluted earnings per share (EUR) 0,652 0.505
Diluted earnings per share (EUR) 0,652 0.504
Basis of preparation
including the diluting effect of stock options.
Deferred tax assets and liabilities
ITEMIZATION OF
DEFERRED TAX
ASSETS, 2021
JAN 1,
2021
TEUR
ACQUIRED
BUSINESSES
TEUR
RECOGNIZED
IN THE INCOME
STATEMENT
TEUR
DEC 31,
2021
TEUR
Internal inventory margin 827 0 47 874
Other temporary
differences
182 46 207 435
Total 1,009 46 254 1,308
ITEMIZATION OF
DEFERRED TAX
LIABILITIES, 2021
JAN 1,
2021
TEUR
ACQUIRED
BUSINESSES
TEUR
RECOGNIZED
IN THE INCOME
STATEMENT
TEUR
DEC 31,
2021
TEUR
Measurement of
tangible and intangible
assets at fair value in
connection with combina-
tions of business
3,856 0 -279 3,578
Other temporary
differences
425 0 -93 332
Total 4,281 0 -372 3,909
DEC 31, 2021 DEC 31, 2020
Deferred tax liabilities net
2,601
3,272
ITEMIZATION OF
DEFERRED TAX
LIABILITIES, 2020
JAN 1,
2020
TEUR
ACQUIRED
BUSINESSES
TEUR
RECOGNIZED
IN THE INCOME
STATEMENT
TEUR
DEC 31,
2020
TEUR
Measurement of
tangible and intangible
assets at fair value in
connection with combi-
nations of business
4,120 0 -264 3,856
Other temporary
differences
225 0 200 425
Total 4,344 0 -63 4,281
ITEMIZATION OF
DEFERRED TAX
ASSETS, 2020
JAN 1,
2020
TEUR
ACQUIRED
BUSINESSES
TEUR
RECOGNIZED
IN THE INCOME
STATEMENT
TEUR
DEC 31,
2020
TEUR
Internal inventory margin 551 0 276 827
Other temporary
differences
215 0 -33 182
Total 766 0 243 1 009
§
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
31
Breakdown of book values of goodwill
JAN 1–DEC 31,
2021
TEUR
JAN 1–DEC 31,
2020
TEUR
Cash-generating units (CGU)
CGU1: Intraocular pressure measurement technology 1,191 1,191
CGU2: Macular imaging technologies 49,218 49,218
CGU3: Clinical software solutions 9,405 0
Book value Dec 31 59,815 50,409
12) Intangible and tangible assets
§
Basis of preparation
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of
the Group’s share of the net assets of the acquired company at the date of acqui-
sition. For companies acquired before January 1, 2004, goodwill represents the
excess of the cost of the acquisition over the book value of the Group’s share of
for recognizing goodwill have been separately assessed in connection with each
at the time of acquisition is the proprietary intraocular pressure measurement tech-
nology it has developed and owns, and the strong competitiveness and market
CenterVue S.p.A.’s goodwill at the time of acquisition is the proprietary macular
imaging technologies it has developed and owns, and their strong competitiveness
(previously CERA Technologies Pty Ltd) goodwill at the time of acquisition is the
proprietary software solutions it has developed, which enable Revenio’s access to
ophthalmology-related clinical communication, remote health care, remote patient
monitoring and data analytics expertise.
Goodwill is not amortized but tested for any impairment on an annual basis, or more
frequently if there are any indications of impairment. For the assessment of the recov-
erable amount, goodwill is allocated to the two cash-generating units in the Group that
Goodwill is valued at acquisition cost less impairment losses. An impairment loss is
recognized in the income statement when the book value of an asset item is greater than
its recoverable amount. The impairment loss is recognized in the income statement.
§
Basis of preparation
Other intangible assets
An intangible asset is recognized on the balance sheet only if its acquisition cost
can be reliably determined and it is likely that the asset will generate commercial
Other intangible assets with a limited useful life are recognized on the balance sheet
and expensed on a straight-line basis over their useful lives. For acquisitions after
January 1, 2004, intangible assets are valued at fair value. Estimated useful lives
for various assets are:
The Group has no intangible assets with an unlimited useful life.
Technology-based intangible assets straight-line depreciation 7-17 years
Customer-based intangible assets straight-line depreciation 15 years
Patents, trademarks, and brands straight-line depreciation 10 years
Software straight-line depreciation 3–7 years
Capitalized product development expenses straight-line depreciation 3-10 years
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
32
§
Basis of preparation
Property, plant, and equipment
Property, plant, and equipment are valued at original
acquisition cost less accumulated depreciation and
amortization as well as impairment losses. Property,
plant, and equipment are amortized using the straight-
line method based on the estimated useful life of the
asset. The estimated useful lives for machinery and
equipment are 3–10 years. When a part of property,
plant and equipment is dealt with as a separate entity,
costs related to its replacement are capitalized. In other
cases, costs arising later are included in the accounting
for a tangible asset only if it is likely that the asset will
-
sition cost of the asset can be reliably determined. Other
repair and maintenance costs are recognized through
The residual value and useful life of assets are checked
are determined by comparing the disposal proceeds with
the book amount and are included in other operating
income or expenses.
§
Basis of preparation
Impairment
The Group management continuously reviews Group
items for any indication of impairment. If there are such
indications, the amount recoverable from the said asset
item is assessed. The recoverable amount is the higher
of the asset item’s fair value less the cost arising from
disposal and its value in use. When determining value in
item or cash-generating unit are discounted based on
their present values. The interest rate calculated using
the WACC method (Weighted Average Cost of Capital)
before taxes is used as the discount interest rate. Factors
that affect the interest in the WACC calculation include
a risk-free interest rate, the cost of borrowed capital, the
and the industry’s capital structure.
An impairment loss is recognized in the income state-
ment when the book value of an asset item is greater
than its recoverable amount. The impairment loss is
recognized in the income statement. For other asset
items except goodwill, the impairment loss can later be
reversed if a change in the estimates used for deter-
mining the recoverable amount has occurred. The
impairment loss is, however, not reversed by more than
what the book value of the asset would be without the
recognition of the impairment loss.
Factors considered by the Group management as central
to determining whether impairment testing should be
negative changes in the industry or market conditions or
asset item is used or in the business strategy.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
33
JAN 1–DEC 31, 2021 TEUR GOODWILL
TECHNOLOGY-
BASED
CUSTOMER-
BASED
OTHER
INTANGIBLE
ASSETS TOTAL
Acquisition cost Jan 1 50,409 8,606 5,211 6,869 71,096
Increase during the period 0 0 0 1,121 1,121
Acquired businesses 9,405 2 447 0 0 11,852
Impairment 0 0 0 -567 -567
Acquisition cost Dec 31 59,815 11,053 5,211 7,424 83,503
Accumulated depreciation Jan 1 0 -844 -579 -2,403 -3,826
Depreciation during the year 0 -739 -347 -608 -1,695
Impairment 0 0 0 1 1
Accumulated depreciation Dec 31 0 -1,583 -926 -3,010 -5,519
Book value Dec 31 59,815 9,470 4,285 4,414 77,984
Book value Jan 1 50 409 7,762 4,632 4,466 67,270
JAN 1–DEC 31, 2020 TEUR GOODWILL
TECHNOLOGY-
BASED
CUSTOMER-
BASED
OTHER
INTANGIBLE
ASSETS TOTAL
Acquisition cost Jan 1 50,409 8,606 5,211 8,058 72,285
Increase during the period 0 0 0 767 767
Impairment 0 0 0 -1,956 -1,956
Acquisition cost Dec 31 50,409 8,606 5,211 6,869 71,096
Accumulated depreciation Jan 1 0 -337 -232 -1,869 -2,438
Depreciation during the year 0 -506 -347 -528 -1,381
Impairment 0 0 0 -6 -6
Accumulated depreciation Dec 31 0 -844 -579 -2,403 -3,826
Book value Dec 31 50,409 7,762 4,632 4,466 67,270
Book value Jan 1 50,409 8,268 4,980 6,189 69,847
INTANGIBLE ASSETS
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
34
MACHINERY AND EQUIPMENT
JAN 1–DEC
31, 2021
TEUR
JAN 1–DEC
31, 2020
TEUR
Acquisition cost Jan 1 4,510 3,901
Increase during the period 609 626
Acquired businesses 30 0
Decreases during period -257 -17
Acquisition cost Dec 31 4,892 4,510
Accumulated depreciation Jan 1 -2,726 -2,194
Depreciation during the year -685 -549
Decreases during period 235 17
Accumulated depreciation Dec 31 -3,176 -2,726
Book value Dec 31 1,715 1,784
Book value Jan 1 1,784 1,707
ADVANCE PAYMENTS AND
PURCHASES IN PROGRESS
JAN 1–DEC
31, 2021
TEUR
JAN 1–DEC
31, 2020
TEUR
Acquisition cost Jan 1 234 101
Increase during the period 973 574
Decreases during period -368 -442
Acquisition cost Dec 31 839 234
Book value Dec 31 839 234
Book value Jan 1 234 101
Impairment testing
The need for impairment of goodwill and intangible assets in progress is
assessed annually, and continuously if there are indications that the value of
the asset item has decreased. The recoverable amounts from CGUs are deter-
mined by the value-in-use method.
-
projections on an estimate of the effect of the recent trade cycle changes on the
-
tion management deems to have this effect. The assumptions used are consis-
tent with past developments, and, in the management’s opinion, moderate
-
dent of those from other assets or asset groups.
discount interest rate used for calculating value-in-use is determined sepa-
rately for each cash-generating unit using the WACC (Weighted Average Cost
of Capital) method, which projects the total cost of own and borrowed capital
estimates that the assessments have been made with due diligence, the esti-
WACC 9.25-18.6%.
Goodwill impairment testing sensitivity analysis
The management’s view is that no reasonably possible change in the key
assumption(s) would cause the carrying values of CGU1 or CGU2 to exceed
their recoverable amounts.
The recoverable amount of CGU3 exceeds the carrying value by EUR 4.8
million. The sensitivity analysis indicated that the following reasonably possible
changes in key assumptions could lead to the impairment of goodwill:
increase of the discount rate by 2.3 percentage points.
PROPERTY, PLANT, AND EQUIPMENT
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
35
RIGHT-OF-USE ASSETS
Impairment of intangible assets
skin cancer camera to market will take longer than originally esti-
mated. The clinical testing for Cutica will be completed, but the deci-
sion was made to discontinue the product development efforts in other
respects. As there are no commercial opportunities on the horizon,
the second stage of Cutica’s development has been cancelled. The
developed technology will remain under the Group’s ownership, but
there are no expected future returns on the horizon. Accordingly, the
Group has recognized impairment on Cutica’s full carrying value of
EUR 0.6 million.
13) Lease agreements
§
Basis of preparation
premises it uses, as well as equipment and vehicles, under non-can-
celable operating leases. Shortterm lease agreements and leases
concerning low-value assets are recognized in the income statement
as an expense on a straight-line basis over the period of the lease.
All other leases are recognized in tangible assets at the lower of the
fair value of the leased asset at the commencement of the lease term
or the present value of the minimum lease payments. Lease obliga-
tions are entered in the lease liability. Assets entered under intangible
assets are amortized based on the estimated useful life of the asset
or over the lease period, if shorter. Lease payments are apportioned
produce a constant rate of interest on the remaining balance of the
liability. The Group does not act as a lessor towards external parties.
TEUR
BUSINESS
PREMISES CARS DEVICES
JAN 1–DEC 31,
2021
TOTAL
Acquisition cost Jan 1 2,135 356 41 2,532
Increase during the period 1,062 338 31 1,431
Decreases during period 0 -170 0 -170
Acquisition cost Dec 31 3,196 525 72 3,793
Accumulated depreciation
Jan 1
-1,376 -215 -8 -1,599
Depreciation during the year -524 -144 -5 -673
Decreases during period 0 170 0 170
Accumulated depreciation
Dec 31
-1,900 -189 -13 -2,102
Book value Dec 31 1,296 335 59 1,690
Book value Jan 1 759 141 32 932
TEUR
BUSINESS
PREMISES CARS DEVICES
JAN 1–DEC 31,
2020
TOTAL
Acquisition cost Jan 1 1,382 374 29 1,786
Increase during the period 806 55 41 902
Decreases during period -54 -73 -29 -156
Acquisition cost Dec 31 2,135 356 41 2,532
Accumulated depreciation
Jan 1
-887 -118 -24 -1,029
Depreciation during the year -516 -125 -14 -655
Decreases during period 28 28 29 85
Accumulated depreciation
Dec 31
-1,376 -215 -8 -1,599
Book value Dec 31 759 141 32 932
Book value Jan 1 495 256 6 757
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
36
TEUR
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
Depreciation -673 -655
Interest on lease liabilities -19 -15
Other operating expenses, leases
Expenses from short-term leases -206 -95
Expenses from low-value leases -2 -1
Expenses related to variable lease
payments not included in lease liabilities
-74 -98
TEUR
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
Payments of lease liabilities -708 -659
Items recognized in the income
statement, excluding depreciation
-301 -209
14) Inventories
§
Basis of preparation
Inventories are recognized at the lower of cost and net realizable value.
The acquisition cost is determined using the FIFO method. The net real-
izable value is the estimated selling price in a conventional transaction
less the cost to make the sale. The acquisition cost of completed prod-
ucts and work in progress comprises direct costs such as materials,
direct costs of labor, other direct costs, and the allocation of the vari-
capacity.
AMOUNTS RECOGNIZED FOR LEASES IN THE
INCOME STATEMENT
INVENTORIES
TEUR
DEC 31, 2021 DEC 31, 2020
Materials and supplies 1,194 870
Work in progress/advance payments 1,312 458
Finished products 3,908 3,547
Total 6,414 4,875
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
37
TRADE AND OTHER RECEIVABLES
15) Financial assets
§
Basis of preparation
following categories: measured at amortized cost,
measured at fair value through other comprehensive
income items or measured subsequently at fair value
-
Financial assets that are valued at amortized costs are
held within a business model whose objective is to hold
of principal and interest on the principal outstanding.
Financial assets that are valued at fair value through
other comprehensive income items are held within a
business model whose objective is achieved both by
assets, and the contractual terms for items falling under
that are solely payments of principal and interest on the
principal amount outstanding.
Financial assets subsequently measured at fair value
at amortized cost or at fair value through other compre-
hensive income items.
FINANCIAL ASSETS — RECOGNITION
AND MEASUREMENT
The Group estimates the expected credit losses for the
full lifetime of the sales receivables. For the assessment
of expected credit losses, sales receivables are grouped
geographically and by customer group, and the credit
loss provision is recognized based on past experience.
The balance sheet values of sales and other receiv-
ables constitute the maximum credit risk amounts. No
evidence exists that the company cannot collect its receiv-
ables in accordance with the initial terms and conditions.
The impairment loss is the difference between the book
value of the receivables and their recoverable amount,
and it corresponds to the present value of expected cash
Evidence is generally considered appropriate when the
receivable is more than 180 days outstanding when no
credit insurance or a security through other means is
available. External evidence of a risk related to a receiv-
able even before it is 180 days outstanding will lead to
the recognition of impairment loss. Such evidence may
-
culties, company reorganization, or bankruptcy proceed-
ings. The impairment loss is recognized in the income
statement in other operating expenses.
Loans and other receivables are measured at amortized
cost using the effective interest method.
Unrealized and realized gains and losses due to changes
-
on the balance sheet as other income when the right to
payment has arisen for the Group.
The fair values of quoted investments are based on
current bid prices. If there is no active market for a
-
ation techniques. These include the use of recent arm’s
length transactions, the fair values of other instruments
that are substantially the same, or the present value of
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in hand, bank
deposits withdrawable on demand, and other liquid
short-term investments with original maturities of one
month or less from acquisition.
TEUR
DEC 31,
2021
DEC 31, 2020
Sales receivables 6,847 7,047
Other receivables 722 590
Accrued income 1,513 928
Total 9,082 8,565
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
38
DEC 31, 2021
UNITED STATES,
USD
NOT FALLEN
DUE
< 30
DAYS
> 30
DAYS
> 60
DAYS
> 90
DAYS TOTAL
Hospitals and public
corporations
Expected credit loss-
0% 0% 0% 0,5% 5%
Gross book value 277 195 54 86 58 669
ECL over validity
period
0 0 0 0 3 3
Other
Expected credit loss-
0% 0% 0% 2% 4%
Gross book value 1,674 1,220 666 234 252 4,046
ECL over validity
period
0 0 0 5 10 15
OTHER
COUNTRIES, EUR
NOT FALLEN
DUE
< 30
DAYS
> 30
DAYS
> 60
DAYS
> 90
DAYS TOTAL
Expected credit loss-
0% 1% 2% 3% 5%
Gross book value 1,429 219 2 1 1 1,651
ECL over validity
period
0 2 0 0 0 2
Expected credit loss-
0.5% 1% 2% 5% 13.3%
Gross book value 874 107 0 0 0 981
ECL over validity
period
4 1 0 0 0 5
DEC 31, 2020
UNITED
STATES, USD
NOT FALLEN
DUE
< 30
DAYS
> 30
DAYS
> 60
DAYS
> 90
DAYS TOTAL
Hospitals and public
corporations
Expected credit loss-
0% 0% 0% 0.5% 5%
Gross book value 105 126 838 78 590 1,736
ECL over validity
period
0 0 0 0 29 30
Other
Expected credit loss-
0% 0% 0% 2% 4%
Gross book value 1,191 1,120 630 606 0 3,547
ECL over validity
period
0 0 0 12 0 12
AUSTRALIA,
AUD
NOT FALLEN
DUE
< 30
DAYS
> 30
DAYS
> 60
DAYS
> 90
DAYS TOTAL
Expected credit loss-
0 % 0 % 0 % 1 % 2 %
Gross book value 28 24 0 0 0 52
ECL over validity
period
0 0 0 0 0 0
OTHER
COUNTRIES, EUR
NOT FALLEN
DUE
< 30
DAYS
> 30
DAYS
> 60
DAYS
> 90
DAYS TOTAL
Expected credit loss-
0% 1% 2% 3% 5%
Gross book value 1,508 268 6 0 0 1,772
ECL over validity
period
0 3 0 0 0 3
Expected credit loss-
0.5% 1% 2% 5% 13.3%
Gross book value 890 27 36 0 8 962
ECL over validity
period
4 0 1 0 1 7
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
39
JAN 1–DEC 31, 2021 JAN 1–DEC 31, 2020
Financial liabilities 24,424 27,219
Cash and cash equivalents 25,216 28,878
Net liabilities -792 -1,659
Total equity 78,429 69,710
Net leveraging, % -1.0 % -2.4%
16) Capital structure
The Group's capital management activities seek to optimize capital structure and
thereby support the Group's business activities by ensuring normal operating condi-
tions for business activities, while also increasing shareholder value and aiming for
The Group may vary and adjust the amount of dividends paid to shareholders, or the
number of new shares issued, or decide to sell assets in order to reduce its debts.
The Group monitors its capital structure through leveraging. At the end of 2021, the
Group's interest-bearing net liabilities totaled EUR -0.8 million (EUR -1.7 million
at the end of 2020) and leveraging stood at -1.0 percent (2.4%). When calcu-
lating leveraging, interest-bearing net liabilities are divided by shareholders' equity.
Net liabilities comprise debts less receivables and cash equivalents. The Group's
strategy is to keep leveraging below 25 percent. There has been no change in this
strategy since the previous year.
The loan taken out by the Group for the acquisition includes the
following covenants:
The ratio of net debt to EBITDA may not exceed 2
Equity ratio must be more than 35%
The Group has complied with these covenants throughout the reporting period. The
ratio of net debt to EBITDA was -3.08% on December 31, 2021.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
40
17) Equity
§
Basis of preparation
Outstanding ordinary shares are presented as share
capital. Transaction costs due to the issuance of new
equity instruments are presented as a deduction from
equity. The own shares repurchased by Revenio
Group Corporation are presented as a deduction from
equity. Dividend distribution is recognized as a deduc-
tion from equity once the payment of dividend has
been approved by the Annual General Meeting.
The invested unrestricted equity fund includes other
equity investments and the subscription price of
shares to the extent this price is not recognized in
share capital by an explicit decision.
The difference between the fair value and the
subscription price of directed share issues used for
consideration for acquired operations is recognized in
the fair value reserve.
Other reserves include the option schemes imple-
mented in 2010–2012.
All issued shares have been paid in full. The compa-
ny's share capital consists of 26,681,116 shares of
company held 117,759 of its own shares (REG1V).
All shares confer an equal right to dividends and the
company’s funds.
NUMBER
OF
SHARES
SHARE
CAPITAL
TEUR
RESERVE FOR
INVESTED
UNRESTRICTED,
TEUR
OWN
SHARES,
TEUR
TOTAL
TEUR
01/01/2021 26,658,952 5,315 52,505 -2,333 55,488
Transfer of the company's own shares Feb 15, 2021 -169 169 0
Share issue with C option rights Mar 12, 2021 16,335 204 204
Transfer of the company's own shares May 28,
2021
-15 15 0
Share issue with C option rights Jun 15, 2021 5,829 71 71
31/12/2021 26,681,116 5,315 52,597 -2,149 55,764
NUMBER
OF
SHARES
SHARE
CAPITAL
TEUR
RESERVE FOR
INVESTED
UNRESTRICTED,
TEUR
OWN
SHARES,
TEUR
TOTAL
TEUR
01/01/2020 26,544,742 5,315 51,152 -740 55,727
Share issue with B option rights March 6, 2020 18,447 182 182
Share issue with C option rights March 6, 2020 19,119 244 244
Purchase of own shares March 18, 2020 -405 -405
Purchase of own shares March 19, 2020 -594 -594
Purchase of own shares March 20, 2020 -614 -614
Share issue with B option rights April 20, 2020 10,608 104 104
Share issue with C option rights April 20, 2020 6,105 78 78
Share issue with B option rights Jun 5, 2020 20,490 202 202
Share issue with C option rights Jun 5, 2020 7,725 99 99
Share issue with C option rights Aug 19, 2020 321 4 4
Transfer of the company's own shares Sep 18, 2020 49 21 70
Share issue with C option rights Nov 4, 2020 29,382 367 367
Share issue with C option rights Dec 29, 2020 2,013 25 25
31/12/2020 26,658,952 5,315 52,505 -2,333 55,488
CHANGES IN THE NUMBER OF SHARES AND THEIR IMPACT ON EQUITY
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
41
Financial risks and the risk management
process
-
bility of the CEO together with the Board of Directors.
any special issues such as liquidity risk, interest risk,
credit risk, and the investment of surplus liquid funds.
standing and funding at its monthly meetings.
According to its strategy, the company may seek growth
through acquisitions of companies and business oper-
ations. The implementation of these acquisitions may
strategic and operational purposes decided on by
-
nies and business operations.
In its operational activities, the company may be
changes in currency exchange rates, interest rates, and
-
that are relevant to the Group, and seek to minimize
(I) CURRENCY RISK
United States, where the company has a subsidiary and
through which sales are conducted on the U.S. market.
The operating currency of the subsidiary is the U.S.
dollar. In sales to and local purchases in the U.S., the
rates between the U.S. dollar and the euro. At the end
equivalents in U.S. dollars were USD 11,175,000. In the
event the euro strengthens against the U.S. dollar by 10
percent, this would decrease the company’s cash and
cash equivalents on the closing date by EUR 987,000.
Invoicing between Icare Finland Oy and Icare USA Inc.
and also between CenterVue S.p.A. and Icare USA
Inc. takes place in USD. The currency risk is borne by
Icare Finland Oy and CenterVue S.p.A. since business
transactions between Group companies are not hedged
against currency risks. Sales in U.S. dollars repre-
sent approximately 47.7% of the total net sales of the
Group's continuing functions. Icare USA Inc. had USD
4,752,000 in account receivables from sales on the
closing date. Icare USA Inc. had USD 4,808,000 cash in
bank on the closing date. Icare Finland Oy and Revenio
Group Corporation's USD accounts had a balance of
USD 6,366,000 on the closing date.
The Group’s subsidiaries Revenio Australia Pty Ltd
and Icare World Australia Pty Ltd use the Australian
dollar as their operating currency. The companies’
AUD-denominated cash and cash equivalents totaled
AUD 265 thousand on the closing date. If the euro
were to appreciate against the Australian dollar by 10
percent, it would have an effect of EUR 17,000 on cash
and cash equivalents on the closing date.
(II) INTEREST RATE RISK
In the company’s balance sheet structure, interest rate
-
rate acquisitions, the company always evaluates the
need for interest rate hedging, taking into account the
amount of debt, hedging costs, and expected interest
not exposed to interest rate risk arising from changes in
interest rates. The company has no interest rate invest-
be applied.
(III) CREDIT RISK
The Group’s credit policy lays down the requirements
for selling on credit and the requirements for credit
management. The credit quality of a new customer
is controlled by applying for a credit insurance limit if
necessary every time a new customer relationship is
established. The credit limit and credit sales eligibility is
reassessed if the customer’s purchase volumes change
or if the credit insurance company changes the granted
credit limit as a result of a change in the customer’s
credit quality.
No single customer or customer group constitutes a
6,000 (EUR 6,000). The theoretical maximum credit risk
at the end of the period corresponds to the book value
of sales receivables. The aging of sales receivables is
presented in Note 15.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
42
(IV) LIQUIDITY RISK
-
management measures, and additionally, operational
risks and external risks such as general economic devel-
-
economic demand factors over which the company
management has no control.
The Group's liquidity remained good in 2021. Cash and
cash equivalents were reduced in 2021 by the dividend
distribution and the Oculo acquisition. On December 31,
2021, the Group’s cash and cash equivalents totaled
EUR 25,216,000 (EUR 28,878,000).The company
The Board of Directors follows the actual and fore-
cast development of the Group’s liquidity monthly, and
decides on possible corrective actions.
19) Financial liabilities
§
Basis of preparation
effective interest method to be measured later. Loans
are recognized at fair value less transaction costs at the
time of acquisition. Financial liabilities include current
and non-current liabilities. Financial liabilities are catego-
rized as current unless the Group has an unconditional
right to postpone payment at least for 12 months after
the closing date.
Commissions associated with loan commitments are
recognized as transaction costs to the extent that it is
probable that the entire loan commitment or part of it will
be taken up. In such a case, the commission is entered
in the balance sheet until the loan is taken up. When
it is, the commission associated with the loan commit-
ment is recognized as part of the transaction cost. If the
loan commitment is unlikely to be taken up, the commis-
sion is recognized as an advance payment for a liquidity
service and is amortized as a cost for the period of the
loan commitment.
when the contractual obligations related to the liability
expire. If needed, credit accounts are included in loans
recognized in current debt.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
43
31/12/2021
AT FAIR VALUE
THROUGH
PROFIT OR
LOSS
AMORTIZED
COST
BOOK
VALUE
FAIR
VALUE
Interest-bearing
non-current lia-
bilities
0 901 901 901
Interest-bearing
current liabilities
0 23,523 23,523 23,523
Trade payables and
other non-inter-
estbearing current
liabilities
0 16,567 16,567 16,567
31/12/2020
AT FAIR VALUE
THROUGH
PROFIT OR
LOSS
AMORTIZED
COST
BOOK
VALUE
FAIR
VALUE
Interest-bearing
non-current lia-
bilities
0 22,034 22,034 22,034
Interest-bearing
current liabilities
0 5,185 5,185 5,185
Trade payables and
other non-inter-
estbearing current
liabilities
0 12,603 12,603 12,603
amortized cost. The average interest rate is 0.88% (2020: 0.75%). All of the Group’s
will mature by the end of 2022.
LIABILITY USE
INITIAL
AMOUNT,
TEUR
PRINCIPAL
OUT-
STANDING,
TEUR
YEAR WHEN
ESTABLISHED
TEKES loan
of the subsidiary
502 59 2010–2013
institution
Acquired
businesses
30,000 22,650 2019
31/12/2021
UNDER 1
YEAR
1–2
YEARS
1–2
YEARS
OVER
5 YEARS
TOTAL
CASH FLOW
Trade payables and
other non-interest-
bearing debt
16,567 0 0 0 16,567
Lease liabilities 833 442 526 0 1,801
Interest-bearing debt
-principal 22,709 0 0 0 22,709
-interest payments 109 0 0 0 109
31/12/2020
UNDER 1
YEAR
1–2
YEARS
2–5
YEARS
OVER
5 YEARS
TOTAL
CASH FLOW
Trade payables and
other non-interest-
bearing debt
12,603 0 0 0 12,603
Lease liabilities 590 170 212 0 973
Interest-bearing debt
-principal 4,604 21,659 0 0 26,262
-interest payments 119 88 0 0 207
The loan related to the acquired business operations includes covenants, which the
mortgages on Revenio Group Corporation assets worth EUR 91,000,000.
CLASSIFICATION OF FINANCIAL LIABILITIES THE GROUP’S INTEREST-BEARING DEBT AT END OF PERIOD:
MATURITY ANALYSIS OF CONTRACTUAL LIABILITIES
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
44
22) Commitments
The company has mortgages on company assets worth EUR 91,000,000. Mortgages
on company assets are used as collateral for loans.
Minimum lease payments not recognized in the balance sheet payable on the basis
of other non-cancelable leases:
21) Trade and other non-interest bearing payables
TEUR
DEC 31, 2021
DEC 31, 2020
Advances received 89 6
Accounts payable 6,803 4,367
Other liabilities 2,278 938
Accrued expenses and deferred income 7,397 6,867
Total 16,567 12,178
Material items included in accrued liabilities
and deferred income
Accrued personnel expenses 3,799 3,099
Income taxes 1,253 2,108
Other accruals and deferred income 2,345 1,660
Total 7,397 6,867
20) Provisions
§
Basis of preparation
Provisions are recognized in the balance sheet when a present legal or construc-
tive obligation has arisen as a result of a past event, and it is probable that this will
cause future expenses and the amount of the obligation can be reliably estimated.
A provision for warranties is recognized when the underlying products are sold. The
warranty provision is estimated on the basis of historical warranty expense data
and is presented as non-current or current provision depending on the length of the
warranty period. The amount and probability of provisions requires management
estimates and assumptions. Actual results may differ from these estimates.
SHORT-TERM PROVISIONS
DEC 31, 2021
TEUR
DEC 31, 2020
TEUR
Provisions Jan 1 330 397
Changes in reserves 147 -67
Short-term provisions Dec 31 476 330
TEUR
DEC 31, 2021
DEC 31, 2020
Within 1 year 101 48
In more than 1 and no more than 5 years 6 3
Total 107 51
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
45
23) Acquired businesses
acquisition announced on March 19, 2021. Revenio
acquired the entire share capital of the Australian CERA
Technologies Pty Ltd:n (now Revenio Australia Pty Ltd,
”Oculo”) for a total price of AUD 18.5 million (approxima-
tely EUR 11.9 million). The sales price was paid in cash.
be determined, and the remainder of the sales price will be
paid after the execution of the acquisition when the calcu-
lations of the revision instalments agreed in the deed have
been completed. The results of the Oculo business are
-
ments effective from April 28, 2021. The Oculo acquisition
is integral to the Group’s strategy and with it Revenio takes
solutions. The acquisition also reenforces Revenio's posi-
tion as a leading provider of comprehensive clinical eye
diagnostics solutions—opening new opportunities in the
-
-
cantly supports the growth strategy as Revenio seeks to
improve the productivity and quality of eye care through
targeted product innovations while transforming clinical
care pathways with eye care-focused software solutions.
With Oculo, Revenio continues to strengthen its position
in the eye care market through innovative, user-friendly
products and software solutions designed to improve
patient experience in the eye care pathways. Oculo’s
approach to connecting clinical teams and bridging their
electronic health records and imaging systems is unique.
The sales price included a conditional consideration of
AUD 0.3 million (approximately EUR 0.2 million) related to
the possibility of receiving a tax credit from the Australian
tax authorities. Any tax credit received by October 31,
2021, will be paid to the sellers in full. The conditions of
the conditional consideration related to the acquisition
completed in 2021 were not met.
A tax credit of AUD 0.1 million received after the due date
has been recognized in the income statement under other
operating income.
-
gible assets of the target company was EUR 2.5 million,
consisting of the software platform. The fair value will be
depreciated over a period of seven years.
The (preliminary) goodwill is EUR 9.5 million. Goodwill
consists of personnel, synergies and growth opportunities.
be completed within the one-year review period.
The gross value of trade receivables have been collected.
In the Group’s comprehensive income statement for 2021,
the EUR 0.7 million expenses related to the acquisition are
In the period April 28–December 31, 2021, the acquired
operations formed EUR 0.9 million of Revenio’s net sales
net sales would have increased by EUR 0.3 million and its
The Board of Directors of Revenio Group Corporation has
of the Oculo business. This plan is a separate incentive
scheme and is not accounted for in the merger of operations.
The Group did not acquire any new businesses during
ACQUISITION COST CALCULATION
Preliminary recognized fair values and goodwill arising
from the acquisition at the time of acquisition:
AQCQUISITION COST
CALCULATION
TEUR
Purchase price
Acquisition price 11,703
Additional purchase cost 168
Total purchase cost 11,871
Purchase price paid -11,703
Cash acquired 402
-11,302
ASSETS
Non-current assets
Tangible assets 30
Intangible assets 2,460
Deferred tax assets 46
Non-current assets total 2,535
Current assets
Trade and other receivables 412
Cash and cash equivalents 402
Current assets total 813
ASSETS TOTAL 3,349
LIABILITIES
Non-current liabilities
25
Non-current liabilities total 25
Current liabilities
Trade and other payables 908
Current liabilities total 908
LIABILITIES TOTAL 933
Net assets 2,416
Purchase price 11,871
Goodwill 9,455
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
46
24) Related parties and remuneration of management
statements of the year of their determination and are presented under Related party trans-
PARENT AND SUBSIDIARY
RELATIONSHIPS OF THE GROUP DOMICILE HOLDING
Parent company Revenio Group Corporation Vantaa
Done Medical Oy Seinäjoki 100%
Icare Finland Oy Helsinki 100%
Revenio Research Oy Vantaa 100%
Oscare Medical Oy Helsinki 100%
Icare USA Inc Missouri 100%
CenterVue S.p.A Padua 100%
Revenio Italy S.R.L Milan 100%
Revenio Australia Pty Ltd (CERA Technologies Pty Ltd) Melbourne 100%
Icare World Australia Pty Ltd (CT Operations Pty Ltd) Melbourne 100%
CT Operations International UK Ltd London 100%
EMPLOYMENT BENEFITS FOR
MANAGEMENT
JAN 1–DEC 31, 2021
TEUR
JAN 1–DEC 31, 2020
TEUR
Management includes the Board and
the Group's Management Team
2,945 1,931
62 61
Pension costs 295 268
Total 3,302 2,260
SALARIES AND REMUNERATIONS OF
THE MEMBERS OF THE BOARD OF
DIRECTORS AND THE CEO:
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
CEO Toijala Jouni 253 132
Chair of the Board Rönkä Pekka 57 54
Board member Kakkonen Kyösti 2 30
Board member Nielsen Arne Boye 33 27
Board member Sundell Ann-Christine 39 35
Board member Tammela Pekka 39 35
Board member Östman Bill 31 27
Total 454 340
statements.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
47
The Chair of the Board is paid a director’s fee of EUR 48,000 per annum, Board
members acting as Chair of a committee a fee of EUR 30,000 per annum, and other
Board members a fee of EUR 24,000 per annum. In accordance with the decision
of the Annual General Meeting, a total of 40% of Board members’ emoluments will
be paid out in the form of company shares, and 60% will comprise a monetary
payment. In addition, a fee of EUR 600 per Board or committee meeting and EUR
300 per remote meeting is paid to members of the Board and any committee.
There are four share-based long-term incentive schemes for the Revenio Group
Corporation Management Team as part of the company’s remuneration program for
key personnel. The company’s Board of Directors has also decided on a restricted
share-based incentive scheme for Oculo’s key personnel. The incentive schemes
and option schemes are described in Note 5 Share-based payments.
No option rights have been granted to members of the Board of Directors.
Loans granted to key management personnel
out a loan of EUR 50,000 granted by the company on market terms for the purchase of
Revenio’s shares. The shares acquired using the loan will act as security for the loan.
This arrangement was entered into at the request of Revenio’s Board of Directors in
order to secure the commitment and motivation of the CEO. The CEO has agreed to
TEUR DEC 31, 2021
Loans granted to key management personnel as at January
1, 2021
50
Accrued interest 0
Loans granted to key management personnel as at
December 31, 2021
50
-
nized for lost or uncertain related party transactions.
Revenio has renegotiated the payment schedule for its short-term bank loans.
Based on the new schedule the interest-bearing bank loan will be paid in EUR
be settled in 2025.
26) Published new and amended IFRS standards
that are not yet in force
The Group has not adopted the following new and amended IFRS standards that
have been published but have not yet entered into force.
The managers do not expect that the adoption of the Standards listed above will
*) The new or amended IFRS standard had not been approved for application in
IFRS 17 Insurance Contracts
IFRS 10 and IAS 28 (amendments)
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
Amendments to IAS 1
Non-current *
Amendments to IFRS 3 Reference to the Conceptual Framework
Amendments to IAS 16 Proceeds before Intended Use
Amendments to IAS 37
Contract
Annual Improvements to IFRS
Standards 2018-2020
Cycle Amendments to IFRS 1, IFRS 9,
IFRS 16 and IAS 41
Amendments to IAS 1 and IFRS
Practice Statement 2
Disclosure of Accounting Policies *
Amendments to IAS 8
Amendments to IAS 12
Deferred Tax related to Assets and Liabili-
ties Arising from a Single Transaction *
Amendments to IFRS 17
Initial Application of IFRS 17 and IFRS 9 –
Comparative Information *
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
48
Parent
Company
Financial
Statements
49
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
49
APPENDIX
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
Net sales 1 1,184,065.56 744,189.53
Other operating income 2 31,447.00 0.00
Personnel expenses
Salaries and fees 3 -582,840.78 -1,049,075.43
Indirect personnel costs
Pension costs -191,008.46 -172,571.39
Other indirect personnel expenses -27,947.73 26,008.13
Personnel expenses total -811,796.97 -1,195,638.69
Depreciation, amortization, and impairment
Planned depreciation -33,206.00 -8,979.00
Depreciation and amortization total -33,206.00 -8,979.00
Other operating expenses 4 -2,990,805.42 -1,599,829.14
NET PROFIT/LOSS
-2,620,295.83 -2,060,257.30
Financial income and expenses 5
1,576,786.83 1,601,697.09
-205,772.71 -229,453.07
Financial income and expenses total 1,371,014.12 1,372,244.02
PROFIT/LOSS BEFORE APPROPRIATION
AND TAXES
-1,249,281.71 -688,013.28
Appropriation 6 19,229,830.25 17,795,543.15
7 -3,383,096.63 -3,452,510.64
NET PROFIT/LOSS
14,597,451.91 13,655,019.23
EUR
50
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
50
ASSETS APPENDIX DEC 31, 2021 DEC 31, 2020
NON-CURRENT ASSETS
8
Intangible assets
Other intangible assets 115,069.50 92,697.50
Other non-current expenses in progress 200,000.00 0,00
Intangible assets total 315,069.50 92,697.50
Tangible assets
Machinery and equipment 12,644.30 21,987.84
Tangible assets total 12,644.30 21,987.84
Investments 9
Holdings in Group companies 20,911,906.38 8,860,993.74
Holdings total 20,911,906.38 8,860,993.74
NON-CURRENT ASSETS TOTAL 21,239,620.18 8,975,679.08
CURRENT ASSETS
Non-current receivables
63,685,864.11 64,119,322.96
50,000.00 50,000.00
Non-current receivables, total 63,735,864.11 64,169,322.96
Short-term receivables
10 20,429,271.41 26,785,927.97
31,350.89 36,088.18
11 185,644.72 109,893.93
Short-term receivables total 20,646,267.02 26,931,910.08
Bank and cash 530,920.58 4,495,750.73
INVENTORIES AND SHORT-TERM
ASSETS TOTAL
84,913,051.71 95,596,983.77
TOTAL ASSETS
106,152,671.89 104,572,662.85
EUR EUR
SHAREHOLDER EQUITY AND
LIABILITIES APPENDIX DEC 31, 2021 DEC 31, 2020
SHAREHOLDER EQUITY
12
Share capital 5,314,918.72 5,314,918.72
equity
51,304,981.86 51,030,240.42
Retained earnings 9,294,342.34 4,137,397.35
14,597,451.91 13,655,019.23
SHAREHOLDERS’ EQUITY TOTAL
80,511,694.83 74,137,575.72
LIABILITIES
Non-current liabilities
13 0.00 21,600,000.00
Accrued expenses and deferred income 0.00 435,902.00
Non-current liabilities total 0.00 22,035,902.00
Current liabilities
22,650,000.00 4,200,000.00
Accounts payable 343,083.70 217,832.13
Liabilities to Group companies 14 845,212.16 1,072,097.77
Other liabilities 29,048.27 19,023.36
Accrued expenses and deferred income 15 1,773,632.93 2,890,231.87
Current liabilities total 25,640,977.06 8,399,185.13
BORROWED CAPITAL TOTAL
25,640,977.06 30,435,087.13
LIABILITIES TOTAL
106,152,671.89 104,572,662.85
51
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
51
CASH FLOW FROM OPERATING ACTIVITIES
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
-1,291,440.30 -688,013.28
Adjustments
Planned depreciation 33,206.00 8,979.00
Financial income and expenses -1,371,014.12 -1,372,244.02
Other items -718,170.00 555,755.00
Change in working capital:
-542,574.32 2,616,442.93
Change in non-interest-bearing current liabilities -1,737,732.38 -1,274,118.52
Interest and payments paid from operations -205,772.71 -193,731.51
1,576,786.83 1,565,975.53
Direct taxes paid -2,302,260.12 -1,352,380.08
-6,558,971.12 -133,334.95
CASH FLOW FROM INVESTMENT
ACTIVITIES
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
-246,234.46 -118,039.80
Loans granted -1,000,000.00 -50,000.00
1,433,458.85 4,280,677.04
Purchased subsidiary shares -12,050,912.64 0,00
-11,863,688.25 4,112,637.24
EUR
EUR
EUR
CASH FLOW FROM FINANCING ACTIVITIES
JAN 1–DEC 31,
2021
JAN 1–DEC 31,
2020
Share subscription through exercised options 274,741.44 1,304,426.70
Acquisition of own shares 0,00 -1,613,454.01
Withdrawals and repayments of short-term borrowings -3,150,000.00 0.00
Withdrawals and repayments of long-term borrowings 0.00 -2,100,000.00
-8,498,074.24 -7,948,215.60
Group account liabilities -226,885.61 -4,206,057.02
26,058,047.63 5,947,266.83
14,457,829.22 -8,616,033.10
CHANGE IN CASH AND CASH
EQUIVALENTS
-3,964,830.15 -4,636,730.81
4,495,750.73 9,132,481.54
530,920.58 4,495,750.73
Change in cash and cash equivalents -3,965,830.15 -4,636,730.81
52
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
52
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
31,447.00 0.00
Grants and subsidies received total 31,447.00 0.00
Notes to parent company
Accounting principles for the parent company
§
Basis of preparation
been prepared in accordance with the Finnish Accounting Act, Limited Liability
Companies Act, and the Finnish Accounting Standards (FAS).
Valuation and depreciation principles
Valuation of non-current assets
The company’s non-current assets are stated at acquisition cost less planned depre-
are made based on the difference between the acquisition cost and the residual
The bases for planned depreciation are as follows:
Notes to the income statement
Intangible rights 3 years straight-line depreciation
Other non-current expenses 3 years straight-line depreciation
Machinery and equipment 3 years straight-line depreciation
Subsidiaries
Direct expenses from the acquisition of subsidiary companies are recognized in the
acquisition cost of subsidiary company holdings. The Group management continu-
-
Personnel pension security is handled by external pension insurance companies.
Pension costs are recorded as expenses in the year in which they are incurred.
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
1,184,065.56 744,189.53
Net sales total 1,184,065.56 744,189.53
The company's Management Team participates in a long-term share plan, within
2023. The minimum, target and maximum bonus of each participant shall be decided
separate, as well as performance criteria and the related targets. The accounting
more detail in Note 17.
53
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
53
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
Rent of business premises -76,015.28 -79,007.38
-53,112.15 -111,659.34
Machinery and equipment expenses -281,139.61 -110,640.44
Marketing and entertainment -153,646.78 -104,282.05
-2,039,706.57 -1,017,393.57
-94,686.71 -92,461.37
Other operating expenses -292,498.32 -84,384.99
Total -2,990,805.42 -1,599,829.14
Auditor’s fees
Deloitte Oy
Auditing fees -74,000.00 -40,000.00
-12,900.00 -16,000.00
-7,350.00 0.00
Total -94,250.00 -56,000.00
FINANCIAL INCOME AND EXPENSES
FROM GROUP COMPANIES
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
Interest income from Group companies 1 ,547,829.29 1,594,820.79
Total 1,547,829.29 1,594,820.79
FINANCIAL INCOME AND EXPENSES
FROM OTHERS
JAN 1–DEC 31, 2021
EUR
1.1.–31.12.2020
EUR
Interest income from others 1,150.38 650.42
27,807.16 6,225.88
institutions
-183,683.51 -193,731.51
Interest payable to others -4,774.06 -10,678.86
-17,315.14 -25,042.70
Total -176,815.17 -222,576.77
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
Income tax for appropriation -3,845,966.05 -3,559,108.63
Income tax for actual operations 462,869.42 109,597.99
0.00 -3,000.00
Total -3,383,096.63 -3,452,510.64
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
20,600,000.00 20,600,000.00
Group contributions paid -1,370,169.75 -2,804,456.85
Total 19,229,830.25 17,795,543.15
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
CEO -253,102.00 -468,146.97
Board Members -156,000.00 -174,000.00
Other salaries and remunerations -718,438.46 -597,102.07
Total -1,127,540.46 -1,239,249.04
Accrued salaries and remunerations total -592,840.78 -1,049,075.43
AVERAGE NUMBER OF PERSONNEL
DURING PERIOD
JAN 1–DEC 31, 2021
EUR
JAN 1–DEC 31, 2020
EUR
Management 3 3
Others 5 3
Total 8 6
54
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
54
Notes to balance sheet assets
DEC 31, 2021
EUR
DEC 31, 2020
EUR
INTANGIBLE ASSETS
Other intangible assets
Acquisition cost Jan 1 104,318.28 13,429.78
Increase during the period 246,236.00 90,888.50
Acquisition cost Dec 31 350,553.28 104,318.28
Accumulated depreciation Jan 1 -11,620.78 -11,620.78
Depreciation during the year -23,863.00 0.00
Accumulated depreciation Dec 31 -35,483.78 0.00
Book value Dec 31 315,069.50 92,697.50
Book value Jan 1 92,697.50 1,809.00
TANGIBLE ASSETS
Machinery and equipment
Acquisition cost Jan 1 43,464.84 33,115.96
Increase during the period 0.00 27,151.30
Decreases during period -16,313.54 -16,802.42
Acquisition cost Dec 31 27,151.30 43,464.84
Accumulated depreciation Jan 1 -21,477.00 -29,300.42
Depreciation during the year -9,343.00 -8,979.00
Decreases of accumulated depreciation 16,313.00 16,802.42
Accumulated depreciation Dec 31 -14,507.00 -21,477.00
Book value Dec 31 12,644.30 21,987.84
Book value Jan 1 21,987.84 3,815.54
HOLDINGS IN GROUP COMPANIES
Acquisition cost Jan 1 8,860,993.74 8,860,993.74
Increase during the period 12,050,912.64 0,00
Acquisition cost Dec 31 20,911,906.38 8,860,993.74
Book value Dec 31 20,911,906.38 8,860,993.74
GROUP COMPANIES DOMICILE OWNERSHIP SHARE
Done Medical Oy Seinäjoki 100%
Icare Finland Oy Helsinki 100%
Oscare Medical Oy Helsinki 100%
Melbourne 100%
Milan 100%
100%
DEC 31, 2021
EUR
DEC 31, 2020
EUR
NON-CURRENT RECEIVABLES
FROM GROUP COMPANIES
400,000.00 400,000.00
63,285,864.11 63,719,322.96
Total 63,685,864.11 64,119,322.96
CURRENT RECEIVABLES FROM
GROUP COMPANIES
209,747.93 71,880.88
Finland Oy
18,461,808.43 24,651,274.41
914,266.66 1,553,018.06
Accrued income 843,448.39 509,754.62
Total 20,429,271.41 26,785,927.97
Receivables from Group companies, total 84,115,135.52 90,905,250.93
DEC 31, 2021
EUR
DEC 31, 2020
EUR
Personnel expenses 30,803.29 45,200.00
Prepaid expenses 154,841.43 64,693.93
Total 185,644.72 109,893.93
55
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
55
Notes to balance sheet liabilities
DEC 31, 2021
EUR
DEC 31, 2020
EUR
Share capital
Share capital Jan 1 5,314,918.72 5,314,918.72
Share capital Dec 31 5,314,918.72 5,314,918.72
Restricted equity total Dec 31 5,314,918.72 5,314,918.72
Reserve for invested non-restricted equity
Jan 1
51,030,240.42 51,269,667.73
Share subscriptions with stock options 274,741.44 1,304,426.70
Purchase of own shares 0.00 -1,613,454.01
Transferred shares 0.00 69,600.00
Reserve for invested non-restricted equity
Dec 31
51,304,981.86 51,030,240.42
DEC 31, 2021
EUR
DEC 31, 2020
EUR
Jan 1
17,792,416.58 12,085,612.95
-8,498,074.24 -7,948,215.60
Dec 31
9,294,342.34 4,137,397.35
14,597,451.91 13,655,019.23
Non-restricted equity total Dec 31 75,196,776.11 68,822,657.00
Equity total Dec 31 80,511,694.83 74,137,575.72
Calculation of the amount of distributable
unrestricted equity on 31 Dec
51,304,981.86 51,030,240.42
Retained earnings 9,294,342.34 4,137,397.35
14,597,451.91 13,655,019.23
Distributable unrestricted equity Dec 31 75,196,776.11 68,822,657.00
5,314,918.72, and the number of shares was 26,681,116. There is one class of
56
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
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DEC 31, 2021
EUR
DEC 31, 2020
EUR
Current intra-group liabilities
Intra-group bank account 0.00 226,885.61
Other liabilities 845,212.16 845,212.16
Total 845,212.16 1,072,097.77
DEC 31, 2021
EUR
DEC 31, 2020
EUR
Personnel expenses 538,746.59 1,133,445.31
Income taxes 1,080,836.51 2,100,130.56
Other accruals and deferred income 154,049.83 92,558.00
Total 1,773,632.93 3,326,133.87
LEASE COMMITMENTS
DEC 31, 2021
EUR
DEC 31, 2020
EUR
Lease commitments maturing next year 19,513.35 7,557.97
Lease commitments maturing later than next year 29,649.16 3,108.00
Total 49,162.51 10,665.97
RENT LIABILITIES
DEC 31, 2021
EUR
DEC 31, 2020
EUR
405,427.44 390,547.74
next year
0.00 162,728.23
Total 405,427.44 553,275.97
-
for the loan.
option clauses.
As at December 31, 2021, the parent company had not interest-bearing non-current
years. At the end of 2020, the company had interest- bearing non-current liabilities
The breakdown includes both long-term and short-term accrued liabilities.
57
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
57
STOCK OPTION RIGHTS GRANTED TO PERSONNEL AND
MANAGEMENT
Option rights of personnel
§
Basis of preparation
The company has had a stock option program decided by the Board of
Directors on August 10, 2015, based on the authorization of the Annual
General Meeting on March 19, 2015. The stock option program ended
during 2021.
OPTION
PROGRAM
2015
SERIES
TOTAL
AMOUNT
SUBSCRIP
-
TION
PERIOD
TURNOVER PERIOD
DETERMINING THE
SUBSCRIPTION
PRICE
DIVIDENDAD-
JUSTED
SUBSCRIP-
TION
PRICE
A 50,000 Ended
2015
Ended
B 50,000 Ended
2016
Ended
C 50,000 Ended Ended
58
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
58
Management incentive scheme
Basis of preparation
-
neration program for key personnel and are aimed at supporting the implementa-
The Board of Directors shall decide separately on the minimum, target and
maximum bonus of each participant, as well as performance criteria and the
related targets. The amount of bonus payable to the participants depends on the
met, or if the participant's work or employment relationship ends before the bonus
-
the year following the earning period. The total amount of share bonus to be paid
on the basis of the program earning period is gross earnings minus the amount
in certain circumstances the company has the right to pay the entire bonus in
cash.
amount of future cash considerations.
§
bank loans. Based on the new schedule the interest-bearing bank loan will be
installments are to be settled in 2025.
EARNING YEARS
TIME OF
BONUS PAYMENT
MAXIMUM AMOUNT
OF SHARE BONUS
2018–2020 2021 5 570
2019–2021 2022 5 048
2020–2022 2023 8 749
2021–2023 2024 5 303
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
59
Signatures
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
60
VANTAA, MARCH 16, 2022
Board of Directors and CEO of Revenio Group Corporation
Auditor's note
We have issued an audit report today based on the audit we have performed.
Helsinki, March 16, 2022
Authorized Public Accountants
Mikko Lahtinen
Authorized Public Accountant
Pekka Rönkä
Chair of the Board
Board member
Board member
Board member
Board member
CEO
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
61
Auditor’s
report
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
62
Auditor’s report
Report on the Audit of the
Group Oyj (business identity code 1700625-7) for the
-
ments comprise the consolidated statement of compre-
statement of changes in equity and notes, including a
the parent company’s income statement, balance sheet,
In our opinion
•
-
International Financial Reporting Standards (IFRS)
as adopted by the EU
•
statements in Finland and comply with statutory
requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
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 are independent of the parent company and of the
group companies in accordance with the ethical require-
ments that are applicable in Finland and are relevant to
-
sibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit
services that we have provided to the parent company
and group companies are in compliance with laws
and regulations applicable in Finland regarding these
services, and we have not provided any prohibited
non-audit services referred to in Article 5(1) of regula-
tion (EU) 537/2014. The non-audit services that we have
provided have been disclosed in note 8 to the consoli-
We believe that the audit evidence we have obtained
opinion.
Key Audit Matters
Key audit matters are those matters that, in our profes-
matters were addressed in the context of our audit of
opinion thereon, and we do not provide a separate
opinion on these matters.
We have also addressed the risk of management over-
ride of internal controls. This includes consideration of
whether there was evidence of management bias that
represented a risk of material misstatement due to fraud.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
63
• Consolidated net sales of EUR 78.8 million consists of the income
from the sale of products, services and software licenses.
• Revenue from sales is recognized when the customer gains
control over a good, service or software license (performance
obligation). As a rule, control is transferred to the customer upon
delivery as per the terms and conditions of agreement.
• For audit purposes, the key is that revenue is recog-
nized timely and in the correct amount.
• We have assessed the controls relating to the sales
process and the revenue recognition.
• We have reviewed the accounting principles and practices
associated with revenue recognition to assess whether
the recognition is in accordance with IFRS 15.
• We have tested the timing and quantitative accuracy of revenue
recognition by comparing individual sales transactions
to sales agreements and delivery notes.
• We have assessed the appropriateness of the presentation
•
EUR 59.8 million and other intangible assets of EUR 18.2 million.
• Goodwill and other intangible assets mainly result from the acqui-
sitions of CenterVue S.p.A. in 2019 and CERA Technologies
Pty Ltd (currently Revenio Australia Pty Ltd) in 2021.
• In addition, other intangible assets include capitalized development
costs relating to the development of health technology products.
• The valuation and impairment testing of goodwill and other intangible assets
changes, and hence this matter is addressed as a key audit matter.
• We have reviewed and assessed the management’s methods
and assumptions used in impairment testing.
•
by the management and performed audit procedures on the
impairment testing prepared by the management.
• We have tested the mathematical accuracy of the models used
in impairment testing, evaluated and challenged the projections
used in the calculations and related changes, and compared
• We have evaluated the appropriateness of the presentation
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
64
of Directors and the Managing
The Board of Directors and the Managing Director are
statements that give a true and fair view in accordance
with International Financial Reporting Standards (IFRS)
give a true and fair view in accordance with the laws
-
cial 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
-
ment, whether due to fraud or error.
Directors and the Managing Director are responsible for
assessing the parent company’s and the group’s ability
to continue as a going concern, disclosing, as appli-
cable, matters relating to going concern and using the
-
ments are prepared using the going concern basis of
accounting unless there is an intention to liquidate the
parent company or the group or cease operations, or
there is no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance
free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assur-
ance, but is not a guarantee that an audit conducted in
accordance with good auditing practice will always detect
a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered mate-
rial if, individually or in the aggregate, they could reason-
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and main-
tain professional skepticism throughout the audit. We
also:
• Identify and assess the risks of material misstate-
fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
for our opinion. The risk of not detecting a mate-
rial misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrep-
resentations, 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 circum-
stances, but not for the purpose of expressing
an opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclo-
sures made by management.
• Conclude on the appropriateness of the Board of
Directors’ and the Managing Director’s use of the
going concern basis of accounting and based on the
audit evidence obtained, whether a material uncer-
tainty exists related to events or conditions that may
the group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s
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, struc-
including the disclosures, and whether the
-
-
cial statements give a true and fair view.
•
or business activities within the group to express
-
ments. We are responsible for the direction, super-
vision and performance of the group audit. We
remain solely responsible for our audit opinion.
Report by the Board of Directors Consolidated Financial Statements Parent Company Financial Statements Signatures Auditor's Note
65
General Meeting on 22 March 2017, and our appoint-
ment represents a total period of uninterrupted engage-
The Board of Directors and the Managing Director are
responsible for the other information. The other informa-
tion comprises the report of the Board of Directors.
the other information.
our responsibility is to read the other information and, in
doing so, consider whether the other information is mate-
knowledge obtained in the audit, or otherwise appears to
be materially misstated. 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
-
cial statements and the report of the Board of Directors
has been prepared in accordance with the applicable
laws and regulations.
We communicate with those charged with governance
regarding, among other matters, the planned scope
that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and communi-
cate with them all relationships and other matters that
may reasonably be thought to bear on our indepen-
dence, and where applicable, related safeguards.
From the matters communicated with those charged
with governance, we determine those matters that were
-
ments of the current period and are therefore the key
audit matters. We describe these matters in our audi-
tor’s report unless law or regulation 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
communication.
If, based on the work we have performed, we conclude
that there is a material misstatement of the report of the
Board of Directors, we are required to report that fact.
We have nothing to report in this regard.
Helsinki, 16 March 2022
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
Äyritie 22 | 01510 Vantaa | Finland