Ataques pasivos

BASIS OF PREPARATION

The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) endorsed by the EU. The IAS and IFRS standards valid on 31 December 2014 have been followed, as well as SIC- and IFRIC- interpretations. The IFRS refer to standards and interpretations thereof approved for application in the EU in compliance with the proceedings stipulated in Regulation (EC) 1606/2002, as referred to in the Finnish Accounting Act and subsequent regulations. The notes to the consolidated financial statements also comply with Finnish accounting and corporate legislation.

The consolidated financial statements have been prepared under the historical cost convention except for biological assets, available- for-sale financial assets, financial assets and liabilities measured at fair value through profit or loss and derivative financial instruments. From the moment of classification, the assets held for sale are measured at the lower of their book value and fair value less cost to sell. The consolidated financial statements are presented in thousands of euros, with sums rounded off to the nearest thousand.

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

a) New and amended standards, effective 1 of January or periods after

• IFRS 10 Consolidated Financial Statements (in the EU effective for annual periods beginning on or after 1 January 2014). The objective is to define the principles regarding the preparation and presentation of consolidated financial statements when an entity controls one or more other entities. The principles related to control are specified, and it is defined that consolidation is required if control exists. It defines the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee. The standard also sets out the requirements for the preparation of consolidated financial statements. The standard did not have material impact on Atria’s consolidated financial statements.

• IFRS 11 Joint Arrangements (in the EU effective for annual periods beginning on or after 1 January 2014). IFRS 11 will provide for a more realistic reflection of joint arrangements. It will focus on the rights and obligations of the arrangement rather than its legal form. There are two categories of joint arrangements: joint operations and joint ventures. The parties to a joint operation have rights to the assets and obligations for the liabilities relating to the arrangement, and both account in their own financial statements for their share in the assets, liabilities, revenue and expenses. In a joint venture, the parties have rights to the net assets of the arrangement and they account for their share using the equity method. Proportional consolidation of joint ventures is no longer permissible. The standard did not have material impact on Atria’s consolidated financial statements.

• IFRS 12 Disclosure of Interests in Other Entities (in the EU effective for annual periods beginning on or after 1 January 2014). IFRS 12 includes the disclosure requirements for all forms of interests in other entities. It applies to joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. As a result of the amendment the Group has given more information of its interest in other entities.

• Amendment to IFRS 10, 11 and 12 regarding transition guidance (in the EU effective for annual periods beginning on or after 1 January 2014). The amendment provides transition relief in IFRS 10, 11 and 12, limiting the requirement for adjusted comparative information to only the preceding comparative period. Comparative information on unconsolidated structured entities does not need to be presented for periods before IFRS 12 is first applied. These amendments did not have material impact on Atria’s consolidated financial statements.

Financial Statements 2014

CONTENTS

Frontpage Key indicators Atria Plc

Interview with the CEO Atria’s value creation Strategy Review of operations Atria Finland Atria Scandinavia Atria Russia Atria Baltic

Product development and marketing Corporate responsibility

Financial statements and annual report Notice of the Annual General Meeting

Report by the Board of Directors Shareholders and shares Atria Group key indicators Atria Group IFRS financial statements 2014

Notes to the consolidated financial statements Parent company financial statements (FAS)

Notes to the parent company financial statements (FAS) Signatures

Auditors’ report

Corporate Governance Statement Information for investors

Contact details

NOTES FOR THE CONSOLIDATED FINANCIAL STATEMENTS, IFRS

53

• IAS 27 (revised 2011) includes the provisions on separate financial statements that are left after the control provisions of IAS 27 have been included in the new IFRS 10. The standard change did not have material impact on Atria’s consolidated financial statements. • IAS 28 (revised in 2011) Investments in associates and joint ventures (in the EU effective from 1 January 2014) includes the

requirements for joint ventures, as well as associates, to be equity accounted following the issue of IFRS 11.The standard did not have material impact on Atria’s consolidated financial statements.

• Amendment to IAS 32 Financial Instruments: Presentation, concerning the off setting of assets and liabilities (in the EU effective from 1 January 2014). These amendments are to the application guidance in IAS 32, ‘Financial instruments: Presentation,’ and clarify some of the requirements for offsetting financial assets and financial liabilities on the balance sheet.The amendment did not have material impact on Atria’s consolidated financial statements.

• Amendment to IAS 36 Impairment of Assets, regarding recoverable amount disclosures for non-financial assets (in the EU effective from 1 January 2014). This amendment addresses the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal. The amendment did not have material impact on Atria’s consolidated statements.

• Amendment to IAS 39 Financial Instruments: Recognition and Measurement, regarding novation of derivatives (in the EU effective from 1 January 2014). This amendment provides relief from discontinuing hedge accounting when novation of a hedging instrument to a central counterparty meets specified criteria. The amendment did not have any impact on Atria’s consolidated financial

statements.

b) New standards and interpretations that have been issued and are effective for periods after 1 of January 2014

• Amendment to IAS 19 Employee Benefits, Defined Benefit Plans: Employee Contributions (in the EU effective from 1 July 2014, not endorsed by the EU). The amendment applies to contributions from employees or third parties to defined benefit plans and clarifies the treatment of such contributions. The amendment will have no material impact on Atria’s consolidated financial statements. • IFRS 15 Revenue from contracts with customers (effective for annual periods beginning on or after 1 January 2017; not yet approved

in the EU). This is the converged standard on revenue recognition. It replaces IAS 11, ‘Construction contracts,’ IAS 18, ’Revenue’ and related interpretations. Revenue is recognised when a customer obtains control of a good or service. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service.

The core principle of IFRS 15 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognises revenue in accordance with that core principle by applying the following steps:

• Step 1: Identify the contract(s) with a customer

• Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price

• Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation

IFRS 15 also includes a cohesive set of disclosure requirements that will result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. The Group is assessing the effects of the new standard.

• IFRS 9 Financial Instruments (effective for annual periods beginning on or after 1 January 2018, earlier adoption allowed). The complete version of IFRS 9 replaces most of the guidance in IAS 39. IFRS 9 retains but simplifies the mixed measurement model and establishes three primary measurement categories for financial assets: amortised cost, fair value through OCI and fair value through P&L. The basis of classification depends on the entity’s business model and the contractual cash flow characteristics of the financial asset. Investments in equity instruments are required to be measured at fair value through profit or loss with the irrevocable option at inception to present changes in fair value in OCI. There is now a new expected credit losses model that replaces the incurred loss impairment model used in IAS 39. For financial liabilities there were no changes to classification and measurement except for the recognition of changes in own credit risk in other comprehensive income, for liabilities designated at fair value, through profit or loss. IFRS 9 relaxes the requirements for hedge effectiveness by replacing the bright line hedge effectiveness tests. It requires an economic relationship between the hedged item and hedging instrument and for the ‘hedged ratio’ to be the same as the one management actually use for risk management purposes. Contemporaneous documentation is still required but is different to that currently prepared under IAS 39. The Group is assessing the effects of the new standard.

• Annual improvements 2010–2012 and 2011-2013 (effective for 1 of July 2014 or after) and improvements 2012-2014 (effective for 1 of July 2016 or after. According to the Group’s estimate, the amendments will have no material impact on Atria’s consolidated financial statements.

Financial Statements 2014

CONTENTS

Frontpage Key indicators Atria Plc

Interview with the CEO Atria’s value creation Strategy Review of operations Atria Finland Atria Scandinavia Atria Russia Atria Baltic

Product development and marketing Corporate responsibility

Financial statements and annual report Notice of the Annual General Meeting

Report by the Board of Directors Shareholders and shares Atria Group key indicators Atria Group IFRS financial statements 2014

Notes to the consolidated financial statements Parent company financial statements (FAS)

Notes to the parent company financial statements (FAS) Signatures

Auditors’ report

Corporate Governance Statement Information for investors

Contact details

NOTES FOR THE CONSOLIDATED FINANCIAL STATEMENTS, IFRS

54

ACCOUNTING POLICIES CALLING FOR JUDGMENTS BY THE MANAGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTY

When preparing the financial statements, discretion must be used in applying the accounting policies. In addition, the management must make assessments and assumptions concerning the future and affecting assets and debts in relation to responsibilities, profits and costs. The realised values may deviate from the original assessments and assumptions.

KEY DISCRETIONARY DECISIONS WHEN APPLYING THE ACCOUNTING POLICIES:

The Group management must make discretionary decisions regarding the choice and application of accounting policies. This, in particular, applies to cases where the IFRS practice in force contains alternative recognition, measurement or presentation procedures. The management has exercised judgment in the classification of assets and financial items, in the recognition of deferred tax assets and reserves and in the definition of material investments in associates and joint ventures.

KEY ACCOUNTING ASSESSMENTS AND ASSUMPTIONS:

The assessments are based on the management’s best estimate at the end date of the reporting period. They are affected by previous experiences as well as assumptions about the future that are deemed the most likely at the end of the period and are related to the expected developments in the economic environment. Any changes in the assessments and assumptions are recognised in the accounting period in which the assessment or assumption is adjusted and in all subsequent accounting periods.

Measurement of the fair value of assets acquired in business combinations:

The assets and liabilities acquired in business combinations are valued using the fair value at the time of acquisition. In significant business combinations, the Group has used an external advisor when measuring the fair value of tangible and intangible assets. In the case of tangible assets, comparisons have been made with the market price of corresponding assets, and the assets have been estimated for impairment caused by their age, wear and other similar factors. The fair value of intangible assets is determined based on assessments of asset cash flows. The management believes that the assessments and assumptions are sufficiently detailed to be used as the basis for fair value measurement.

Impairment of assets:

The Group reviews any indication of impairment of tangible and intangible assets at least at the end date of each reporting period. The Group conducts annual impairment tests on goodwill and intangible assets with indefinite useful lives. It also assesses any indication of impairment in accordance with the accounting policies.