Revenio Oyj : Signatures to the financial statements and review of operations

Signatures

Report by the Board of Directors	Consolidated Financial Statements	Parent Company Financial Statements	Signatures	Auditor's Note	59

Signatures to the financial statements and review of operations

VANTAA, MARCH 16, 2022

Board of Directors and CEO of Revenio Group Corporation

Pekka Rönkä	Ann-Christine Sundell	Arne Boye Nielsen
Chair of the Board	Board member	Board member
Bill Östman	Pekka Tammela	Jouni Toijala
Board member	Board member	CEO

Auditor's note

We have issued an audit report today based on the audit we have performed. Helsinki, March 16, 2022

Deloitte Oy

Authorized Public Accountants

Mikko Lahtinen

Authorized Public Accountant

Report by the Board of Directors	Consolidated Financial Statements	Parent Company Financial Statements	Signatures	Auditor's Note	60

Auditor's report

TO THE ANNUAL GENERAL MEETING OF REVENIO GROUP OYJ

Report by the Board of Directors	Consolidated Financial Statements	Parent Company Financial Statements	Signatures	Auditor's Note	61

Auditor's report

TO THE ANNUAL GENERAL MEETING OF REVENIO GROUP OYJ

Report on the Audit of the

Financial Statements

Opinion

We have audited the financial statements of Revenio Group Oyj (business identity code 1700625-7) for the year ended 31 December 2021. The financial statements comprise the consolidated statement of comprehensive income, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies, as well as the parent company's income statement, balance sheet, statement of cash flows and notes.

In our opinion

• the consolidated financial statements give a true and fair view of the group's financial position, finan- cial performance and cash flows in accordance with
  International Financial Reporting Standards (IFRS) as adopted by the EU
• the financial statements give a true and fair view of the parent company's financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Our opinion is consistent with the additional report submitted to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

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 regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 8 to the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have also addressed the risk of management override of internal controls. This includes consideration of whether there was evidence of management bias that represented a risk of material misstatement due to fraud.

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KEY AUDIT MATTER

Revenue recognition

Refer to notes 1 and 2 in the consolidated financial statements.

• 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.

How our audit addressed the key audit matter

• 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 in the consolidated financial statements.

Valuation of goodwill and other intangible assets

Refer to accounting principles for the consolidated financial statements and notes 12 and 23 in the consolidated financial statements.

• The consolidated statement of financial position includes goodwill of
  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 involve management estimates of cash flow projections and trade cycle changes, and hence this matter is addressed as a key audit matter.

How our audit addressed the key audit matter

• We have reviewed and assessed the management's methods and assumptions used in impairment testing.
• We have assessed the indications of impairment identified 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 the prior year forecasts to the actual figures.
• We have evaluated the appropriateness of the presentation in the consolidated financial statements.

We have no key audit matters to report with respect to our audit of the parent company's financial statements. There are no significant risks of material misstatement referred to in EU regulation No 537/241, point (c) of Article 10(2) relating to the consolidated financial statements or the parent company's financial statements.

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