Balance sheet (IFRS)

BALANCE SHEET (IFRS)            
 
EUR million Notes 31 Dec 2014 31 Dec 2013 Before IFRS 11 restatement
31 Dec 2013
             
ASSETS
             
Non-current assets
Goodwill 11, 14, 15 323.7 372.3 382.6
Other intangible assets     11 32.8 44.1 44.3
Property, plant and equipment     12 82.2 94.6 95.0
Investments accounted for using the equity method     16 19.3 21.5 -
Deferred tax assets     17 27.9 27.3 27.6
Finance lease receivables     24 5.4 1.9 1.9
Other interest-bearing receivables       0.9 1.6 1.5
Available-for-sale financial assets     13 0.7 0.7 0.7
Total non-current assets       492.9 564.0 553.6
Current assets            
Trade and other receivables     18 371.2 395.9 400.5
Pension benefit assets     22 - 5.8 5.8
Finance lease receivables     24 4.7 4.3 4.3
Other interest-bearing receivables       0.3 0.3 0.3
Current income tax receivables       1.8 10.2 10.3
Cash and cash equivalents     19 160.6 114.1 121.4
Total current assets       538.6 530.6 542.6
             
Total assets       1 031.5 1 094.6 1 096.2
             
EQUITY AND LIABILITIES
             
Equity  
Share capital     20 76.6 76.6 76.6
Share issue premiums and other reserves     20 43.9 45.7 45.7
Share issue based on stock options     20 0.5 0.1 0.1
Retained earnings       350.1 391.7 391.7
Parent shareholders' equity       471.1 514.1 514.1
Non-controlling interest       0.1 0.1 0.1
Total equity       471.2 514.2 514.2
Non-current liabilities            
Loans   24, 25 100.8 103.1 103.1
Deferred tax liabilities     17 22.9 25.6 25.6
Provisions     23 15.2 9.1 9.2
Pension obligations     22 24.0 19.1 19.5
Other non-current liabilities       2.1 3.0 3.0
Total non-current liabilities       165.0 159.9 160.4
Current liabilities            
Trade and other payables     26 339.9 334.8 341.9
Current income tax liabilities       12.3 7.0 7.2
Provisions     23 31.3 44.2 44.2
Loans   24, 25 11.8 34.5 28.3
Total current liabilities       395.3 420.5 421.6
             
Total equity and liabilities       1 031.5 1 094.6 1 096.2
 
Notes are an integral part of these consolidated financial statements.

Comments to the balance sheet

Assets

The consolidated balance sheet totalled EUR 1 031.5 (1 094.6) million, a decrease of 5.8% compared with 2013. Goodwill decreased to EUR 323.7 (372.3) million. Tieto booked EUR 39.6 million in goodwill impairment charges in Product Development Services. Direct capital expenditure on fixed assets including new finance lease agreements amounted to EUR 43.5 (71.7) million.

 

Distribution of total assets    
     
31 Dec, % 2014 2013
Goodwill 31.4 34.0
Other intangible assets 3.2 4.0
Tangible assets 8.0 8.7
Other assets 41.8 42.9
Cash and cash equivalents 15.6 10.4
Total 100.0 100.0

Equity and liabilities

The total equity amounted to EUR 471.2 (514.2) million. The net profit for the year increased equity by EUR 35.0 million and dividend payment decreased equity by EUR 59.7 million.

The equity ratio was 47.8% (49.3). Gearing decreased to -12.6% (3.0). Net debt totalled EUR -59.2 (15.5) million, including EUR 112.4 million in interest-bearing debt, EUR 0.3 million in finance lease liabilities, EUR 10.1 million in finance lease receivables, EUR 1.2 million in other interestbearing receivables and EUR 160.6 million in cash and cash equivalents.

 

Distribution of total equity and liabilities    
     
31 Dec, % 2014 2013
Share capital 7.4 7.0
Other parent shareholders' equity 38.3 39.9
Interest-bearing liabilities 10.9 12.6
Non-interest-bearing debt 43.4 40.5
Total 100.0 100.0