2024
Board of Directors´ Report and
Financial Statement
ENENTO GROUP PLC
This publication includes the Board of Directors´ Report
including non-financial information, the Financial Statements
including Notes to the Financial Statements, the Auditor´s
Report and the Corporate Governance Statement.
Contents
BOARD OF DIRECTORS’ REPORT
BOARD OF DIRECTORS’ REPORT 2024............................................................................. 4
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .....................................25
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ...............................................27
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ...............................................28
CONSOLIDATED STATEMENT OF CASH FLOWS............................................................ 30
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .......................................... 31
1 Basis of preparation ...................................................................................................... 31
1.1 General information .............................................................................................................31
1.2 New standards and interpretations and changes in accounting policies ........ 31
1.3 Consolidation ....................................................................................................................... 32
1.4 Forreign currency translation .......................................................................................... 32
1.5 Segment reporting .............................................................................................................. 32
1.6 Operating profit (EBIT) ....................................................................................................... 32
1.7 Critical accounting estimates and judgements ....................................................... 32
2 Financial performance .................................................................................................33
2.1 Net sales ................................................................................................................................. 33
2.2 Costs, expenses and other income .............................................................................. 36
2.3 Depreciation, amortization and impairment ............................................................ 37
2.4 Finance income and expenses ...................................................................................... 37
2.5 Income tax expenses ........................................................................................................ 38
2.6 Earnings per share .............................................................................................................. 38
3 Acquisitions, capital expenditure and net working capital ...................................39
3.1 Acquisitions ............................................................................................................................ 39
3.2 Goodwill and intangible assets ..................................................................................... 39
3.3 Tangible assets and Right-of-use assets ...................................................................42
3.4 Accounts receivable and other receivables ..............................................................43
3.5 Contract assets and liabilities ........................................................................................ 44
3.6 Provisions ...............................................................................................................................44
3.7 Other liabilities .....................................................................................................................44
3.8 Deferred tax assets and liabilities ................................................................................. 45
4 Capital structure .......................................................................................................... 46
4.1 Financial risk management..............................................................................................46
4.2 Capital management ....................................................................................................... 49
4.3 Equity ...................................................................................................................................... 49
4.4 Financial assets and liabilities ........................................................................................50
4.5 Commitments and contingent liabilities .................................................................... 52
4.6 Pensions ................................................................................................................................. 52
5 Others ............................................................................................................................. 54
5.1 Management remuneration .............................................................................................54
5.2 Share-based payments ................................................................................................... 54
5.3 Group companies ............................................................................................................... 57
5.4 Shares in associated companies .................................................................................. 58
5.5 Related parties .................................................................................................................... 58
5.6 Events after the reporting date ..................................................................................... 59
PARENT COMPANY INCOME STATEMENT (FAS) ............................................................ 60
PARENT COMPANY BALANCE SHEET (FAS) ..................................................................... 61
PARENT COMPANY STATEMENT OF CASH FLOWS (FAS) ..............................................63
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS .................................... 64
1 Accounting principles .................................................................................................. 64
1.1 Valuation principles ............................................................................................................64
1.2 Items denominated in foreign currencies .................................................................64
1.3 Cash pooling arrangement ............................................................................................64
2 Net sales........................................................................................................................ 64
3 Personnel expenses..................................................................................................... 64
4 Other operating expenses......................................................................................... 64
5 Finance income and expenses .................................................................................65
6 Appropriations ..............................................................................................................65
7 Income tax expenses ...................................................................................................65
8 Investments ...................................................................................................................65
9 Long-term receivables ................................................................................................65
10 Short-term receivables............................................................................................. 66
11 Equity ............................................................................................................................ 66
12 Current liabilities ........................................................................................................ 66
13 Leasing liabilities ........................................................................................................ 66
BOARD’S PROPOSAL FOR THE DISTRIBUTION OF FUNDS ...........................................67
SIGNATURES TO THE FINANCIAL STATEMENTS ............................................................ 68
AUDITOR’S NOTE ................................................................................................................ 68
AUDITOR’S REPORT ...........................................................................................................69
GOVERNANCE
CORPORATE GOVERNANCE STATEMENT 2024 .............................................................75
BOARD OF DIRECTORS 31.12.2024 .................................................................................. 85
EXECUTIVE MANAGEMENT TEAM 31.12.2024 ................................................................. 86
FOR SHAREHOLDERS
INFORMATION FOR SHAREHOLDERS ............................................................................. 88
Business Overview
Enento Group Plc (“the Company”) is a Finnish public limited
liability company and the parent company to Enento Group
(“Enento Group” or “the Group”). On the financial statements
date, the Group consisted of the parent company Enento
Group Plc, Suomen Asiakastieto Oy, Emaileri Oy, Proff AS, Proff
ApS and UC AB and its subsidiary UC Affärsinformation AB.
Enento Group is one of the leading Nordic providers of business
and consumer information services. The Group operates in the
business and consumer information services, collateral valua-
tion, real estate information, sales and marketing information as
well as consumer credit information markets in Finland, Sweden,
Norway and Denmark.
Enento Group offers a comprehensive array of products and
services that cater to a broad spectrum of needs in various
sectors. The Group primarily focuses on financial and credit
risk management, providing solutions for monitoring, deci-
sion-making and automation. Additionally, Group addresses
diverse customer requirements in sales and marketing, compli-
ance, real estate and financing, collateral management, hous-
ing valuation, ESG as well as personal financial management
and credit information. Enento’s clientele is diverse, encompass-
ing financial institutions, financial service providers, professional
services firms, insurance companies, telecom companies, util-
ity companies as well as wholesale and retail companies. The
Group also serves individual consumers.
Enento Group has comprehensive databases consisting of
information gathered from the authorities and other public
sources as well as privately acquired information. The data and
databases are the basis for the Group’s product and service
offering and the development of new products and services.
That data is processed or refined by the Group and made
available to the customers mainly through integrations and
online services.
Group’s product and service offering ranges from basic infor-
mation concerning corporations and private individuals to
advanced risk management services, scoring, monitoring, deci-
sion-making, analyses and analytics. The Group delivers its
products and services to clients for example, by integrating its
services into the client’s business processes, through customer
interfaces, online subscription services and open online services
that do not require separate subscription agreements. The
Group also offers printed products and credit rating certifi-
cates. The Group has a strong track record of developing and
launching new products and services.
Enento Group has a scalable business model that enables
increasing net sales at a lower incremental cost. A large propor-
tion of the Group’s income is based on automated processes
and the automatic sharing of information from the Group’s own
databases. The Group can use and relay the same data multi-
ple times and include it in several services provided for different
customers. The Group also earns income from digital advertis-
ing, particularly in Sweden and Norway.
Enento Group’s organization consists of two types of units: busi-
ness areas and functional units. The business areas are respon-
sible for the Group’s service offering and the functional units
for the production, maintenance and active development of
the operations in their own focus area and business processes.
The functional units are Sales, Marketing, Communications and
Customer Operations, IT and Technology, Data and Analytics,
Human Resources, Legal and Finance.
The Group’s business areas are:
BUSINESS INSIGHT: Business Area develops and provides lead-
ing business information and decision services and solutions for
general risk management, credit risk management, compliance,
financial management, customer acquisition, decision-making,
fraud and credit loss prevention as well as for gaining knowl-
edge of and identifying their customers. In addition, services in
this business area include real estate and apartment informa-
tion and their valuation as well as ESG. The services are also
used for compliance purposes, such as to identify and moni-
tor companies´ beneficial owners, persons in sanction lists and
politically exposed persons.
CONSUMER INSIGHT: Business Area develops and provides
leading consumer information and decisioning services in the
Nordics. Consumer Insight serves both consumers and compa-
nies engaging in consumer business. Companies engaging in
consumer business use consumer information, scoring, moni-
toring and decision services and solutions for general risk
management, credit risk management, financial management,
customer acquisition, decision-making, fraud and credit loss
prevention. Services for consumers help consumers to under-
stand and better manage their own finances, protecting them
also from identity theft and fraud.
Board of Directors’ Report 2024
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 4
Financial Results
Net Sales
Enento Group’s net sales in the financial year 2024 amounted
to EUR 150,4 million (EUR 155,9 million) and decreased by 3,5% at
reported exchange rates compared with the previous year. The
consumer lending volumes and macroeconomic environment
were tough both in Sweden and Finland in 2024, which resulted
in decline of the Group’s net sales. Continuing positive devel-
opment in the business information services in Finland, Norway
and Denmark was not enough to offset that decline. There
was one more business day compared to the previous year in
Finland and Norway, two more in Denmark and equal amount in
Sweden. With comparable exchange rates the net sales weak-
ened by 3,6% compared with the previous year. The discon-
tinuance of the Swedish housing transaction service Tambur
from the 2023 second quarter onwards had as well negative
impact. Net sales declined by 3,3% excluding the impact from
the discontinued Tambur service at comparable rates. Net
sales from new products and services were EUR 23,4 million (EUR
19,1 million), which was 15,6% (12,2%) of the total net sales for the
financial year.
Financial Results
Enento Group’s operating profit (EBIT) for the financial year 2024
amounted to EUR 24,6 million (EUR 30,4 million). Operating profit
included items affecting comparability of EUR -7,0 million (EUR
-6,1 million), arising mainly from expenses related to efficiency
program. Operating profit also includes amortization from fair
value adjustments related to acquisitions of EUR -8,1 million
(EUR -9,5 million).
The adjusted EBITDA margin for the review period decreased
by 2,0 percentage points year-on-year and was 34,6% (36,6%).
The Group’s depreciation, amortization and impairment for the
review period amounted to EUR -21,9 million (EUR -20,6 million).
Of the depreciation and amortization, EUR -8,1 million (EUR -9,5
million) resulted from amortization from fair value adjustments
related to the acquisitions. The Group’s depreciation of right
of-use assets (IFRS 16) during the review period amounted to
EUR -2,5 million (EUR -2,3 million).
The Group’s share of associated company’s net income for the
review period was EUR -0,5 million (EUR -0,8 million), including
also amortization from fair value adjustments. Impairment in
shares of associated companies was EUR -1,6 million during the
review period.
Net financial expenses during the review period were EUR -6,7
million (EUR -7,4 million). Financial expenses related to lease
liabilities (IFRS 16) were EUR -0,3 million (-0,4 million) in the review
period, and recognized exchange rate gains amounted to EUR
0,7 million (EUR -0,4 million).
The Group’s profit before income taxes for the review period
was EUR 15,8 million (EUR 22,2 million).
The tax amount booked as expense for the review period was
EUR -3,6 million (EUR -4,7 million).
The Group’s profit for the review period was EUR 12,2 million (EUR
17,6 million).
Cash Flow
Cash flow from operating activities amounted to EUR 32,7
million (EUR 36,8 million). The effect of the change in the Group’s
working capital on cash flow was EUR 0,2 million (EUR 1,0 million).
The impact of items affecting comparability on operating cash
flow was EUR -5,5 million (EUR -4,6 million).
The Group paid EUR 6,4 million (EUR 9,1 million) in taxes during
the review period.
Cash flow from investing activities for the review period
amounted to EUR -9,5 million (EUR -9,2 million). The cash flow
from investing activities consisted of service development costs
and acquisitions of equipment.
Cash flow from financing activities for the review period
amounted to EUR -28,5 million (EUR -30,8 million). The cash flow
from financing activities for the review period consisted of divi-
dend payments to shareholders, purchases of own shares and
repayments of lease liabilities (IFRS 16).
Statement of financial position
At the end of the review period, the Group’s total assets were
EUR 459,6 million (EUR 490,3 million). Total equity amounted to
EUR 263,2 million (EUR 282,9 million) and total liabilities to EUR
195,9 million (EUR 207,1 million). The change in equity mainly
consists of the distribution of dividend, result for the review
period and the purchases of own shares. Of the total liabili-
ties, EUR 150,8 million (EUR 154,4 million) were long-term inter-
est-bearing liabilities. Of the total liabilities, EUR 12,9 million (EUR
15,6 million) were deferred tax liabilities, EUR 3,2 million (EUR 2,6
million) current interest-bearing lease liabilities and EUR 29,0
million (EUR 34,4 million) current non-interest-bearing liabilities.
Goodwill amounted to EUR 335,6 million (EUR 340,9 million) at
the end of the review period.
Enento Group’s cash and cash equivalents at the end of the
review period were EUR 11,3 million (EUR 17,4 million), and net
debt was EUR 142,7 million (EUR 139,7 million).
Capital expenditure
The majority of Enento Group’s capital expenditure is related
to the development of new services, service platform and IT
infrastructure. Other capital expenditure mainly comprises
purchases of IT hardware and office equipment. The Group’s
gross capital expenditure in the review period amounted to EUR
9,8 million (EUR 11,1 million). Capital expenditure on intangible
assets was EUR 9,4 million (EUR 9,7 million) and capital expendi-
ture on property, plant and equipment was EUR 0,4 million (EUR
1,5 million).
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 5
Research and Development
The product development activities of Enento Group involve
development of the product and service offering. In 2024, the
capitalized development and software costs of the Group
amounted to EUR 9,4 million (EUR 9,7 million). Capitalized devel-
opment and software costs consist of costs related to the
Group’s product and service offering and IT infrastructure.
Personnel
At the end of the financial year, Enento Group had a total of 384
(401) employees, of whom 168 (173) were employed by the Group
companies in Finland, 171 (178) by the Swedish subsidiary, 41 (41)
by the Norwegian subsidiary and 4 (9) by the Danish subsidiary.
Of the Group’s personnel, 3 (2) worked in management, 89 (99)
in business areas, 160 (165) in Sales Units and Marketing and
Communications, 55 (58) in IT and Technology, 42 (45) in Data
and Analytics and 35 (32) in Finance, Legal and HR. The table
below presents Enento Group’s number of employees as well as
wages and salaries for 2022–2024.
KEY FIGURES DESCRIBING THE GROUP’S PERSONNEL
Personnel
2024
2023 2022
Average number of personnel 380 404 447
Full time 364 390 428
Part time and temporary
1
16 14 19
Geographical distribution
Finland 166 172 182
Sweden 167 184 217
Norway 42 41 42
Denmark 5 7 6
Wages and salaries for the financial
year (EUR million)
28,7 29,8 29,7
1
Average number of part-time and temporary personnel number is the number of
part-time and temporary personnel. Presented as full-time employee equivalents,
the average number of part-time and temporary personnel would have been 8 in
1.1.-31.12.2024.
The Group’s personnel expenses for the financial year 2024
amounted to EUR 38,2 million (EUR 40,1 million). This figure
includes an accrued cost of EUR 0,4 million (EUR 0,2 million) from
the management’s long-term incentive plan. More information
on the management’s long-term incentive plan is provided in
note 5.2 Share-based payments in the notes to the consoli-
dated financial statements.
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 6
Shares and shareholders
Enento Group Plc has one share class. Each share carries one
vote at the General Meeting of Shareholders and each share
confers equal right to dividends and net assets of the Company.
The shares have no nominal value. The shares of the Company
are entered in the book-entry securities system maintained by
Euroclear Finland Ltd.
At the end of the financial year, the Company’s registered share
capital amounted to EUR 80 thousand (EUR 80 thousand) and
the total number of shares was 23 700 178 (23 794 856) including
the own shares held by the parent company 30 888 (4 676).
The Board of Directors of Enento Group Plc decided to launch
a share buyback program on 18 December 2023. The purpose
of the share buyback program was to optimize Enento’s capital
structure through reduction of capital. The maximum number
of shares to be repurchased under the program was 55 000,
representing approximately 0,23% of the company’s total
number of shares and votes. The program commenced on 21
December 2023, and it was completed on 8 February 2024. The
company repurchased 47 200 shares for an average price of
EUR 19,005 per share.
The Board of Directors of Enento Group Plc decided to launch
a share buyback program on 9 February 2024. The purpose of
the share buyback program was to optimize Enento’s capital
structure through reduction of capital. The maximum number
of shares to be repurchased under the program was 100 000,
representing approximately 0,42% of the company’s total
number of shares and votes. The program commenced on 12
February 2024, and it was completed on 22 April 2024. The
company repurchased 44 678 shares for an average price of
EUR 17,1605 per share.
The Annual General Meeting of Shareholders on 25 March 2024
authorized the Board of Directors to decide on the repurchase
of a maximum of 1 500 000 own shares of the Company. The
authorization replaced the corresponding authorization issued
to the Board of Directors by the Annual General Meeting held
on 28 March 2023. The maximum amount corresponds to
approximately 6,3% of the Company’s shares and voting rights.
The authorization is effective for 18 months from the date of the
resolution. Further information on the authorization is provided
under “Authorizations of the Board of Directors”.
The Board of Directors of Enento Group Plc decided to launch
a share buyback program on 23 April 2024. The purpose of the
share buyback program is to optimize Enento’s capital structure
through reduction of capital. The maximum number of shares
to be repurchased under the program is 100 000, representing
approximately 0,42% of the company’s total number of shares
and votes. The program commenced on 25 April 2024, and it
was completed on 15 July 2024. The company repurchased 33
688 shares for an average price of 17,0186.
Enento Group cancelled 94 678 treasury shares during 2024
that were repurchased under the share buyback programs in
line with the decision of the Board of Directors.
Share price and volume
During the financial year, a total of 3 840 194 (12 488 195) shares
were traded, and the total value of the exchanged shares was
EUR 69,6 million (EUR 235,4 million). The highest share price during
the financial year was EUR 20,15 (EUR 23,35), the lowest price
was EUR 15,92 (EUR 15,80), the average price was EUR 18,10 (EUR
18,85) and the closing price was EUR 17,48 (EUR 19,48). Market
capitalization measured at the closing price of the financial
year was EUR 414,3 million (EUR 463,5 million).
Shareholders
According to the book-entry securities system, the Company
had 6 721 (7 144) shareholders, including 9 (9) nominee-regis-
tered shareholders, on 31 December 2024. A list of the largest
shareholders is available on the Company’s investor pages at
enento.com/investors.
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 7
SIGNIFICANT SHAREHOLDERS ON 31 DECEMBER 2024
Shareholder Number of shares % of shares
1 Otava Oy 2 971 301 12,54%
2 Mandatum Oy 2 920 000 12,32%
3 SEB AB 2 441 920 10,30%
4 Nordea Bank Abp 2 303 315 9, 72 %
5 Long Path Partners 1 989 717 8,40%
6 Handelsbanken Fonder 943 603 3,98%
7 Sp-Fund Management 754 719 3,18%
8 Ilmarinen Mutual Pension Insurance Company 624 494 2,63%
9 Swedbank Robur Fonder 609 000 2,57%
10 Nordea Funds 527 743 2,23%
11 Evli Fund Management 434 990 1,84%
12 Elo Mutual Pension Insurance Company 428 000 1,81%
13 Kaleva Mutual Insurance Company 358 446 1,51%
14 Degroof Petercam 353 634 1,49%
15 Varma Mutual Pension Insurance Company 345 000 1,46%
16 Thompson, Siegel & Walmsley LLC 291 794 1,23%
17 SEB Investment Management 276 687 1,17%
18 Invesco 267 869 1,13%
19 OP Asset Management 218 739 0,92%
20 The Church Pension Fund 204 979 0,86%
20 largest shareholders total 19 265 950 81,29%
All shares 23 700 178 100,00%
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 8
SHAREHOLDER STRUCTURE BY SECTOR, 31 DECEMBER 2024
Sector
Number of
shareholders % of shareholders Number of shares % of shares
Fund companies 31 0,46% 8 038 456 33,92%
Foundations 18 0,27% 67 789 0,29%
Investment & PE 2 0,03% 3 009 910 12,70%
Pension & insurance 20 0,30% 2 222 154 9,38%
State, municipal & county 1 0,01% 10 267 0,04%
Private individuals 6 030 89,72% 1 978 590 8,35%
Treasury shares 1 0,01% 30 888 0,13%
Other & unknown owner type 618 9, 2 0% 8 342 124 35,20%
Total 6 721 100,00% 23 700 178 100,00%
The information is based on the list of the Company’s sharehold-
ers maintained by Modular Finance AB. The data is compiled
and processed from various public sources, including Euroclear
Finland and Morningstar, and from direct shareholder disclo-
sures. Whilst all efforts have been made to secure as updated
and complete information as possible, neither Company nor
Modular Finance AB can guarantee the accuracy of the data.
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 9
Management Number of shares
Jäger Jeanette, CEO 3 300
Related party ownership 0
Stråhlman Elina 4 007
Related party ownership 0
Bäcklund Axel (interim) 0
Related party ownership 0
Ejderberg Daniel 0
Related party ownership 0
Ek-Petroff Sari 0
Related party ownership 0
Göransson Gabriella 1 326
Related party ownership 0
Karemo Mikko 12 347
Related party ownership 0
Paukku Arto 70
Related party ownership 0
Werner Karl-Johan 3 656
Related party ownership 0
Total 24 706
Auditor Number of shares
Nieminen Mikko, auditor in charge 0
Related party ownership 0
Total 0
MANAGEMENT’S SHARE OWNERSHIP ON 31 DECEMBER 2024
Board of Directors Number of shares
Lapveteläinen Patrick, Chairperson of the Board 10 000
Related party ownership 8 000
Ehrnrooth Markus 0
Related party ownership 0
Forsberg Erik 1 500
Related party ownership 0
Johansson Martin 3 000
Related party ownership 0
Kerppola Nora 14 000
Related party ownership 0
Kuusisto Tiina 0
Related party ownership 0
Parhiala Minna 0
Related party ownership 0
Total 36 500
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 10
Management
Board of Directors
The Company’s Board of Directors consists of a minimum of four
and maximum of eight members. The Annual General Meet-
ing elects the Board members and decides on their remuner-
ation. The Annual General Meeting elects the Chairperson of
the Board. The Board members can elect a member of the
board as a vice Chairperson of the Board. The term of office of
the Board members ends at the conclusion of the first Annual
General Meeting following their election. There are no limita-
tions to the number of terms a person can be a Board member.
The Annual General Meeting held on 25 March 2024 approved
the Financial Statements and discharged the members of the
Board of Directors and the company’s CEO from liability for the
financial year 2023 and resolved to approve the Remunera-
tion report for governing bodies. The Annual General Meet-
ing resolved that the Chairperson of the Board of Directors be
remunerated EUR 55 000 annually and that the members of
the Board of Directors be remunerated EUR 39 500 annually.
An attendance fee of EUR 500 shall be paid per the Board of
Directors meeting. For attending the Board Committee meet
-
ings, the Chairpersons of the Committees will be remunerated
EUR 500 per meeting and the Committee members shall be
remunerated EUR 400 per meeting. The members of the Share-
holders’ Nomination Board will not be remunerated. Reasonable
travel expenses for attending the meetings will be reimbursed.
In accordance with the proposal of the Shareholders’ Nomi-
nation Board, the Annual General Meeting of 25 March 2024
re-elected as members of the Board Patrick Lapveteläinen,
Martin Johansson, Tiina Kuusisto, Minna Parhiala, Erik Fors-
berg and Nora Kerppola. Markus Ehrnrooth was elected as a
new member. Following these elections, the Board of Direc-
tors consisted of seven members. In its organizational meeting
held on 25 March 2024, the Board of Directors elected Patrick
Lapveteläinen as the Chairperson of the Board. The Board of
Directors met 13 times in 2024. In addition, the Board made 3
separate resolutions in accordance with Chapter 6, Section 3 of
the Finnish Companies Act without convening a meeting.
Board Committees
The Board of Directors has established the Audit Committee
and it appoints committee members from among its members.
The Board of Directors may also appoint other committees,
if it deems this to be appropriate. The committees assist the
Board of Directors by preparing and drawing up proposals and
recommendations for the Board of Director’s consideration.
On 25 March 2024, the Board of Directors nominated Erik Fors-
berg, Martin Johansson and Nora Kerppola as members of the
Audit Committee. Erik Forsberg was nominated as the Chair-
person of the Audit Committee.
Authorizations of the Board of Directors
SHARE ISSUE AUTHORIZATION 25 MARCH 2024
The Annual General Meeting of Shareholders held on 25 March
2024 authorized the Board of Directors to decide on one or
more issuances of shares, which contain the right to issue new
shares in the Company or to transfer the Company’s treasury
shares. The maximum number of shares covered by the autho-
rization is 1 500 000. The Board of Directors was also autho-
rized to decide on the issuance of shares in deviation from the
shareholders’ pre-emptive rights (directed issue) if there would
be a weighty financial reason for such issuance. The authoriza-
tion is proposed to be used for material arrangements from the
company’s point of view, such as financing or carrying out busi-
ness arrangements or investments or for other such purposes
determined by the Board of Directors.
The Board of Directors was authorized to resolve on all other
terms and conditions of the issuance of shares, including the
payment period, grounds for the determination of the subscrip-
tion price and subscription price or issuance of shares with-
out consideration or that the subscription price may be paid
besides in cash also by other assets either partially or entirely.
The authorization of issuance of shares is effective for 18 months
from the close of the Annual General Meeting, until 25 Septem-
ber 2025. The authorization replaced the corresponding autho-
rization issued to the Board of Directors by the Annual General
Meeting held on 28 March 2023. The authorization of issuances
of shares has not been used as of 31 December 2024.
REPURCHASING OWN SHARES AUTHORIZATION 25 MARCH 2024
The Annual General Meeting of Shareholders held on 25 March
2024 authorized the Board of Directors to decide on the repur-
chase of maximum of 1 500 000 company’s own shares, in one
or several instalments. The shares would be repurchased using
the company’s invested unrestricted shareholders’ equity, and
thus, the repurchases will reduce funds available for distribution.
The shares could be repurchased for developing the Company’s
capital structure, for financing or carrying out potential corpo-
rate acquisitions or other business arrangements, to be used as
a part of the Company’s remuneration or incentive plans or to
be otherwise transferred further, retained by the Company as
treasury shares, or cancelled.
In accordance with the resolution of the Board of Direc-
tors, the shares may be repurchased either through an offer
to all shareholders on equal terms or through other means or
otherwise than in proportion to the existing shareholdings of
the Company as directed repurchases, if the Board of Direc-
tors deems that there are weighty financial reasons for such
directed repurchases. The purchase price per share shall be the
market price of the shares quoted on the trading venues where
the Company’s shares are traded or at the price otherwise
established on the market terms at the time of the repurchase.
The Board of Directors shall resolve on all other matters related
to the repurchase of the Company’s own shares, including on
how shares will be repurchased.
The authorization of repurchasing of shares is effective for 18
months from the close of the Annual General Meeting, until 25
September 2025. The authorization replaced the corresponding
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 11
share repurchase authorization issued to the Board of Directors
by the Annual General Meeting held on 28 March 2023.
USAGE OF THE AUTHORIZATION FOR REPURCHASING OWN SHARES
The Board of Directors of Enento Group Plc decided to launch
a share buyback program on 18 December 2023. The purpose
of the share buyback program was to optimize Enento’s capital
structure through reduction of capital. The maximum number
of shares to be repurchased under the program was 55 000,
representing approximately 0,23% of the company’s total
number of shares and votes. The program commenced on 21
December 2023, and it was completed on 8 February 2024. The
company repurchased 47 200 shares for an average price of
EUR 19,005 per share. The shares were repurchased in public
trading on Nasdaq Helsinki Ltd at the market price prevailing
at the time of purchase.
The Board of Directors of Enento Group Plc decided to launch
a share buyback program on 9 February 2024. The purpose of
the share buyback program was to optimize Enento’s capital
structure through reduction of capital. The maximum number
of shares to be repurchased under the program was 100 000,
representing approximately 0,42% of the company’s total
number of shares and votes. The program commenced on 12
February 2024, and it was completed on 22 April 2024. The
company repurchased 44 678 shares for an average price of
EUR 17,1605 per share. The shares were repurchased in public
trading on Nasdaq Helsinki Ltd at the market price prevailing
at the time of purchase.
The Board of Directors of Enento Group Plc decided to launch
a share buyback program on 23 April 2024. The purpose of the
share buyback program is to optimize Enento’s capital structure
through reduction of capital. The maximum number of shares
to be repurchased under the program is 100 000, representing
approximately 0,42% of the company’s total number of shares
and votes. The program commenced on 25 April 2024, and it
was completed on 15 July 2024. The company repurchased
33 688 shares for an average price of 17,0186. The shares were
repurchased in public trading on Nasdaq Helsinki Ltd at the
market price prevailing at the time of purchase.
The Company publishes a separate Corporate Governance
Statement.
CEO and Executive Management Team
Jeanette Jäger is the Chief Executive Officer (CEO) of the
Company. At the end of the financial year 2024, the other
members of the Executive Management Team were Elina
Stråhlman (Finance), Gabriella Göransson (Consumer Insight),
Axel Bäcklund (Business Insight, Interim), Mikko Karemo (Sales,
Deputy CEO), Arto Paukku (Marketing and Communications,
Customer Operations), Daniel Ejderberg (IT and Technology),
Karl Johan Werner (Data and Analytics) and Sari Ek-Petroff (HR).
Auditor
Authorized Public Accountants PricewaterhouseCoopers Oy
served as the Company’s auditor in 2024. The auditor in charge
was Mikko Nieminen, Authorized Public Accountant.
Loans, Liabilities and Commitments to
Third Parties
Enento Group Plc’s unsecured financing consists of a term loan
of EUR 150 million and a revolving credit facility of EUR 30 million.
The Company took out the term loan partly in EUR and partly in
SEK in accordance with the terms of the loan agreement. The
term loan was extended in August 2024 by using the second
one-year extension option included in the loan agreement. As
a result, the termination date has been extended to September
2027. The long-term financing agreement does not anymore
contain extension options. At the end of December 2024, the
Company had used EUR 0 (EUR 0) of its revolving credit facility.
Group has a multicurrency cash pool arrangement with Danske
Bank A/S. An overdraft of EUR 15,0 million is included in the cash
pool arrangement. The overdraft had not been utilized on 31
December 2024.
Enento Group’s cash and cash equivalents on 31 December
2024 amounted to EUR 11,3 million (EUR 17,4 million).
Further information on loans, liabilities and commitments to
related parties is provided in note 4.4 Financial assets and
liabilities, note 4.5 Commitments and contingent liabilities and
note 5.5 Related parties in the consolidated financial state-
ments.
Group Structure
At the end of the financial year, Enento Group consisted
of Enento Group Plc, its wholly owned subsidiaries Suomen
Asiakastieto Oy, Emaileri Oy, Proff AS and Proff ApS as well as
UC AB and its wholly owned subsidiary UC Affärsinformation AB.
Non-financial information
Enento Group’s Board of Directors and management are
responsible for the management of corporate responsibility.
Enento Group complies with laws and regulations of its oper-
ating countries, the Articles of Association, rules and guideline
of Nasdaq Helsinki and Corporate Governance Code for listed
companies in its administration. In practical work, responsibility
issues are guided by the Group’s Code of Ethics. Furthermore,
operations are governed by policies and operating practices
approved by the Board of Directors and Executive Manage-
ment Team. All the partners must also conform to the laws and
agreements. The Code of Ethics, along with key Group-level
policies guidelines, is published online on the Company’s inves-
tor pages.
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 12
Enento Group’s business model and governance
Enento Group’s mission is to maintain and create trust in the
markets: in trading and the concluding of agreements between
companies as well as between companies and private parties.
Trust is created through the provision of services that help
companies verify the reliability of their contractual counterpar-
ties. The foundation for these services consists of Enento Group’s
Nordic databases of up-to date information on companies
and consumers. From this data, Enento Group develops digital
services that enhance the operational efficiency of its custom-
ers, promote sustainability, and contribute to lowering the
Group’s carbon footprint.
The Group’s operations are guided by
• The strategy approved by the Board of Directors
• The Group’s annual budget and operating plan
• The Group’s management and governance model
Suomen Asiakastieto Oy and UC AB, both subsidiaries of Enento
Group Plc, have been certified according to ISO 9001:2015 since
2015 and 2021. In December 2023, both subsidiaries were recer-
tified and in December 2024, surveillance audits were carried
out at our offices in Helsinki and Stockholm in line with our audit
plan. No major non-conformities were found but our work to
optimize our processes will continue as part of our daily opera-
tions. The existing certification is valid until 15 January 2027 but
will be audited also later in 2025 to secure quality and usage of
our processes so that we can continue to deliver high customer
value.
Enento Group’s strategy 2024–2026 and
sustainability
Enento Group aims for growth and increased profitability by
strengthening its current position and seizing new opportuni-
ties within credit and business information services. Investing in
scalable growth, digitalizing sales, marketing and distribution
as well as leveraging Nordic capabilities and a continued focus
on cost efficiencies will enable Enento to achieve these goals.
Enento has two main objectives for the strategy period: to
retain and strengthen its leading position in credit information,
and to become a leading provider of business information.
Sustainability is at the core of Enento’s business. The Group
contributes to sustainable society by building trust and
supporting our customers to be more sustainable, through
making responsible decisions and preventing over-indebted-
ness.
Environmental issues
The carbon footprint of Enento Group’s own operations is
low. The most significant environmental impact arises from
purchased goods and services, followed by capital goods –
including IT devices and furniture purchases – business travel
and employee commuting. The Group’s long-term goal is to
become Net Zero in 2030.
The Group’s largest offices are in Helsinki (headquarters) and
Stockholm. Both are in locations with good public transport
connections. They are modern activity-based offices in which
fewer heated square meters per employee are needed. The
lessors of both premises monitor electricity consumption, the
use of warm and cold water, district heating, district cooling
and waste management on a monthly basis.
Digital service production and data processing account for
part of the Group’s total emissions. The Group’s IT environments
have mainly been virtualized and procured as outsourced data
center services that operate energy-efficiently. Our suppliers
of data center services use renewable energy without carbon
dioxide (CO2) emissions.
Climate-related impacts, risks, and opportunities have been
assessed as part of the double materiality assessment. The
most significant negative impacts are primarily associated with
emissions generated and energy consumed by Enento’s opera-
tions. There are no significant risks associated with the Group’s
environmental aspects since our emissions are proportionately
very low. Emission calculations and climate-related disclosures
are published in a separate Annual and Sustainability Review.
Social and employee-related issues
In 2024, the number of people employed by Enento Group on
average was 380 FTE (full-time equivalent), of whom 166 worked
in the Finnish companies, 167 in the Swedish companies, 42 in
the Norwegian company and 5 in the Danish company. The
overall voluntary employee turnover of permanent employees
was around 9% during 2024, which was a decrease from last
year. This decrease demonstrates the positive effects of the
actions taken by Enento to ensure employee satisfaction and
maintain high levels of employee commitment.
Our workforce diversity is well-balanced, with 53% men and 47%
women in December. This gender balance extends to our lead-
ership and management, where there are slightly more men
than women (61% men, 39% women). Additionally, the Executive
Management Team is well-represented by both genders, with
56% men and 44% women.
Enento Group emphasizes learning and competence develop-
ment, collaborative culture with team spirit, the development
of high-quality leadership and people management skills and
well-being of its people in its approach to social responsibility.
The Group’s goal is to be an attractive employer that offers
interesting jobs for people representing various competence
backgrounds in a collaborative and empowering culture. Enento
Group offers opportunities for all its people to develop their
expertise and skills both at work and through various learning
possibilities as well as seek new roles inside the Group within
its Nordic offices. In the recruitments Enento Group follows a
non-discriminatory and transparent process.
The Group ensures the fulfilment of its social responsibility
through fair and safe working conditions, both mentally and
physically. We follow our Group’s values and Code of Ethics in
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 13
everything we do, and our following policies ensure the fair-
ness of our processes: Recruitment Policy, Remuneration Policy,
Working Environment Policy and Remote Work Policy. Enento
Group respects human rights in all aspects and there were no
violations related to discrimination or other unfair treatment
during 2024. We have also updated our Diversity, Inclusion,
Equity and Belonging guidelines with clear targets.
The Group also has a whistleblowing channel to enable our
employees to report any suspected violations anonymously.
Enento strives to achieve transparency and a high level of
business ethics. Our employees are the most important source
of insight for revealing possible misconduct that needs to be
addressed. Our whistleblowing service offers a possibility to
alert the company about suspicions of misconduct in confi-
dence. It is an important tool for reducing risks and maintaining
trust in our operations by enabling us to detect and act on
possible misconduct at an early stage.
The quality of leadership, trust, friendly work environment, clear
work objectives and competence development are the key
factors influencing the employees’ engagement to work and
well-being at work. Our bi-weekly pulse survey with Winning-
temp continued with excellent response rates giving teams
and Enento good feedback on how to develop our culture and
ways of working in the future.
During 2024 we continued the Grow Talk process with several
dialogues during the year between manager and employee
– to encourage and support each employee to grow as a
professional and to succeed together with colleagues. Grow
Talk discussions include personal target setting, their follow-up
with quality feedback, on which we educated our managers to
give as well as a dialogue on well-being and individual devel-
opment and career aspirations. The purpose of the discussions
is to create commitment and build an understanding of how
each employee contributes to the achievement of the shared
goals.
The 2023 started leadership program “We Lead Emotional
Agency” continued with a whole company program to build
a shared understanding on the culture and way we wish to
work together for the future. This year-long program consists
of self-studies, virtual sessions together as well as a learning
buddy concept. Feedback has been excellent, and we shall
continue the journey also during 2025. We follow the quality of
leadership with the Leadership Index in the Winningtemp pulse
survey and that has been at an excellent level. Team collabo-
ration development was also one of our topics during 2024 and
with that we used Workplace Big5 tool to facilitate the work-
shops. Our Enento Academy provided learning opportunities
for all employees with, for example, renewed and mandatory
GDPR training. We also curated learning opportunities on AI
to all our people, a topic that will continue in 2025. Building a
learning organization with a growth mindset continued to be a
focus area throughout the year.
The well-being of our people continued to be a focus area,
as the turbulent environment around us continues to put pres-
sure on people. We continued the Meeting Free Wednesdays,
Health Hour and Auntie’s occupational well-being service. We
also dedicated November to well-being and learning with our
“Empowered People” month with sessions on various topics
related to self-leadership, brain health, psychological safety
and resilience.
Ensuring information security and data protection
Enento Group always strive to stay one step ahead in securing
the integrity and information of our customers, their custom-
ers, and the end-users. We strive to ensure the confidentiality,
availability, and integrity of information, which is critical for our
business to continue operations and achieve our goals.
Information security is ensured through the implementation of
robust technical systems and processes designed to protect
data confidentiality, integrity, and availability. The Information
Security area at Enento Group is aligned with the information
Board of Directors’ Report
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Governance
For Shareholders
Enento Group Financial Review 2024 | 14
security standard (ISO/IEC 27001). Enento Group has success-
fully completed ISO/IEC 27001 audit in December 2024 and the
certificate is expected to arrive in February 2025. This demon-
strates our commitment to maintaining the highest standards
of information security.
The Group processes Personal Data according to GDPR and
other relevant legislation including the local Data Protection
legislation introduced by the countries we operate in. We
respect the Data Processing principles confirmed in GDPR and
process personal data securely using different technical and
organizational measures to ensure a level of security appropri-
ate to the risk.
Ensuring information security and data protection requires an
organization and processes that support a purposeful and
systematic approach to these topics. Information security is
governed by our internal Information Security Policy and guide-
lines. Data protection is governed by internal Data Protection
policies and guidelines. All the partners must also conform to
the laws and agreements. Furthermore, the confidentiality obli-
gation is included in the employment agreement.
Respect for human rights
Enento Group operates in the Nordic countries, where respect
for human rights and equal treatment of people is generally at
a very high level. At Enento Group, the requirement that human
rights and equality must be respected applies to personnel
and partners alike. The Code of Ethics includes practices and
procedures for dealing with issues related to respect for human
rights. There were no suspected violations of human rights or
violations related to discrimination or other unfair treatment of
employees observed in 2024.
The Group has a whistleblowing channel to enable employees
to report suspected violations anonymously.
Anti-corruption and bribery
Enento Group’s internal guidelines prohibit corruption and brib-
ery. The Group’s practices and procedures reduce opportunities
for taking action that would be contrary to the rules. The Ethi-
cal principles include operational guidelines for handling issues
related to corruption and bribery. No corruption or bribery cases
or other violations related to unethical business practices were
reported in 2024.
Risks and uncertainties
Enento Group is exposed to several risks and uncertainties
that are related, for instance, to the market conditions and the
Group’s industry, regulation, strategy, business and financing.
The realization of such risks could have a considerable adverse
effect on the Group’s business, financial situation, performance
and future outlook.
Market and strategic risks
The demand for Enento Group’s products and services depends
on the activity of the business operations of its customers.
Slow economic growth or a declining economy may result in
a weakening demand for the services of the Group. In addi-
tion, regulatory changes that reduce the lending ability of the
Group’s customers and/or impact customer behavior may have
a negative effect on the demand for the Group’s services and
products. Moreover, the Group is vulnerable to potential struc-
tural changes in any of its operating markets, including but not
limited to shifts in the demand for consumer credit informa-
tion. Such structural changes could alter market dynamics or
customer behavior, potentially impacting the Group’s financial
performance.
The war in Ukraine and the armed conflict in Israel increase
the economic uncertainty in the Nordic countries and glob-
ally. Geopolitical uncertainty, wars and conflicts can have a
negative impact on the macroeconomic development and
economic activity, which decreases the Group’s ability to
predict the demand for its services and causes a risk of weak-
ening revenue development. The Group does not have business
in Ukraine, Russia, Belarus or in Israel.
Enento Group operates in several product and service markets
in which competition is continuously becoming tougher and
customers’ needs keep changing. Information services are
more easily available than before. This is primarily attributable
to better availability of public information, increase of digital
information, new service providers and new technologies such
as artificial intelligence, which may increase competition in the
markets. Better availability of information and new technologies
may also provide the Group’s customers with better opportu-
nities for in-house development of services, such as analysis
services.
Tendering carried out by customers and general cost-aware-
ness may put some pressure for lower prices on the Enento
Group’s markets. In addition, price pressures caused by the
Group’s competitors or price increases from the Group’s vendors
may have a negative effect on the Group’s margins and result
and hamper its opportunities to acquire new customers on the
current terms and conditions.
No customer of the Enento Group accounted for more than ten
per cent of the Group’s total invoicing in 2024. Even though the
Group’s customer base is diverse, the loss of one or more major
customers or a significant decrease in sales to one or more
such customers for any reason could have a very harmful effect
on the Group’s business, financial position, business result and
future outlook.
The gathering, storage and use of information is subject to strict
regulations, for example data privacy legislation. In Sweden,
a license is required for certain operations of the Group, such
as credit register related operations. In addition, according to
UC’s shareholder agreement, UC’s minority shareholders may
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 15
veto certain decisions concerning UC’s credit register and the
control of credit register data. This may restrict Enento Group’s
possibilities to materially change business operations related
thereto. The Group and its employees must also comply with
numerous other laws and regulations. Changes to the regu-
latory framework may require the Group to adapt its service
offering or strategy. These changes can include an introduction
of potential governmental credit registers. Any actions in breach
of regulations concerning operations subject to a license may
lead to changing of the Group’s operations, imposing addi-
tional conditions to the license or cancellation of the license.
The above may also lead to higher costs, force the Group to
stop providing some products or services, or prevent or delay
development of its operations, or the Group may end up in
legal proceedings or become subject to legal claims.
Enento Group has a lot of goodwill recognized on acquisi-
tions. The Group has also capitalized meaningful amount of
investments in other intangible assets. Impairment of goodwill
and other assets could have a material effect on the Group’s
reported result.
Operational risks
Safe and uninterrupted functioning of Enento Group’s IT network
and systems, cyber security and mitigation of cyber risks, are
critical for the Group’s business. Unauthorized access to or
disclosure of information as well as loss or abuse of information
may lead to a breach of data protection and other applicable
laws by the Group, harm to reputation, loss of income, claims
or measures taken by the authorities. In its business, the Group
relies on information from external sources, such as government
offices and other public sources, customers and other sources.
If one or more of them stopped providing information for any
reason or considerably increased the price of the information
provided, this could have a harmful effect on the Group’s ability
to offer its products and services to its customers.
Enento Group believes that its continued success will be influ-
enced by its ability to meet customers’ needs through the
development of products and services that are easy to use and
that seek to increase customers’ business process efficiency,
offer cost savings, and facilitate better business decisions. The
Group’s financial result may suffer if the development of new
products or services or improvements to existing products are
delayed for reasons related to possible technical challenges,
problems related to external IT development resources, infor-
mation acquisition or regulatory requirements.
Enento Group has invested and will continue to invest in its
technical infrastructure, including equipment and software. If
the Group fails in its technological investments, its income may
not develop as expected and its expenses may increase. In
addition, the Group may end up in an unfavorable competitive
position in the market if it cannot, for example, offer certain new
products and services or gather certain type of new informa-
tion.
Despite testing and information quality control, products and
services developed and supplied by Enento Group as well as
the operating systems and software it uses may contain errors
or faults. Material defects or errors in the Group’s informa-
tion, products or services as well as delays in providing prod-
ucts and services may harm its reputation or lead to loss of
income, increased costs, regulatory measures or legal claims.
Enento Group’s IT network and infrastructure may be exposed
to damage and problems resulting from many reasons. Such
damage or problem may lead to a failure of Enento Group’s
IT infrastructure, which in turn may complicate the company’s
work and lead, for instance, to breaches of contract.
Enento Group is operating in a regulated business and changes
in the applicable regulation may impact on revenue and profit.
Such regulation may concern, but are not limited to data
protection, freedom of speech, credit information and lending
related legislation. Any governmental plans to change credit
information register related regulations or potential introduc-
tion of governmental credit information registers beyond the
current regulations may change the competitive landscape
and/or otherwise impact the Group’s business, revenue and
profit. Also, the failure to comply with regulations could have
legal consequences and cause reputational harm.
Enento Group’s brands and reputation are important compet-
itive advantages. The Group’s success is also based on its own
technologies, processes, methods and information. The Group
protects its intellectual rights with trademarks and domain
names, for instance, and by relying on business secrets and the
development of products and technology. Failure to protect
intellectual rights, damage to reputation or negative views of
the company in the market may have a negative effect on the
Group.
Enento Group’s success also depends on its management
and other professional personnel as well as its ability to recruit
competent personnel and develop, train and retain them. The
Group’s inability to retain or recruit new employees may have a
material harmful effect on the Group.
Disproportionately high sickness absences and especially long
sick leave for key personnel pose a risk to the development
of the Enento Group’s business. In information work, the most
significant health hazards consist of inadequate work ergo-
nomics and stress caused by work pressure. A good working
atmosphere and high-quality management, as well as early
intervention in problem areas, prevent the need for sick leaves.
Enento Group has taken out insurances to cover various risks or
loss events. The Group’s insurance coverage may be insufficient,
or the Group may not be able to maintain its current insurance
coverage, in which case the company may suffer losses not
covered by its insurances.
Board of Directors’ Report
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Enento Group Financial Review 2024 | 16
Enento Group is exposed to various financing risks, including
currency exposure, interest rate risk, liquidity risk and solvency
risk which can have an impact on the Group’s financial perfor-
mance. The Group’s financing risks and their management
are described in note 4 in Notes to the consolidated financial
statements.
Financial targets, Dividends and Outlook
Financial targets
The Board of Directors of Enento Group has adopted long-term
financial targets and dividend policy for the Group. The long-
term financial targets are:
• An annual average net sales growth of 5-10% for the
period 2024-2026
• Adjusted EBITDA margin around 40% in 2026
• Net debt to Adjusted EBITDA below 3x while maintaining
an efficient capital structure
• Share of new services from net sales around 10% in 2026
Dividend Policy
The Company’s dividend policy is to distribute as dividends
at least 70 per cent of the Company’s net profit, whilst taking
into consideration the business development and investment
needs of the Group. Any dividends to be paid in future years,
their amount and the time of payment will depend on Enento
Group’s future earnings, financial condition, cash flows, invest-
ment needs, solvency and other factors.
Enento Group distributed funds to its shareholders totalling EUR
23 692 722 for the financial year 2024 and EUR 24 034 856 for
the financial year 2023. The dividend payment was EUR 1,00 per
share for the financial year 2024 and was paid in two instal-
ments, whereas the capital repayment was EUR 1,00 per share
for the financial year 2023.
Pursuant to the Companies Act, the Annual General Meeting
of Shareholders resolves on the distribution dividend based on
the Board of Directors’ proposal. Dividends can only be distrib-
uted once the Annual General Meeting of Shareholders has
approved the financial statements. If dividends are distributed,
all shares confer equal rights to dividends.
Proposal for the Distribution of Funds
At the end of the financial year 2024, distributable funds of the
Group’s parent company amounted to EUR 396 056 952,81, of
which the profit for the financial year was EUR 26 239 479,74. The
Board of Directors proposes that a dividend of EUR 0,50 per
share be paid for the financial year ended 31 December 2024
(totalling EUR 11 834 645,00 based on the Group’s registered
total number of shares at the time of the proposal, notwith-
standing shares held in treasury). The dividend will be paid to
a shareholder registered in the Group’s shareholders’ register
held by Euroclear Finland Oy on the payment record date of
26 March 2025. The Board of Directors proposes that the funds
be paid on 8 April 2025.
The Board of Directors further proposes that the Annual
General Meeting authorises the Board, at its discretion, to
resolve on the distribution of an additional dividend up to a
maximum of EUR 0,50 per share (totalling EUR 11 834 645,00
based on the Company’s registered total number of shares at
the time of the proposal, notwithstanding shares held in trea-
sury). It is the intention of the Board of Directors that the divi-
dend payment pursuant to this authorisation would be carried
out in November 2025. The Company will separately publish
resolutions of the Board of Directors on the dividend payment
and confirm the record and payment dates in connection with
such resolutions. The additional dividend to be paid based on
the authorisation would be paid to a shareholder who on the
payment record date in question is recorded in the Company’s
shareholders’ register maintained by Euroclear Finland Oy. The
Board of Directors proposes that the authorisation includes the
right for the Board of Directors to decide on all other terms
and conditions related to the dividend payment. The Board
may also decide not to use this authorisation. The authorisation
is proposed to remain in effect until the next Annual General
Meeting.
Future outlook and guidance
There are signs of a gradually improving macroeconomic situ-
ation and stabilization in the demand for mortgage and unse-
cured loans, and the demand for business information services
remains good. However, the Swedish consumer credit market is
facing structural changes and new regulatory developments.
These are expected to impact Enento’s operating environment
and financial performance in 2025. Enento remains focused
on maintaining profitability and strengthening free cash flow
through disciplined cost control, while simultaneously investing
in future competitiveness and growth opportunities.
Enento Group expects that 2025 net sales will be around EUR
150-156 million and Adjusted EBITDA will be around EUR 50-55
million.
The guidance assumes that exchange rates remain at the
current level.
Board of Directors’ Report
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Enento Group Financial Review 2024 | 17
Key financial information for the Group
KEY INCOME STATEMENT AND CASH FLOW FIGURES AND RATIOS
EUR million (unless otherwise mentioned) 2024 2023 2022
Net sales 150,4 155,9 167,5
EBITDA 46,4 51,0 55,6
EBITDA margin, % 30,9 32,7 33,2
Adjusted EBITDA 52,0 5 7, 1 61,2
Adjusted EBITDA margin, % 34,6 36,6 36,6
Operating profit (EBIT) 24,6 30,4 25,8
Operating profit (EBIT) margin, % 16,3 19,5 15,4
Adjusted EBIT
1
3 9, 6 46,0 49, 1
Adjusted EBIT margin, % 26,4 29,5 29,3
Free cash flow 30,7 32,0 33,9
Cash conversion, %
1
66,2 62,6 56,0
Adjusted free cash flow 36,2 36,5 34,3
Adjusted cash conversion 69, 7 64,0 56,1
Net sales from new products and services
2
23,4 19,1 14,1
New products and services of net sales, %
2
15,6 12,2 8,4
1
The cash conversion does not include the impact of write-downs made to development investments in December 2022 of EUR
10,9 million.
2
The share of new services of net sales is calculated as net sales of those services introduced within the past 36 months. The
calculation formula has been revised from 1st January 2024 onwards. Before, the net sales of new services was calculated as
net sales of those services introduced within the past 24 months. The comparison figures have been restated. With the previous
calculation formula, the net sales from new services would have been in 2024 EUR 9,4 million, in 2023 EUR 14,8 million and in 2022
EUR 7,8 million. The share of new services of net sales-% would have been in 2024 6,2%, in 2023 9,5% and in 2022 4,6%.
KEY BALANCE SHEET RATIOS
EUR million (unless otherwise mentioned) 2024 2023 2022
Balance sheet total 459,6 490,3 499,1
Net debt 142,7 139,7 131,8
Net debt to adjusted EBITDA, x 2,7 2,4 2,2
Return on equity, % 4,5 6,1 5,7
Return on capital employed, % 5,9 6,8 5,4
Equity ratio, % 58,6 58,9 60,3
Gearing, % 54,2 49, 4 44,7
Gross investments 9, 8 11,1 12,6
Board of Directors’ Report
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Enento Group Financial Review 2024 | 18
SHARE-RELATED KEY FIGURES
EUR (unless otherwise stated) 2024 2023 2022
Earnings per share, basic 0,51 0,74 0,72
Earnings per share, diluted 0,51 0,73 0,72
Earnings per share, comparable 0,78 1,05 1,11
Equity per share 11,10 11,89 12,27
Dividend (capital repayment) per share 1,00
1
1,00 1,00
Dividend (capital repayment) per earnings, % 196,1
1
137,0 138,9
Effective dividend (capital repayment) yield, % 5,7
1
5,1 4,7
Price per earnings 34,3 26,7 29,7
Share price development
Average price 18,10 18,85 24,48
Highest price 20,15 23,35 34,50
Lowest price 15,92 15,80 18,96
Closing price 17,48 19,48 21,40
Market capitalization, EUR million 414,3 463,5 514,3
Trading volume, pcs 3 840 194 12 488 195 2 557 740
Trading volume, % 16,2 52,48 10,64
Adjusted number of shares
Weighted average during financial year 23 694 888 23 892 230 24 034 856
At the end of the financial year
2
23 700 178 23 794 856 24 034 856
Number of shares adjusted for share issue, diluted
Weighted average during financial year 23 716 461 23 901 324 24 046 707
At the end of the financial year
2
23 678 604 23 785 762 24 046 707
1
The Board of Directors proposes to the Annual General Meeting a dividend of EUR 0,50 per share, followed by a second instalment of up to EUR 0,50 in
November, subject to Board decision. The share related key figures have been calculated based on the total of EUR 0,50 + EUR 0,50.
2
Includes own shares held by parent company 30 888 (4 676) pcs.
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Enento Group Financial Review 2024 | 19
Alternative performance measures used in financial
reporting
Enento Group Plc discloses a summary on the use of alterna-
tive performance measures used by the Group, definitions of
the performance measures used and their matching with the
IFRS financial statements figures in accordance with the ESMA
(European Securities and Markets Authority) Guidelines on
Alternative Performance Measures
1
.
Enento Group Plc presents alternative performance measures
as additional information for key performance measures in the
consolidated statements of income, financial position and cash
flows prepared according to IFRS to reflect the financial devel-
opment of its business operations and to enhance compara-
bility from period to period. According to the management’s
view, alternative performance measures provide substantial
supplemental information on the result of the Group’s oper-
ations, financial position and cash flows to the management
and investors, securities analysts and other parties. Alternative
performance measures are not, as such, included in the consol-
idated financial statements prepared according to IFRS, but
they are derived from the IFRS consolidated financial state-
ments by adjusting items in the consolidated statements of
income, financial position and cash flows and/or by propor-
tioning them to each other. Alternative performance measures
should not be considered as a substitute for measures in
accordance with IFRS. Not all companies calculate alternative
performance measures in a uniform way, and thus the alterna-
tive performance measures of the Company are not necessar-
ily comparable with similarly named performance measures of
other companies.
Certain non-operational or non-cash valuation transactions
with significant income statement impact are adjusted as items
affecting comparability, if they arise from:
• efficiency program
• M&A and integration-related expenses
• restructuring expenses, including expenses arising from
redundancy and other costs directly associated with the
operational efficiency program
• external expenses arising from significant regulatory
changes
• compensation for damages
• legal actions
1
Alternative Performance Measure refers to a financial measure other than financial
measure defined or specified in IFRS norms.
Alternative performance measures are defined as follows:
• EBITDA
EBITDA is the profit (loss) for the financial year before (i)
income taxes, (ii) financial income and expenditure and (iii)
depreciation and amortization.
• Adjusted EBITDA
Adjusted EBITDA is defined as EBITDA excluding items
affecting comparability.
• Adjusted EBIT
Adjusted EBIT is defined as EBIT excluding items
affecting comparability and amortization from fair value
adjustments related to acquisitions.
• Net sales of new products and services
Net sales of new products and services include the total
sales of products launched during the past 36 months.
New products and services are a significant driver of
growth in the company and consumer data market.
The impact of new products and services is especially
important in times of poor economy, because they dilute
the impact of the poor economic situation on the demand
for current products and services. New products and
services replace or update old products and services.
They are often more advanced than old products and
services, or they respond to potential market demand.
In addition to customer needs, the development of new
products and services is also guided by opportunities
recognized by service providers. According to the
Company’s view, company and consumer data markets
in its countries of operation are somewhat immature
compared to many European countries, and there is
potential for new products and services in the market.
• Free cash flow
Free cash flow consists of the cash flow from operating
activities before (i) paid interests and other financing
expenses, (ii) received interests and other financing income
deducted by (iii) acquisitions of tangible and intangible
assets.
• Adjusted free cash flow
Adjusted free cash flow is defined as free cash flow
excluding items affecting comparability paid.
• Cash conversion
Cash conversion is calculated by dividing free cash flow
by EBITDA.
• Adjusted cash conversion
Adjusted cash conversion is calculated by dividing
adjusted free cash flow by adjusted EBITDA.
• Net debt
Net debt is calculated as difference of interest-bearing
liabilities and cash and cash equivalents. Interest-bearing
liabilities include loans from financial institutions (short-
and long-term loans) and lease liabilities, and cash and
cash equivalents include short-term deposits, cash assets
and bank accounts.
• Net debt to adjusted EBITDA
Net debt to adjusted EBITDA is calculated by dividing net
debt by adjusted EBITDA.
• Return on equity
Return on equity is calculated by dividing (i) profit (loss)
for the financial year by (ii) total equity (average for the
financial year).
Board of Directors’ Report
Financial Statements
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Enento Group Financial Review 2024 | 20
• Return on capital employed
Return on capital employed is calculated (i) by adding
financial expenses to the profit (loss) before taxes and (ii)
by dividing the sum by the average of the difference of
the balance sheet total and non-interest-bearing debts
of the opening and closing balance sheet.
• Gearing
Gearing is calculated by dividing net debt by total equity.
• Equity ratio
Equity ratio is calculated by dividing (i) total equity by (ii)
balance sheet total, deducted by advances received.
• Gross investments
Gross investments are fixed asset acquisitions with
long-term effect, from which no sales of property or
renunciation of business have been deducted. As a
general rule, fixed assets comprise property, plant and
equipment and intangible assets.
• Earnings per Share, comparable
Profit for the period attributable to the owners of the
parent company excluding amortization from fair value
adjustments related to acquisitions and their tax impact,
divided by the weighted average number of shares in
issue.
• Comparable exchange rates
Comparable exchange rates mean that the effects of
any changes in currencies are eliminated by calculating
the figures for the previous period using current period´s
exchange rates.
PURPOSE OF USE OF ALTERNATIVE PERFORMANCE MEASURES
EBITDA, adjusted EBITDA and adjusted EBIT are presented as
alternative performance measures to enhance comparability
of business performance between reporting periods and are
frequently used by analysts, investors and other parties.
Net sales from new products and services is presented as alter-
native performance measures, as it, according to the Compa-
ny’s view, describes the development and structure of the
Company’s net sales.
Changes in net sales, EBITDA, adjusted EBITDA and adjusted
operating profit are presented at comparable exchange rates,
as according to the Company’s view, they improve the compa-
rability of reporting periods and they are key figures frequently
used by analysts, investors and other stakeholders.
Free cash flow, adjusted free cash flow, cash conversion,
adjusted cash conversion and gross investments are presented
as alternative performance measures, as they provide, accord-
ing to the Company’s view, a good insight into the needs relat-
ing to the Group’s business cash flow and are frequently used
by analysts, investors and other parties.
Net debt, net debt to adjusted EBITDA, return on equity and
return on capital employed are presented as alternative perfor-
mance measures, as they are, according to the Company’s
view, useful measures of the Group’s ability to obtain financing
and pay its debts, and they are frequently used by analysts,
investors and other parties.
Gearing and equity ratio are presented as alternative perfor-
mance measures, as they, according to the Company’s view,
reflect the level of risk related to financing and help to monitor
the level of capital employed in the Group’s business.
Comparable earnings per share is presented as an alternative
performance measure, as it, according to the Company’s view,
helps to reflect the profit attributable to the owners.
Board of Directors’ Report
Financial Statements
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Enento Group Financial Review 2024 | 21
Reconciliation of alternative performance measures to the closest IFRS performance measure
ADJUSTED EBIT
EUR thousand 2024 2023 2022
Operating profit 24 585 30 418 25 764
Amortization from fair value adjustments related to
acquisitions
8 064 9 537 11 833
Items affecting comparability
M&A and integration related expenses 26 710 352
Restructuring expenses 1 791 2 243 317
Efficiency program 5 173 2 695 -
Paid damages - 440 -
Other costs affecting comparability - - 10 859
Total items affecting comparability 6 991 6 089 11 529
Adjusted operating profit 39 640 46 044 49 126
EBITDA AND ADJUSTED EBITDA
EUR thousand 2024 2023 2022
Operating profit 24 585 30 418 25 764
Depreciation, amortization and impairment 20 444 20 600 29 795
Depreciation, amortization and impairment,
items affecting comparability
1
1 412 38 -
EBITDA 46 441 51 056 55 559
Items affecting comparability
M&A and integration related expenses 26 710 352
Restructuring expenses 1 791 2 243 317
Efficiency program 3 761 2 695 -
Paid damages - 440 -
Other costs affecting comparability - - 5 011
Total items affecting comparability 5 579 6 089 5 681
Adjusted EBITDA 52 020 57 107 61 240
FREE CASH FLOW
EUR thousand 2024 2023 2022
Cash flow from operating activities 32 668 36 804 44 792
Paid interest and other financing expenses 8 655 6 591 2 587
Received interest and other financing income -985 -358 -283
Acquisition of tangible assets and intangible assets -9 597 -11 080 -13 187
Free cash flow 30 741 31 957 33 909
ADJUSTED FREE CASH FLOW
EUR thousand 2024 2023 2022
Cash flow from operating activities 32 668 36 804 44 792
Paid expenses affecting comparability 5 498 4 580 429
Paid interest and other financing expenses 8 655 6 591 2 587
Received interest and other financing income -985 -358 -283
Acquisition of tangible assets and intangible assets -9 597 -11 080 -13 187
Adjusted free cash flow 36 239 36 537 34 338
1
Includes corrections to items affecting comparability, depreciation and amortisation that were previously included in EBITDA.
Board of Directors’ Report
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Enento Group Financial Review 2024 | 22
EBITDA Operating profit + depreciation, amortisation and impairment
Items affecting comparability
Material items outside the ordinary course of business that concern
i) M&A and integration-related expenses, ii) redundancy payments,
iii) external expenses arising from significant regulatory changes,
iv) compensation paid for damages, (v) legal actions and (vi)
efficiency program.
Adjusted EBITDA EBITDA + items affecting comparability
Adjusted operating profit
(EBIT)
Operating profit excluding amortization from fair value adjustments
related to acquisitions + items affecting comparability.
Net sales from new products
and services
Net sales of new products and services is calculated as net sales of
those products and services introduced within the past 36 months.
Free cash flow
Cash flow from operating activities added by paid interests and
other financing expenses, deducted by received interests and other
financing income and deducted by acquisition of tangible and
intangible assets.
Adjusted free cash flow Free cash flow excluding impact from items affecting comparability
Cash conversion, %
Free cash flow x 100
EBITDA
Adjusted cash conversion, %
Adjusted free cash flow
x 100
Adjusted EBITDA
Net debt Interest-bearing liabilities - Cash and cash equivalents
Net debt to adjusted EBITDA,
x
Net debt
Adjusted EBITDA
Return on equity, %
Profit (loss) for the financial year
x 100
Total equity (average for the financial year)
Return on capital employed,
%
Profit (loss) before taxes + Financial expenses
x 100
Total assets - non-interest-bearing
(average for the financial year)
Gearing, %
Interest -bearing liabilities - cash and cash equivalents
x 100
Total equity
Equity ratio, %
Total equity
x 100
Total assets - advances received
Dividend / earnings, %
Dividend (capital repayment) per share
x 100
Earnings per share
Effective dividend yield, %
Dividend (capital repayment) per share
x 100
Market value per share on the last day of the financial year
Price / Earnings
Market value per share on the last day of the financial year
Earnings per share
Earnings per share, basic
Profit for the period attributable to the owners of the parent
company divided by the weighted average number of shares in
issue.
Earnings per share, diluted
Profit for the period attributable to the owners of the parent
company divided by the weighted average number of shares in
issue, taking into consideration the possible impact of the Group’s
management’s long-term incentive plan.
Earnings per share,
comparable
Profit for the period attributable to the owners of the parent
company excluding amortization from fair value adjustments
related to acquisitions and their tax impact, divided by the
weighted average number of shares in issue.
Gross investments
Gross investments are fixed asset acquisitions with long-term
effect, from which no sales of property or disposal of business have
been deducted. As a general rule, fixed assets comprise property,
plant and equipment and intangible assets.
FORMULAS FOR KEY FIGURES
Board of Directors’ Report
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Enento Group Financial Review 2024 | 23
EUR thousand Note 1.1.–31.12.2024 1.1.–31.12.2023
Net sales 2.1 150 379 155 900
Other operating income 2.2 82 399
Materials and services 2.2 -27 705 -26 623
Personnel expenses 2.2 -38 167 -40 104
Work performed by the entity and capitalized 2 837 3 197
Total personnel expenses -35 330 -36 907
Other operating expenses 2.2 -40 985 -41 714
Depreciation, amortization and impairment 2.3 -21 856 -20 638
Operating profit 24 585 30 418
Share of results of associated companies 5.4 -457 -755
Impairment of associated companies 5.4 -1 620 -
Finance income 2.4 1 294 534
Finance expenses 2.4 -8 038 -7 952
Finance income and expenses -6 744 -7 418
Profit before income tax 15 764 22 246
Income tax expense 2.5 -3 611 -4 683
Profit for the financial year 12 153 17 563
Consolidated Statement of Comprehensive Income
Enento Group Financial Review 2024 | 25
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Note 1.1.–31.12.2024 1.1.–31.12.2023
Items that may be reclassified to profit or loss:
Translation differences on foreign units
-8 406 -21
Hedging of net investments made in foreign units
Income tax relating to these items
-372 27
-6 916 -130
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations 4.6 -358 -360
Income tax relating to these items
-285 -281
Other comprehensive income for the financial year, net of tax -7 200 -410
Total comprehensive income for the financial year 4 953 17 153
Profit attributable to:
Owners of the parent company 12 153 17 563
Total comprehensive income attributable to:
Owners of the parent company 4 953 17 153
Earnings per share attributable to the owners of
the parent during the financial year:
Basic, EUR
2.6
Diluted, EUR
2.6
Enento Group Financial Review 2024 | 26
Board of Directors’ Report
Financial Statements
Governance
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Consolidated Statement Of Financial Position
EUR thousand Note 31.12.2024 31.12.2023
ASSETS
Non-current assets
Goodwill 3.2 335 598 340 873
Other intangible assets 3.2 78 516 88 675
Property, plant and equipment 3.3 962 1 845
Right-of-use assets 3.3 6 533 8 608
Investments in associated companies 5.4 990 3 164
Financial assets and other receivables 4.4 119 128
Total non-current assets 422 717 443 293
Current assets
Account and other receivables 3.4 25 575 29 695
Cash and cash equivalents 4.4 11 349 17 350
Total current assets 36 924 47 045
Total assets 459 641 490 337
EUR thousand Note 31.12.2024 31.12.2023
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital 4.3 80 80
Invested unrestricted equity reserve 4.3 239 836 241 191
Translation differences -21 108 -14 193
Retained earnings 4.3 44 376 55 849
Equity attributable to owners of the parent 263 183 282 927
Share of equity held by non-controlling interest 0 0
Total equity 263 183 282 927
Provisions 3.6 604 354
Liabilities
Non-current liabilities
Financial liabilities 4.4 150 840 154 425
Deferred tax liabilities 3.8 12 897 15 619
Total non-current liabilities 163 737 170 044
Current liabilities
Financial liabilities
1
Advances received 3.7 10 199 10 088
Account and other payables 3.7 17 248 22 233
Total current liabilities 32 116 37 012
Total liabilities 195 854 207 056
Total equity and liabilities 459 641 490 337
1
As of 2024 accrued interest expenses has been reclassified from account and other payables to current financial liabilities. Reference period 2023 has been adjusted accordingly.
Enento Group Financial Review 2024 | 27
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Consolidated Statement of Changes In Equity
Attributable to owners of the parent
EUR thousand Share capital
Invested
unrestricted
equity reserve
Translation
differences
Retained
earnings Total
Share of equity
held by non-
controlling
interest Total equity
Equity at 1.1.2024 80 241 191 -14 193 55 849 282 927 0 282 927
Profit for the period - - - 12 153 12 153 - 12 153
Other comprehensive income for the period
Translation differences - - -8 406 - -8 406 - -8 406
Hedging of net investments - - 1 862 - 1 862 - 1 862
Income tax relating to these items - - -372 - -372 - -372
Items that may be reclassified to profit or loss - - -6 916 - -6 916 - -6 916
Defined benefit plans - - - -358 -358 - -358
Income tax relating to these items - - - 74 74 - 74
Items that will not be reclassified to profit or loss - - - -285 -285 - -285
Other comprehensive income for the period, net of tax - - -6 916 -285 -7 200 - -7 200
Total comprehensive income for the period - - -6 916 11 869 4 953 - 4 953
Transactions with owners
Distribution of funds - - - -23 693 -23 693 - -23 693
Management’s incentive plan - - - 350 350 - 350
Purchases of own shares - -1 355 - - -1 355 - -1 355
Equity at 31.12.2024 80 239 836 -21 108 44 376 263 183 0 263 183
Enento Group Financial Review 2024 | 28
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Attributable to owners of the parent
EUR thousand Share capital
Invested
unrestricted
equity reserve
Translation
differences
Retained
earnings Total
Share of equity
held by non-
controlling
interest Total equity
Equity at 1.1.2023 80 270 499 -14 063 38 344 294 859 0 294 860
Profit for the period - - - 17 563 17 563 - 17 563
Other comprehensive income for the period
Translation differences - - -21 - -21 - -21
Hedging of net investments - - -136 - -136 - -136
Income tax relating to these items - - 27 - 27 - 27
Items that may be reclassified to profit or loss - - -130 - -130 - -130
Defined benefit plans - - - -360 -360 - -360
Income tax relating to these items - - - 79 79 - 79
Items that will not be reclassified to profit or loss - - - -281 -281 - -281
Other comprehensive income for the period, net of tax - - -130 -281 -410 - -410
Total comprehensive income for the period - - -130 17 282 17 153 - 17 153
Transactions with owners
Distribution of funds - -24 035 - - -24 035 - -24 035
Management’s incentive plan - - - 223 223 - 223
Purchases of own shares - -5 273 - - -5 273 - -5 273
Equity at 31.12.2023 80 241 191 -14 193 55 849 282 927 0 282 927
Enento Group Financial Review 2024 | 29
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Consolidated Statement of Cash Flows
EUR thousand Note 1.1.–31.12.2024 1.1.–31.12.2023
Cash flow from operating activities
Profit before income tax 15 764 22 246
Adjustments:
Depreciation, amortization and impairment 2.3 21 856 20 638
Finance income and expenses 2.4 8 821 8 172
Profit (-) / loss (+) on disposal of property,
plant and equipment
-34 -239
Change in provisions 261 284
Management’s incentive plan 5.2 350 223
Other adjustments -393 -169
Cash flows before change in working capital 46 624 51 156
Change in working capital:
Increase (-) / decrease (+) in account
and other receivables
Increase (+) / decrease (-) in account
and other payables
-3 415 1 689
Change in working capital 155 995
Interest and other financial expenses paid 2.4 -8 655 -6 591
Interest and other financial income received 2.4 985 358
Income taxes paid 2.5 -6 442 -9 115
Cash flow from operating activities 32 668 36 804
EUR thousand Note 1.1.–31.12.2024 1.1.–31.12.2023
Cash flows from investing activities
Purchases of property, plant and equipment 3.3 -417 -1 455
Purchases of intangible assets 3.2 -9 180 -9 625
Proceeds from sale of property,
plant and equipment
Proceeds from sale of intangible assets 0 1 407
Non-current receivables 6 -
Cash flows from investing activities -9 532 -9 194
Cash flows from financing activities
Purchase of own shares -2 150 -4 650
Repayments of interest-bearing liabilities 4.4 -2 649 -2 127
Dividends paid and other profit distribution 4.3 -23 693 -24 035
Cash flows from financing activities -28 492 -30 811
Net increase/decrease in cash
and cash equivalents
-5 356 -3 201
Cash and cash equivalents at beginning of
the financial year
Net change in cash and cash equivalents -5 356 -3 201
Translation differences of cash
and cash equivalents
-645 -233
Cash and cash equivalents at end of
the financial year
Enento Group Financial Review 2024 | 30
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Parent Company Income Statement (FAS)
EUR Note
1.1.–31.12.2024
1.1.–31.12.2023
Net sales 2 1 073 362,62 1 375 014,73
Other operating income 0 0
Personnel expenses 3 -1 284 827,81 -1 405 846,17
Other operating expenses 4 -2 357 649,58 -2 964 501,22
Operating loss -2 569 114,77 -2 995 332,66
Finance income and expenses
Income from group undertakings 5 15 564 286,04 10 637 826,00
Other interest and finance income 5 2 813 226,27 256 533,87
Interest expenses and other finance expenses 5 -8 101 735,09 -8 057 051,38
Impairment in non-current assets 5 -2 285 525,00 -2 360 588,20
Total finance income and expenses 7 990 252,22 476 720,29
Profit (loss) before appropriations and taxes 5 421 137,45 -2 518 612,37
Appropriations
Group contributions 6 24 060 865,76 26 251 937,28
Income tax expense 7 -3 242 523,46 -3 096 023,50
Profit for the financial year 26 239 479,74 20 637 301,42
Enento Group Financial Review 2024 | 60
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Parent Company Balance Sheet (FAS)
EUR Note
31.12.2024
31.12.2023
ASSETS
Non-current assets
Investments 8 545 887 086,41 548 172 611,41
Total non-current assets 545 887 086,41 548 172 611,41
Current assets
Long-term receivables 9 898 860,26 581 327,59
Short-term receivables 10 24 430 846,82 26 689 287,30
Cash in hand and at banks 8 612 003,94 13 702 369,21
Total current assets 33 941 711,02 40 972 984,10
Total assets 579 828 797,43 589 145 595,51
Enento Group Financial Review 2024 | 61
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
EUR Note
31.12.2024
31.12.2023
EQUITY AND LIABILITIES
Shareholders’ equity
Share capital 11 80 000,00 80 000,00
Invested unrestricted equity reserve 11 257 532 693,78 258 887 340,74
Retained earnings 11 112 284 779,29 115 340 199,37
Profit for the financial year 26 239 479,74 20 637 301,42
Total equity 396 136 952,81 394 944 841,53
Liabilities
Non-current liabilities
Loans from financial institutions 146 928 527,87 148 790 917,80
Total non-current liabilities 146 928 527,87 148 790 917,80
Current liabilities
Accounts payable 12 143 097,41 770 670,39
Payables to Group companies 12 34 002 454,33 40 760 061,34
Other liabilities 12 21 391,43 54 613,92
Accrued expenses 12 2 596 373,58 3 824 490,53
Total current liabilities 36 763 316,75 45 409 836,18
Total liabilities 183 691 844,62 194 200 753,98
Total equity and liabilities 579 828 797,43 589 145 595,51
Enento Group Financial Review 2024 | 62
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Governance
For Shareholders
EUR Note
1.1.–31.12.2024
1.1.–31.12.2023
Cash flow from operating activities
Loss before appropriations and taxes 5 421 137,45 -2 518 612,37
Adjustments:
Impairment in non-current assets 2 285 525,00 2 360 588,20
Finance income and expenses 5 -10 275 777,22 -2 837 308,49
Cash flows before change in working capital -2 569 114,77 -2 995 332,66
Change in working capital:
Increase (-) / decrease (+) in account and other receivables 73 163,05 231 145,37
Increase (+) / decrease (-) in account and other payables -647 929,40 -91 873,35
Change in working capital -574 766,35 139 272,02
Paid interest and other financing expenses 5 -9 077 082,53 -6 244 789,56
Dividends received 5 15 564 286,04 10 637 826,00
Interest and other finance income received 5 438 915,08 256 533,87
Income taxes paid 7 -3 319 564,54 -5 323 619,92
Cash flow from operating activities 462 672,93 -3 530 110,25
Cash flows from financing activities
Repayments of short-term borrowings -6 757 607,01 -
Proceeds from short-term borrowings - 3 921 250,79
Group contributions received 6 26 251 937,28 26 004 141,49
Dividends paid and purchases of own shares 11 -25 047 368,46 -29 307 909,48
Cash flows from financing activities -5 553 038,19 617 482,80
Net increase (+) / decrease (-) in cash and cash equivalents -5 090 365,26 -2 912 627,45
Cash and cash equivalents at beginning of the financial year 13 702 369,20 16 614 996,65
Cash and cash equivalents at end of the financial year 8 612 003,94 13 702 369,20
Parent company statement of cash flows (FAS)
Enento Group Financial Review 2024 | 63
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Notes to the Parent Company Financial Statements
1 Accounting principles
Enento Group Plc is a Finnish limited liability company and
the parent company of Enento Group. The Company listed its
shares on the main list of Nasdaq Helsinki Ltd on 31 March 2015.
Enento Group Plc’s financial statements have been prepared in
accordance with the accounting principles based on the Finn-
ish accounting legislation (FAS).
1.1 Valuation principles
FINANCIAL INSTRUMENTS
The fees paid on draw-down loans have been entered in
accrued income. These will be discharged as financial expenses
on the basis of time in equal proportions. At the time of loan
amortization the respective share of the remaining fees in the
balance sheet will be entered as expenses.
DEFERRED TAX ASSETS
Deferred tax assets are calculated on the temporary differ-
ences between taxation and the financial statement using the
tax rates effective for future years confirmed on the balance
sheet date. The balance sheet includes the deferred tax assets
at their estimate realisable amount.
1.2 Items denominated in foreign currencies
Transactions in foreign currencies are entered at the exchange
rates prevailing at the transaction dates. The unsettled
balances on foreign currency receivables and liabilities are
converted into euros at the rates of exchange prevailing at the
end of the financial year.
1.3 Cash pooling arrangement
To facilitate efficient cash management in the Group, Enento
Group Plc has implemented a multi-currency cash pool
arrangement with Danske Bank A/S. The subsidiaries’ bank
accounts in Danske Bank have been included as member
accounts in the arrangement. The positive balances of the
subsidiaries’ member accounts are shown in the balance sheet
item “Payables to Group companies” and negative balances in
the balance sheet item “Receivables from Group companies”.
2 Net sales
NET SALES BY MARKET AREA
EUR
1.1.–31.12.2024 1.1.–31.12.2023
Finland 505 488,06 638 917,91
Sweden 498 745,65 656 743,49
Other countries 69 128,91 79 353,33
Total 1 073 362,62 1 375 014,73
Net sales consist of management fees from Group companies.
3 Personnel expenses
EUR
1.1.–31.12.2024 1.1.–31.12.2023
Salaries and benefits -1 125 869,27 -1 227 746,07
Pension expenses -145 069,52 -158 060,22
Other social security expenses -13 889,02 -20 039,88
Total -1 284 827,81 -1 405 846,17
The pension provision for the personnel is arranged at Elo
Mutual Pension Insurance Company.
SALARIES AND BENEFITS OF THE MANAGEMENT
EUR
1.1.–31.12.2024 1.1.–31.12.2023
Board members and CEO -547 500,15 -470 962,43
Total -547 500,15 -470 962,43
The salaries and benefits paid to the management are itemised
in more detail in the notes to the consolidated financial state-
ments, in note 5.1 Management remuneration.
NUMBER OF PERSONNEL ON AVERAGE
Employees
1.1.–31.12.2024 1.1.–31.12.2023
Full time 8 8
Part time and temporary - -
Total 8 8
4 Other operating expenses
EUR
1.1.–31.12.2024 1.1.–31.12.2023
Other employment expenses -150 131,40 -148 590,64
Expenses related to premises -12 536,50 -52 234,08
Marketing expenses -108 879,91 -101 209,96
Office expenses -235 035,07 -817 672,68
IT expenses -266 584,20 -198 372,74
Purchased services -1 369 283,20 -1 495 678,10
Other expenses -215 199,30 -150 743,02
Total -2 357 649,58 -2 964 501,22
Enento Group Financial Review 2024 | 64
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Governance
For Shareholders
AUDITOR’S FEES
EUR
1.1.–31.12.2024 1.1.–31.12.2023
PricewaterhouseCoopers Oy
Statutory fees -123 640,00 -109 443,00
Other services -10 067,05 -
Total -133 707,05 -109 443,00
5 Finance income and expenses
EUR
1.1.–31.12.2024 1.1.–31.12.2023
Income from group undertakings
Dividends 15 564 286,04 10 637 826,00
Other interest and finance income
Interest income
From Group companies 265,42 18 416,45
From parties outside the Group 361 895,57 238 117,42
Other finance income
From parties outside the Group 2 451 065,28 -
Total finance income 18 377 512,31 10 894 359,87
Interest expenses and other finance
expenses
Interest expenses
To Group companies -489 206,87 -623 993,06
to parties outside the Group -7 350 688,59 -6 401 284,82
Other finance expenses
to parties outside the Group -261 839,63 -1 031 773,50
Impairment in non-current assets -2 285 525,00 -2 360 588,20
Total finance expenses -10 387 260,09 -10 417 639,58
Total 7 990 252,22 476 720,29
6 Appropriations
EUR
1.1.–31.12.2024 1.1.–31.12.2023
Group contributions received 24 060 865,76 26 251 937,28
Total 26 251 937,28 26 251 937,28
7 Income tax expenses
EUR
1.1.–31.12.2024 1.1.–31.12.2023
On business operations -3 581 015,59 -3 096 023,50
Change in deferred tax asset 338 492,13 324 683,50
Total -3 242 523,46 -2 771 340,00
8 Investments
EUR
31.12.2024 31.12.2023
Shares in Group companies
Cost at 1.1. 544 896 936,41 544 896 936,41
Additions - -
Cost at 31.12. 544 896 936,41 544 896 936,41
Shares in associated companies
Cost at 1.1. 3 275 675,00 5 636 263,20
Additions - -
Impairment -2 285 525,00 -2 360 588,20
Cost at 31.12. 990 150,00 3 275 675,00
Net book value at 1.1. 548 172 611,41 550 533 199,61
Net book value at 31.12. 545 887 086,41 548 172 611,41
31.12.2024 31.12.2023
Group companies Ownership (%) Ownership (%)
Suomen Asiakastieto Oy, Helsinki 100 100
Emaileri Oy, Turku 100 100
UC AB, Stockholm 99,99 99,99
UC Affärsinformation AB, Stockholm 100 100
Proff AS, Oslo 100 100
Proff ApS, Frederiksberg 100 100
Associated companies
Goava Sales Intelligence Ab,
Stockholm
45,5 48,2
All the group companies have been consolidated to the Parent
Company’s consolidated financial statements. A specification
of the Group companies is included in note 5.3 to the consoli-
dated financial statements.
9 Long-term receivables
EUR
1.1.–31.12.2024 1.1.–31.12.2023
Deferred tax assets
From non-deductible net interest
expenses
663 175,63 324 683,50
Total deferred tax assets 663 175,63 324 683,50
Prepaid expenses and accrued income
Financial expenses periodised 235 684,63 256 644,09
Total prepaid expenses and accrued
income
235 684,63 256 644,09
Total 898 860,26 581 327,59
Enento Group Financial Review 2024 | 65
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Governance
For Shareholders
10 Short-term receivables
EUR
31.12.2024 31.12.2023
Receivables from Group companies
Accounts receivable - -
Prepaid expenses and accrued
income
Group contribution 24 060 865,76 26 251 937,28
Total receivables from Group
companies
24 060 865,76 26 251 937,28
Other receivables 13 149,42 144 794,30
Prepaid expenses and accrued income
Financial expenses periodised 162 176,31 156 382,22
Other periodised expenses 194 655,33 136 173,50
Total prepaid expenses and accrued
income
356 831,64 292 555,72
Total 24 430 846,82 26 689 287,30
11 Equity
EUR
31.12.2024 31.12.2023
Share capital at 1.1. 80 000,00 80 000,00
Share capital at 31.12. 80 000,00 80 000,00
Total restricted shareholders’ equity 80 000,00 80 000,00
Invested unrestricted equity reserve
at 1.1.
258 887 340,74 288 195 250,22
Capital repayment - -24 034 856,00
Purchase of own shares -1 354 646,96 -5 273 053,48
Total invested unrestricted equity
reserve at 31.12.
257 532 693,78 258 887 340,74
Retained profit at 1.1. 135 977 500,79 115 340 199,37
Distribution of dividend -23 692 721,50 -
Total retained profit at 31.12. 112 284 779,29 115 340 199,37
Profit for the financial year 26 239 479,74 20 637 301,42
Total unrestricted shareholders’ equity 396 056 952,81 394 864 841,53
Total equity 396 136 952,81 394 944 841,53
DISTRIBUTABLE FUNDS
EUR
31.12.2024 31.12.2023
Invested unrestricted equity reserve 257 532 693,78 258 887 340,74
Retained profit 112 284 779,29 115 340 199,37
Profit for the financial year 26 239 479,74 20 637 301,42
Total 396 056 952,81 394 864 841,53
12 Current liabilities
PAYABLES TO GROUP COMPANIES
EUR
31.12.2024 31.12.2023
Accounts payable - -
Other liabilities 34 002 454,33 40 760 061,34
Total 34 002 454,33 40 760 061,34
OTHER CURRENT LIABILITIES
EUR
31.12.2024 31.12.2023
Accrued expenses
Holiday pay liabilities 153 779,89 137 725,12
Other accrued personnel expenses 324 429,75 332 213,20
Interest expenses 1 498 278,33 2 097 563,43
Taxes 591 415,59 329 964,54
Other 28 470,02 927 024,24
Total accrued expenses 2 596 373,58 3 824 490,53
Other liabilities
Other 21 391,43 54 613,92
Total other liabilities 21 391,43 54 613,92
Accounts payable 143 097,41 770 670,39
Total other current liabilities 143 097,41 770 670,39
Total 36 763 316,75 45 409 836,18
13 Leasing liabilities
EUR
31.12.2024 31.12.2023
Leasing liabilities
Due within the next financial year 21 968,52 21 968,52
Due later 16 214,84 38 183,36
Total 38 183,36 60 151,88
Enento Group Financial Review 2024 | 66
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
At the end of the financial year 2024, distributable funds of the
Group’s parent company amounted to EUR 396 056 952,81, of
which the profit for the financial year was EUR 26 239 479,74. The
Board of Directors proposes that a dividend of EUR 0,50 per
share be paid for the financial year ended 31 December 2024
(totalling EUR 11 834 645,00 based on the Group’s registered
total number of shares at the time of the proposal, notwith-
standing shares held in treasury). The dividend will be paid to
a shareholder registered in the Group’s shareholders’ register
held by Euroclear Finland Oy on the payment record date of
26 March 2025. The Board of Directors proposes that the funds
be paid on 8 April 2025.
The Board of Directors further proposes that the Annual
General Meeting authorises the Board, at its discretion, to
resolve on the distribution of an additional dividend up to a
maximum of EUR 0,50 per share (totalling EUR 11 834 645,00
based on the Company’s registered total number of shares at
the time of the proposal, notwithstanding shares held in trea-
sury). It is the intention of the Board of Directors that the divi-
dend payment pursuant to this authorisation would be carried
out in November 2025. The Company will separately publish
resolutions of the Board of Directors on the dividend payment
and confirm the record and payment dates in connection with
such resolutions. The additional dividend to be paid based on
the authorisation would be paid to a shareholder who on the
payment record date in question is recorded in the Company’s
shareholders’ register maintained by Euroclear Finland Oy. The
Board of Directors proposes that the authorisation includes the
right for the Board of Directors to decide on all other terms
and conditions related to the dividend payment. The Board
may also decide not to use this authorisation. The authorisation
is proposed to remain in effect until the next Annual General
Meeting.
Board’s proposal for the distribution of funds
After the financial year there are no material changes in the
Company’s financial position. The Company’s liquidity is good
and, based on the Board of Directors’ view, the proposed distri-
bution of profits does not compromise the Company’s liquidity.
Enento Group Financial Review 2024 | 67
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Signatures to the Financial Statements
The report of the audit has been submitted today.
Helsinki, 14 February 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Helsinki, 14 February 2025
Auditor’s Note
Mikko Nieminen
Authorised Public Accountant
Patrick Lapveteläinen
Chairperson of the Board
Martin Johansson
Member of the Board
Tiina Kuusisto
Member of the Board
Erik Forsberg
Member of the Board
Minna Parhiala
Member of the Board
Nora Kerppola
Member of the Board
Markus Ehrnrooth
Member of the Board
Jeanette Jäger
CEO
Enento Group Financial Review 2024 | 68
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Financial Statements
Governance
For Shareholders
TO THE ANNUAL GENERAL MEETING OF ENENTO GROUP OYJ
Report on the Audit of the Financial
Statements
Opinion
In our opinion
• the consolidated financial statements give a true and fair
view of the group’s financial position, financial performance
and cash flows in accordance with IFRS Accounting
Standards 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 to the Audit
Committee.
WHAT WE HAVE AUDITED
We have audited the financial statements of Enento Group
Oyj (business identity code 2194007-7) for the year ended 31
December 2024. The financial statements comprise:
• the consolidated balance sheet, statement of
comprehensive income, statement of changes in equity,
statement of cash flows and notes, which include material
accounting policy information and other explanatory
information
• the parent company’s balance sheet, income statement,
cash flow statement and notes.
Auditor’s Report
Basis for Opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good auditing
practice are further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
INDEPENDENCE
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our audit, and
we have fulfilled our other ethical responsibilities in accordance
with these requirements.
To the best of our knowledge and belief, the non-audit services
that we have provided to the parent company and group
companies are in accordance with the applicable law and
regulations in Finland and we have not provided non-audit
services that are prohibited under Article 5(1) of Regulation (EU)
No 537/2014. The non-audit services that we have provided are
disclosed in note 2.2 to the Financial Statements.
Our Audit Approach
OVERVIEW
Materiality
• Overall group materiality: € 1,5 million, which represents
approximately 1% of net sales.
Audit Scope
• The group audit scope includes all significant legal entities
in Finland and Nordic countries, covering the vast majority
of revenues, assets and liabilities of the group.
Key Audit Matters
• Goodwill: Goodwill in Enento Group’s consolidated
statement of financial position was € 335 598 thousand
which is approximately 73% of the total assets of € 459 641
thousand. We have tested the impairment assessment
and assessed the appropriateness of the estimates used
by Group’s management in their impairment assessment
• Net sales: Enento Group’s net sales in the financial year
2024 amounted to € 150 379 thousand. There is a risk in
revenue recognition that revenue accounted for in the
financial statements are not real or revenue has been
recognised in incorrect amount or in incorrect accounting
period, whether caused by fraud or error. We have
tested revenue recognition principles as well as revenue
transactions in order to respond to risks in revenue
recognition.
As part of designing our audit, we determined materiality and
assessed the risks of material misstatement in the financial
statements. In particular, we considered where management
made subjective judgements; for example, in respect of signif-
icant accounting estimates that involved making assumptions
and considering future events that are inherently uncertain.
MATERIALITY
The scope of our audit was influenced by our application of
materiality. An audit is designed to obtain reasonable assur-
ance whether the financial statements are free from material
misstatement. Misstatements may arise due to fraud or error.
They are considered material if individually or in aggregate,
they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial state-
ments.
Enento Group Financial Review 2024 | 69
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Financial Statements
Governance
For Shareholders
Based on our professional judgement, we determined certain
quantitative thresholds for materiality, including the overall
group materiality for the consolidated financial statements
as set out in the table below. These, together with qualitative
considerations, helped us to determine the scope of our audit
and the nature, timing and extent of our audit procedures and
to evaluate the effect of misstatements on the financial state-
ments as a whole.
Overall group materiality
€ 1,5 million (previous year € 1,5 million)
How we determined it
Approximately 1% of net sales.
Rationale for the materiality benchmark applied
We chose net sales as the benchmark because, in our view, it
is a stable and an important benchmark in the group’s current
situation, against which the performance of the group is
measured by users of the financial statements. As the group’s
profitability has not been stable, net sales is also a generally
accepted benchmark. We chose 1% which is within the range
of acceptable quantitative materiality thresholds in auditing
standards.
HOW WE TAILORED OUR GROUP AUDIT SCOPE
We tailored the scope of our audit, taking into account the
structure of the Enento Group, the accounting processes and
controls, and the industry in which the group operates.
The group audit scope included the group parent company
and all subsidiaries to the parent company.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the finan-
cial statements of the current period. These matters were
addressed in the context of our audit of the financial state-
ments as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
As in all of our audits, we also addressed the risk of manage-
ment override of internal controls, including among other
matters consideration of whether there was evidence of bias
that represented a risk of material misstatement due to fraud.
Enento Group Financial Review 2024 | 70
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Financial Statements
Governance
For Shareholders
Key audit matter in the audit of the group How our audit addressed the key audit matter
GOODWILL
NET SALES
Refer to note 2.1 of the financial statements
Refer to note 3.2 of the financial statements
The Group’s goodwill amounted to € 335 598 thousand as at 31 December 2024 which is approximately
73% of total assets € 459 641 thousand. Goodwill is material to the consolidated financial statements. The
Group’s management uses significant judgement when assessing future estimated cash flows.
For the purpose of impairment testing, the recoverable amount of the Group’s three cash-generating
units have been determined based on value-in-use calculations which require the use of estimates.
These calculations use cash flow projections based on financial estimates approved by the manage-
ment covering a four-year period. Cash flows beyond the four-year period are extrapolated using the
estimated growth rates.
Key parameters in the projections are the development of net sales and key cost items as well as long-
term growth rate and discount rate. Management has performed a sensitivity analysis around the key
parameters of the goodwill allocated to each cash generating units in which the combined effect of
changes in the parameters is tested.
Enento Group provides information services. The majority of revenue is transaction based generated from
the delivery of individual pieces or bundles of credit, business and market information. The information is
processed or refined by the Group and made available to the customers mainly through online facilities.
Revenue is recognised at the point in time when the performance obligation is satisfied by the delivery
of information or over time depending on performance obligation to be satisfied. The Group recognises
as revenue transaction price to which Enento Group expects to be entitled in exchange for transferring
goods and services to customer.
There is a risk in revenue recognition that revenue accounted for in the financial statements are not real
or revenue has been recognised in incorrect amount or in incorrect accounting period, whether caused
by fraud or error. The Company aims to ensure by its internal processes and controls that revenue recog-
nition in the financial statements is materially correct.
We assessed and tested the effectiveness of sales process key controls. We also tested revenue trans-
actions by using computer assisted audit techniques and by substantive testing procedures in order to
respond to risk of fraud in revenue recognition and to the risk that recognised revenue is not real or has
been recognised incorrectly. We also tested that revenue transactions have been accounted for in the
correct financial period.
We audited journal entries related to revenue. In addition, we have performed analytical procedures to
respond to risk of material misstatement in the financial statements.
We tested the cash flow estimates prepared by the Group’s management for years 2025-2027 as well
as the determination of the discount rate used. We compared the used cash flow estimates to financial
budgets and projections prepared by the management and approved by the board to verify that cash
flow estimates used in the assessment are not greater than the financial budget. We assessed the reason-
abless and consistency of estimated profitability levels to approved financial budgets and cash flow
estimates. We compared estimated growth rates used in the cash flow estimates to the Group’s historic
growth and tested mathematical accuracy of these cash flow estimates. We assessed appropriateness
of the discount rate used in the calculations and tested the mathematical accuracy of the discount rate
calculations.
We tested the sensitivity analysis prepared by management in order to ascertain the combined effect of
changes in key parameters that would lead to impairment. We tested the mathematical accuracy of the
sensitivity analysis related to the goodwill impairment assessment.
We have no key audit matters to report with respect to our audit of the parent company financial statements.
re are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to the consolidated financial statements or the parent company financial statements.
Enento Group Financial Review 2024 | 71
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Responsibilities of the Board of Directors and the
Managing Director for the Financial Statements
The Board of Directors and the Managing Director are respon-
sible for the preparation of consolidated financial statements
that give a true and fair view in accordance with IFRS Account-
ing Standards as adopted by the EU, and of financial state-
ments that give a true and fair view in accordance with the
laws and regulations governing the preparation of financial
statements in Finland and comply with statutory requirements.
The Board of Directors and the Managing Director are also
responsible for such internal control as they determine is neces-
sary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors
and the Managing Director are responsible for assessing the
parent company’s and the group’s ability to continue as a
going concern, disclosing, as applicable, matters relating to
going concern and using the going concern basis of account-
ing. The financial statements are prepared using the going
concern basis of accounting unless there is an intention to liqui-
date the parent company or the group or to cease operations,
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
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 assurance, but is not a guaran-
tee that an audit conducted in accordance with good audit-
ing practice will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic deci-
sions of users taken on the basis of these financial statements.
As part of an audit in accordance with good auditing practice,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of the Board of
Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant
doubt on the parent company’s or the group’s 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 report to the related disclosures
in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions
may cause the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events so that the financial statements
give a true and fair view.
• Plan and perform the group audit to obtain sufficient
appropriate audit evidence regarding the financial
information of the entities or business units within the
group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction,
supervision and review of the audit work performed for
purposes of the group audit. We remain solely responsible
for our audit opinion.
We communicate with those charged with governance regard-
ing, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a state-
ment that we have complied with relevant ethical requirements
regarding independence, and to communicate with them
all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
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 expected to outweigh the public interest benefits of such
communication.
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Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Other Reporting Requirements
Appointment
We have been acting as auditors appointed by the annual
general meeting since 5.5.2008. Our appointment represents a
total period of uninterrupted engagement of 17 years. Autho-
rised Public Accountant (KHT) Mikko Nieminen has acted as the
responsible auditor since 25th of March 2024, which represents
a total period of uninterrupted engagement of 1 year. Enento
Group Oyj became a public interest entity on 31.3.2015 as a
result of the initial public offering.
Other Information
The Board of Directors and the Managing Director are respon-
sible for the other information. The other information comprises
the report of the Board of Directors and the information
included in the Annual Report, but does not include the finan-
cial statements and our auditor’s report thereon. We have
obtained the report of the Board of Directors prior to the date
of this auditor’s report and the Annual Report is expected to be
made available to us after that date.
Our opinion on the financial statements does not cover the
other information.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above
and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be
materially misstated. With respect to the report of the Board of
Directors, our responsibility also includes considering whether
the report of the Board of Directors has been prepared in
compliance with the applicable provisions.
In our opinion
• the information in the report of the Board of Directors is
consistent with the information in the financial statements
• the report of the Board of Directors has been prepared in
compliance with the applicable provisions.
If, based on the work we have performed on the other informa-
tion that we obtained prior to the date of this auditor’s report,
we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have noth-
ing to report in this regard.
Helsinki
PricewaterhouseCoopers Oy
Authorised Public Accountants
Mikko Nieminen
Authorised Public Accountant (KHT)
Enento Group Financial Review 2024 | 73
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Financial Statements
Governance
For Shareholders
Enento Group Plc (the “Company” or “Enento”) is a Finnish public
limited liability company. The parent company of the Group is
Enento Group Plc, the domicile is Helsinki, Finland. The shares
of the Company are listed on Nasdaq Helsinki Ltd starting from
31 March 2015.
The Company’s governance is subject to the Finnish Compa-
nies Act, the Finnish Securities Markets Act, the Accounting Act,
the rules of Nasdaq Helsinki Ltd as well as the Company’s Arti-
cles of Association. In addition, Enento complies fully with the
Finnish Corporate Governance Code issued by the Securities
Market Association in 2025 (the “CG Code”). The CG Code is
available at www.cgfinland.fi.
This Company’s Corporate Governance Statement is published
separately from the Board of Directors’ report.
The Company’s governance is organised through the General
Meeting, the Board of Directors and the Chief Executive Officer.
Further, the Company has an Executive Management Team led
by the Chief Executive Officer.
General Meeting
The General Meeting is Enento’s highest decision-making body,
which normally convenes once a year. Its tasks and procedures
are defined in the Finnish Companies’ Act and the Compa-
ny’s Articles of Association. Certain important matters, such as
amending the Articles of Association, approval of the financial
statements, approval of the dividend, election of the members
of the Board of Directors and the auditors fall within the sole
jurisdiction of the General Meeting.
The General Meeting is convened by the Board of Directors. The
Annual General Meeting shall be held within six (6) months of
the end of the financial year. An Extraordinary General Meeting
shall be held whenever the Board of Directors deems neces-
sary, the auditor of the Company or shareholders with at least
10% of the shares so demand in writing in order to deal with a
given matter, or if this is otherwise required by law.
The General Meeting handles the matters presented on the
agenda by the Board of Directors. According to the Finn-
ish Companies Act, a shareholder may also request that his/
her proposal be handled at the next General Meeting. Such
a request shall be made in writing to the Company’s Board of
Directors at the latest on the date specified by the Company
on its website. This date shall be published no later than by the
end of the financial period preceding the general meeting. The
request is always deemed to be on time, if the Board of Direc-
tors has been notified of the request no later than four weeks
before the delivery of the notice of the General Meeting.
According to the Company’s Articles of Association, notices
of the General Meetings shall be published on the Compa-
ny’s website no more than three months before the record date
pursuant to the Limited Liability Companies Act (eight work-
ing days before the General Meeting) and at the latest three
weeks before the General Meeting, however, always at least
nine days before the said record date. In addition, the Board of
Directors may decide to publish the notice in full or in part in an
alternative manner as it deems appropriate. The notice shall
contain information on the Member of the Board of Directors,
their remuneration, the matters to be handled at the General
Meeting and other information required under the Companies
Act and the CG Code.
The notice of the General Meeting, documents to be submitted
to the General Meeting (e.g. financial statements, report by the
Board of Directors, auditor’s report) and the resolution propos-
als to the General Meeting are made available on the Compa-
ny’s website at least three weeks before the General Meeting.
The minutes of the General Meeting are published on the
Company’s website within two weeks after the General Meet-
ing. In addition, the decisions of the General Meeting are also
published by means of a stock exchange release immedi-
ately after the General Meeting. The documents related to the
General Meeting are available on the Company’s website at
least for a period of three months after the General Meeting.
Shareholders may attend a General Meeting either in person
or by proxy. Notification regarding the attendance to a meet-
ing must be made by the date mentioned in the notice to the
General Meeting.
Only shareholders, who are registered in Enento’s sharehold-
ers’ register maintained by Euroclear Finland Ltd on the record
date (i.e. eight working days before the General Meeting) are
entitled to attend a General Meeting. Holders of nominee regis-
tered shares may be registered temporarily in said sharehold-
ers’ register and therefore, they are advised to request from
their custodian banks necessary instructions regarding such
temporary registration and the issuing of proxy documents. A
proxy representative shall produce a dated proxy document
or otherwise in a reliable manner demonstrate his/her right to
represent the shareholder.
The Board of Directors may decide that the shareholders may
participate in the General Meeting by post or telecommunica-
tions or by other technical means.
Corporate Governance Statement 2024
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Financial Statements
Governance
For Shareholders
Enento has one series of shares. Each share has one vote in all
matters dealt with by a General Meeting. A shareholder shall
have the right to vote at the General Meeting, if he/she has
registered to participate in the meeting by the date specified
in the notice to the General Meeting, which date shall not be
earlier than ten days before the meeting. A shareholder may
at the General Meeting vote with different shares in a differ-
ent manner and a shareholder may also vote with only part of
his/her shares. The Articles of Association of Enento include no
redemption clauses or voting limitations.
Most resolutions by the General Meeting require a simple major-
ity of the votes cast at the meeting. In an election, the person
receiving the highest number of votes shall be deemed elected.
The General Meeting may, however, prior to an election, decide
that to be elected, a person shall receive more than half of the
votes cast. However, there are several matters, which according
to the Companies Act require a two-thirds majority of the votes
cast and of the shares represented at the meeting.
All Members of the Board of Directors, the auditor and CEO
shall attend the General Meeting.
The Annual General Meeting was held on 25 March 2024.
Shareholders’ Nomination Board
Based on the proposal by the Board of Directors, the sole
shareholder of the Company resolved on 10 March 2015 to
establish a Shareholders’ Nomination Board for an indefinite
period to prepare proposals to the Annual General Meeting for
the election and remuneration of the members of the Board of
Directors and the remuneration of the Board Committees and
the Nomination Board. According to the Charter of the Share-
holders’ Nomination Board, it shall comprise representatives of
the Company’s three largest shareholders who, on 30 Septem-
ber preceding the next Annual General Meeting, hold the larg-
est number of votes calculated of all shares in the Company
and, in addition, of the Chairperson of the Board of Directors
as expert member.
The right to nominate the shareholder representatives lies with
those three shareholders whose share of all the voting rights in
the Company is on 30 September preceding the next Annual
General Meeting the largest on the basis of the shareholders’
register of the Company held by Euroclear Finland Ltd. However,
holdings by a shareholder who, under the Finnish Securities
Market Act, has the obligation to disclose its shareholdings
(flagging obligation) that are divided into several funds or regis-
ters, will be summed up when calculating the share of all the
voting rights, provided that such shareholder presents a writ-
ten request to that effect to the Chairperson of the Company’s
Board of Directors no later than on 29 September preceding
the next Annual General Meeting.
The aforementioned shareholders appoint, in accordance with
the Charter of the Nomination Board, from the request of the
Chairperson of the Company’s Board of Directors their repre-
sentatives to the Nomination Board after 30 September.
Shareholders’ Nomination Board submits its proposal to the
Board of Directors of the Company at the latest on 31 Janu-
ary preceding the next Annual General Meeting. Sharehold-
ers’ Nomination Board reviews its performance and procedures
once a year and gives out a report of its actions annually. The
report is published in the Corporate Governance Statement.
Principles concerning the diversity of the
Board of Directors
The Company has defined the principles concerning the diver-
sity of the Board of Directors in the following way:
In Enento Group Plc, the proposal concerning the composition
of the Board of Directors is prepared and made to the Annual
general Meeting by the Shareholders’ Nomination Board, which
consists of the representatives of the Company’s three largest
shareholders and of the Chairperson of the Board of Directors
as expert member. When making their proposal for the compo-
sition of the Board of Directors, the Shareholders’ Nomination
Board applies these diversity principles defined by the Company
or the assessment of diversity.
Diversity of the Board of Directors supports the development
of the Company’s business and the achievement of strategic
objectives as well as the promoting of customer insight. The
complementing expertise of the members and experience
in the lines of business essential for the Company (financing,
commerce, information technology) are considered important.
From the point of view of diversity, experience in international
operational environment and international representation are
considered essential. The objective is that both genders be
represented in the Board of Directors. Long-term needs and
adequate turnover shall be taken into account when electing
the members of the Board of Directors.
Realization of diversity of the Board of
Directors
At the moment (2024), the Company’s Board of Directors
consists of seven members, two of whom are foreign nationals.
The members are experienced in Board duties in various types
of companies. Of the members of the Board of Directors, one
person was nominated in the general meeting in 2016; and one
person became members of the Board of Directors in connec-
tion with the completion of the acquisition of UC AB in 2018.
One person has been nominated by the general meeting in
2019, one in 2020, one in 2021, one in 2023 and one in 2024. Both
genders are represented in the Company’s Board of Directors.
Enento Group Financial Review 2024 | 76
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Financial Statements
Governance
For Shareholders
These principles and the realization of diversity are presented
as part of the Company’s corporate governance.
Report of the actions of the
Shareholders’ Nomination Board in 2024
GENERAL
The Company’s sole shareholder (before the Company’s listing
on the stock exchange) decided on 10 March 2015 to found the
Shareholders’ Nomination Board to prepare the proposals to
the Annual General Meeting for the selection and remuneration
of Board members and the remuneration of the Board commit-
tees and the Nomination Board. The term of the Nomination
Board is until next Annual General Meeting.
The three largest shareholders according to the share regis-
ter at 30 September 2024 were Otava Oy, Mandatum Oy and
Skandinaviska Enskilda Banken Ab (publ.).
The companies appointed Alexander Lindholm (Otava Oy),
Petri Niemisvirta (Mandatum Oy), and Mats Torstendahl (Skan-
dinaviska Enskilda Banken AB (publ)) as members of the Nomi-
nation Board. Patrick Lapveteläinen is an expert member of the
Nomination Board as the Chairperson of the Board of Directors.
PERSONAL DETAILS ON THE SHAREHOLDERS NOMINATION
BOARD MEMBERS ARE SET FORTH IN THE TABLE BELOW:
Name Occupation
Lindholm Alexander Otava Oy, CEO
Niemisvirta Petri Mandatum Oyj, Group CEO
Torstendahl Mats
Skandinaviska Enskilda Banken AB (publ), Deputy
President & CEO
The Board elected Alexander Lindholm as Chairperson. The
Board assembled four times in November 2024 and in Janu-
ary 2025. All members of the Nomination Board participated to
these meetings.
SHAREHOLDERS’ NOMINATION BOARD’S PROPOSAL TO ANNUAL
GENERAL MEETING 2025
The Nomination Board proposes that the number of Board
members be eight.
The Board proposes that Markus Ehrnrooth, Tiina Kuusisto, Erik
Forsberg and Nora Kerppola be reelected as members of the
Board of Directors. The Board proposes that Veli-Matti Mattila,
Petra Ålund, Paul Randall and Kalle Alppi be elected as a new
member of Board of Directors.
The Board proposes that Veli-Matti Mattila is elected as the
Chairperson of the Board.
The Board proposes that the remuneration payable to the
Board of Directors Chairperson be EUR 100 000 per year and
to other Board members EUR 40 000 per year. An attendance
fee of 500 euros shall be paid per Board of Directors meeting.
The chairpersons of Board of Directors committees shall be paid
an attendance fee of EUR 500 and the committee members
shall be paid an attendance fee of EUR 400 per committee
meeting.
The Board proposes that no remuneration will be paid to the
Nomination Board members.
The Board proposes that reasonable travelling expenses for the
attendance to the meetings shall be paid to members.
The Board proposes that the aforementioned proposed remu-
neration will become effective immediately after the next
Annual General Meeting of the Company.
Board of Directors
The Board’s role is to manage the Company’s business in the
best possible way and in their work protect the interests of the
Company and its shareholders. In accordance with the Articles
of Association of Enento, the Board of Directors shall consist of a
minimum of four (4) and a maximum of eight (8) members elected
by the General Meeting. The members of the Board of Directors
shall be appointed for one year at a time. The Shareholders’
Nomination Board prepares a proposal on the composition of
the Board to the Annual General Meeting for its decision.
Enento’s Board members shall be professionally competent
and as a group have sufficient knowledge of and competence,
inter alia, in the Company’s field of business and markets. A new
Member of the Board must have induction of the activities. The
majority of the directors shall be independent of the Company.
In addition, at least two of the directors, representing the afore-
mentioned majority, shall be independent of significant share-
holders of the Company. Independency from the Company
is determined based on the fact whether a person has been
employed by any of the Enento Group companies within the last
5 years. Independency from the major shareholders is deter-
mined for example based on the fact whether a person has
either directly or through controlling interest company owned
Enento’s shares during the last year or whether the person has
an employment relationship or service contract with significant
shareholder.
The Board has general authority to decide on and act in any
matters not reserved by law or under the provisions of the Arti-
cles of Association to any other governing body of the Company.
The Board of Directors is responsible for the management of the
Company and its business operations. Additionally, the Board is
responsible for the appropriate arrangement of the bookkeep-
ing and financial administration.
Enento Group Financial Review 2024 | 77
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
The operating principles and main duties of the Board of Direc-
tors have been defined in the Charter for the Board of Directors
and include, among other things, to:
• establish business objectives and strategy,
• appoint, continuously evaluate and, if required, remove
the CEO from office,
• ensure that there are effective systems in place for
monitoring and controlling the Group’s operations and
financial position compared to its stated objectives,
• ensure that there is satisfactory control of the Company’s
compliance with laws and other regulations applicable to
the Company’s operations, and
• ensure that the Company’s external disclosure of
information is marked by openness and is correct, timely,
relevant and reliable, by way of, among other things,
adopting a disclosure policy.
By the resolution of Annual General Meeting on 25 March 2024,
Martin Johansson, Tiina Kuusisto, Patrick Lapveteläinen, Minna
Parhiala, Erik Forsberg, Nora Kerppola and Markus Ehrnrooth
were appointed as members to the Board of Directors.
Independence of the Board of Directors
Under the Finnish Corporate Governance Code 2025, the major-
ity of directors shall be independent of the Company. In addi-
tion, at least two directors of this majority shall be independent
of the Company’s major shareholders. The Board shall evalu-
ate the independence of directors and report which directors
it determines to be independent of the Company and which
directors it determines to be independent of major shareholders.
Based on an evaluation by the Board of Directors pursuant
to the Finnish Corporate Governance Code, all members of
the Company’s new Board of Directors are considered to be
independent of the Company. In addition, all members of the
Board, except for Patrick Lapveteläinen and Martin Johans-
son who have employment relationship with a major share-
holder, are independent of the significant shareholders. Patrick
Lapveteläinen and Martin Johansson are not independent of
the company’s significant shareholders as they have employ-
ment relationships or service contract with significant share-
holders.
The Company is in compliance with recommendation 10 of the
Corporate Governance Code 2025.
Board meetings 2024
The Board of Directors convened altogether 13 times during
year 2024. Some of the Board meetings were kept virtually.
Average attendance was 97 per cent. In addition, the Board
made three separate resolutions in accordance with Chapter
6, Section 3 of the Finnish Companies Act without convening a
meeting.
Enento Group Financial Review 2024 | 78
Board of Directors’ Report
Financial Statements
Governance
For Shareholders
Name Year of birth Position Education Occupation Positions of trust
Lapveteläinen Patrick 1966
Chairperson
(from 1 April 2016)
M.Sc. (Econ.) -
Chairperson of the Board of Directors: Mandatum Plc, Mandatum Asset Management Oy
Member of the Board of Directors: Saxo Bank A/S
Ehrnrooth Markus 1985
Board member
(from 25 March 2024)
M.Sc. (Technology) CEO, Geveles AB Vice Chairperson of the Board of Directors, Baltic Sea Action Group
Forsberg Erik 1971
Board member
(from 29 March 2021)
M.Sc. Business and Administration -
Chairperson of the Board of Directors: Collectia Group (Care DK Bidco Aps) and
Lilian Group (Lilian Midco AB)
Member of the Board of Directors: Stillfront Group Viaplay Group AB and Deltalite AB
Johansson Martin 1962
Board member
(from 29 June 2018)
M.Sc. (Econ.) -
Chairperson of the Board of Directors: Bankgirot AB, P27 AB, Repono Holding AB and
Försäkrings AB Suecia AB
Kerppola Nora 1964
Board member
(from 28 March 2023)
MBA, Finance/International Business CEO, Nordic Investments Group Oy -
Kuusisto Tiina 1968
Board member
(from 28 March 2019)
M.Sc. (Econ.) - -
Parhiala Minna 1967
Board member
(from 12 June 2020)
Master of Laws
Head of Business Area,
Nordea Personal Banking
Deputy CEO, Nordea Mortgage
Bank Plc
Member of the Board of Directors: Limelight Horses Oy
PERSONAL DETAILS OF THE BOARD MEMBERS:
3/7 (43 per cent) of the Members of the Board are women at the end of year 2024.
The age distribution is 39-62 years. Members present two nationalities and they
have gained experience from various industries.
The performance of the Board is evaluated annually. In 2024, the Board evaluated
the importance of the matters handled, time allocation in meetings, the frequency
and length of the meetings, practicalities of the meetings, the material received by
the Board and the material distribution, the role and actions of the Chairperson.
Some of the Board meetings were kept virtually.
Meetings of the Board of Directors are convened by its Chairperson. The Board of
Directors constitutes a quorum when more than half of the members appointed by
the General Meeting are present at the meeting. When votes are cast, the majority
opinion will be the Board’s decision and, in the case of a tie, the Chairperson will
have the casting vote.
The Board of Directors is always obliged to act in the Company’s interests and in
such a way that its acts or measures are not likely to produce unjustified benefit
to any shareholder or other third party at the cost of the Company or another
shareholder.
A Board member is disqualified from participating in the handling of a matter
pertaining to a contract or other transaction between the Board member and the
Company or of such matter where the member is to derive an essential benefit and
that benefit may be contrary to the interests of the Company. In principle, a Board
member may not participate in the handling of a matter if the Board member is
involved in the matter under assessment in another capacity.
The Board of Directors shall convene as frequently as necessary to discharge its
responsibilities. The Chief Executive Officer ensures that the Board is provided with
sufficient information to assess the operations and financial situation of the group.
The secretary of the Board of Directors is Legal Counsel Panu Pökkylä.
Enento Group Financial Review 2024 | 79
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Financial Statements
Governance
For Shareholders
Erik Forsberg serves as the Chairperson of the Audit Committee.
Nora Kerppola and Martin Johansson serve as members of the
Audit Committee.
Audit Committee convened 6 times during 2024. Average
attendance was 94 per cent.
In the June 2024 Enento Group Board of Directors meeting it
was decided that the Audit Committee would take on addi-
tional responsibilities related to the upcoming mandatory
sustainability reporting. Consequently, the Audit Committee
Charter was updated to reflect these new responsibilities.
The Audit Committee will be responsible for overseeing the
sustainability reporting implementation process and preparing
the appointment of the sustainability auditor for the Annual
General Meeting (AGM) decision.
In accordance with its financial calendar, the Audit Commit-
tee discussed matters relating to internal control and auditing
and reviewed the audit plan and remarks from auditing during
the financial year. The Audit Committee also reviewed financial
actual amounts and forecasts for the financial year, budget for
the next financial year and impairment testing.
ATTENDANCE TO BOARD AND COMMITTEE MEETINGS
Name Board meeting Audit committee
Lapveteläinen Patrick 13/13
Ehrnrooth Markus 11/11
Forsberg Erik 13/13 6/6
Johansson Martin 12/13 6/6
Kerppola Nora 13/13 5/6
Kuusisto Tiina 12/13
Parhiala Minna 12/13
Board Committees
The Board annually appoints an Audit Committee and may also
appoint other permanent Committees if considered necessary
at its organization meeting following the Annual General Meet-
ing. The Board did not appoint Nomination and Remuneration
Committee in its organizational meeting 25 March 2024. The
Board has deemed, in particular taking into consideration the
size and composition of the Board, it more efficient to prepare
and discuss matters pertaining to amongst other things the
development of remuneration schemes as well as remunera-
tion principles in its full composition. In addition, the Board has
assessed that it fulfils the independence requirements set out
for a Nomination and Remuneration Committee. The composi-
tion, duties and working procedures of the Committees shall be
defined by the Board in the Charters confirmed for the Commit-
tees. The Committees regularly report on their work to the Board.
AUDIT COMMITTEE
The Audit Committee consists of at least three (3) members, the
majority of which must be independent of the Company. The
members shall have the qualifications necessary to perform the
responsibilities of the Committee. At least one (1) member shall
be independent of the significant shareholders and at least
one (1) member shall have expertise specifically in accounting,
bookkeeping or auditing. All members of the Committee shall
be versed in financial matters.
According to its Charter, the Audit Committee assists the Board
in fulfilling its supervisory responsibilities and also prepares
certain accounting and auditing matters to be handled by the
Board. In addition, the Audit Committee makes recommenda-
tions for the election and removal of the external auditors and
for their compensation and approves the external auditors’
audit plan based on the auditors’ proposal. Among its other
duties, the Audit Committee reviews and monitors the finan-
cial reporting process, the efficiency of the system of internal
control and risk management, and the audit process.
Chief Executive Officer
The Chief Executive Officer (“CEO”) of Enento is appointed by the
Board. The CEO is in charge of the day-to-day management
of the Company. The duties of the CEO are governed primarily
by the Finnish Companies Act. The CEO leads the operational
activities and prepares information and decisions to support the
Board and presents his findings at Board meetings.
In accordance with the Finnish Companies Act, the CEO has a
right to decide himself on certain urgent matters which otherwise
would require a Board decision. CEO of the Company is Jeanette
Jäger. She has previously worked as the CEO of Bankgirot and in
various management-level positions at Tieto and TDC Commu-
nication. She is a Member of the Board of Telia Company AB.
Executive Management Team
The Company had an Executive Management Team at the
end of year 2024 consisting of Mikko Karemo, Arto Paukku, Sari
Ek-Petroff, Karl-Johan Werner, Gabriella Göransson, Daniel
Ejderberg, Axel Bäcklund (interim) and Elina Stråhlman. The
members of the Executive Management Team are appointed
by the Board based on a proposal by the CEO. The members
of the Executive Team report to the CEO.
The Executive Management Team members handle the issues
that concern managing of the group in their respective areas
and on the basis of the guidance provided by the Board of
Directors. The Executive Management Team meets one to two
times per month, or as required, and supports the CEO in, for
example, the preparation and execution of strategic matters,
operating plans, matters of principle and any other signifi-
cant matters. The Executive Management Team also assists
the CEO in ensuring the flow of information and sound internal
cooperation.
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Board of Directors’ Report
Financial Statements
Governance
For Shareholders
THE FOLLOWING TABLE PRESENTS DETAILS OF THE EXECUTIVE
MANAGEMENT TEAM MEMBERS:
Name Birth year Position Appointed
Jäger Jeanette 1969 CEO
2021
Stråhlman Elina 1979 CFO
2019
Bäcklund Axel 1974
Director, Business Insight
(interim)
2024
Ejderberg Daniel 1973 CIO
2022
Ek-Petroff Sari 1962 Director, HR
2023
Göransson
Gabriella
1971 Director, Consumer Insight
2021
Karemo Mikko 1971
Deputy CEO,
Chief Commercial Officer
2012
Paukku Arto 1982
Chief Marketing & Customer
Officer
2023
Werner
Karl-Johan
1973
COO, Chief Data & Analytics
Officer
2019
BOARD OF DIRECTORS’ SHARE OWNERSHIP
31 DECEMBER 2024
Board members Number of shares
Lapveteläinen Patrick 10 000
Chairperson of the Board
Related party’s ownership 8 000
Ehrnrooth Markus 0
Related party’s ownership 0
Forsberg Erik 1 500
Related party’s ownership 0
Johansson Martin 3 000
Related party’s ownership 0
Kerppola Nora 14 000
Related party’s ownership 0
Kuusisto Tiina 0
Related party’s ownership 0
Parhiala Minna 0
Related party’s ownership 0
Total 36 500
MANAGEMENT’S SHARE OWNERSHIP 31 DECEMBER 2024
CEO and Executive Management Team Number of shares
Jäger Jeanette 3 300
Related party’s ownership 0
Stråhlman Elina 4 007
Related party’s ownership 0
Bäcklund Axel (interim) 0
Related party’s ownership 0
Ejderberg Daniel 0
Related party’s ownership 0
Ek-Petroff Sari 0
Related party’s ownership 0
Göransson Gabriella 1 326
Related party’s ownership 0
Karemo Mikko 12 347
Related party’s ownership 0
Paukku Arto 70
Related party’s ownership 0
Werner Karl-Johan 3 656
Related party’s ownership 0
Total 24 706
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Financial Statements
Governance
For Shareholders
Risk management and Internal control
Risk management
Enento is exposed to a number of risks and uncertainties related
to, among other factors, the market conditions, the Company’s
industry, the Company’s strategy, business operations of the
Company and financial risks. The materialisation of any such
risks could have a material adverse effect on Enento’s business,
financial condition, results of operations and future prospects.
Enento Group is operating in a regulated business and changes
in the applicable regulation may impact on revenue and profit.
Such regulation may concern, but are not limited to data
protection, credit information as well as lending -related legis-
lation. Any governmental plans that would affect the core busi-
ness of Enento Group companies may change the competitive
landscape and / or otherwise impact Enento’s business, reve-
nue and profit. Also, the failure to comply with regulations could
have legal consequences and cause reputational harm.
The objective of Risk Management is to secure profitable
performance of the Enento Group and to ensure the continuity
of the business by executing risk management in a cost-ef-
fective and systematic manner in the different functions of the
Company. Risk management is part of Enento’s strategic and
operative planning, daily decision-making process and internal
control.
MAIN PRINCIPLES FOR ORGANIZING RISK MANAGEMENT
The Company complies with a policy approved by the
Company’s Board of Directors for the management of risks.
Risk Management covers all activities that are related to the
objectives being achievable and consistent with the strat-
egy, to the identification, measuring, assessment, processing,
reporting and control of risks and to the reaction to risks.
MAIN FEATURES OF RISK MANAGEMENT PROCESS
In conjunction with the strategy process and annual planning,
the Company’s CEO and members of the management group
evaluate the business risks which may prevent or endanger the
achieving of the group’s strategic and result objectives. The
units provide risk assessments of their own operations for the
support of the strategy process. The directors of the units have
to provide assessments of the risks of their own area of respon-
sibility and present action plans for the management of risks.
Changes taking place in the strategic and operative risks are
discussed in the management group.
Enento’s CEO reports the identified risks as well as planned
and implemented actions for the risk mitigation to the Audit
Committee and the Board of Directors. In accordance with
the recommendation 26 of the Finnish Corporate Governance
Code, the Company shall disclose the major risks and uncer-
tainties that the Board is aware of and the principles along
which risk management is organised. The Audit Committee shall
assure that the Corporate Governance Statement published
by the Company shall contain an appropriate description of
the main features of the internal control and risk management
systems in relation to the financial reporting process.
The report by the Board of Directors contains an evaluation of
the major risks and uncertainties. In addition, the interim reports
and financial statements releases shall describe major short-
term risks and uncertainties related to the business operations.
Internal control
The objective of the internal control in Enento Group is to
ensure that business operations are efficient and profitable,
financial reporting is reliable, and that applicable laws and
regulations for the Company’s business, as well as Company’s
internal instructions are followed. The specific objective of the
internal control over financial reporting is to ensure that interim
reports, financial statement releases and other financial report-
Auditor
The main function of the statutory audit is to verify that the
financial statements provide true, accurate and sufficient infor-
mation on the Enento Group’s performance and financial posi-
tion for the financial year. The Enento Group’s financial year is
the calendar year. The auditor’s responsibility is to audit the
correctness of the Group’s accounting in the respective financial
year and to provide an auditor’s report to the General Meeting.
In addition, Finnish law requires that the auditor also monitors
the lawfulness of the Company’s administration. The auditor
reports to the Board of Directors at least once a year.
The Audit Committee prepares a proposal on the appointment
of Enento’s auditors, which is then presented to the AGM for its
decision. The compensation paid to the auditors is decided by
the AGM and assessed annually by the Audit Committee.
Pursuant to Article 8 of the Company’s Articles of Association, the
Company must have one auditor that is a company of public
accountants approved by the Central Chamber of Commerce
of Finland. The term of the Auditor of the Company shall end at
the close of the Annual Meeting following the election.
The Annual General Meeting 25 March 2024 has appointed
PricewaterhouseCoopers Oy, Authorised Public Accountants
as its auditor. PricewaterhouseCoopers Oy has appointed
Mikko Nieminen, Authorised Public Accountant, as the principal
responsible auditor.
In 2024, the auditor Company was paid EUR 287 thousand for
auditing and for other services EUR 38 thousand.
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Enento’s minimum internal control requirements are aimed at
preventing, detecting and correcting material accounting
and disclosure errors and irregularities and are performed on
all company levels. They include a range of activities such as
approvals, authorisations, verifications, reconciliations, reviews
of operating performance, the security of assets and the sepa-
ration of duties as well as general computer controls.
In Finland and Sweden, Enento has also adopted the ISO 9001-
based quality system. This describes the Company’s principal
processes and related controls, by means of which the units
can control and develop their process risk management.
GENERAL DESCRIPTION OF INTERNAL CONTROL AND OPERATIONAL
PRINCIPLES
Internal control is carried out by the Board of Directors,
management and the Company’s entire personnel so that it
can reasonably be asserted that:
• the operations are functioning, efficient and in compliance
with the strategy,
• the financial reporting and information given to the
management is reliable, sufficient, and timely,
• applicable laws and regulations as well as the Company’s
internal instructions and ethical values are complied with
at Enento.
Enento’s internal control contain the following structural
elements:
• instructions and principles set by the Board of Directors for
internal control, risk management and administration,
• the implementation and application of instructions and
principles under the supervision of the management,
• control of the efficiency and functionality of operations
as well as the reliability of the financial and management
reporting by the financial department,
• the Company’s risk management process, the purpose of
which is to identify, assess and reduce risks threatening
the achievement of objectives,
• compliance processes, the purpose of which is to ensure
that all applicable laws, regulations, internal instructions
and ethical values are complied with,
• common ethical values and strong internal control culture
amongst all employees.
Enento has no specific internal audit organisation. This has been
taken into consideration in the content and extent of the annual
audit plan. The Audit Committee of the Board shall, according
to its working order, evaluate on a yearly basis whether such
function should be established. The Audit Committee may use
either internal or external resources to carry out specific internal
audit assignments. The Group Finance of the Company moni-
tors adherence of the approval limits as defined in the Delega-
tion of Authority guidelines.
FOCUS AREAS IN 2024 FOR INTERNAL CONTROL DEVELOPMENT
Areas of focus for the internal control in 2024 were to contin-
uously improve the processes and controls and continue to
standardize processes and controls in the entire Group.
Related party transactions
The Company has procedures in place to identify and define
its related parties and assesses and monitors related party
transactions to ensure that all conflicts of interest and the
Company’s decision-making process are appropriately taken
into account. The Group’s financial management monitors and
supervises related party transactions as part of the Company’s
normal reporting and monitoring procedures and reports to the
Board of Directors on regular basis.
ing made available to the public, and financial statements and
annual reports are reliable and are prepared in accordance
with the accounting and reporting principles adopted by the
Company.
The Audit Committee of Enento is responsible for, according
to its working order, the monitoring of the financial statement
preparation and financial reporting processes, and it monitors
the effectiveness of the Company’s internal control and risk
management processes.
The CEO is operationally responsible for the organization of the
internal control. It includes that the Company has designed
and implemented adequate internal control mechanisms as
stipulated in the operating principles approved by the Board.
CEO, supported by the Management Team, is responsible to
ensure that the Company operates in accordance with the
agreed and defined principles, follows laws and regulations,
and reacts towards identified exceptions and takes adequate
corrective actions.
The duty of the CFO is to make sure and control that the book-
keeping and financial reporting practices of the group are in
accordance with the law and that the financial and manage-
ment reporting is reliable.
An integral part of the internal control is the document indicat-
ing the Company’s delegation of authority, as defined by the
Board (Delegation of Authority Summary). The guideline defines
authorisations of the Board, the CEO and other management
team members. The guideline deals with the situations where
authorisations may be required for annual financial accounts,
budget, remuneration, investments, acquisitions, financing and
one-off transactions. Enento Code of Ethics is applicable for all
the group employees. It has been published in the Company’s
intranet and is also introduced to all new employees.
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the Insider Guidelines approved by the Board also the persons
who participate in the financial reporting of the Company
are concerned by this prohibition to trade during the Closed
window.
A project-specific insider register is also maintained when
required by law or regulations. Project specific insiders are
prohibited from trading in the Company’s securities until the
termination of the project.
Shareholders’ Agreement and Articles
of Association relating to the Credit
Register and the Credit Register
Information
The Company and UC AB’s former owners Skandinaviska
Enskilda Banken AB (publ), Nordea Bank AB (publ), Svenska
Handelsbanken AB (publ), Swedbank AB (publ), Danske Bank
A/S Swedish branch and Länsförsäkringar Bank AB (publ)
(together, the “Sellers”) have entered into a shareholders agree-
ment relating to the governance of UC AB’s Credit Register
and Credit Register Information, as a company jointly owned
by the Sellers received as part of the acquisition of UC AB a
small number of UC AB’s Class B shares that grant their hold-
ers certain governance related rights. The purpose of these
arrangements has been to secure the maintenance of the
Credit Register and the management of Credit Register Infor-
mation provided by the Sellers.
Board of Directors’ report
Board of Directors published on 14 February 2025 its report for
financial year 2024. Board of Directors report is published at the
same time with Corporate Governance Statement.
The Board of Directors monitors related party transactions
on a regular basis. All the material related party transactions
that deviate from the company’s normal business operations
are to be approved by the Board of Directors. Enento has not
conducted related party transactions that are material from
the perspective of the company and where such transactions
deviate from the company’s normal business operations or are
not made on market or market equivalent terms.
Compliance with laws and regulation
It is the policy of Enento to comply throughout the organiza-
tion with all applicable laws and regulations and to maintain
an ethical workplace for its officers and employees as well as
an ethical relationship with its customers, suppliers and other
business partners.
In its insider administration Enento follows the Guidelines for
Insiders issued by Nasdaq Helsinki Ltd complemented by the
Company’s own Insider Guidelines approved by the Board. The
Company maintains the list of persons discharging managerial
responsibilities and persons closely associated to them in the
SIRE system of Euroclear Finland Ltd. In accordance with the
MAR regulation, persons discharging managerial responsibil-
ities include the members of the Board (and their deputies, if
any) and in addition, based on a decision made by Enento’s
Board of Directors, the CEO, the Deputy CEO and the CFO.
Enento has no company-specific permanent insider register.
The Company maintains project specific insider registers itself.
According to Enento’s Insider Guidelines, persons discharging
managerial responsibilities shall always obtain a prior approval
for trading in the Company’s securities from the Company’s
Insider Officer. Persons discharging managerial responsibilities
may not in any event trade in the Company’s securities during
the period of 30 days before the publication of the (quarterly)
interim report or annual result (Closed Window). According to
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Financial Statements
Governance
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Board of Directors 31.12.2024
Nora Kerppola
Board member
Patrick Lapveteläinen
Chairperson of the Board of Directors
Erik Forsberg
Board member
Markus Ehrnrooth
Board member
Martin Johansson
Board member
Tiina Kuusisto
Board member
Minna Parhiala
Board member
READ MORE
The CV information of the members of the
Board of Directors is availabe on Enento’s
website:
Enento Group Financial Review 2024 | 85
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Elina Stråhlman
CFO
Jeanette Jäger
CEO
Gabriella Göransson
Director, Consumer Insight
Daniel Ejderberg
CIO
Mikko Karemo
Deputy CEO,
Chief Commercial Officer
READ MORE
The CV information of the members of the
Group’s Executive Management Team is
availabe on Enento’s website:
Arto Paukku
Chief Marketing &
Customer Officer
Karl-Johan Werner
Chief Operating Officer,
Chief Data & Analytics Officer
Sari Ek-Petroff
Director, HR
Axel Bäcklund
Director, Business Insight
(interim)
Executive Management Team 31.12.2024
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Information for shareholders
Annual General Meeting
Enento Group Plc’s Annual General Meeting will be held on
Monday 24 March 2025, starting at 11:00 a.m. EEST at Sanoma-
talo Flik Eliel event studio (Töölönlahdenkatu 2, 00100 Helsinki,
Finland) or in virtual meeting room. The notice to the Annual
General Meeting is published on the Company’s website
(enento.com/investors) and as a stock exchange release.
Board of Directors’ proposal to the
Annual General Meeting
The Board of Directors proposes to the Annual General Meeting
convening on 24 March 2025, that a dividend of EUR 0,50 per
share to be paid from the financial year ended 31 December
2024. The dividend shall be paid on 8 April 2025 to a share-
holder registered in the Group’s shareholder register main-
tained by Euroclear Finland Ltd on the payment record date of
26 March 2025. The Board further proposes the Annual General
Meeting to authorize the Board to resolve on a futher dividend
payment up to a maximum of EUR 0,50 per share, which would
be paid out in November 2025.
Changes of address
Shareholders are kindly requested to notify the account
manager of the book-entry account of any changes of address.
Financial information in 2025
Each year Enento Group publishes a financial statement
release, an annual and sustainability review, a financial review,
a half year financial report and two interim reports.
Annual Report for 2024 ..................................................... Week 14/2025
Interim Report Q1 .....................................................................25 April 2025
Half Year Financial Report .....................................................15 July 2025
Interim Report Q3 ........................................................... 28 October 2025
Basic share information
Market .......................................................................................................................................Nasdaq Helsinki
List ............................................................................................................................................................................ Mid Cap
Sector ............................................................................................................................................................. Financials
Trading code ......................................................................................ENENTO
Votes/share ................................................................................................1 pcs
Number of shares on 31 December 2024 .......................... 23 700 178
Share capital (EUR) ............................................................................80 000
Analysts
Information about analysts following the company is avail-
able on the Group’s Investor pages. The list is not necessarily
exhaustive, and Enento Group shall not be held responsible for
any estimates presented in analyses.
Investor Relations
The goal of the Group’s IR function is to produce accurate
up-to-date information about the company’s business oper-
ations and financial development. Enento Group publishes all
investor information on its Investors site in Finnish and English.
Enento Group Plc observes a 30-day period of silence before
the publishing of financial reports. During this period, the
company does not arrange or participate in any one-on-one
meetings with investors, analysts, or the media.
IR contact information
HENRIK SORAS
Head of Investor Relations & Strategy
Tel. +358 40 184 3449
E-mail: henrik.soras@enento.com
ir@enento.com
ELINA STRÅHLMAN
CFO
Tel. +358 10 270 7578
E-mail: elina.strahlman@enento.com
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