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Back to Corporate governance

The objective of play poker no money Oyj’s internal control and risk management is to ensure that the Company’s operations are efficient and profitable, its information is reliable, and it complies with appropriate regulations and operating principles. The objectives also include identification, assessment, and monitoring of risks related to business operations. Internal audit helps to improve the efficient fulfilment of the Board’s supervision obligation.

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Operating principles of internal control

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play poker no money’s internal control process in controlled by the Finnish Companies Act, the Securities Markets Act and other laws and regulations applicable to the operations of the company, the rules and recommendations of the Nasdaq Helsinki Ltd., as well as Corporate Governance Code for Finnish listed companies. External control is implemented by the company’s auditors and the authorities.

Internal control in play poker no money covers financial reporting and other monitoring. The function of internal control is to ensure that the company achieves the goals and objectives set for it, as well as uses its resources economically and appropriately. Internal control also aims to ensure, among other things, correct and reliable financial and other information, compliance with external regulations and internal guidelines and policies, as well as sufficient security of operations and information. Furthermore, internal control aims to ensure the organization of adequate and appropriate IT and manual systems to support the operations of the Company.

In play poker no money internal control is executed by the Board of Directors, management and the Company’s entire personnel. Internal control is divided into 1) proactive control, 2) day-to-day control and 3) subsequent control. Proactive control consists of specification of corporate values and general operational principles. Day-to-day control includes operational steering and monitoring and thereto related operational systems and work instructions. Subsequent control comprises management evaluations and inspections, comparisons and verifications with the aim of ensuring that the goals are met and the agreed operational principles are followed.

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Organization of risk management

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Risk management is an integral part of play poker no money’s business management and internal control framework. The function of risk management is to anticipate future risks, to ensure that targets are reached, and to secure operations in changing conditions. The objective is to ensure that the Company’s operations are efficient and profitable, that the information produced is reliable, and that the Company complies with the appropriate regulations and operating principles.

The key measures of play poker no money risk management are comprehensive risk identification, proactive measures, securing operations, limiting adverse impacts, and utilizing opportunities. play poker no money risk management consists of coordinated measures aiming to identify, evaluate, manage and control all major risk areas of the Group in a systematic and proactive manner.

play poker no money’s risk management process is led by the Group President and CEO together with the Management Group member responsible for risk management. The Management Group monitors the significant risks of the business units and supervises the development of the Group’s risk management system and practices.

The business managers have the primary responsibility for risk management. Managers are responsible for risk management in their business areas in compliance with the Group’s risk management guidelines.

Managers report on the major risks of their business area to the Management Group as part of the monthly business reporting. The Group’s financial administration monitors and assesses operational and financial risks and takes measures to hedge against them in cooperation with the Board of Directors, the Management Group and operative management.

The Board of Directors supervises risk management and approves the risk management guidelines of the Group. Risk management actions and the most relevant Group level risks are reported regularly to the Board of Directors.

Risks and risk management are presented on Company’s website and as part of the Corporate Governance Report 2020 published by the Company. Reviews concerning financing risks are presented in the notes to the consolidated financial statements as part of the Financial Report 2020.

Risk management table

Internal audit

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play poker no money Group does not have separate internal audit function. The Board can engage external advisors to perform evaluations relating to control environment or other activities.

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Description of the main features of the internal control and risk management systems pertaining to the financial reporting process

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play poker no money prepares consolidated financial statements and interim reports in accordance with the International Financial Reporting Standards, as adopted by EU, the Securities Markets Acts as well as the appropriate Financial Supervision Authority Standards and Nasdaq Helsinki Ltd’s rules. The Report of the Board of Directors of play poker no money and parent company financial statements are prepared in accordance with Finnish Accounting Act and the opinions and guidelines of the Finnish Accounting Board.

play poker no money Group observes Group level accounting principles and instructions, which are applied in all Group companies and according to which the Group's financial reporting is prepared. Together with reporting calendar and schedules, accounting principles and instructions form the framework for timely and correct Group reporting. play poker no money’s business operations are in all material respects located in Finland, Sweden, China, the Netherlands Poland and Germany and the USA, and all countries have local accounting and financial reporting organizations, systems and reporting to the Group. Internal control and risk management systems and practices as described in the following section are designed to ensure that the financial reports as disclosed by the Company give essentially correct information about the Company finances.

play poker no money has a common Group consolidation system. Accounting data is transferred to the  system from the Group's accounting system automatically, and correctness of the data is controlled by the Group’s accounting team. Common chart of accounts forms the basis of Group reporting. The Group accounting, consolidation and published financial reports are prepared by the centralized team.

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Internal control over financial reporting

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Proper arrangement and monitoring of internal control is the responsibility of the local management in accordance with the Group framework. play poker no money Board of Directors has approved operating principles of internal control, which have been prepared in accordance with the Finnish Corporate Governance Code 2020 recommendation 24. Operating principles include the main features of risk management process, summary of risks, control objectives and common control points for financial reporting as well as roles and responsibilities in executing and monitoring internal control in Etteplan.

Internal controls over financial reporting process at the country and Group level are reviewed and updated annually. play poker no money’s finance organization has analyzed process risks and defined control objectives for external financial reporting process. Existing control points in the process have been documented. These control points include for example reconciliations, authorizations, analysis, and segregation of key accounting duties. The work has been led by the Group CFO.

According to its annual clock, the Management Group has monthly meetings where also financial performance and financial reporting are analyzed. Prior to these meetings, financial reports have been analyzed in the business group level to detect any irregularities or errors. Group level financial reports are prepared to the play poker no money Audit Committee and the Board of Directors on a monthly basis. The Audit Committe reviews and the Board of Directors approves interim financial reports, annual results report and financial statements.

play poker no money does not have separate internal audit function. The Audit Committee and/or the Board of Directors can engage external advisors to perform evaluations relating to control environment or other activities.

Management of financial risks: 
Management_of_financial_risks.pdf

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Back to Key financial data EUR 1,000, Financial period Jan 1 – Dec 31 2020 2019 2018 2017 2016 Revenue 259,702 263,292 236,477 214,768 183,938 Change in revenue, % -1.4 11.3 10.1 16.8 30.3 Operating profit (EBITA) 26,172 25,964 22,555 17,387 12,070 % of revenue 10.1 9.9 9.5 8.1 6.6 Operating profit (EBIT) 22,380 22,819 20,184 15,484 10,131 % of revenue 8.6 8.7 8.5 7.2 5.5 Profit before taxes  21,080 21,924 19,396 14,745 9,441 % of revenue 8.1 8.3 8.2 6.9 5.1 Profit for the financial year 17,077 17,387 15,280 11,586 7,604 Return on equity, % 20.8 24.1 24.4 20.9 17.4 ROCE, % 16.0 19.9 21.3 17.8 14.8 Equity ratio, % 40.5 38.9 42.9 40.7 40.0 Gross investments 29,697 36,908 16,527 7,589 30,186 % of revenue 11.4 14.0 7.0 3.5 16.4 Net gearing, % 46.6 52.6 29.8 43.0 55.9 Personnel, average 3,320 3,305 2,995 2,711 2,407 Personnel at year end 3,267 3,447 3,055 2,802 2,545 Staff costs 177,301 172,520 156,183 144,965 129,172   Back to Key financial data Read more

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Back to Key financial data   EUR 1,000 Jan 1 – Dec 31, 2020   Jan 1 – Dec 31, 2019   Revenue 259,702   263,292   Other operating income 3,622   2,582   Materials and services -23,317   -26,550   Staff costs -177,301   -172,520   Other operating expenses -22,300   -29,273   Depreciation and amortization -18,026   -14,712   Operating profit (EBIT) 22,380 8.6% 22,819 8.7% Financial income 422   695   Financial expenses -1,722   -1,590   Profit before taxes 21,080   21,924   Income taxes -4,003   -4,536   Profit for the financial year 17,077   17,387   Other comprehensive income, that may be reclassified to profit or loss         Currency translation differences 1,415   -398   Other comprehensive income, that will not be reclassified to profit or loss         Change in fair value of equity investments at fair value through other comprehensive income -7   -75   Other comprehensive income for the year, net of tax 1,409   -473   Total comprehensive income for the year 18,486   16,915             Profit for the financial year attributable to         Equity holders of the parent company 17,077   17,387   Total comprehensive income attributable to         Equity holders of the parent company 18,486   16,915   Earnings per share calculated from the profit attributable to equity holders of the parent company         Basic earnings per share, EUR 0.69   0.70   Diluted earnings per share, EUR 0.69   0.70     The notes are an integral part of the Financial Statements.   Back to Key financial data Read more

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Back to Key financial data   EUR 1,000  Dec 31, 2020 Dec 31, 2019 ASSETS     Non-current assets     Goodwill 83,685 79,044 Other intangible assets 26,011 27,472 Tangible assets 25,698 17,264 Investments at fair value through other comprehensive income 378 387 Other non-current receivables 54 54 Deferred tax assets 493 259 Non-current assets, total 136,320 124,480       Current assets     Inventory 336 313 Work in progress 17,764 22,498 Trade and other receivables 38,883 39,332 Current tax assets 208 401 Cash and cash equivalents 24,407 15,878 Current assets, total 81,598 78,421 TOTAL ASSETS 217,918 202,901       EQUITY AND LIABILITIES     Equity     Share capital 5,000 5,000 Share premium account 6,701 6,701 Unrestricted equity fund 20,101 20,101 Own shares -124 -700 Cumulative translation adjustment -2,884 -4,299 Other reserves 101 108 Retained earnings 58,178 49,829 Equity, total 87,074 76,740       Non-current liabilities     Deferred tax liabilities 6,502 6,481 Loans from financial institutions 12,900 24,900 Lease liabilities 8,608 8,216 Other non-current liabilities 27 27 Non-current liabilities, total 28,038 39,624       Current liabilities     Loans from financial institutions 27,583 15,757 Lease liabilities 15,883 7,381 Advances received 2,770 5,378 Trade and other payables 54,608 55,588 Current income tax liabilities 1,962 2,433 Current liabilities, total 102,806 86,537 Liabilities, total 130,844 126,161 TOTAL EQUITY AND LIABILITIES 217,918 202,901   The notes are an integral part of the financial statements.   Back to Key financial data Read more

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Back to Key financial data   EUR 1,000 Jan 1 - Dec 31, 2020 Jan 1 - Dec 31, 2019 OPERATING CASH FLOW     Cash receipts from customers 267,784 263,365 Operating expenses paid -223,600 -225,189 Operating cash flow before financial items and taxes 44,184 38,176       Interest and payment paid for financial expenses -1,257 -1,192 Interest received 79 162 Income taxes paid -5,010 -4,262 Operating cash flow (A) 37,997 32,884       INVESTING CASH FLOW     Purchase of tangible and intangible assets -1,639 -2,063 Acquisition of subsidiaries, net of cash acquired -5,885 -21,049 Proceeds from sale of tangible and intangible assets 30 81 Proceeds from sale of investments 0 215 Investing cash flow (B) -7,494 -22,816       Cash flow after investments (A+B) 30,503 10,068       FINANCING CASH FLOW     Purchase of own shares 0 -519 Issue of new current loans 11,698 2,020 Repayments of current loans -12,217 -8,440 Issue of new non-current loans 0 13,500 Repayments of non-current loans -695 0 Payment of lease liabilities -12,131 -9,624 Dividend paid -8,682 -7,454 Financing cash flow (C) -22,028 -10,517       Variation in cash (A+B+C) increase (+) / decrease (-) 8,475 -449       Assets at the beginning of the financial period 15,878 16,115 Exchange gains or losses on cash and cash equivalents 55 212 Assets at the end of the financial period 24,407 15,878   The notes are an integral part of the Financial Statements.   Back to Key financial data Read more
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