5.4 Explanation of differences between 2019 and 2020 annual consolidated financial statements

To reflect better the economic nature of the transactions, the presentation changes described in sections 5.4.1-5.4.3 and 5.4.5-5.4.6 were made. Due to the final settlement of the acquisition of Tomma shares, the comparative data were transformed, as described in section 5.4.4.

5.4.1. Change in the presentation of interest income calculated using the effective interest rate

Interest income calculated using the effective interest rate, previously presented in “Net investment income” was spun off to a separate line item of the consolidated profit and loss account.

5.4.2. Change in the presentation of impairment losses for guarantees and sureties given

The establishments and derecognitions of the provision for guarantees and sureties given, presented previously in a split layout under other operating expenses and other operating income, respectively, are presented in the net amount under “Movement in allowances for expected credit losses and impairment losses on financial instruments”.

5.4.3. Change in the presentation of the measurement of loan receivables from clients measured at fair value through other comprehensive income

The measurement of loans at fair value through other comprehensive income, presented in the consolidated financial statements for 2019 under “Valuation of debt instruments measured at fair value through other comprehensive income” has been spun off separated into a separate item of other comprehensive income.

5.4.4. Settlement of the Tomma acquisition

In connection with the final settlement of the acquisition of the shares in Tomma, a retroactive restatement of data as at 31 December 2019 has been performed. More information on this matter is presented in section 2.3.1.3.

5.4.5. Change in the presentation of financial liabilities

Subordinated liabilities, liabilities on the issue of own debt securities, liabilities towards banks, liabilities towards clients on account of deposits and negative measurement of derivative instruments in the consolidated financial statements for 2019 are presented under “Financial liabilities”. 

In order to improve the usefulness of the consolidated financial statements, these liabilities are presented in the consolidated financial statements consolidated financial statements under separate items of the statement of financial position.

5.4.6. Change in the presentation of employee benefits

Provisions for holidays, defined benefit plans and other long-term employee benefits in the consolidated financial statements for 2019 are presented in the “Provisions for employee benefits” line item. To increase the usefulness of the reports in the consolidated financial statements they were presented in Other liabilities (Provisions for holidays) and Provisions (defined benefit plans and other long-term employee benefits).

5.4.7. Impact exerted by the differences on the consolidated financial statements

The following tables present the impact of the aforementioned changes on the individual items of the consolidated financial statements.