Notes to the Consolidated Financial Statements

1. Basic information and principles of the report

2. Changes in Group structure

3. Summary of significant accounting policies

4. Risk assessment and management

5. Management of capital

6. Marketable securities

7. Trade accounts receivable

8. Other current assets and current financial assets

9. Inventories

10. Property, plant and equipment

11. Other non-current assets and non-current financial assets

12. Goodwill and intangible assets

13. Short-term debt

14. Other current provisions and liabilities

15. Long-term debt

16. Derivative financial instruments

17. Retirement benefit plans

18. Participation plans

19. Deferred tax assets and liabilities

20. Other non-current provisions and liabilities

21. Contingencies

22. Capital stock and treasury shares

23. Earnings per share

24. Other operating expenses, net

25. Financial result, net

26. Income tax expenses

27. Research and development expenditures

28. Cashflow figures

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

The following exchange rates were used for the consolidated financial statements:

        2014   2013
  Currency     Balance sheet Income statement   Balance sheet Income statement
European Currency Union EUR 1   1.2024 1.2155   1.2253 1.2310
United Kingdom GBP 1   1.5408 1.5074   1.4642 1.4484
USA USD 1   0.9891 0.9158   0.8884 0.9271
Poland PLN 100   28.1400 29.0510   29.5400 29.3210
China CNY 100   15.9400 14.9410   14.6800 15.1110
Denmark DKK 100   16.1510 16.2950   16.4250 16.5080
Australia AUD 1   0.8110 0.8274   0.7929 0.8910
Czech Republic CZK 100   4.3360 4.4170   4.4720 4.7430
Hungary HUF 100   0.3811 0.3940   0.4132 0.4150
Norway NOK 100   13.3690 14.5670   14.6140 15.8440
Sweden SEK 100   12.8150 13.3660   13.8280 14.2460
Singapore SGD 1   0.7483 0.7227   0.7021 0.7397
South Africa ZAR 100   8.5500 8.4310   8.4900 9.6280
Turkey TRY 100   42.4880 41.8410   41.8350 48.6940
Russia RUB 100   1.6850 2.4199   - -
India INR 100   1.5700 1.5040   1.4400 1.5690

32. Subsequent events

33. Additional disclosures on financial instruments

34. Group companies as of December 31, 2014