34. Events after the balance sheet date

As part of its long-term renewal and in response to the need to increase its productivity and price competitiveness, Tieto initiated personnel negotiations in Finland on 17 January. The negotiations affect up to 250 employees. These actions are based on increased service standardization and a continuation to the global automation programme initiated in 2015. The company additionally seeks to optimize its productivity and cost structure globally. The company expects that the actions altogether, including the anticipated reductions in Finland, will result in annualized gross savings of close to EUR 40 million. It is estimated that over EUR 20 million in savings will affect the cost base for 2017.
On 9 January 2017, a total of 25 555 Tieto’s treasury shares were transferred as part of the allocations related to the company’s share-based reward plan. After the transfer of the shares, Tieto holds a total of 386 127 own shares.