Finnvera's year 2018

Welcome to Finnvera Group’s annual report 2018. On this page you will find a summary of the year’s highlights, key figures and our PDF reports.

CEO’s review

The Finnish economy continued to grow in 2018, even though towards the end of the year, there was talk of the peak of the economic cycle being over. Export trade transactions were closed actively, and the investment atmosphere became more dynamic in Finland, too. As a whole, the year was financially positive, both for us and for most of our clients. From the result point of view, the Large Corporates unit, concentrating on export financing, had a strong year, which increases reserves for the future.

Read more in CEO’s review (PDF)

Risk management

Our operations are based on risk management. In the long term, the income from our operations must exceed our expenses and potential credit losses. We ensure self-sustainability with risk management, with thorough risk assessment before financing decisions and manage them after that with reinsurance, for instance. In line with our goals, Finnvera’s operations have been self-sustainable throughout the company’s 20 years of operation.

Read more about risk management (PDF)

How Finnvera creates value

Finnvera Group’s operations are described in the value creation model which provides information about the company’s most significant resources, business model and strategic foundation, and describes the key impacts of the company’s operations on the surrounding society.

Our vision is:

Our clients’ success strengthens the Finnish economy.

Finnvera improves and diversifies financing opportunities available for Finnish enterprises by offering loans, guarantees and export credit financing. As a State-owned company, Finnvera supplements the financial markets and with its operations, promotes the development of enterprises and exports.

Our vision is:

Our clients’ success strengthens the Finnish economy.

Financial resources

  • Funding from international bond markets amounts to EUR 2.0–2.5 billion per year
  • Equity EUR 1.4 billion, of which non-tied reserves account for EUR 1.1 billion
  • Balance sheet EUR 11.0 billion


  • 360 employees in 15 locations in Finland. Branch offices also in St. Petersburg and Oslo
  • Average length of employment relationship 17 years
  • Extensive experience and competence in the financial sector and risk assessment

Stakeholder relations

  • Nearly 4,700 meetings with clients and stakeholders
  • Partner networks with banks and private providers of financing
  • The Team Finland network that promotes internationalisation among enterprises
  • Domestic organisations, such as the Federation of Finnish Enterprises, the Chamber of Commerce and the Confederation of Finnish Industries (EK)
  • International organisations, such as the Berne Union, The Montreal Group, the OECD, the EU, the Paris Club, NEFI and AECM

Number of clients: 25,700

  • Micro-enterprises:89 %
  • SMEs and midcap enterprises: 11%
  • Large corporates: 0.5%


Financing operations:

Loans and guarantees

Export credit guarantees

Export credit financing

Risk management

Cornerstones of the strategy

Customer experience, Competent personnel, Partnerships, Digitalisation


Trust, Partnership, A focus on solutions

Financial resources

Loans and guarantees granted

To micro-enterprises, SMEs and midcap enterprises
EUR 0.8 billion in total

Export credit guarantees and special guarantees granted

To SMEs, midcap enterprises and large corporates
EUR 3.1 billion in total

Export credits granted

EUR 2.2 billion in total

Authorisations and exposures

Loans, guarantees and export guarantees

for SMEs and midcap enterprises

  • authorisation EUR 4.2 billion
  • of which EUR 2.0 billion used
  • exposure EUR 2.0 billion

Export credit guarantees

  • authorisation EUR 27.0 billion
  • of which EUR 19.1 billion used
  • exposure EUR 23.5 billion


Export credits

  • authorisation EUR 22.0 billion
  • of which EUR 12.5 billion used
  • exposure EUR 6.0 billion

Special guarantees

(shipping and environmental guarantees and raw material guarantees)

  • authorisation EUR 3.2 billion
  • of which EUR 0.2 billion used

The exposure defined in the Act on the State’s Export Credit Guarantees includes current total exposure and half of offers given at the closing date’s exchange rate. The total exposure arising from export credit guarantees and special guarantees includes current commitments and offers given, including export guarantees.

Impact on society & financial impacts

  • We reinforce the capacity and competitiveness of Finnish enterprises
  • Financed start-yps: over 2,600
  • New jobs created with the help of SME and mdcap financing: over 7,700
  • Over 900 transfers of ownership financed, EUR 129 million
  • Exports covered by export credit guarantees: EUR 3.0 billion to 75 countries
  • Our risk management ensures financial self-sustainability
  • Development of target countries through export financing projects

Social impacts

  • EUR 28.4 million to personnel’s salaries of which EUR 0.6 million to training
  • Personnel's job satisfaction index 75.7 (2017)
  • Sick leave rate 3.1%
  • Assessment of projects’ social and human rights risks and their monitoring

Environmental impacts

  • Assessment of projects’ environmental risks and their monitoring

Impacts on stakeholder relations

  • Clients willing to recommend Finnvera. Continuous measurement of the customer experience: NPS (net promoter score) of 70
Read more about value creation (PDF)

Key figures


Of the SME and midcap financing as a whole 87% was targeted at start-ups, companies seeking growth, internationalisation or change and transfers of ownership.

Financing for SMEs and midcap enterprises

MEUR 943



Two thirds of the export credit guarantees also include an export credit.

Export credit guarantees and special guarantees granted

EUR 3.1 bn



At the end of 2018, our customers numbered 25,700. 89% of these customers were micro-enterprises, 11% other SMEs and midcap enterprises and 0.5% large corporates.

Finnvera Group's balance sheet totalled

EUR 11.0 bn


PDF reports

Download the reports describing Finnvera's year 2018 as PDF files.


    Annual review and corporate responsibility 2018


    Report of the Board of Directors and Financial Statements 2018


    Statement on the Corporate Governance and Steering System 2018


  • Exposure for export credit guarantees and special guarantees EUR 23.6 billion

    In 2018, Finnvera’s exposure for export credit guarantees and special guarantees was EUR 23.6 billion (22,6) of which drawn guarantees and credits accounted for approximately EUR 10 billion. Demand for export financing was very high, as in the previous year. Demand is mainly focused on the United States and other industrialised Western countries.

    View more
  • Export financing yields extensive benefits to the Finnish economy

    When talking about export financing, the topics that often come up include the total exposure related to export credit guarantees that has increased during the past few years as well as the concentration of financing in a couple of sectors. In Finland, those sectors are cruise ship building, telecommunications and network technology, and the forest industry. Nevertheless, the impact of export financing extends beyond individual projects.

    View more
  • Finnvera and the Chamber of Commerce: Finnish enterprises fail to close deals in export trade

    Finnish SMEs involved in export trade are very likely to fail to close deals as they are not sufficiently familiar with the financing options offered to the buyer. They are not aware of the significance of buyer financing as a competitive advantage. This was revealed by the export trade financing barometer commissioned by Finnvera, Finland Chamber of Commerce and the International Chamber of Commerce ICC.

    View more
  • Exposure for SME and midcap financing EUR 2.3 billion

    SME and midcap financing exposure was EUR 2.3 billion at the end of 2018. Finnvera offered EUR 943 million (963) in financing to SMEs and midcap enterprises. The share of investments out of overall projects grew to 38 per cent (34) whereas the share of financing granted for working capital decreased. Finnvera granted EUR 178 million in guarantees related to SMEs’ and midcap enterprises’ export activities.

    View more
  • Financing for over 900 changes of ownership in 2018

    The financing for transfers of ownership in euros grew by 6 per cent. Finnvera granted EUR 129 million (EUR 121 million) in financing for transfers of ownership and was involved in 921 (984) transfers of ownership.

    View more
  • Company acquisitions and transfers of ownership are of great importance

    Finding latent entrepreneurial potential is important for the vitality and growth of the SME field says Finnvera’s Regional Manager Janne Koivuniemi, who has been awarded as the Expert of the Year in the Transfer of Ownership.

    View more

029 460 11 (weekdays 9:00 a.m. and 4:15 p.m.)

Financial advice

029 460 2582 (weekdays 9:00 a.m. and 4:15 p.m.)

Other matters

029 460 2790 (weekdays 9:00 a.m. and 4:15 p.m.)

Helsinki Headquarters

Porkkalankatu 1

PL 1010, 00101 Helsinki

Kuopio Headquarters

Kallanranta 11

PL 1127, 70111 Kuopio

All contact information