Finnvera's year 2019

Welcome to Finnvera Group’s annual report 2019. On this page you will find a summary of the year’s highlights, key figures and our PDF reports.
Table of content

CEO’s review

Finnvera’s financing granted to SMEs and midcap enterprises increased in 2019, as well as financing granted to large corporates’ export transactions. Growth stemmed particularly from the wave of investments in cruise shipping. The overall impact of the corona virus remains to be seen. For a provider of financing, it is essential to assess the impacts in the long term. Our authorisation to grant export credit guarantees was raised to EUR 38 billion since the beginning of year 2020. We need these authorisations to ensure the completion of these orders. CEO Pauli Heikkilä reviews year 2019 on the video.

Finnvera – at the core of financing

By providing financing, we influence the competitiveness of Finnish enterprises – their opportunities to operate and grow in Finland and to enter international markets. Our task is to supplement the financial services offered by banks and other providers of financing. We finance various stages of business with loans, guarantees and export credit guarantees.

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.

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:



Piirroskuvassa kaupunkisilhuetti, jossa rakennuksia ja henkilöitä

Financial resources

  • Funding from international bond markets amounts to EUR 2.0–2.5 billion per year
  • Equity EUR 1.5 billion, of which non-restricted equity EUR 1.2 billion
  • Balance sheet total EUR 12.7 billion


  • 354 employees in 16 locations in Finland. Branch office also in St. Petersburg.
  • Average length of employment relationship 16 years
  • Extensive experience and competence in the financial sector and risk assessment

 Stakeholder relations

  • 6,300 meetings and contacts 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, Chambers of commerce and 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
31 Dec 2019:

  • Micro-enterprises: 88%
  • SMEs and midcap enterprises: 11%
  • Large corporates: 1%

Products and services 1−12/2019

Loans and guarantees

EUR 0.8 billion in total

Export credit guarantees and special guarantees granted

EUR 5.4 billion in total

Export credits granted

2.5 billion in total

Authorisations and exposures
31 Dec 2019

Loans, guarantees and export guarantees

For SMEs and midcaps

  • authorisation EUR 4.2 billion
  • exposure EUR 1.9 billion

Export credit guarantees

  • authorisation EUR 27.0 billion
  • exposure EUR 25.3 billion

Export credits

  • authorisation EUR 22.0 billion
  • exposure EUR 7.3 billion

Special guarantees

(shipping and environmental guarantees and raw material guarantees)

  • authorisation EUR 3.2 billion
  • exposure EUR 0.2 billion

The exposure defined in the Act of the State’s Export Credit Guarantees includes current total exposure and half of offers given at the closing date’s exhange rate. The exposure according to the Act on the State’s Export Credit Guarantees was EUR 20.8 billion at the end of 2019. The total exposure arising from export credit guarantees and special guarantees includes current commitments and offers given at the reporting date’s exchange rate.


Impact on society & financial impacts

  • We reinforce the capacity and competiveness of Finnish enterprises
  • Number of start-ups financed: 2,247
  • Number of new jobs created with the help of SME and midcap financing: 8,009
  • 912 transfers of ownership financed, EUR 155 million
  • Exports covered by export credit guarantees: EUR 3.8 billion to over 90 countries
  • Our risk management ensures financial self-sustainability
  • Development of target countries through export financing projects

Social impacts

  • Personnel expenses EUR 28.6 million and EUR 0.5 million to training
  • Personnel’s job satisfaction index 72.0
  • Sick leave rate 3.1%
  • Assessment and monitoring of social and human rights risks of the financed transactions

Environmental impacts

  • Assessment and monitoring of environmental risks of the financed transactions

 Impacts on stakeholder relations

  • Large customer and stakeholder satisfaction survey every 2. year: willingness to recommend Finnvera, average NPS (net promoter score) of 74.8
  • Continuous measurement of the customer experience: average NPS of 64

Key figures


Of the SME and midcap financing as a whole 86% was targeted at start-ups, companies seeking growth, internationalisation or change and transfers of ownership.

Financing for SMEs and midcap enterprises

990 MEUR



EUR 3.7 bn

Finnvera’s drawn cruise shipping exposure amounts to EUR 3.7 billion.

Export credit guarantees and special guarantees granted
EUR 5.2 bn


At the end of 2019, our clients numbered 24,500. 88% of these customers were micro-enterprises, 11% other SMEs and midcap enterprises and 1% large corporates.

Finnvera Group's balance sheet totalled
EUR 12.7 bn



A positive year in SME and midcap financing

The amount of financing granted to SMEs seeking growth and internationalisation, defined as a key enterprise category in Finnvera’s strategy, totalled EUR 448 million (EUR 389 million), which accounts for 45 per cent (41%) of SME and midcap financing granted. Guarantees related to SMEs’ export activities increased by 11 per cent from the previous year. Financing for transfers of ownership reached a record-breaking level.

A new SME Guarantee for growth-seeking SMEs

A new SME Guarantee helped growth-seeking SMEs’ financing opportunities. The SME guarantee eases companies’ lack of collateral and as a result improves access to financing. The SME Guarantee is made possible by the European Investment Fund’s (EIF) COSME programme. The EIF will provide a counter-guarantee thanks to which Finnvera does not require a self-financing share from the companies.

The exposure of export credit guarantees and special guarantees exceeded EUR 25 billion

Finnvera’s exposure related to export credit guarantees and special guarantees was EUR 25.5 billion in 2019 (EUR 23.6 billion). Drawn guarantees accounted for approximately EUR 11.4 billion of the exposure, of which cruise shipping exposure was EUR 3.7 billion. The demand focused on cruise shipping, telecommunications, and pulp and paper, and regionally mainly to the United States.

Finnvera's policy on the environmental and social risk management was reformed

Finnvera’s policy on the environmental and social risk management of the financing operations was reformed, and in future, the assessment of transactions to be financed will be guided by a risk-based approach. The evaluation of human rights risks will also play a more prominent role in the policy. The aim is to increase openness and predictability of our operations.

Client orientation guides service development

Finnvera launched the most significant information system project in its history and began the transformation towards more agile and client-oriented operations. The transformation will be visible to clients as smoothier service, interactive customer experience and more flexible product launches. Digitalisation is one of the cornerstones of Finnvera’s strategy

Authorisations to grant export financing were raised significantly

Along with the legislative amendments decided by the Finnish Parliament Finnvera’s authorisation to grant export credit guarantees was raised from EUR 27 billion to EUR 38 billion and both the authorisation to finance export credits and the authorisation to provide interes equalisation was raised from EUR 22 billion to EUR 33 billion. The changes took effect at the beginning of 2020.

Finnvera 20 years

The present day Finnvera Plc was born 20 years ago from a a merger of two organisations. Then we became the national promotional SME bank and the official Export Credit Agency, ECA.

Finnvera awarded as the best ECA

Finnvera was awarded as the best export credit agency in the world in a survey conducted by TXF Media to exporters, buyers and financers. Finnvera was in top 3 in the survey also in 2018.

PDF reports

Download the reports describing Finnvera's year 2019 as PDF files.

Annual Review and Corporate Responsibility 2019 (PDF)

Report of the Board of Directors and Financial Statements 2019 (PDF)

Statement on the Corporate Governance and Steering System 2019 (PDF)