Finnvera's year 2020

Welcome to Finnvera Group’s annual report 2020. 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

During the coronavirus pandemic, Finnvera focused in assuring the availability of loan financing for viable domestic businesses and ensuring export financing in the crisis. Managing the crisis proved the importance of functioning cooperation models. The cruise shipping sector was hit hard by the pandemic, and due to the loss provisions made Finnvera’s result showed a significant loss. In 2021, it is important that Finnish companies get involved in the recovery of the world economy, says CEO Pauli Heikkilä.

PDF reports

Download the reports describing Finnvera's year 2020 as PDF files.

Finnvera’s Annual Review and Corporate Responsibility 2020 (PDF)

Finnvera Group’s Report of the Board of Directors and Financial Statements 2020 (PDF)

Statement on the Corporate Governance and Steering System 2020 (PDF)

Key figures

Domestic financing granted

EUR 1.7 bn

(EUR 1.0 bn)

Domestic financing, exposure by sector 31.12.2020, EUR 2,620 million in total. Industry's share 45% is the largest of the exposure.

Approximately 23,700 domestic financing and change decisions were made in 2020.

Export credit guarantees and special guarantees granted

EUR 2.9 bn

(EUR 5.2 bn)

Exposure by sector, export credit guaranteest and special guarantees 31 Dec 2020. Cruise shipping's share is 49% of the exposure.

EUR 4.4 bn

Of the drawn exposure, the share of cruise shipping sector is EUR 4.4 billion. Approximately half of the export credit guarantee and special guarantee exposure is drawn guarantees.

Export credits granted

EUR 1.1 bn

(EUR 2.5 bn)

Export credit guarantees and special guarantees, exposure by risk category 2020. Of the risks 38% is in category B and in total 36% in categories BB+BBB.

The number of clients increased to approx. 26,500 at the end of 2020. Of them 87% were micro-enterprises, 13% other SMEs and midcaps and 0.6% large corporates. 


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.

Financial resources

Balance sheet EUR 12.7 billion

Equity EUR 0.7 billion, of which non-restricted equity account for EUR 0.5 billion

Funding from international bond markets amounts to EUR 1.01.5 billion per year


In average 360 employees in 16 locations in Finland.

Average length of employment relationship 15.6 years

Extensive experience and competence in the financial sector and risk assessment

Stakeholder relations

4,500 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, 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
31 Dec 2020: 26,500

Micro-enterprises: 87%
SMEs and midcap enterprises: 13%
Large corporates: 0.6%

Products and services

Loans and guarantees granted
EUR 1.4 billion in total 

Export credit guarantees and 
special guarantees granted

EUR 3.2 billion in total 

Export credits granted
EUR 1.1 billion in total

The exposure defined in the Act on the State’s Export Credit Guarantees includes commitments and half of offers given at the closing date’s exchange rate. The exposure according to the Act on the State’s Export Credit Guarantees was EUR 19.5 billion on 31 December 2020. The total exposure arising from export credit guarantees and special guarantees includes current commitments and offers given at the reporting date’s exchange rate.

Authorisations and exposures  
31 Dec 2020

Loans and guarantees
authorisation EUR 12.0 billion
exposure EUR 2.5 billion including guarantee receivables EUR 32 million

Export credit guarantees
authorisation EUR 38.0 billion
exposure EUR 22.1 billion including export credit guarantee recivables  EUR 40 million

Export credits
authorisation EUR 35.0 billion
exposure EUR 7.6 billion

Special guarantees
(shipping and environmental guarantees and raw material guarantees)

authorisation EUR 3.2 billion
exposure EUR 0.4 billion


Impact on society & financial impacts

We reinforce the capacity and competitiveness of Finnish enterprises

Number of financed start-ups: 2,697

Number of new jobs created with the help of domestic financing: 8,717

768 transfers of ownership financed, EUR 141 million

Exports covered by export credit guarantees: EUR 3.2 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 29 million and EUR 0.3 million to training

Personnel’s job satisfaction index 4.2/5

Sick leave rate 1.7%

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

Continuous measurement of the customer experience: average NPS of 56

Large customer and stakeholder satisfaction survey every 2. year: 
willingness to recommend Finnvera, 
average NPS (net promoter score) of 74.8 (2019)

Corporate responsibility as a cornerstone

The impact of financing and corporate responsibility are closely intertwined. According to its strategy, Finnvera, and the transactions it finances, are responsible with regard to the environment and people. The significance of economic responsibility could be seen clearly in the stakeholder survey, in which Finnvera analysed the material topics of responsibility. ESG themes were also a clearly highlighted topic. This work will continue in 2021.


Domestic financing to a record-high level

Accelerated by the coronavirus crisis the demand for Finnvera’s financing reached a record-breaking level in March–May. Finnvera made quick changes to its products and services. Finnvera granted a total of EUR 1.7 billion (EUR 1.0 billion) of financing to companies in Finland. In the autumn, demand for financing returned to close to normal levels.

Export financing decreased year on year

Export credit guarantees and special guarantees, primarily for large corporate export trades, amounted to EUR 2.9 billion (EUR 5.2 billion). The number of export credit guarantees and special guarantees increased year on year due to increased demand for credit insurance. Granted export credits amounted to EUR 1.1 billion (EUR 2.5 billion).

Finnvera’s result for the year 2020 showed a loss

The impacts of the pandemic hit cruise shipping the worst. Finnvera had to make extensive loss provisions in export credit guarantee and special guarantee operations. Finnvera Group’s result showed a loss of EUR 748 million after the State Guarantee Fund payment of EUR 349 million.

The year underlined cooperation in risk management

The pandemic posed the challenge that it had a global impact across the boundaries of various sectors. The year underlined the importance of cooperation and continuous monitoring. In an international scale, Finnvera’s risk management was already at a good level before the pandemic, which was an advantage as the crisis progressed. The impacts of the crisis will only be seen later.

ESG risk management in financing operations

By managing environmental, social and corporate governance (ESG) risks, Finnvera ensures corporate responsibility in its financing operations, but these actions are also an integral part of the risk management of financing operations. A careful assessment is inseparably linked to Finnvera’s controlled risk-taking, which is at the core of the company’s strategy.

Environmental and social issues will be highlighted 

Issues related to the new policy will be reflected in new export credit guarantee applications. The forms will feature questions on the use and location of the export product as well as on its potential environmental and social impacts and risks. The purpose is to facilitate the processing and screening of the guarantee application.

Export Credit Agency guarantees exports and assesses risks on a long-term basis

The long-term nature of financing is a key factor in Finnish export companies’ and foreign buyers’ commitment to transactions. Trade negotiations are long processes, especially when talking about large-scale commodities such as a cruise ship. 

Analysis: The pandemic brought cruise shipping to a standstill

At the moment, we estimate that demand in the sector will recover, thanks to its competitive advantages and especially Asia’s growth potential, but even after the fear of infection has disappeared, consumer demand will likely be reduced by the weak global economic situation. The earlier levels will probably not be reached, at least not before 2023–2024.

Phenomena in the Finnish economy in 2020

The year 2020 will go down in history as the year of the coronavirus when almost everything in the economy went differently than we thought in January. Many things have changed for good. However, not all surprises were negative. 

A changing crisis: The average amount of financing tripled

The international corona crisis affects the financing needs of increasingly large companies. The average size of financing granted by Finnvera to companies in June was approximately EUR 300,000, a triple figure compared to April.