Finnvera's year 2021

Welcome to Finnvera Group’s annual report 2021. 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

The volume of domestic financing remained high during the year 2021. While it was targeted at financing new growth more often than in the previous year, we also allocated financing to the working capital needs of large companies. Of key sectors in export financing, telecommunications and forestry were able to operate steadily and make new investments. The recovery of cruise shipping will be the most critical issue. Finnvera’s result showed a profit of EUR 153 million. In the renewed strategy Finnvera looks beyond the pandemic, says CEO Pauli Heikkilä.

PDF reports

Download the reports describing Finnvera's year 2021 as PDF files.

Finnvera Group’s Report of the Board of Directors and Financial Statements 2021 (PDF)

Finnvera’s Annual Review and Corporate Responsibility 2021 (PDF)

Statement on the Corporate Governance and Steering System 2021 (PDF)

Key figures

Domestic financing granted

EUR 1.7 bn



The number of clients was approx. 25,800 at the end of 2021 (26,500). Of them 87% were micro enterprises, 13% other SME’s and midcaps and 0,6% large corporates.

Export credit guarantees and special guarantees granted

EUR 4.3 bn


EUR 5.4 bn

Of the drawn exposure, the share of cruise shipping sector was EUR 5.4 bn. Just over half of the export credit guarantee and special guarantee exposure is drawn guarantees.

Export credits granted

EUR 0.7 bn


EUR 12.2 bn

Balance sheet total was EUR 12.2 billion (EUR 12.7 bn).

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.

Financial resources

Balance sheet EUR 12.2billion

Equity EUR 0.9 billion, which 
non-restricted equity account 
for EUR 0.6 billion

Funding from international 
bond markets amounts to 
EUR 1.0 billion per year


In average 366 employees 
in 15 locations in Finland

Average length of 
employment relationship 
14.2 years

Extensive experience and 
competence in the financial 
sector and risk assessment

Stakeholder relations

7,080 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 


Impact on society & financial impacts

We reinforce the capacity and 
competititveness of Finnish enterprise

Number of financed start-ups 2,399

Number of new jos created with the help of domestic financing 8,599 

813 transfers of ownership financed, EUR 174 million

Exports covered by export crdit guarantees: EUR 2.5 billion to over 
90 countries 

Our risk management ensures financial self-sustainability

Development of target countries through export financing projects

Social impact

Personnel expenses EUR 30 million and EUR 0.3 million to training

Personnel job satisfaction index EUR 4.3/5

Sick leave rate 1.2

Assessment and monitoring of social and human rights risks of the financed transactions

Impacts on stakeholder relations

Continuous measurement of the customer experience: average NPS of 67

Large customer and stakeholder satisfaction survey every 2. year: 
willingness to recommend Finnvera, average NPS (net promoter score) of 
68.9 (2021)

Environmental impacts

Assessment and monitoring of environmental risks of the 
financed transactions

We help companies take advantage of the opportunities that arise from 
the climate actions

We measure the climate impact of our own operations


Number of clients 31 Dec 2021: 25,800

Micro-enterprises: 87%
SMEs and midcap enterprises: 13%
Large corporates: 0.4%

Products and services 1–12/2021

Loans and guarantees granted
EUR 1.5 billion in total

Export credit guarantees 
and special guarantees granted

EUR 4.6 billion in total

Export credits granted
EUR 0.7 billion in total

The exposure defined in the Act on the State’s Export 
Credit Guarantees include 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 19.2 billion on 31 December 2021. 
Of the authorisation for domestic loans and guarantees 
the amount used in 31 December 2021 was EUR 2.7 billion 
and of the export credit authorisation the amount used 
was EUR 12.4 billion.

Authorisations and exposures 31 Dec 2021

Exposures include credit commitments as well as guarantee receivables

Loans and guarantees
• authorisation EUR 12.0 billion
• exposure EUR 3.0 billion

Export credit guarantees
• authorisation EUR 38.0 billion
• exposure EUR 22.2 billlion

Export credits
• auhtorisation EUR 33.0 billion
• exposure EUR 13.1 billion of which drawn EUR 7.9 billion

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

• authorisation EUR 3.15 billion
• exposure EUR 0.5 billion

Corporate responsibility and climate measures in Finnvera’s stategy

Climate change and international goals of limiting global warming are some of the key challenges affecting the mankind and companies’ operations. Finnvera plays an important role in achieving this goal, especially as a provider of export financing. Corporate responsibility and the impact of financing are interlinked in Finnvera’s strategy.


Domestic financing stayed on a high level

In domestic financing, year 2021 was busy. Finnvera granted domestic financing a total of EUR 1.7 billion (EUR 1.7 billion). Financing for growth, transactions and financing for transfers ofownership as well as SME exports reached record levels. Investments gained momentum during the year.

Export financing increased year on year

Finnvera granted export credit guarantees and special guarantees amounting to a total of EUR 4.3 billion (2.9). Enterprises carried out large investment projects in many export sectors, and Finnvera made financing decisions related to them. In addition to export guarantees, we provided more financing for the operation of large companies in Finland.

Finnvera’s result for the year 2021 EUR 153 million positive

Finnvera Group’s result was profitable EUR 153 million (-748). While no new significant credit loss provisions had to be made for export credit guarantee operations and no major final losses were realised, there were neither grounds for decreasing the extensive loss provisions made in 2020. Cumulative self-sustainability has been achieved, despite the loss-making year in 2020.

The worst risk scenarios of the pandemic were not realised

The uncertainty associated with the prolongation of the pandemic continued, however, and became more acute towards the end of the year. In particular, this uncertainty could be seen in Finnvera’s export financing. Finnvera’s exposures related to domestic financing as well as export credit guarantee and special guarantees grew from the previous year.

Finnvera calculated the climate impact of the ship finance portfolio

Finnvera calculated, for the first time, the carbon intensity of the ship finance portfolio. The climate alignment score was seven per cent below the Poseidon Principles climate alignment level. In April 2021, Finnvera became signatory in the international Poseidon Principles.

ESG risk management in financing 

Since the beginning of 2021, all applications for Finnvera’s export financing have been screened for environmental and social risks. In 2021, 455 examinations were carried out. The environmental and social risk management process was updated during the year.

Customer satisfaction on a high level, net promotion score rose

An extensive survey addressed to clients, banks and stakeholders conducted every second year found that Finnvera has successfully influenced the arrangement of business finance as well as the growth and development of companies. The client net promoter score exceeded targets. Clients, banks and other providers of financing are Finnvera’s key stakeholders alongside the owner, the Team Finland network and NGOs.  Finnvera was active also in international forums.

Objectives to mitigate the impact of Finnvera’s own operations

The new strategy highlights climate change as a special factor that directs the company’s operations. In the future, we will measure the climate impacts of our activities and report on them to stakeholders. We will set a target for reducing the climate impacts of our exposure. We will identify climate change risks.