Content Section
Press releases

Finnvera Group’s Report of the Board of Directors and Financial Statements 2023

Published date

Finnvera Group, Stock Exchange Release, 15 February 2024 

Finnvera Group’s Report of the Board of Directors and Financial Statements 2023

High level of domestic and export financing – loss provisions could be partially reversed, Group result EUR 433 million 

Finnvera Group, summary of year 2023 (vs. 2022) 

  • Result 433 MEUR (55) – Loss provisions could be partially reversed in 2023, especially those related to the shipping sector and Russia. The change in the loss provisions for export financing totalled -377 MEUR in 2023. The result was exceptionally good due to the reversal of loss provisions. 
  • Result by segment: parent company Finnvera plc’s SME and midcap business 55 MEUR (-54) and Large Corporates business 351 MEUR (78). The impact of Finnvera’s subsidiary, Finnish Export Credit Ltd, on the Group’s result was 27 MEUR (32). 
  • Parent company Finnvera plc’s result for domestic operations was 30 MEUR (-25), and the result for export credit guarantee and special guarantee operations was 377 MEUR (56). 
  • Total exposure of the parent company Finnvera plc decreased by 2% to EUR 26.2 bn (26.6). 
  • Balance sheet total increased by 13% to EUR 14.3 bn (12.6). 
  • Contingent liabilities reduced by 1% and stood at EUR 16.4 bn (16.6). 
  • Non-restricted equity and the assets of the State Guarantee Fund, which provides the Group’s buffer reserves for covering future losses, totalled EUR 1.9 bn (1.4), showing an increase of 31%. 
  • The expected credit losses based on balance sheet items, standing at EUR 1.2 bn (1.5), reduced by 21%. 
  • Equity ratio improved by 2.1 pp to 9.3% (7.2). 
  • Expense-income ratio improved by 1.4 pp to 19.4% (20.7). 
  • The NPS index, which measures client satisfaction, dropped by 8 points to 64 (72). 

Finnvera Group, year 2023 (vs. 2022)

Result for the period 

433 MEUR 

(55), change 681%

Balance sheet total 

EUR 14.3 bn 

(12.6), change 13%

Total exposure, the parent 

company’s domestic, export 

credit guarantee and 

special guarantee operations 

EUR 26.2 bn 

(26.6), change -2%


equity and the assets 

of The State 

Guarantee Fund 

EUR 1.9 bn 

(1.4), change 31%

Expense-income ratio 


(20.7), change −1.4 pp 

Equity ratio 


(7.2), change 2.1 pp

NPS index 

(net promoter score) 


(72), change -8 points 

Expected credit losses based 

on the balance sheet items 

EUR 1.2 bn 

(1.5), change -21%

CEO Pauli Heikkilä: 

“Year 2023 was challenging, both internationally and in the Finnish economy, with high interest rates and inflation and a tense geopolitical situation. However, the year was surprisingly busy in Finnvera’s financing operations. 

Finnvera granted domestic loans and guarantees amounting to EUR 1.8 billion (1.0). Of this financing, 92% went according to the strategy to start-ups and companies seeking growth and internationalisation as well as investments, transfers of ownership, export and delivery projects and SME guarantee projects. The number of small start-ups among Finnvera’s clients dropped clearly. Domestic financing included considerably more working capital financing for large corporates than in the previous year. A total of EUR 36 million was granted in Climate and Digitalisation Loans, which were introduced in June. These loans, which benefit from an InvestEU guarantee, were developed in cooperation with the European Investment Fund. First direct export credits of under EUR 20 million are granted. This was made possible by a legislative amendment that entered into force in February, under which Finnvera may grant a loan directly if no bank is involved in financing an export transaction. 

Finnvera granted EUR 5.4 billion (5.9) in export credit guarantees and special guarantees, and EUR 0.5 billion (0.9) in export credits. The largest financing projects in 2023 went ahead in the telecommunications sector. Expensive capital goods typically predominate in export financing, and the annual volume of financing is always affected by the timing of individual large export transactions. Cruise shipping, which is a significant sector in terms of Finnvera’s exposure, is recovering from challenges caused by the pandemic, and its outlook for 2024 is good. The client volumes and profitability of the largest cruise shipping companies have recovered to their 2019 levels. 

The Finnvera Group turned a profit of EUR 433 million (55) in 2023. In particular, changes in the amounts of loss provisions contributed to the result. Some of the loss provisions made during the first pandemic year associated with cruise shipping companies could be partially reversed. Exposure related to Russia also decreased as a result of repayments. Finnvera’s exposure relating to Russia amounted to EUR 97 million at the end of 2023, whereas it was EUR 422 million at the end of 2022 and approximately EUR 1 billion at the end of 2021. Due to the reversal of loss provisions for export financing the result was exceptionally good.

In line with the objective set for Finnvera the company must, over the long term, cover the costs of its operations with income from financing. This cumulative self-sustainability has been achieved. 

With its financing authorisations, Finnvera is well placed to expedite companies’ growth projects, investments and exports even in a challenging economic environment. We welcome the highly important reference made in the Finnish Government Programme to an overhaul of the legislation applicable to Finnvera, which will enable us to provide competitive export financing also in the future. An external evaluation commissioned by the Ministry of Economic Affairs and Employment found that Finnvera is a highly significant player in financing Finnish SMEs that manages its mission professionally, efficiently and to a high standard. The recommendations of the evaluation included increasing targeted risk-taking in SME financing and a stronger role in financing the clean transition. Finnvera is making plans to implement these recommendations. 

In line with our strategy, we have created a climate target for Finnvera, and through our financing we encourage companies to invest and be part of the solution to climate challenges.” 

Finnvera Group 
Financing granted in 2023 (vs. 2022) 

  • Domestic loans and guarantees: EUR 1.8 bn (1.0), change 81%. 
  • Export credit guarantees and special guarantees, incl. SME and midcap export credit guarantees: EUR 5.4 bn (5.9), change -9%. 
  • Export credits: EUR 0.5 bn (0.9), change -42%. 
    • The credit risk for the subsidiary Finnish Export Credit Ltd’s export credits is covered by the parent company Finnvera plc’s export credit guarantee. 
    • The fluctuation in the amount of export credit guarantees and export credits is influenced by the timing of individual major export transactions. 

Exposure 31 December 2023 (vs. 31 December 2022) 

  • Domestic loans and guarantees: EUR 3.0 bn (2.7), change 11%. 
  • Export credit guarantees and special guarantees, incl. SME and midcap export credit guarantees: EUR 23.2 bn (23.9), change -3%. 
    • Drawn exposure: EUR 14.0 bn (14.1), change -1%, of which Large Corporates’ cruise shipping exposure EUR 7.3 bn (6.6) 
    • Undrawn exposure: EUR 4.5 bn (7.9) and binding offers EUR 4.7 bn (1.9), in total EUR 9.2 bn (9.8), change -5%, of which Large Corporates’ cruise shipping exposure in total EUR 4.6 bn (6.1). 
  • Drawn export credits: EUR 7.3 bn (7.5), change -2%. 
Finnvera Group
Financial performance



Net interest income331979%821156968%
Net fee and commission income4049-18%137177204-13%
Gains and losses from financial instruments carried at fair value through P&L and foreign exchange gains and losses-5-10-46%-4-9-648%
Other operating income0-41-000-32%
Operational expenses-14-14-2%-36-50-491%
Other operating expenses and depreciations-1-16%-4-5-6-10%
Realised credit losses and change in expected credit losses, net20974181%1210-148-
Operating result26276247%17743964591%
Result for the period26175250%17243355681%

Financial performance 

The Finnvera Group’s result for 2023 was EUR 433 million (55). EUR 261 million of the result was generated in October–December and EUR 172 million in January–September. In particular, changes in loss provisions for expected losses contributed to this result. Finnvera was able to partially reverse loss provisions in 2023, particularly regarding the shipping sector. Also the loss provisions relating to exposure in Russia decreased. The change in the loss provisions for export financing totalled EUR -377 million during the year, which resulted in exceptionally good results for the parent company’s export credit guarantee and special guarantee operations and for the Group. 

The Group’s realised credit losses for the period under review totalled EUR 128 million (39). The expected losses decreased by EUR 320 million, whereas they increased by EUR 137 million in the previous year. While an individual large amount of export credit guarantee compensation was paid out in 2023, this did not affect the result due to the previously made loss provisions. The State’s loss compensations amounted to EUR 18 million (29). The realised credit losses and the change in the expected credit losses were EUR 210 million positive during the period under review whereas the impact in the previous year was EUR 148 million negative. 

After the result of the period under review, the parent company’s reserves for domestic operations and export credit guarantee and special guarantee operations for covering potential future losses amounted to a total of EUR 1,676 million (1,261) at year end. The credit risk for the subsidiary Finnish Export Credit Ltd’s export credits is covered by the parent company Finnvera plc’s export credit guarantee. At year end, the reserves consisted of a reserve for domestic operations of EUR 405 million (375) as well as a reserve for export credit and special guarantee financing and the assets in the State Guarantee Fund totalling EUR 1,272 million (886). The State Guarantee Fund is an off-budget fund whose assets include assets accumulated from the activities of Finnvera’s predecessor organisations. Under the Act on the State Guarantee Fund, the Fund covers a loss-making result in the export credit guarantee and special guarantee operations if the reserve funds in the company’s balance sheet are not sufficient. 

The non-restricted equity of the subsidiary Finnish Export Credit Ltd was EUR 198 million at year end (171). 

Outlook for financing 

From the perspective of SMEs, uncertainty will continue in 2024, which will affect the demand for Finnvera’s financing and especially SME investments. The operating environment will remain challenging from the viewpoint of profitability for many companies. Finnvera, together with commercial providers of financing, is committed to enabling the growth and internationalisation of companies and their future-oriented investments. 

In keeping with our strategy, we will continue to diversify the financing opportunities available for companies. The possibilities of using Finnvera’s SME Guarantee were expanded from the beginning of 2024. As before, no collateral is required for the SME Guarantee, which is suitable for domestic investments, product development as well as working capital. With our Climate and Digitalisation Loans, we can promote SMEs’ clean transition projects and digitalisation. We accelerate the green transition with incentives and products for sustainable financing in projects with climate-positive features. We will supplement the product range of export financing with Bill of Exchange financing in spring 2024. 

The Government Programme sets the aim of increasing the number of middle-sized midcap enterprises in Finland. We are preparing to work together with the new Tesi Group, especially when it comes to financing growth companies. 

We expect the overall demand for export guarantees and export credits to remain at previous years’ levels. Overall demand is affected by individual major projects that go ahead during the financial period. In uncertain times, the significance of export financing for the competitiveness of companies is emphasised. We will invest in more active export promotion in the future. Trade Facilitators appointed to the role in early 2024 aim to bring together foreign buyers and Finnish exporters and to promote trade using Finnvera’s export financing in close cooperation with Business Finland. 

Finnvera is involved in Finland’s national reconstruction programme for Ukraine, and Finnvera’s export credit guarantees have an important role in financing the reconstruction by carrying the risks of Finnish companies exporting to Ukraine. Finnvera has started granting export credit guarantees to Ukraine again since 1 January 2024. The arrangement applies particularly to financing transactions with a short payment period. 

In domestic financing, the risk ratings of companies have deteriorated, payment difficulties have increased, and the numbers of corporate reorganisations and bankruptcies are up. We are preparing for an increase in financial restructuring arrangements in 2024. The increase in costs and interest rates has also delayed the implementation of construction phase projects in overseas industrial-scale investments. 


The business outlook for cruise shipping companies improved in 2023, and the Group’s exposure relating to this sector, and also to Russia, decreased. The credit loss risk of export financing liabilities remains high, however, which may result in uncertainty about the Finnvera Group’s performance in 2024. 

Further information: 

Pauli Heikkilä, CEO, tel. +358 29 460 2400 

Ulla Hagman, CFO, tel. +358 29 460 2458 

Finnvera publishes its Board of Directors’ Report and its financial statements as an XHTML file compliant with the European Single Electronic Format (ESEF) requirements. Auditors KPMG Oy have issued an independent assurance report that provides reasonable assurance concerning Finnvera’s ESEF financial statements. The XHTML file is available in Finnish and English. Finnvera additionally publishes the report and financial statements in PDF format. 

ESEF-report: 743700T69OBBJO7TCA15-2023-12-31-en (ZIP)

Finnvera Group’s Report of the Board of Directors and Financial Statements 1 January–31 December 2023 (PDF) 

For the report and other documents

Distribution: NASDAQ Helsinki Ltd, London Stock Exchange, the principal media, 

Finnvera publishes quarterly reports.


Finnvera's Annual Review and Sustainability Report 2023 (PDF)

Corporate Governance and Steering System 2023 (PDF)

Share page: