Related News

Finnish export credit agency Finnvera plc’s profit for the period January 1 – December 31, 2002 amounted to €22mn, while the profit for the previous year had been €24.1mn. At year’s end, the outstanding commitments of Finnvera plc amounted to €4.6335tn (€4.9139tn). Client enterprises numbered nearly 26,000 (27,000). With its financing schemes, Finnvera contributed to the creation of about 9,500 new jobs (10,700).

During the period under review, the risk financing granted by Finnvera plc to enterprises operating in Finland totalled €770.2mn (€708.3mn), while the export credit guarantees granted totalled €1.7088tn (€1.7641mn).

As in previous years, the trend in domestic financing continued to shift from loans to guarantees. Guarantees accounted for 54.3% of the total amount granted in domestic financing (53.1%).

The value of guarantee applications pertaining to projected export transactions that would involve foreign risk-taking, submitted to Finnvera by exporters and financiers during 2002, was record high: €5.2bn (€4.2bn). Once the enterprises had carried out their export transactions, the value of guarantees that came into effect in 2002 totalled €745.5mn (€908.1mn). The figure is one fifth less than in 2001 mainly because the value of guarantees pertaining to the export of machines and equipment in the wood-processing industry was almost €130mn less than in the previous year.

In the shipyard industry, the total value of guarantees that came into effect during the year with regard to tenders and pre-delivery payments associated with export projects was €56.3mn (€200.2mn).

Credit and guarantee losses, as shown by the profit and loss account, continued to be reasonably low. The parent company’s credit and guarantee losses totalled €28.1mn (€29.5mn). Compensation by the state totalled €16mn.

Claims from export credit and special guarantees came to €3.2mn. Claims provisions were reduced by €6mn.