Finnish export credit agency Finnvera plc’s profit for the period January 1 –
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.