Finnvera Group 2022 Financial Statements

(Yahoo Finance, Helsinki, 16 February 2023) “Despite the impacts of the coronavirus pandemic, the war launched by Russia and the uncertain operating environment as well as inflation, Finnish companies were very active in 2022, and the demand for Finnvera’s financing remained at a high level. Finnvera granted domestic loans and guarantees amounting to EUR 1.0 billion (1.5). More than 90% of the financing was allocated to Finnvera’s strategic priorities, that are start-ups, companies aiming for growth and internationalisation and, for example, transfers of ownership. Finnvera granted EUR 5.9 billion (4.6) in export credit guarantees and special guarantees, and EUR 0.9 billion (0.7) in export credits. The largest individual financing projects concerned forest sector deliveries to Brazil and telecommunications sector deliveries to the United States and Japan. Finnvera has paid a total of EUR 100 million in compensation for liabilities at the beginning of February 2023. The final amount of Finnvera’s losses will be determined later. The loss provisions for exposure in Russia remained unchanged, the loss provisions made in the cruise shipping sector were reduced and the loss provisions for the domestic financing increased in the last quarter of the year. Due to the war and arrangements necessitated by sanctions, Finnvera’s exposure relating to Russia more than halved to EUR 422 million during the year,