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ANNUAL REPORT 2014

Operating principles

Policies observed by Finnvera

The key guidelines, principles and policies observed by Finnvera in its operations includ the following:

  • ownership policy
  • country and guarantee policy
  • credit policy
  • risk management principles
  • environmental policy and publicity policy in export credit guarantee operations
  • personnel policy outlines
  • ethical guidelines
  • IT policy outlines
  • communications policy outlines
  • principles for cooperation agreements
  • guidelines and procedures for procurement.

Finnvera's goals in 2014

The Ministry of Employment and the Economy monitors and supervises Finnvera’s operations. Each year the Ministry sets industrial and ownership policy goals for Finnvera. When determining these goals, attention is paid to the Finnish Government Programme, the Ministry’s corporate strategy, the policy objectives concerning the Ministry’s branch of administration, and the goals of EU programmes.

On the basis of goals set, an assessment is made of how well Finnvera has succeeded in promoting, for instance, enterprise, the growth and internationalisation of enterprises, and exports. In 2014, we reached seven out of ten of the goals set for us by the Ministry of Employment and the Economy.

Goal achieved

Goal almost achieved     

Goal not achieved

Target Goal  
Promotion of growth enterprise A 50 per cent increase in the turnover and exports of the client enterprises of Finpro, Finnvera and Tekes that seek growth through internationalisation takes place from 2011 to 2015. In 2014 a growth of at least 10 per cent is expected. The three actors co-operate in the annual monitoring of turnover and exports for the respective client segment. The technique for measuring client satisfaction in the client segment has been defined and the first survey has been conducted. Under the coordination of the Executive Team, the Growth Track service is expanded to include bigger SME’s (a turnover of more than € 10 million). The recognisability of Finnvera's services and Finnvera's service image remained high in the service image survey conducted by the Ministry of Employment and the Economy.
 
The corporate client strategy and customer orientation measures for developing common activities Together with other actors, Finnvera forms a concrete plan on the implementation of a service model for corporate clients based on the Ministry’s current corporate client strategy and the Growth Track service. Finnvera implements the Team Finland operating model in cooperation with other administrative sectors and integrates models into its own operations when concrete measures can be applied.
Strategic growth sectors In order to generate new business to Finland, the administrative sector of the Ministry of Employment and the Economy concentrate their action and support chosen strategic growth sectors. Finnvera takes part in developing these sectors through financing. Finnvera allocates financing to environmental goods and services projects that have a prerequisite to be profitable and projects that promote the usage of clean and renewing energy and/or contribute to Finland’s energy self-sufficiency.
Venture capital investments Finnvera successfully completes the transfer of venture capital investment operations for start-up enterprises to Tekes, continuing direct investments in target enterprises through Seed Fund Vera over the transition period.
The separate goals set for Finnvera
Allocation of financing to SMEs starting up and seeking growth through internationalisation In 2014, Finnvera actively allocates financing to SMEs starting up and seeking growth through internationalisation, increasing the risk assumed. The share of client enterprises seeking growth through internationalisation reaches 50 per cent in 2014.
The impact of Finnvera’s operations on the internationalisation and exports of enterprises In accordance with the principles of key economic policies or competitiveness, Finnvera increases its risk-taking in export credit guarantee operations based on the goal set in the Government Programme and in a manner permitted under an amendment to the Act on the State’s Export Credit Guarantees. The company continues the development of the export and ship credit scheme with the Ministry of Employment and the Economy in accordance with the targets and measures set out in the Government’s Structural policy programme so that Finnish exporters would have access to as competitive export financing system as possible.
Large enterprises (SME financing) The financing granted to large enterprises outside national assisted areas, excluding the compensation for losses, can be at most 10 per cent of all financing granted by Finnvera.
Ownership policy goals
Self-sufficiency Finnvera manages its business operations in a way that ensure revenues coming from the company’s operations cover the expenses resulting from its operations over the business cycle. In SME financing the reference period is 10 years, and in export financing 20 years.
Effectiveness of Finnvera’s operations Finnvera is running efficiently and it is capable of demonstrating constant improvement in operating efficiency and work productivity. Finnvera improves work productivity by 3 per cent in 2014. The cost/income ratio remains at a good level when compared to previous year.
The Finnvera Group's capital adequacy The capital adequacy ratio of Finnvera Group is 12‒20 per cent.

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