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ANNUAL REPORT 2014

D Notes to the income statement

D1 Interest income and expences
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Interest income        
Loans to customers 106,963 97,356 45,950 43,247
- Domestic financing 106,963 44,274 45,950 43,145
- Export financing 0 53,082 0 102
Subsidies passed on to customers 6,397 8,808 6,397 8,808
- Regional interest subsidy 688 954 688 954
- Interest subsidy to special loans 3,529 4,136 3,529 4,136
- Interest subsidy from the ERDF 1,047 1,774 1,047 1,774
- National interest subsidy (ERDF) 1,133 1,945 1,133 1,945
Other interest income -335 4,020 -651 3,717
- Interest on export credit guarantee and special guarantee receivables 551 213 551 213
- Interest on guarantee receivables 1,989 1,710 1,989 1,710
- On receivables from credit institutions -4,441 1,207 -4,606 1,072
- On debt securities, available-for-sale 1,404 717 1,404 695
- On other 163 173 12 27
Total 113,025 110,184 51,696 55,773
Interest expenses        
On liabilities to credit institutions -2 -292 -2 -292
On liabilities to other institutions -56,229 -51,314 0 24
On debt securities in issue -4,751 -2,702 -4,751 -2,702
Other interest expenses -285 -313 -246 -299
Total -61,267 -54,620 -4,999 -3,268
Net interest income 51,758 55,564 46,697 52,504
Interest income on financial assets which are not carried at fair value totalled 113,025 110,184 51,696 55,773
Interest expenses on financial liabilities which are not carried at fair value totalled 56,007 51,533 0 426
Interest income include interest accrued on impaired loans 5,165 2,866 5,165 2,866
Interest subsidy from the state and the European Regional Development Fund
The interest subsidy passed on to customers is calculated on the basis of the passage of time, similar to interest, and is presented as a separate item under interest income in the income statement. In 2001 the Group began to grant investment and working capital loans that include interest subsidy from the European Regional Development Fund (ERDF), as well as national interest subsidy granted by the State of Finland.
Interest-subsidised loans and guarantees in total 274,307 436,220 274,307 436,220
 
D2 Fee and commission income and expences
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Fee and commission income        
From export credit guarantees and special guarantees 107,771 103,994 107,771 103,994
From other guarantees 24,876 24,982 24,876 24,982
From credit operations 13,077 9,333 12,599 8,795
From other 572 1,206 17 25
Total 146,295 139,515 145,263 137,796
All fee and commission income is from financial assets which are not carried at fair value totalled        
Fee and commission expenses        
From reinsurance -6,996 -4,439 -6,996 -4,439
From borrowing -761 -755 -761 -755
From payment transactions -51 -37 -49 -36
From other 0 0 0 0
Total -7,808 -5,231 -7,806 -5,229
Net fee and commission income 138,487 134,284 137,457 132,567
Fee and commission income from financial assets not carried at fair value 146,295 139,515 145,263 137,796
Fee and commission expenses from financial assets which are not carried at fair value totalled -7,047 -4,476 -7,045 -4,475
 
D3 Gains and losses from financial instruments carried at fair value
through profit or loss
  Finnvera Group Finnvera plc
(EUR 1,000) Gains and losses
from sales
Changes in fair value Total Gains and losses from sales Changes in fair value Total
31 Dec 2014            
From financial instruments carried at fair value through profit or loss
Derivatives 0 17,399 17,399 0 8,792 8,792
Liabilities carried at fair value 0 -20,932 -20,932 0 -9,752 -9,752
Shares and participations -717 -6,087 -6,803 0 0 0
Translation differences 33,811 -33,485 327 35,824 -35,419 404
Total, net 33,095 -43,104 -10,009 35,824 -36,380 -556
By categories of financial instruments, IAS 39
Liabilities carried at fair value -717 -103,858 -104,575 0 -95,200 -95,200
Translation differences 33,811 60,755 94,566 35,824 58,820 94,644
Total, net 33,095 -43,104 -10,009 35,824 -36,380 -556
31 Dec 2013            
From financial instruments carried at fair value through profit or loss
Derivatives 0 -100,634 -100,634 0 -85,230 -85,230
Liabilities carried at fair value 0 101,827 101,827 0 87,347 87,347
Shares and participations 2,270 -4,877 -2,607 0 0 0
Translation differences -3,183 2,920 -264 -4,929 4,632 -297
Total, net -913 -765 -1,678 -4,929 6,749 1,821
By categories of financial instruments, IAS 39
Liabilities carried at fair value 2,270 -3,684 -1,414 0 2,117 2,117
Translation differences -3,183 2,920 -264 -4,929 4,632 -297
Total, net -913 -765 -1,678 -4,929 6,749 1,821
 
D4 Net income from investments
        Finnvera Group Finnvera plc
(EUR 1,000)       31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Available-for-sale financial assets        
Shares and participations -219 -61 -219 -61
- Gains/losses -219 81 -219 81
- Impairment losses 0 -142 0 -142
Debt securities 188 0 -91 0
- Gains/losses -91 0 -91 0
- Impairment losses 278 0 0 0
Dividends 978 970 12 24
Total 947 909 -298 -37
Share of profit of associates -2 0 0 0
Total net income from investments 945 909 -298 -37
 
D5 Other operating income
        Finnvera Group Finnvera plc
(EUR 1,000)       31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Fee for the management of the old liability 180 194 180 194
Management fee for the handling of ERDF loans 94 154 94 154
Management fees from subsidiaries (internal charging) 0 0 2,359 1,218
Rental income 170 187 341 356
Sales profit/loss 391 -119 391 92
Credit for deficit in ERDF venture capital investments 606 236 0 0
Other 115 198 26 160
Total 1,556 850 3,391 2,174
 
D6 Employee expenses
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Wages and salaries -22,801 -23,444 -21,642 -22,203
Social security costs -5,272 -6,436 -5,017 -6,162
Pension costs        
- Defined contribution plans -3,555 -3,907 -3,345 -3,675
- Defined benefit plans -496 -1,021 -496 -1,021
Other social security costs -1,221 -1,508 -1,177 -1,466
Total -28,073 -29,880 -26,659 -28,366
 
D7 Auditor's fees
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Fees for auditing -73 -70 -63 -56
Fees for expert services provided by auditors -157 -159 -157 -159
Total -230 -229 -220 -215
 
D8 Depreciation and amortisation on tangible and intangible assets
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Depreciation and amortization
Intangible assets -691 -718 -648 -679
Property, plant and equipment -356 -428 -356 -428
- Properties 0 -5 0 -5
- Machinery and equipment -292 -423 -292 -423
- Other tangible assets -64 0 -64 0
Total -1,047 -1,146 -1,005 -1,106
 
D9 Other operating expenses
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Rental expenses -4,313 -4,325 -4,313 -4,312
Expenses from property in own use -782 -1,144 -782 -1,144
Return of the surplus in export credit financing to FEC 0 0 -6,185 -1,616
Other expenses -2 -1,792 0 -879
Total -5,097 -7,261 -11,280 -7,951
 
D10 Impairment losses on receivables, guarantee losses
        Finnvera Group Finnvera plc
(EUR 1,000)       31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Impairment losses on receivables and guarantee losses
Impairment losses on receivables -69,431 -64,071 -68,398 -62,595
- Credit losses materialised -84,843 -55,280 -83,810 -53,804
- Change in impairment of individually assessed loans 12,901 -2,550 12,901 -2,550
- Change in impairment of collectively assessed loans 2,511 -6,241 2,511 -6,241
Guarantee losses -35,943 -36,798 -35,943 -36,798
- Guarantee losses materialised -33,596 -27,467 -33,596 -27,467
- Change in individually assessed provisions for losses -583 -6,554 -583 -6,554
- Change in collectively assessed provisions for losses -1,764 -2,778 -1,764 -2,778
Total, gross -105,374 -100,869 -104,341 -99,394
The State’s and the ERDF’s share of the credit and guarantee losses materialised *) 63,708 47,976 63,708 47,976
Total, net -41,666 -52,893 -40,632 -51,417
*) The state and the ERDF compensate Finnvera Plc for the final losses on loans and guarantees granted without a securing collateral. On 31 December 2014 these loans and guarantees totalled EUR 2,299 (2,525) million. The compensation was 53,43% (56.5%) of the credit and guarantee losses recognized during the period.
Losses on export credit guarantees and special guarantees
Guarantee losses 7,848 -10,693 7,848 -10,693
- Claims paid -2,136 -3,538 -2,136 -3,538
- Accumulated recoveries 2,067 2,702 2,067 2,702
- Change in recovery receivables -4,414 800 -4,414 800
- Provisions for losses on export credit guarantees and special guarantees 12,332 -10,657 12,332 -10,657
Total 7,848 -10,693 7,848 -10,693
Impairment losses on credits and guarantee losses in total -33,817 -63,586 -32,784 -62,110
Impairment losses on other financial assets        
Write-off for the shares of Seed Fund Vera Ltd 0 0 -9,000 -9,003
Total 0 0 -9,000 -9,003
 
D11 Income tax expense
          Finnvera Group
(EUR 1,000) 31 Dec 2014 31 Dec 2013
Current period -1,639 -1,002
Adjustment for prior periods 2 0
Deferred taxes 924 436
Total -713 -566
By virtue of §20 of the Income Tax Act, Finnvera plc is exempt from income tax.

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