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ANNUAL REPORT 2014

G Shares and holdings

G1 Shares and holdings in Group companies
        Finnvera plc
        31 Dec 2014 31 Dec 2013
Name and domicile of the company Sector Holding of all shares, % Share of votes, % Book value EUR 1,000 Holding of all shares, % Share of votes, % Book value EUR 1,000
Subsidiaries (holding over 50%)
Seed Fund Vera Ltd, Kuopio Development and investment company 94% 94% 91,000,000 93% 93% 90,000,000
Finnish Export Credit Ltd, Helsinki Export financing and interest equalisation 100% 100% 20,181,579 100% 100% 20,181,579
Veraventure Ltd, Kuopio Development and investment company 100% 100% 48,633,752 100% 100% 48,633,752
Shares and holdings in associates (holding 20-50%)
Kiinteistö Oy Kajaanin Kauppakatu 1 Real estate company 36% 36% 349,000 36% 36% 349,000
 
G2 Subsidiaries' shares and holdings (holding over 20%)
        Finnvera plc
Name and domicile of the company Sector     Year Holding of all shares, % Share of votes, % Equity EUR 1,000 Profit for the year EUR 1,000
Veraventure Ltd                
Clean Future Fund Ky Venture capital investments 2014
2013
0
35.30%
0
35.30%

1,615

-550
Gorilla Kiihdytys 2012 Ky Venture capital investments 2014
2013

44.64%

44.64%
   
Indekon Oy Venture capital investments 2014
2013
0
34.45%
0
34.45%

4,126

-117
Itä-Suomen Rahasto Oy   Venture capital investments 2014
2013
36.63%
36.63%
36.63%
36.63%
11,622
13,090
-782
951
JyväsSeed Fund Oy   Venture capital investments 2014
2013
0
40.00%
0
40.00%

1,081

20
Luoteis-Venäjä Rahasto Oy   Venture capital investments 2014
2013
69.99%
69.99%
49.99%
49.99%
2,238
2,291
-52
-51
Länsi-Suomen Pääomarahasto Oy   Venture capital investments 2014
2013
40.12%
40.12%
40.12%
40.12%
9,170
7,419
-904
-222
Midinvest Oy   Venture capital investments 2014
2013
0
29.17%
0
29.17%

4,264

-64
Pikespo Invest Oy Ltd   Venture capital investments 2014
2013
40.52%
40.52%
40.52%
40.52%
7,333
7,432
266
368
Royal Majestics Fashion & Desing Fund I Ky Venture capital investments 2014
2013
0
36.86%
0
36.86%
   
Spinno-Seed Oy   Venture capital investments 2014
2013
0
28.30%
0
28.30%

1,294

-271
Teknoventure Oy   Venture capital investments 2014
2013
0
48.38%
0
48.38%

14,673

-752
Uudenmaan Pääomarahasto Oy   Venture capital investments 2014
2013
41.13%
41.13%
41.13%
41.13%
14,837
15,750
-468
897
Virtaa Hämeeseen Oy   Venture capital investments 2014
2013
21.71%
21.71%
21.71%
21.71%
4,598
4,596
1,952
-52
Wedeco Oy Ab   Venture capital investments 2014
2013
39.80%
39.80%
39.80%
39.80%
17,853
13,572
1,001
886
Vendep Starup Rahasto I Ky Venture capital investments 2014
2013
0
39.20%
0
39.20%
   
Seed Fund Vera Ltd                
Abacus Diagnostica Oy   Manufacture of chemical products, not classified elsewhere 2014
2013
30.69%
30.69%
30.69%
30.69%
-1,517
-1,108
-709
-810
Airmodus Oy Other scientific research and development 2014
2013
20.13%
0
20.13%
0
72 -42
APL Systems Oy   Private security services 2014
2013
21.69%
21.96%
21.96%
21.96%
12
27
115
-35
Autoprod Oy Machine and process design 2014
2013
44.15%
38.28%
44.15%
38.28%
886
-840
-1,187
-1,645
BCB Medical Oy Design and manufacture of software 2014
2013
23.59%
20.74%
23.59%
20.74%
852
247
69
-396
Bone Index Finland Oy   Medical research and development 2014
2013
31.56%
30.86%
31.56%
30.86%
101
143
-217
-106
CadFaster Oy   Design and manufacture of software 2014
2013
31.56%
32.5%
31.56%
32.5%
-138
15
-402
-388
CWP Coloured Wood Products Oy   Sawing, planing and preservative treatment of wood 2014
2013
30.91%
28.53%
30.91%
28.53%
-483
-156
-181
-158
Digital Foodie Oy Design and manufacture of software 2014
2013
24.34%
0
24.34%
0
173 -169
Dodreams Oy Design and manufacture of software 2014
2013
27.25%
27.25%
27.25%
27.25%
142
47
-242
-174
Name and domicile of the company Sector Year Holding of all shares, % Share of votes, % Equity EUR 1,000 Profit for the year EUR 1,000
eGen Oy Manufacture of electric motors, generators and transformers 2014
2013
0
23.27%
0
23.27%

445

-223
Ekogen Oy   Electrotechnical design 2014
2013
0
31.13%
0
31.13%

411

-463
Enviprobe Oy   Wholesale trade of machinery and equipment, not classified elsewhere 2014
2013
0
22.66%
0
22.66%

-236

-146
Finnester Coatings Oy   Manufacturing of other rubber products 2014
2013
35.78%
34.35%
35.78%
34.35%
1,090
14
-213
-157
Gasera Oy   Manufacture of measurement, testing and navigation instruments and equipment 2014
2013
26.26%
20.9%
26.26%
20.9%
591
596
-310
-261
GlowWay Oy Manufacture of electric lighting equipment 2014
2013
21.21%
21.21%
21.21%
21.21%
2
6
-54
-139
Goodmill Systems Oy   Design and manufacture of software 2014
2013
41.32%
39.79%
41.32%
39.79%
-1,263
103
-543
-351
Hapella Oy Wholesaling of machines used in industry 2014
2013
21.69%
0
21.69%
0
   
Helpten Oy   Wireless network management and services 2014
2013
24.99%
25.28%
24.99%
25.28%
30
18
526
-1,143
Hermo Pharma Oy Medical research and development 2014
2013
0
21.51%
0
21.51%

-3

-1,446
HLD Healthy Life Devices Oy Other health care services 2014
2013
21.23%
24.04%
21.23%
24.04%
480
1,156
-1,177
-769
Icareus Media Services Oy Sales, marketing and development of media services and products; consulting, training, advice, support and maintenance services for hardware and software 2014
2013
23.10%
0
23.10%
0
7 71
Injeq Oy Manufacture of radiation equipment and electronic medical and therapy equipment 2014
2013
23.24%
23.24%
23.24%
23.24%
529
624
-95
-66
Itim International Oy (ex. Feedbackdialog Oy) Design and manufacture of software 2014
2013
21.71%
21.71%
21.71%
21.71%
78
30
83
-162
Juno Medical Oy   Manufacture of radiation equipment and electronic medical and therapy equipment 2014
2013
39.54%
36.52%
39.54%
36.52%
148
48
-550
-446
Liquid Zone Oy Design and manufacture of software 2014
2013
24.57%
24.57%
24.57%
24.57%
3
4
-51
-70
Magisso Oy Production and further development of various inventions, agency operations, marketing of products, wholesale and retail trading, and imports and exports 2014
2013
22.52%
0
22.52%
0
516 -62
Medanets Oy Machine and process design 2014
2013
35.44%
35.21%
35.44%
35.21%
-11
137
-149
-92
Myontec Oy   Manufacture of measurement, testing and navigation instruments and equipment 2014
2013
0
37.53%
0
37.53%

140

-325
Nervogrid Oy   Data processing, server rental and related services 2014
2013
0
30.27%
0
30.27%

125

-770
Netled Oy Electrotechnical design 2014
2013
25.00%
25.00%
25.00%
25.00%
152
149
-150
-254
Norsepower Oy Ltd Building of ships and floating structures 2014
2013
24.42%
24.42%
24.42%
24.42%
1001 -199
Ozics Oy   Manufacture of measuring, testing and navigation instruments and equipment 2014
2013
30.71%
22.62%
30.71%
22.62%
-633
55
-986
-605
Pharmatest Services Ltd   Other technical testing and analysis 2014
2013
27.17%
27.17%
27.17%
27.17%
73
49
240
54
PlexPress Oy Manufacture of measuring, testing and navigation instruments and equipment 2014
2013
0
23.36%
0
23.36%

-452

-339
Promist Oy Other advertising services 2014
2013
20.40%
0
20.40%
0
7 71
Proxion Solutions Oy Manufacture of other electrical equipment 2014
2013
22.40%
0
22.40%
0
285 -742
Reliplay Oy   Other advertising service 2014
2013
31.00%
31.00%
31.00%
31.00%
   
Rocsole Oy HEPAC planning 2014
2013
23.18%
0
23.18%
0
910 -7
Safera Oy   Machine and process design 2014
2013
34.15%
28.17%
34.15%
28.17%
-141
-149
7
11
Senseg Oy Technological research and development 2014
2013
25.78%
22.71%
25.78%
22.71%
-3408
-1376
-2032
-1574
Sensire Oy Design and manufacture of software 2014
2013
36.05%
33.15%
36.50%
33.15%
268
57
15
-54
Silvergreen Oy Manufacture of chemical products not listed elsewhere 2014
2013
27.47%
0
27.47%
0
61 -174
Spinfy Oy Design and manufacture of software 2014
2013
0
26.9%
0
26.9%

51

-321
Steam Republic Oy Recording studios; publishing of sound and music recordings 2014
2013
0
22%
0
22.00%

29

-755
Steelbow Oy Manufacture of pipes, profile pipes and their accessories in steel 2014
2013
29.15%
22.71%
29.15%
22.71%
614
-9
-276
-263
StreamPlay Oy   Computer equipment and software consulting 2014
2013
33.14%
33.14%
33.14%
33.14%
189
162
27
-17
Tamturbo Oy Machine and process design 2014
2013
21.21%
22.25%
21.21%
22.25%
1,535
358
-183
-216
Tassu ESP Oy   Metal treatment and coating 2014
2013
35.64%
35.64%
35.64%
35.64%
29
183
-154
-103
Techila Technologies Oy   Design and manufacture of software 2014
2013
34.43%
31.91%
34.43%
31.91%
-64
4
-76
-34
Telespro Finland Oy   Retail trade in health care supplies 2014
2013
27.77%
27.77%
27.77%
27.77%
72
265
70
161
Name and domicile of the company Sector Year Holding of all shares, % Share of votes, % Equity EUR 1,000 Profit for the year EUR 1,000
TimerGPS Europe Oy Manufacture of measuring, testing and navigation instruments and equipment 2014
2013
24.29%
25.03%
24.29%
25.03%
54
228
-274
-89
Traplight Oy Design and manufacture of software 2014
2013
22.46%
0
24.46%
0
7 -54
TWID Oy Design and manufacture of software 2014
2013
23.06%
27.21%
23.06%
27.21%
7
173
-309
-419
Vactech Oy Biotechnological research and development 2014
2013
23.99%
23.99%
23.99%
23.99%
-1,263
-115
-29
-4
Wello Oy   Hydro and wind power generation 2014
2013
20.09%
20.44%
20.09%
20.44%
3,661
4,133
-472
-280
VividWorks Oy Other software publishing 2014
2013
23.64%
0
23.64%
0
17 101
Woodprime Oy Manufacture of builders’ carpentry and joinery n.e.c. 2014
2013
0
24.39%
0
24.39%

1,548

-502
Voyantic Oy   Electrotechnical design 2014
2013
27.08%
27.08%
27.08%
27.08%
96
195
-82
-93
 
G3 Related party transactions, loans and receivables
Related parties include the following: the parent company, its subsidiaries and associated companies; companies and associates outside the Finnvera Group where the State holds the majority of shares and where the Ministry of Employment and the Economy exercises ownership steering; and the State Treasury. Related parties also include the members of the Supervisory Board and the Board of Directors, the CEO, the Executive Vice President and the Management Group.
    Finnvera Group
(EUR 1,000) 31 Dec 2014 31 Dec 2013
Related party transactions, loans and receivables    
Services purchased 5,095 3,774
(EUR 1,000) 31 Dec 2014 31 Dec 2013
Related party transactions, loans and receivables    
Loans 927,570 130,516
Receivables 8,034 4,664
Long-term liabilities 2,419,517 2,291,089
Short-term liabilities 8,034 4,664
Guarantees 3,337,531 2,307,840
 
G4 Separate result of activities referred to in the Act on the State Guarantee Fund §4, and its share of the total result of Finnvera plc
    Finnvera plc’s profit Activities referred to in the Fund Act and their
share of the profit
Finnvera plc’s profit Activities referred to in the Fund Act and their
share of the profit
(EUR 1,000)   31 Dec 2014 31 Dec 2014 31 Dec 2013 31 Dec 2013
Interest income 51,696   519   55,773   2,457  
Interest expenses -4,999 46,697 2,450 2,969 -3,268 52,504 0 2,457
Fee and commission income 145,263   107,807   137,796   104,043  
Fee and commission expenses -7,806 137,457 -7,008 100,799 -5,229 132,567 -4,447 99,596
Gains and losses from financial instruments carried at fair value through profit or loss   -556   155   1,821   -366
Net income from investments   -298   0   -37   0
Other operating income   3,391   432   2,174   328
Administrative expenses                
Wages and salaries -26,659   -6,595   -28,366   -7,533  
Other administrative expenses -12,085 -38,745 -3,609 -10,204 -11,915 -40,281 -4,166 -11,699
Depreciation and amortization from intangible assets, property, plant and equipment   -1,005   -329   -1,106   -387
Other operating expenses   -11,280   -1,234   -7,951   -1,433
Net impairment loss on financial assets                
Loans and guarantees -104,341   0   -99,394   0  
Credit loss compensation from the state 63,708   0   47,976   0  
Export credit guarantees and special guarantees 7,848 -32,784 7,848 7,848 -10,693 -62,110 -10,693 -10,693
Impairment losses on other financial assets   -9,000   0   -9,003   0
Operating profit   93,878   100,436   68,577   77,803
 

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