We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Name | Symbol | Market | Type |
|---|---|---|---|
| Finnvera 32 | LSE:69BL | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
|
Finnvera Oyj (69BL)
Finnvera Group, Stock Exchange Release 15 November 2024 Interim Management Statement 1 January–30 September 2024Financing below the previous year’s level, expectations cautiously positive – result for the period under review: EUR 182 million Finnvera Group, summary 1–9/2024 (vs. 1–9/2023 or 31 December 2023)
”A cautiously positive turn has been observed in the Finnish economy, and the worst of the economic downturn is behind us. The regions driving this change in Finland are the Helsinki Metropolitan Area and Lapland. Finnvera’s financing for corporate transactions and domestic deliveries has picked up. Financing for investments is still behind the result posted in the comparison period, but we expect investments to start growing in Finland as the growth in demand boosts the need for production capacity. Between January and September, Finnvera granted EUR 0.7 billion (0.9) in domestic loans and guarantees. In accordance with Finnvera’s strategy, this financing was primarily allocated to start-ups and companies seeking growth and internationalisation; investments; transfers of ownership; export and delivery projects; and SME guarantee projects. The monetary decrease from the previous year is due to a major individual financing that was granted during the reference period. Between January and September, a total of EUR 54 million (15) was granted in climate and digital loans, developed in cooperation with the European Investment Fund to accelerate the clean transition. The granting of loans drawing on the InvestEU facility began in June 2023. The availability of financing for small companies in particular has become scarcer, which is why we launched a six-month pilot at the beginning of October to provide loans to micro-enterprises that will help spur their growth. These loans are intended for development projects at microenterprises, such as hiring an employee or expanding their operations. The availability and effectiveness of this financing will be examined during the pilot. Between January and September, Finnvera granted EUR 2.5 billion (3.8) in export credit guarantees, export guarantees, and special guarantees. Demand for export credit guarantees was spread across different sectors. Finnvera financed fewer large export projects than in the corresponding period in the previous year. This was mainly due to the continuing focus of Finnish exporters on investment goods and the decline in export demand as a result of both the economic operating environment and higher interest rates. However, we also expect the demand for export financing to start growing as the economic outlook improves. The importance of exports to the Finnish economy is undeniable, and the improved outlook for exports is currently subject to high expectations. Finnvera granted EUR 0.5 billion (0.4) in export credits. Demand for export credits has been substantially lower in recent years than in the years preceding the pandemic. An increasing number of export transactions are financed by a bank to which Finnvera grants a guarantee. The Finnvera Group’s result for January–September was EUR 182 million (172). Finnvera’s basic business operations are strong, and the results of its SME and midcap business, export credit guarantee and special guarantee operations, and subsidiary Finnish Export Credit Ltd were profitable. At the same time, Finnvera strengthened its reserves for possible future losses. During the period under review, Finnvera was able to partially reverse loss provisions regarding export financing that have had significant impact on the Group’s result in recent years. The outlook for the cruise shipping sector, which is important for Finnvera’s export credit guarantee exposure, has continued to improve. However, the credit loss risk of export financing exposure remains high, which may affect Finnvera’s future performance and buffer reserves. In accordance with our strategy, we will continue to develop our operations and services to accelerate the growth of midcap enterprises in close co-operation with the European Investment Bank and the Tesi Group, and to promote exports with the Team Finland network and Business Finland. We will maintain our export financing expertise, especially in SMEs and midcap enterprises, and ensure the availability of financing with our new export financing instruments. As set out in the Government Programme, the preparation of the overall reform of the legislation that applies to Finnvera, which is extremely important for the development of Finnvera’s operations and the competitiveness of export financing, will continue. In addition, we will continue our system reform that will support the digitalisation of our services and an even better client experience. The fact that our client and personnel satisfaction are at an excellent level is a sign that we have focused our operations in the right ways.” Finnvera GroupFinancing granted Jan−Sep/2024 (vs. Jan−Sep/2023)
The exposure includes binding credit commitments and recovery and guarantee receivables.
The Finnvera Group’s result for January–September 2024 was EUR 182 million (172). Finnvera’s result was strong for all business operations, especially in the Large Corporates business. The result for the third quarter was EUR 97 million and the result for the first two quarters was EUR 85 million. Compared to the reference period, the result for the period under review was most significantly affected by the lower amount of realised credit losses and the changes in loss provisions. During the period under review, Finnvera was able to partially reverse loss provisions that have had significant impact on the Group’s result in recent years, especially for cruise shipping companies. In addition, the result was improved by better net interest income, higher net fee and commission income, and changes in value of items carried at fair value through profit and loss. The Group’s realised losses and change in expected losses totalled EUR 30 million during the period under review, whereas the corresponding item was EUR 1 million positive during the comparison period. Realised credit losses totalled EUR 102 million (120). During the period under review, two larger individual export credit guarantee compensations were paid. Expected losses, i.e. loss provisions, decreased by EUR 57 million (107), of which the reversal of loss provisions for export credit guarantee and special guarantee operations accounted for EUR 74 million (150). The State’s loss compensations covering domestic financing losses totalled EUR 15 million (14). Net interest income increased by 24% to EUR 102 million (82), and net fee and commission income by 8% to EUR 148 million (137). In particular, a higher market interest rate level improved the net interest income from the comparison period. Net fee and commission income was most significantly affected by individual income recognitions of guarantee premiums received in advance from reimbursed guarantees in export guarantee and special guarantee operations, as well as by refunds of premiums received as a result of the cancellation of reinsurance contracts. The changes in value of items carried at fair value through profit and loss and foreign exchange gains and losses amounted to EUR 11 million (-4). After the result of the period under review, the parent company’s reserves for domestic operations and export credit guarantee and special guarantee operations for covering potential future losses amounted to a total of EUR 1,833 million (1,676). The credit risk for the subsidiary Finnish Export Credit Ltd’s export credits is covered by the parent company Finnvera plc’s export credit guarantee. At the end of September, the reserves consisted of a reserve for domestic operations of EUR 431 million (405) as well as a reserve for export credit and special guarantee financing and the assets in the State Guarantee Fund totalling EUR 1,402 million (1,272). The State Guarantee Fund is an off-budget fund whose assets include assets accumulated from the activities of Finnvera’s predecessor organisations. Under the Act on the State Guarantee Fund, the Fund covers the result showing a loss in the export credit guarantee and special guarantee operations if the reserve funds in the company’s balance sheet are not sufficient. The non-restricted equity of the subsidiary, Finnish Export Credit Ltd, amounted to EUR 227 million (198) at the end of September. Risk position of financingAt the end of September, the exposure of drawn loans and guarantees in domestic financing totalled EUR 2,441 million (2,375), increasing by EUR 66 million from the end of 2023. The general deterioration in the economic situation has affected the quality of the credit portfolio of domestic financing, but so far substantial credit losses have been avoided. Risks pertaining to individual clients have remained at a reasonable level, although, for example, the amount of arrears in euros has continued to increase compared to the turn of the year. Of the exposures, 67 per cent fall within the intermediate credit risk categories B- – BB+. The total exposure of export credit guarantees and special guarantees was EUR 22,821 million (23,379) by the end of September. The outstanding portion of export credit guarantees and special guarantees was EUR 18,534 million (18,636) and the total of binding offers was EUR 4,287 million (4,743). Approximately 73 per cent of the total exposures were originated from EU Member States and OECD counties, and approximately 30 per cent of total exposures were originated from risk categories equal or greater than BBB-. There were no significant changes in the risk distribution of export credit guarantees compared to the end of the previous year. The greatest risks are still related to the cruise shipping and shipyard sectors. Outlook for 2024 remains unchangedThe business outlook for cruise shipping companies has continued to improve, and the Group’s exposure in the cruise shipping sector as well as in Russia has decreased. However, it is estimated that the credit loss risk related to export financing has not experienced any significant changes during the period under review. According to the half-year report for H1/2024, published in August, Finnvera’s credit loss risk remains high, which may lead to uncertainty concerning the Finnvera Group’s financial performance in 2024. Further information:Juuso Heinilä, CEO, tel. +358 29 460 2576 Ulla Hagman, CFO, tel. +358 29 460 2458 This stock exchange release is a summary of Finnvera Group’s interim management report of January–September 2024 and contains the relevant information from the report. The Interim Management Statement in its entirety is attached to this bulletin as a PDF file and is available on the company’s website at www.finnvera.fi/financial_reports in Finnish and English. Interim Management Statement 1 January–30 September 2024 (PDF) Distribution: NASDAQ Helsinki Ltd, London Stock Exchange, the principal media, www.finnvera.fi/eng About Finnvera OyjFinnvera provides financing for the start, growth and internationalisation of enterprises and guarantees against risks arising from exports. Finnvera strengthens the operating potential and competitiveness of Finnish enterprises by offering loans, guarantees and other services associated with the financing of exports. The risks included in financing are shared between Finnvera and other providers of financing. Finnvera is a specialised financing company owned by the State of Finland and it is the official Export Credit Agency (ECA) of Finland. www.finnvera.fi/eng Attachments
News Source: Finnvera Oyj Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ISIN: | XS1613374559 |
| Category Code: | QRT |
| TIDM: | 69BL |
| Sequence No.: | 359509 |
| EQS News ID: | 2031291 |
| End of Announcement | EQS News Service |
|
|
1 Year Finnvera 32 Chart |
1 Month Finnvera 32 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
