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D Notes to the income statement
               
D1 Interest income and expenses
               
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Interest income        
Interests from loans passed on to the customers 114,190 113,270 55,519 48,658
- Domestic financing 36,043 33,652 34,703 39,692
- Export financing 78,147 79,618 20,815 8,966
Subsidies passed on to customers 1,540 3,377 1,540 3,377
- Regional interest subsidy 113 385 113 385
- Interest subsidy to special loans 1,426 2,383 1,426 2,383
- Interest subsidy from the ERDF 0 286 0 286
- National interest subsidy (ERDF) 0 324 0 324
Other interest income -548 4,759 -1,356 4,140
- Interest on export credit guarantee and special guarantee receivables 487 404 487 404
- Interest on guarantee receivables 1,612 1,899 1,612 1,899
- On receivables from credit institutions 1,057 698 449 136
- On debt securities, available-for-sale -3,905 1,694 -3,905 1,694
- On other 201 64 2 7
Total 115,182 121,406 55,702 56,175
Interest expenses        
On liabilities to credit institutions -986 -77 -986 -77
On liabilities to other institutions -51,769 -57,637 0 0
On debt securities in issue -10,617 -7,384 -10,617 -7,384
Other interest expenses -1,519 -291 -1,673 -337
Total -64,892 -65,389 -13,277 -7,798
Net interest income 50,290 56,016 42,425 48,377
Interest income on financial assets which are not carried at fair value 119,087 119,712 59,607 54,481
Interest expenses on financial liabilities which are not carried at fair value 26,996 57,462 24,314 0
Interest income include interest accrued on impaired loans 2,398 6,716 2,398 6,716
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 77,254 137,723 77,254 137,723
               
D2 Fee and commission income and expenses
               
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Fee and commission income        
From export credit guarantees and special guarantees 120,450 116,254 120,450 116,254
From other guarantees 26,451 24,681 26,451 24,681
From credit operations 18,227 16,666 17,478 16,155
From other 561 184 60 17
Total 165,689 157,785 164,438 157,107
 
All fee and commission income is from financial assets which are not carried at fair value totalled.
 
Fee and commission expenses        
From reinsurance -20,926 -15,370 -20,926 -15,370
From borrowing -366 -1,034 -366 -1,034
From payment transactions -247 -100 -245 -98
From other -200 0 -200 0
Total -21,740 -16,504 -21,737 -16,502
Net fee and commission income 143,950 141,280 142,701 140,606
Fee and commission income from financial assets not carried at fair value 165,689 157,785 164,438 157,107
Fee and commission expenses from financial assets which are not carried at fair value totalled -21,173 -15,470 -21,170 -15,467
               
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 2016            
From financial instruments carried at fair value through profit or loss            
Derivatives 0 18,104 18,104 0 -1,041 -1,041
Liabilities carried at fair value 0 -29,059 -29,059 0 809 809
Shares and participations -7,797 -2,688 -10,485 0 0 0
Exchange rate differenses 8,239 -6,313 1,926 6,181 -4,226 1,955
Debt securities 0 5,700 5,700 0 5,700 5,700
Total, net 442 -14,256 -13,814 6,181 1,242 7,423
By categories of financial instruments, IAS 39        
Liabilities carried at fair value -7,797 55,145 47,348 0 68,556 68,556
Loans and other receivables 8,239 -75,101 -66,862 6,181 -73,014 -66,833
Total, net 442 -19,956 -19,514 6,181 -4,458 1,723
31 Dec 2015            
From financial instruments carried at fair value through profit or loss            
Derivatives 0 11,562 11,562 0 -413 -413
Liabilities carried at fair value 0 -9,399 -9,399 0 -2,303 -2,303
Shares and participations 1,113 -24,359 -23,246 0 0 0
Exchange rate differenses 43,507 -43,236 271 37,055 -36,619 435
Total, net 44,619 -65,432 -20,813 37,055 -39,335 -2,281
By categories of financial instruments, IAS 39        
Liabilities carried at fair value 1,113 -154,638 -153,526 0 -135,158 -135,158
Loans and other receivables 43,507 89,206 132,713 37,055 95,823 132,877
Total, net 44,619 -65,432 -20,813 37,055 -39,335 -2,281
               
D4 Net income from investments
               
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Available-for-sale financial assets        
Shares and participations 0 -53 0 -63
- Gains/losses 0 -53 0 -63
- Impairment losses 0 0 0 0
Debt securities 0 68 0 68
- Gains/losses 0 68 0 68
- Impairment losses 0 0 0 0
Dividends 296 111 21 18
Total 296 127 20 24
Share of profit of associates 0 0    
Total net income from investments 296 127 20 24
               
D5 Other operating income
               
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Fee for the management of the old liability 183 180 183 180
Management fees from subsidiaries (internal charging) 0 0 2,588 2,352
Rental income 33 80 123 239
Sales profit/loss 479 0 479 0
Credit for deficit in ERDF venture capital investments 1,615 382 0 0
Cancellation of a subordinated loan granted by the State for venture capital investments 9,153   9,153 0
Profit on the sale of a subsidiary (Note E23) 839 0 0 0
Other 144 1,588 90 78
Total 12,445 2,231 12,617 2,850
               
D6 Employee expenses
               
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Wages and salaries -23,671 -24,025 -22,924 -23,035
Social security costs -6,188 -6,388 -5,929 -6,123
Pension costs        
- Defined contribution plans -4,144 -4,321 -3,921 -4,095
- Defined benefit plans -361 -497 -361 -497
Other social security costs -1,683 -1,571 -1,647 -1,531
Total -29,860 -30,413 -28,853 -29,158
               
D7 Auditor's fees
               
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Fees for auditing -93 -84 -80 -71
Fees for expert services provided by auditors -100 -65 -100 -65
Total -193 -149 -180 -136
               
D8 Depreciation and amortisation on tangible and intangible assets
               
        Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Depreciation and amortisation        
Intangible assets -1,079 -667 -1,066 -633
Property, plant and equipment -607 -379 -607 -379
- Properties 0 0 0 0
- Machinery and equipment -607 -379 -607 -379
- Other tangible assets 0 0 0 0
Total -1,686 -1,046 -1,672 -1,012
               
D9 Other operating expenses
               
        Finnvera Group Finnvera Plc
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Rental expenses -3,436 -4,461 -3,436 -4,461
Expenses from property in own use -890 -1,090 -890 -1,090
Return of the surplus in export credit financing to FEC 0 0 -10,810 -7,523
Valuation loss on long-term assets (Note E23) -0 0 -7,221 0
Total -4,326 -5,552 -22,356 -13,075
               
D10 Impairment losses on receivables, guarantee losses and impairment losses on other financial assets
               
        Finnvera Group Emoyhtiö
(EUR 1,000) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Impairment losses on receivables and guarantee losses        
Impairment losses on receivables -15,039 -77,662 -15,231 -76,284
- Credit losses materialised -28,800 -103,871 -28,992 -102,493
- Change in impairment of individually assessed loans 7,842 18,634 7,842 18,634
- Change in impairment of collectively assessed loans 5,918 7,575 5,918 7,575
Guarantee losses -11,431 -9,175 -11,431 -9,175
- Guarantee losses materialised -18,423 -23,369 -18,423 -23,369
- Change in individually assessed provisions for losses 3,217 12,628 3,217 12,628
- Change in collectively assessed provisions for losses 3,775 1,566 3,775 1,566
Other receivables -89 0 0 0
- Credit losses realised -89 0 0 0
Total, gross -26,559 -86,837 -26,662 -85,459
         
The State’s and the ERDF’s share of the credit and guarantee losses materialised *) 28,272 82,566 28,272 82,566
Total, net 1,714 -4,271 1,611 -2,893
 
*) The state and the ERDF compensate Finnvera Plc for the final losses on loans and guarantees granted without a securing collateral. On 31 December 2016 these loans and guarantees totalled EUR 2,138 (2,162) million. The compensation was 57.69% (64.19%) of the credit and guarantee losses recognised during the period.
 
Export credit guarantee and special guarantee losses        
Guarantee losses -67,416 -10,398 -67,416 -10,398
- Net compensation -67,742 669 -67,742 669
- Provisions for losses on export credit guarantees and special guarantees 326 -11,067 326 -11,067
Total -67,416 -10,398 -67,416 -10,398
         
Impairment losses on credits and guarantee losses in total -65,702 -14,669 -65,805 -13,291
         
Impairment losses on financial assets available for sale        
Write-off for the shares of Seed Fund Vera Ltd -1,932 0 -1,932 -25,000
Total -1,932 0 -1,932 -25,000
 
D11 Income tax expense
               
            Finnvera Group
(EUR 1,000)     31 Dec 2016 31 Dec 2015
Current period     -3,156 -2,854
Adjustment for prior periods     0 0
Deferred taxes (Note E8)     4,114 455
Total           958 -2,399
 
By virtue of §20 of the Income Tax Act, Finnvera plc is exempt from income tax.
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