Annual Report 2014
9 Investments
GROUP
Investments Shares Holdings in funds Receivables Total
Acquisition cost 1.1.2014 147,477,598 305,021,264 40,736,948 493,235,811
Increases 33,662,841 61,584,377 7,068,189 102,315,407
Decreases -25,858,575 -60,831,891 -18,026,256 -104,716,722
Transfers between items 4,256,866 -4,256,866 0
Acquisition cost 31.12.2014 159,538,729 305,773,751 25,522,016 490,834,496
Accumulated reductions in value 1.1.2014 -47,427,516 -70,475,747 -7,653,166 -125,556,428
Increases -30,513,859 -21,878,830 -1,472,115 -53,864,804
Decreases 8,202,216 21,615,969 4,282,239 34,100,425
Transfers between items -289,788 289,788 0
Accumulated reductions in value 31.12.2014 -70,028,947 -70,738,607 -4,553,253 -145,320,808
Book value 31.12.2014 89,509,782 235,035,143 20,968,762 345,513,688
Book value 31.12.2013 100,050,083 234,545,517 33,083,783 367,679,383
The decreases in the Group’s shares include investments in Aker Arctic Technologies Inc., because the company was included in 2014 in the consolidated financial statements for the first time. At the end of the previous year, the investment in Aker Arctic Technology Inc. was presented in the Group’s shares. For more details, refer to the section on accounting principles and scope of consolidated financial statements.
The fair value of the Group’s investments was €405.3m as at 31 December 2014 (€418.9m as at 31 December 2013)
PARENT COMPANY
Investments Shares Holdings in funds Receivables Total
Acquisition cost 1.1.2014 124,834,291 355,471,073 38,734,721 519,040,085
Increases 32,929,353 62,829,939 7,068,189 102,827,481
Decreases -13,478,514 -63,023,062 -16,725,272 -93,226,848
Transfers between items 4,256,866 -4,256,866 0
Acquisition cost 31.12.2014 148,541,995 355,277,950 24,820,773 528,640,717
Accumulated reductions in value 1.1.2014 -32,973,539 -106,984,081 -7,322,166 -147,279,785
Increases -30,409,060 -28,453,456 -1,222,115 -60,084,631
Decreases 7,880,615 21,615,969 4,051,239 33,547,824
Transfers between items -289,788 289,788 0
Accumulated reductions in value 31.12.2014 -55,791,772 -113,821,567 -4,203,253 -173,816,593
Book value 31.12.2014 92,750,223 241,456,382 20,617,519 354,824,125
Book value 31.12.2013 91,860,752 248,486,992 31,412,555 371,760,299
The parent company’s shares in funds include the parent company’s investments in Start Fund I Ky.
The fair value of the parent company’s investments was €413.4m as at 31 December 2014 (€419.3m as at 31 December 2013)
Holdings in group companies
Company Reg. office Group
holding %
Start Fund I Ky Helsinki 100%
Start Fund Management Oy Helsinki 100%
Tesi Fund Management Oy Helsinki 100%
Tesi Industrial Management Oy Helsinki 100%
Aker Arctic Technology Inc. Helsinki 66.4 %
Companies in which holding exceeds 20% (Notes to the Accounts conform to Chapter 2 Section 9 of Finland’s Accounting Ordinance)
Company Reg. office Group
holding %
As per company’s latest adopted financial statements Profit/loss As per company’s latest adopted financial statements S/holders’ equity As per company’s latest adopted financial statements Date
ASAN Security Technologies Oy Helsinki 25.7 % -258,369 116,752 31.12.2013
Cavitar Oy Tampere 25.1 % 348,944 -177,163 31.12.2013
Profit Holding Oy Helsinki 21.6 % *
Staffpoint Holding Oy Helsinki 20.6 % -4,769,757 21,218,948 12/31/13
ThermiSol Oy Sastamala 20.0 % -987,714 203,987 12/31/13
Turku Marine Industry Holding Oy ** Turku 30.0 % *
Ursviken Group Oy Helsinki 24.6 % 1,615,000 8,151,000 12/31/13
Valmet Automotive Oy Uusikaupunki 47.5 % -52,222,000 -22,293,000 12/31/13
WOT Services Oy Helsinki 23.8 % -481,096 399,200 31.12.2013
Under the provisions of paragraph 2 of Chapter 6 Section 12 of Finland’s Accounting Act, the companies have not been consolidated in the accounts.
* New company / adopted financial statement information was not available when financial statements were compiled.
** Turku Marine Industry Holding Oy fully owns Meyer Turku Oy, thus also giving the Group a 30% holding.
In addition, the Group has investments in 56 other portfolio companies, in which the Group’s holding is less than 20%. For further information about these and other investments, please see Finnish Industry Investment Ltd’s website: www.industryinvestment.com
Holdings in limited partnerships
Company Reg. office Group
holding %
Original commitment
Aboa Venture II Ky Turku 14.0 % 1,345,503
Aboa Venture III Ky Turku 30.8 % 3,500,000
Armada Mezzanine Fund II Ky Helsinki 11.5 % 5,000,000
Armada Mezzanine Fund III Ky Helsinki 11.4 % 10,000,000
Armada Mezzanine Fund IV Ky Helsinki 6.4 % 5,000,000
Balderton Capital V, L.P. Delaware, USA 3.1 % 6,831,892
CapMan Buyout IX Fund A L.P. Guernsey 3.4 % 10,000,000
CapMan Buyout VIII Fund A L.P. Guernsey 2.8 % 10,000,000
CapMan Buyout X Fund B Ky Helsinki 13.9 % 10,000,000
CapMan Equity VII A L.P. Guernsey 6.4 % 10,000,000
CapMan Life Science IV Fund L.P. Guernsey 18.5 % 10,000,000
Capman Mezzanine V Fund FCP-SIF Luxembourg 15.8 % 15,000,000
CapMan Public Market Fund FCP-SIF Luxembourg 7.2 % 10,000,000
CapMan Technology Fund 2007 L.P. Guernsey 10.3 % 10,000,000
Conor Technology Fund I Ky Espoo 40.0 % 8,000,000
Conor Technology Fund II Ky Espoo 20.0 % 10,000,000
Creandum II LP Guernsey 10.4 % 5,000,277
Creandum III LP Guernsey 5.6 % 7,500,000
DFJ Esprit Capital III LP United Kingdom 12.5 % 10,000,000
DN Capital - Global Venture Capital III LP Jersey 2.5 % 3,000,000
EQT V (No. 1) Limited Partnership Guernsey 0.2 % 7,000,000
Eqvitec Technology Mezzanine Fund I A Ky Helsinki 42.3 % 17,000,000
Eqvitec Teknologiarahasto I Ky Helsinki 18.3 % 12,445,907
Fenno Rahasto Ky Helsinki 7.9 % 3,363,759
Finnmezzanine Rahasto III A Ky Helsinki 9.9 % 10,000,000
FSN Capital IV L.P. Jersey 1.8 % 10,253,723
Holtron Capital Fund II Ky Helsinki 29.5 % 2,000,000
Industri Kapital 2000 Limited Partnership VII Jersey 5.8 % 10,000,000
Intera Fund I Ky Helsinki 8.0 % 10,000,000
Inveni Life Sciences Fund I Ky Helsinki 33.7 % 10,000,000
Inveni Secondaries Fund II Follow On Ky Helsinki 10.2 % 1,200,000
Inveni Secondaries Fund II Ky Helsinki 5.0 % 3,363,759
Holdings in limited partnerships
Company Reg. office Group
holding %
Original
commitment
Inventure Fund Ky Helsinki 24.2 % 9,850,000
Inventure Fund II Ky Helsinki 11.7 % 8,000,000
Jokilaaksojen Rahasto I Ky Raahe 34.2 % 1,850,200
K III Denmark K/S Denmark 22.7 % 10,000,000
FoF Growth Helsinki 40.0 % 54,000,000
FoF Growth II Helsinki 46.2 % 60,000,000
Life Sciences Partners III B.V. Netherlands 13.8 % 10,000,000
Life Sciences Partners IV B.V. Netherlands 21.8 % 10,000,000
Lifeline Ventures Fund I Ky Helsinki 10.4 % 3,000,000
Litorina IV L.P. Jersey 3.7 % 9,928,728
MB Equity Fund II Ky Helsinki 10.0 % 4,204,698
MB Equity Fund III Ky Helsinki 8.6 % 10,000,000
MB Equity Fund IV Ky Helsinki 3.9 % 10,000,000
MB Equity Fund Ky Helsinki 17.4 % 2,522,819
MB Mezzanine Fund II Ky Helsinki 5.0 % 3,100,000
Merlin Biosciences Fund III L.P. United Kingdom 8.5 % 10,000,000
Midinvest Fund I Ky Jyväskylä 31.4 % 4,204,698
Midinvest Fund II Ky Jyväskylä 25.6 % 15,000,000
Midinvest Fund PH I Ky Lahti 25.0 % 3,000,000
Midinvest Fund YPY I Ky Mänttä-Vilppula 33.3 % 1,000,000
NEXIT Infocom 2000 Fund LP Guernsey 6.1 % 5,000,000
Nexit Infocom II L.P. Guernsey 17.6 % 15,000,000
Northzone VI L.P. Jersey 5.8 % 7,500,000
Northzone VI L.P. Jersey 3.0 % 7,500,000
Norvestor VI L.P. Guernsey 3.7 % 14,135,184
Open Ocean Fund Three Ky Espoo 11.2 % 5,000,000
Polaris PE III K/S Denmark 2.8 % 10,075,905
Power Fund I Ky Vaasa 29.6 % 5,000,000
Power Fund II Ky Vaasa 23.9 % 15,000,000
Power Fund III Ky Vaasa 13.0 % 10,000,000
Procuritas Capital Investors III 'B' L.P. Guernsey 6.7 % 10,000,000
Profita Fund III Ky Helsinki 27.7 % 15,000,000
Promotion Equity I (A) Ky Helsinki 23.5 % 4,000,000
Seedcap II Ky Espoo 24.8 % 1,500,000
Seedcap Ky Espoo 37.8 % 5,291,061
Sentica Buyout III Ky Helsinki 13.0 % 15,000,000
Sentica Buyout IV Ky Helsinki 8.0 % 10,000,000
Sentica Kasvurahasto II Ky Helsinki 23.7 % 10,224,325
Sentica Terveysteknologia I Ky Helsinki 33.3 % 10,000,000
Sponsor Fund II Ky Helsinki 9.3 % 10,000,000
Sponsor Fund III Ky Helsinki 5.7 % 10,000,000
Sponsor Fund IV Ky Helsinki 5.0 % 10,000,000
Sunstone Technology Ventures II K/S Denmark 7.5 % 7,044,897
Suomi Välirahoitusrahasto I Ky Helsinki 44.2 % 10,000,000
Tamseed Ky Tampere 23.3 % 2,000,000
Teknoventure Rahasto II Ky Oulu 36.5 % 5,500,000
Teknoventure Rahasto III Ky Oulu 46.8 % 7,500,000
Vaaka Partners Buyout Fund II Ky Helsinki 6.7 % 10,000,000
Vaaka Partners Buyout I Ky Helsinki 19.7 % 10,000,000
Wedeco Fund III Ky Kb Vaasa 35.1 % 2,310,000
Wedeco Fund IV Ky Vaasa 45.3 % 5,000,000
Wedeco Seed Fund Ky Kb Vaasa 25.3 % 475,000
Verdane Capital VII K/S Denmark 7.2 % 9,963,317
Verdane Capital VIII K/S Denmark 3.0 % 6,860,750
Verdane NVP II SPV K/S Denmark 8.6 % 10,000,000
Verso Fund II Ky Helsinki 10.0 % 5,000,000
VisionPlus Fund I Ky Helsinki 9.9 % 5,000,000
798,346,400
Under the provisions of Chapter 2 Section 9 paragraph 3 of Finland’s Accounting Ordinance, some of the information (funds’ financial statements) referred to in paragraph 1 of Chapter 2 Section 9 is not presented.

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