Annual Report 2015
Annual Report 2015
- Suomeksi
- In English
- In brief
- Year 2015
- Corporate governance
- Responsibility
- Investments
- Investments
- List of investments
- Direct investments
- Development impact via funds
- Banks and financial institutions
- Highlights of Finnfund's investments
- Highlights of Finnfund's investments
- Sustainable forestry in Africa
- Hotel creates hundreds of jobs in Kenya
- Cargo centre boosts Ghana's exports
- Local panelboard for Mexican homes
- Better access to finance in East Africa
- Finnish furnitures for Ethiopians
- Textile waste into business in India
- Education exports to developing countries
- Financials
- Financials
- Board of Directors' report
- Profit and loss account
- Balance sheet
- Cash flow statement
- Accounting policy
- Notes to the profit and loss account
- Notes to the balance sheet
- Other supplementary information
- Signatures of Board of Directors' report and financial statements
- Auditor's report
- Statement of the Supervisory Board
Investments
Investments
31 December 2015
| Investment | Operation | Finnish company* |
| ASIA | ||
| Cambodia-Laos Development Fund | Private equity fund | |
| Mekong Brahmaputra Clean Development Fund L.P. | Private equity fund | |
| Tropical Asia Forest Fund | Private equity fund | |
| BANGLADESH | ||
| Everest Power Generation Co. Ltd. | Power Plant | Wärtsilä Oyj |
| CAMBODIA | ||
| First Finance Plc. | Financial institution | |
| Sathapana Limited | Microfinance | |
| CHINA | ||
| Avain China Holding Oy | Telecommunications | Avain Technologies Oy |
| China Finland Maanshan Steel Co.Ltd. | Metal products | Metalliset Oy |
| GreenStream Energy Efficiency Investments Ltd. | Energy efficiency | Several Finnish technology providers |
| LVDU Lapland Food Co., Ltd. | Dairy products | Lapland Food Oy |
| Norrhydro Hydraulic System (Changzhou) Co. Ltd. | Manufacturing of hydraulic sylinders | Norrhydro Group Oy |
| Peikko Construction Accessories (Zhangjiagang) Co., Ltd | Metal products | Peikko Group Oy |
| XTC Company Oy | Electrical equipment | Mekitec Oy |
| INDIA | ||
| Ashley Alteams India Pvt. Ltd. | Aluminium components | Alteams Group |
| Bharti Airtel Limited | Telecommunications | Nokia Siemens Networks Oy |
| Ojala (India) Engineering Pvt. Ltd. | Metal products | Ojala-Yhtymä Oy |
| Polygenta Technologies Ltd. | Polyester manufacturing | |
| Stera Engineering (India) Pvt. Ltd. | Contract manufacturer of electromechanics | Stera Technologies Oy |
| VME Precast Pvt. Ltd. | Concrete elements | Valkeakosken Betoni Oy |
| INDONESIA | ||
| SaraRasa Biomass | Biofuels | Dovre Group |
| LAOS | ||
| Nam Sim Power Company Limited | Hydro power | |
| MONGOLIA | ||
| Radisson BLU Hotel Ulaanbaatar | Hotel | |
| NEPAL | ||
| Dolma Impact Fund I | Private equity fund | |
| PHILIPPINES | ||
| mBank Philippines | Microfinance | |
| SRI LANKA | ||
| Commercial Leasing and Finance PLC (CLC) | Microfinance | |
| THAILAND | ||
| A.T. Biopower Co., Ltd. | Biopower plant | Private Energy Market Fund Ky, Pöyry Oyj |
| Siam Investment Fund II L.P. | Private equity fund | |
| Thai Biogas Energy Company Ltd. | Biogas | Private Energy Market Fund Ky |
| VIETNAM | ||
| Mekong Enterprise Fund, Ltd. | Private equity fund | |
| SEAF Blue Waters Growth Fund Limited | Private equity fund | |
| AFRICA | ||
| AfriCap Microfinance Investment Ltd. | Microfinance | |
| AfricInvest Fund Ltd. | Private equity fund | |
| Afrinord Hotel Investments A/S | Hotels | |
| Atlantic Coast Regional Fund | Private equity fund | |
| Aureos Africa Fund LLC | Private equity fund | |
| B.O.A. Group S.A. | Bank | |
| Catalyst Fund | Private equity fund | |
| Creditinfo East Africa | Credit information | |
| ECP Africa Fund I LLC | Private equity fund | |
| European Financing Partners | Development financing | |
| Fanisi Venture Capital Fund | Private equity fund | |
| Fidelity Equity Fund II Limited | Private equity fund | |
| GEF Africa Sustainable Forestry Fund, L.P. | Forestry Fund | |
| Green Resources AS | Forestry and wood products | |
| GroFin East Africa Fund LLC | Private equity fund | |
| Miro Forestry Company | Forestry and wood products | |
| Norsad Finance Limited | Development financing | |
| SFC Finance Limited | Bank | |
| Silverlands Fund | Private equity fund | |
| UpEnergy Group | Wholesale trade | Climate Wedge Oy |
| CAPE VERDE | ||
| Cabeólica S.A. | Wind power | |
| ETHIOPIA | ||
| M-Birr Ltd. | Telecommunications | |
| Schulze Global Ethiopia Growth and Transformation Fund I | Private equity fund | |
| SINI Furniture Interior Design PLC | Furniture | Henrik Puustinen |
| GHANA | ||
| Ghana Airport Cargo Centre | Transport | Mafi Oy |
| KENYA | ||
| Elgon Road Developments Limited | Hotel | |
| Lake Turkana Wind Power | Wind power | Peikko Group Oy |
| NIGERIA | ||
| African Foundries Limited | Steel | Wärtsilä Oyj |
| SIERRA LEONE | ||
| Goldtree Sierra Leone Limited | Food production | |
| SOUTH AFRICA | ||
| Evolution One LP | Private equity fund | |
| Horizon Fund III Trust | Private equity fund | |
| TANZANIA | ||
| Kilombero Valley Teak Company Ltd. | Forestry and wood products | |
| New Forest Company (Tanzania) Limited | Forestry and wood products | |
| Precision Air Services Ltd. | Airline company | |
| Tanira Ltd. | Hand pumps | Lojer Oy |
| UGANDA | ||
| New Forests Company (Uganda) Limited | Forestry and wood products | |
| THE MEDITERRANEAN | ||
| TURKEY | ||
| Noksel A.S. | Steel pipes | Nokia Oyj |
| THE MIDDLE EAST | ||
| JORDAN | ||
| Arabia One For Clean Energy Investments PSC | Solar power | |
| Falcon Ma’an for Solar Energy LLC | Solar power | |
| Jordan Solar One (Cayman) / Jordan PSC | Solar power | |
| LATIN AMERICA AND THE CARIBBEAN | ||
| CENTRAL AMERICA | ||
| CASEIF II Corporation Ltd. | Private equity fund | |
| Central American Mezzanine Infra Fund (CAMIF) | Private equity fund | |
| Central American Renewable Energy and Cleaner Production Facility (CAREC) | Private equity fund | |
| HONDURAS | ||
| Desarrollos Energéticos S.A. de C.V. | Small hydropower | Pöyry Oyj |
| La Vegona | Hydropower | |
| Los Laureles | Small hydropower | |
| Mezapa Hydroelectric Project | Small hydropower | |
| Valle Solar Power Project | Solar power | ABB Finland |
| LATIN AMERICA | ||
| CIFI - Corporación Interamericana para el Financiamiento de Infraestructura, S.A | Financial institution | |
| Latin American Agribusiness Development Corporation (LAAD) | Bank | |
| SEAF Latam Growth Fund | Private equity fund | |
| The Forest Company Ltd. | Forestry and wood products | |
| MEXICO | ||
| Pro Eucalipto Holding S.A.P.I de C.V. | Forestry and wood products | Dieffenbacher Panelboard Oy |
| NICARAGUA | ||
| Banco Lafice-Bancentro S.A. | Bank | |
| CENTRAL AND EASTERN EUROPE | ||
| SEAF Central and East European Growth Fund LLC | Private equity fund | |
| SEAF South Balkan Fund B.V. | Private equity fund | |
| RUSSIA | ||
| MP Russia Oy | Food products | Myllyn Paras Oy Konserni |
| OOO AVA-Peter | Hospital | Scanfert Oy |
| OOO Dan-Invest | Agriculture | Atria Oyj |
| OOO Skaala | Windows and doors | Skaala Oy |
| Oy Nordic Russian Management Co - NORUM | Development financing | |
| Rani Plast Kaluga LLC | Plastic products | Ab Rani Plast Oy |
| ZAO Betset | Building materials | Betset Oy |
| UKRAINE | ||
| Aqueduct Ltd. | Metal products | Macring Oy |
| ZAO Zaporozhkij Zavod Tjazhelogo Krasnostroenia | Cranes | Konecranes Oyj |
| INTERNATIONAL | ||
| Althelia Climate Fund SICAV-SIF | Environment fund | |
| Dasos Timberland Fund I | Forestry fund | Dasos Capital Oy |
| Global Environment Emerging Markets Fund III, L.P. (GEEMF) | Private equity fund | |
| Interact Climate Change Fund S.A. | Development financing | |
| MBH B.V. | Microfinance | |
| Moringa S.C.A. Sicar | Agroforestry fund | |
| Private Energy Market Fund Ky | Energy fund | Pöyry Oyj |
| ShoreCap International Ltd. II | Microfinance | |
| WWB Capital Partners, LP | Microfinance | |
| *) Shareholder or significant technology provider | ||
Investment agreements of new projects signed in 2015*)
| Investment | Amount of Finnfund's investment |
| Commercial Leasing and Finance PLC (CLC) | USD 11 000 000 |
| CreditInfo East Africa | EUR 2 400 000 |
| SINI Furniture Interior Design PLC | EUR 1 000 000 |
| New Forests Company (Uganda) Limited | USD 10 000 000 |
*) does not include agreements to provide additional financing to previously signed projects
Photo: Shutterstock
Finnish Fund for Industrial
Cooperation Ltd. (FINNFUND)
Uudenmaankatu 16 B
P.O. Box 391 FI-00121 Helsinki, Finland
tel. +358 9 348 434
fax +358 9 3484 3346
www.finnfund.fi