Annual Report 2017
Annual Report 2017
- Suomeksi
- In English
- Year 2017
- Corporate governance
- Responsibility
- Investments
- Investments
- List of investments
- Map of investments
- Emphasis on direct investments
- Equity funds as a channel to difficult markets
- Banks and financial institutions
- Highlights of Finnfund's investments
- Highlights of Finnfund's investments
- Microcredit brings a safer future for Cambodian farmers
- JUMO brings financial services to mobile users
- Developing agriculture to boost smallholder harvests and incomes
- Clean solar energy in rural Honduras
- Finnish company turned defeat into victory in Ethiopia
- Solar energy for African entrepreneurs
- 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
List of investments in portfolio
as of 31 December 2017
Investment agreements signed in 2017 are marked in blue.
| Investment | Operation | Finnish company* | Finnfund's financing** | Agreement year |
| ASIA | ||||
| Cambodia-Laos Development Fund | Private equity fund | 2009 | ||
| Mekong Brahmaputra Clean Development Fund L.P. | Private equity fund | 2010 | ||
| Tropical Asia Forest Fund | Private equity fund | 2012 | ||
| BOPA Pte Ltd | Fund/Microfinance | USD 3,000,000 | 2017 | |
| BANGLADESH | ||||
| Everest Power Generation Co. Ltd. | Power plant | Wärtsilä Oyj | 2013 | |
| Fun Factory Ltd. | Textiles | Logonet Oy, Desperado Oy | USD 1,200,000 | 2017 |
| CAMBODIA | ||||
| First Finance Plc. | Financial institution | 2013 | ||
| Prasac Microfinance Institution Ltd | Microfinance | USD 15,000,000 | 2016 | |
| Sathapana Limited | Microfinance | 2014 | ||
| CHINA | ||||
| Avain China Holding Oy | Information technology | Avain Technologies Oy | 2013 | |
| China Finland Maanshan Steel Co.Ltd. | Metal products | Metalliset Oy | 2012 | |
| GreenStream Energy Efficiency Investments Ltd. | Energy efficiency | Several Finnish technology providers | 2014 | |
| LVDU Lapland Food Co., Ltd. | Dairy products | Lapland Food Oy | 2012 | |
| Norrhydro Hydraulic System (Changzhou) Co. Ltd. | Manufacturing of hydraulic sylinders | Norrhydro Group Oy | 2011 | |
| Peikko Construction Accessories (Zhangjiagang) Co., Ltd | Metal products | Peikko Group Oy | 2014 | |
| XTC Company Oy | Electrical equipment | Mekitec Oy | 2010 | |
| INDIA | ||||
| Ashley Alteams India Pvt. Ltd. | Aluminium components | Alteams Group | 2009 | |
| Gemco Kati Exploration Pvt. Ltd. | Mining support service activities | Oy Kati Ab Kalajoki | 2016 | |
| Ojala (India) Engineering Pvt. Ltd. | Metal products | Ojala-Yhtymä Oy | 2009 | |
| Stera Engineering (India) Pvt. Ltd. | Contract manufacturer of electromechanics | Stera Technologies Oy | 2011 | |
| VME Precast Pvt. Ltd. | Concrete elements | Valkeakosken Betoni Oy | 2009 | |
| INDONESIA | ||||
| SaraRasa Biomass | Biofuels | Dovre Group | 2012 | |
| Frontier Tower Associates Pte Ltd | Telecommunication infrastructure | USD 10,000,000 | 2017 | |
| LAOS | ||||
| Burapha Agro-Forestry Co., Ltd | Forestry and wood products | 2016 | ||
| Nam Sim Power Company Limited | Hydro power | 2011 | ||
| MONGOLIA | ||||
| Munkh-Evseg LLC | Hotel | 2010 | ||
| XacBank | Bank | 2016 | ||
| NEPAL | ||||
| Dolma Impact Fund I | Private equity fund | 2014 | ||
| PHILIPPINES | ||||
| mBank Philippines | Microfinance | 2011 | ||
| SRI LANKA | ||||
| Commercial Leasing and Finance PLC (CLC) | Microfinance | USD 11,000,000 | 2015 | |
| THAILAND | ||||
| A.T. Biopower Co., Ltd. | Biopower plant | Private Energy Market Fund Ky, Pöyry Oyj | 2003 | |
| Thai Biogas Energy Company Ltd. | Biogas | Private Energy Market Fund Ky | 2009 | |
| VIETNAM | ||||
| Australis Aquaculture Vietnam Limited | Aquaculture | USD 9,500,000 | 2017 | |
| AFRICA | ||||
| AfriCap Microfinance Investment Ltd. | Microfinance | 2007 | ||
| AfricInvest Fund Ltd. I | Private equity fund | 2004 | ||
| AfricInvest Fund Ltd. I B | Private equity fund | 2007 | ||
| AfricInvest Fund Ltd II | Private equity fund | 2008 | ||
| AfricInvest Fund Ltd. III | Private equity fund | 2014 | ||
| Afrinord Hotel Investments A/S | Hotels | 2005 | ||
| Atlantic Coast Regional Fund | Private equity fund | 2008 | ||
| Aureos Africa Fund LLC | Private equity fund | 2009 | ||
| Catalyst Fund | Private equity fund | 2011 | ||
| Creditinfo East Africa | Credit information | EUR 2,400,000 | 2015 | |
| European Financing Partners | Development financing | 2004 | ||
| European Financing Partners III | Development financing | 2009 | ||
| European Financing Partners IV | Development financing | 2010 | ||
| Evolution II (Mauritius) | Private equity fund | USD 15,000,000 | 2017 | |
| Fanisi Venture Capital Fund | Private equity fund | 2010 | ||
| Fidelity Equity Fund II Limited | Private equity fund | 2008 | ||
| GEF Africa Sustainable Forestry Fund, L.P. | Forestry Fund | 2011 | ||
| Green Resources AS | Forestry and wood products | 2012 | ||
| GroFin East Africa Fund LLC | Private equity fund | 2007 | ||
| Miro Forestry Company | Forestry and wood products | 2014 | ||
| Mobisol | Solar energy systems | 2016 | ||
| Mobisol | Solar energy systems | EUR 10,000,000 | 2017 | |
| Norsad Finance Limited | Development financing | 2011 | ||
| SFC Finance Limited | Bank | 2014 | ||
| Silverlands Fund | Private equity fund | 2011 | ||
| ETHIOPIA | ||||
| EthioChicken (Agflow Poultry) | Poultry production | USD 10,000,000 | 2016 | |
| M-Birr Etiopia | Information technology | 2011 | ||
| M-Birr Etiopia II | Information technology | 2014 | ||
| M-Birr Etiopia III | Information technology | 2015 | ||
| M-Birr Etiopia IV | Information technology | 2016 | ||
| M-Birr Etiopia V | Information technology | EUR 1,000,000 | 2017 | |
| Schulze Global Ethiopia Growth and Transformation Fund I | Private equity fund | 2014 | ||
| SINI Furniture Interior Design PLC | Furniture | Henrik Puustinen | EUR 1,000,000 | 2015 |
| GHANA | ||||
| Ghana Airport Cargo Centre | Logistics | USD 11,000,000 | 2014 | |
| KENYA | ||||
| Elgon Road Developments Limited | Hotel | 2009 | ||
| Fuzu | Information technology | Fuzu Oy | EUR 599,999.76 | 2016 |
| Lake Turkana Wind Power | Wind power | Peikko Group Oy | 2013 | |
| Sanergy Inc. | Waste management and recycling | USD 1,249,999 | 2017 | |
| NIGERIA | ||||
| African Foundries Limited | Steel | Wärtsilä Oyj | 2009 | |
| RUANDA | ||||
| Hakan-Quantum Biomass Fired Power Plant | Biomass fired power plant | Fortum Power and Heat Oy, Andriz Group | USD 15,000,000 | 2016 |
| New Forests Company (Rwanda) Limited | Forestry and wood products | 2016 | ||
| SIERRA LEONE | ||||
| Goldtree Sierra Leone Limited | Food production | 2011 | ||
| SOUTH AFRICA | ||||
| Evolution One LP | Private equity fund | 2008 | ||
| Horizon Fund III Trust | Private equity fund | 2007 | ||
| TANZANIA | ||||
| Kilombero Valley Teak Company Ltd. I | Forestry and wood products | 2000 | ||
| Kilombero Valley Teak Company Ltd. I | Forestry and wood products | 2011 | ||
| Kilombero Valley Teak Company Ltd. II | Forestry and wood products | 2005 | ||
| Kilombero Valley Teak Company Ltd. III | Forestry and wood products | 2009 | ||
| Kilombero Valley Teak Company Ltd. IV | Forestry and wood products | 2010 | ||
| Kilombero Valley Teak Company Ltd. V | Forestry and wood products | 2011 | ||
| Kilombero Valley Teak Company Ltd. VI | Forestry and wood products | 2012 | ||
| Kilombero Valley Teak Company Ltd. VIII | Forestry and wood products | 2015 | ||
| Kilombero Valley Teak Company Ltd. IX | Forestry and wood products | USD 468,600 | 2016 | |
| New Forest Company (Tanzania) Limited | Forestry and wood products | 2014 | ||
| Precision Air Services Ltd. | Airline company | 2008 | ||
| Sound and Fair Tanzania Limited | Forestry and wood products | 2016 | ||
| Tanira Ltd. | Hand pumps | Lojer Oy | 1991 | |
| TOGO | ||||
| Ecobank Transnational Incorporated | Bank | USD 8,000,000 | 2017 | |
| UGANDA | ||||
| New Forests Company (Uganda) Limited | Forestry and wood products | USD 10,000,000 | 2015 | |
| UpEnergy Ltd. | Energy efficiency | Climate Wedge Oy | 2013 | |
| THE MEDITERRANEAN | ||||
| TURKEY | ||||
| Noksel A.S. | Steel pipes | Nokia Oyj | 1992 | |
| THE MIDDLE EAST | ||||
| Catalyst MENA Clean Energy Fund | Private equity fund | 2016 | ||
| JORDAN | ||||
| Arabia One For Clean Energy Investments PSC | Solar power | 2014 | ||
| Falcon Ma’an for Solar Energy LLC | Solar power | 2014 | ||
| FRV Solar Jordan | Solar power | ABB Suomi | 2016 | |
| Jordan Solar One (Cayman) / Jordan PSC | Solar power | ABB Suomi | 2014 | |
| LATIN AMERICA AND THE CARIBBEAN | ||||
| CENTRAL AMERICA | ||||
| CASEIF II Corporation Ltd. | Private equity fund | 2007 | ||
| Central American Mezzanine Infra Fund I and II (CAMIF) | Private equity fund | 2014 | ||
| Central American Renewable Energy and Cleaner Production Facility (CAREC) | Private equity fund | 2006 | ||
| ARGENTINA | ||||
| Methax | Power plant | Wärtsilä Oyj | USD 20,000,000 | 2017 |
| COLOMBIA | ||||
| Forest First Colombia S.A.S (”FFC”) | Forestry and wood products | USD 10,000,000 | 2017 | |
| El SALVADOR | ||||
| Bosforo, Ltda. de C.V. | Solar power | USD 15,000,000 | 2017 | |
| HONDURAS | ||||
| Los Laureles | Small hydropower | 2011 | ||
| Mezapa Hydroelectric Project | Small hydropower | 2010 | ||
| Valle Solar Power Project | Solar power | ABB Finland | 2015 | |
| LATIN AMERICA | ||||
| CIFI - Corporación Interamericana para el Financiamiento de Infraestructura, S.A | Financial institution | 2004 | ||
| SEAF Latam Growth Fund | Private equity fund | 2008 | ||
| The Forest Company Ltd. | Forestry and wood products | 2010 | ||
| MEXICO | ||||
| Pro Eucalipto Holding S.A.P.I de C.V. | Forestry and wood products | Dieffenbacher Panelboard Oy | 2014 | |
| NICARAGUA | ||||
| Banco Lafice-Bancentro S.A. | Bank | 2008 | ||
| PARAGUAY | ||||
| San Francisco S.A. | Warehousing and transportation support | USD 12,000,000 | 2017 | |
| CENTRAL AND EASTERN EUROPE | ||||
| SEAF Central and East European Growth Fund LLC | Private equity fund | 2000 | ||
| SEAF South Balkan Fund B.V. | Private equity fund | 2009 | ||
| RUSSIA | ||||
| MP Russia Oy | Food products | Myllyn Paras Oy Konserni | 2012 | |
| OOO Skaala | Windows and doors | Skaala Oy | 2014 | |
| Oy Nordic Russian Management Co - NORUM | Fund management | 1995 | ||
| Rani Plast Kaluga LLC | Plastic products | Ab Rani Plast Oy | 2011 | |
| UKRAINE | ||||
| Aqueduct Ltd. | Metal products | Macring Oy | 2010 | |
| INTERNATIONAL | ||||
| Althelia Climate Fund SICAV-SIF | Environment fund | 2013 | ||
| Dasos Timberland Fund I | Forestry fund | Dasos Capital Oy | 2010 | |
| Global Environment Emerging Markets Fund III, L.P. (GEEMF) | Private equity fund | 2007 | ||
| Interact Climate Change Fund S.A. | Development financing | 2011 | ||
| Jumo World Limited | Information Technology | USD 11,996,500 | 2017 | |
| MBH B.V. | Microfinance | 2011 | ||
| Moringa S.C.A. Sicar | Agroforestry fund | 2013 | ||
| ShoreCap International Ltd. II | Microfinance | 2009 | ||
| WWB Capital Partners, LP | Microfinance | 2012 | ||
*) Shareholder or significant technology provider
**) Finnfund's disclosure policy was updated in September 2016. Since then Finnfund has published for example its share of financing of new investments. More information at Finnfund's website.
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