Financials

Profitable and responsible risk-taking

As a state-owned investment company, our mission is not only to be financially profitable but also to develop Finland’s venture capital and private equity market as well as to promote Finnish business and economic growth in Finland.
We operate on market terms, hand-in-hand with private investors on the same terms as them and with the same expectations for returns. Our operations are regulated by law and by decree. Finland’s Ministry of Employment and the Economy is responsible for the ownership steering of the company. We invest in venture capital and prvate equity funds as well as directly in portfolio companies.

The cumulative total of €655m of investments in Tesi made by the Finnish government has grown into €912.5m of shareholders’ equity (as at the end of 2016). The imputed return on investment (internal rate of interest) for the Finnish government, taken over the company’s whole period of operation, has been positive (approx. 3.4% after taxes).

We channel the returns from our investments back into new investments. In 2016 we made new investments and commitments amounting to €165m. Our current portfolio includes 723 companies.

Key Figures (IFRS 2016)

Profit for the financial year, €m 44.6
Shareholders’ equity, €m 912.5
Balance sheet total, €m 943.0
Unpaid commitments, €m 305.5
Investments at acquisition price and commitments, €m  831.7
New commitments during financial year, €m 164.6
Return on equity, % 5.0
Equity ratio, % 96.8
Expenses per balance sheet total, %  0.8
Personnel, average 34
Fund investments, number 93
Funds, number of portfolio companies 677
Parent company, number of direct portfolio companies 36
Start Fund I Ky, number of portfolio companies 6
Tesi Industrial Management Oy, number of portfolio companies 4
Portfolio companies, total number 723