Annual Report 2012
Investments
Changes in values of shares, holdings and other investments
Group
Shares Holdings in funds Receivables Total
Acquisition cost 1.1.2012 122,512,286 264,487,807 38,859,508 425,859,600
Increases 18,922,283 57,512,724 7,905,079 84,340,085
Decreases -5,106,521 -21,227,421 -7,102,141 -33,436,083
Transfers between items 5,222,233 -5,222,233 0
Acquisition cost 31.12.2012 141,550,281 300,773,109 34,440,213 476,763,603
Accumulated reductions in value 1.1.2012 -40,296,022 -57,657,508 -7,934,706 -105,888,237
Increases -9,986,267 -12,389,402 -1,811,015 -24,186,684
Decreases 3,192,014 8,260,946 4,517,256 15,970,216
Transfers between items
Accumulated reductions in value 31.12.2012 -47,090,275 -61,785,965 -5,228,465 -114,104,705
Book value 31.12.2012 94,460,006 238,987,144 29,211,748 362,658,898
The fair value of the Group’s investments was €411.6m as at 31 December 2012 (€355.4m as at 31 December 2011).
Parent company
Shares Holdings in funds Receivables Total
Acquisition cost 1.1.2012 97,367,298 313,053,158 35,728,410 446,148,866
Increases 17,752,307 60,137,998 6,051,329 83,941,634
Decreases -4,606,736 -21,979,288 -6,499,311 -33,085,334
Transfers between items 3,844,569 -3,844,569 0
Acquisition cost 31.12.2012 114,357,438 351,211,869 31,435,859 497,005,165
Accumulated reductions in value 1.1.2012 -24,235,212 -85,927,232 -6,691,913 -116,854,358
Increases -8,707,191 -14,034,126 -1,443,683 -24,185,000
Decreases 2,245,395 8,260,946 4,171,550 14,677,890
Transfers between items
Accumulated reductions in value 31.12.2012 -30,697,009 -91,700,412 -3,964,046 -126,361,467
Book value 31.12.2012 83,660,429 259,511,457 27,471,813 370,643,698
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 €411.8m as at 31 December 2012 (€355.4m as at 31 December 2011).
Holdings in group companies
Company Reg. office Sector Parent, holding % Parent, book value Parent, commitment
Start Fund I Ky Helsinki Investment 100% 20,524,311 54,576,647
Start Fund Management Oy Helsinki Investment 100% 9,144
Tesi Fund Management Oy Helsinki Investment 100% 10,000
TOTAL 20,543,455 54,576,647
The commitment includes Finnish Industry Investment Ltd’s investments in Start Fund I Ky at the acquisition price of €50,438,761 and the remaining commitment of €4,137,886.
Other investments
Holdings in limited partnerships
Company Parent, holding % Parent, book value Parent, commitment* Profit/loss, as per company’s latest adopted financial statements   Shareholders’ equity, as per company’s latest adopted financial statements Date
Aboa Venture II Ky 14.0 % 29,814 510,292 -253,905 731,306 12/31/11
Aboa Venture III Ky 30.8 % 501,631 985,676 2,709,329 2,293,650 12/31/11
Armada Mezzanine Fund II Ky 11.5 % 1,213,467 3,070,657 -11,039,894 21,312,038 12/31/11
Armada Mezzanine Fund III Ky 11.4 % 4,686,088 7,485,186 3,786,811 31,878,757 12/31/11
Aura Capital Rahasto V Ky 13.3 % 0 447,095 -3,102 714,536 12/31/10
CapMan Buyout IX Fund A L.P. 3.4 % 7,226,671 10,000,000 -7,175,680 197,011,460 12/31/11
CapMan Buyout VIII Fund A L.P. 2.8 % 5,479,345 6,496,678 11,730,391 220,323,072 12/31/11
CapMan Equity VII A L.P. 6.4 % 3,081,608 3,081,608 459,326 80,022,667 12/31/11
CapMan Life Science IV Fund L.P. 18.5 % 7,159,943 9,120,887 -40,052 35,779,870 12/31/11
Capman Mezzanine V Fund FCP-SIF 15.8 % 4,036,048 15,213,114 1,541,814 20,619,923 12/31/11
CapMan Public Market Fund FCP-SIF 7.2 % 5,645,034 6,128,446 1,237,548 100,580,635 12/31/11
CapMan Technology Fund 2007 L.P. 10.3 % 4,377,118 7,000,000 395,079 38,115,960 12/31/11
Conor Technology Fund I Ky 40.0 % 7,385,312 8,000,000 -1,396,827 11,049,995 12/31/11
Conor Technology Fund II Ky 20.0 % 2,142,817 10,000,000 -1,356,548 2,339,614 12/31/11
Creandum II LP 10.4 % 3,532,241 4,809,303 17,160,375 50,752,486 12/31/11
Creandum III LP 6.7 % 401,395 7,500,000 ** ** **
DFJ Esprit Capital III LP 12.5 % 5,629,291 9,721,952 -2,053,000 21,594,000 12/31/11
EQT V (No. 1) Limited Partnership 0.2 % 4,100,037 4,786,135 1,173,418,000 3,909,992,000 12/31/11
Eqvitec Technology Mezzanine Fund I A Ky 42.3 % 998 328,481 -16,815 261,643 12/31/11
Eqvitec Teknologiarahasto I Ky 18.3 % 435,439 1,416,975 398,100 3,268,279 12/31/11
Fenno Rahasto Ky 7.9 % 25,448 47,049 62,209 517,349 12/31/11
Finnmezzanine Rahasto III A Ky 9.9 % 1,369,660 1,448,539 7,268,351 24,912,488 12/31/11
Finnventure Rahasto IV Ky 5.7 % 41,153 80,635 754,405 237,151 12/31/11
Finnventure Rahasto V ET Ky 49.5 % 237,906 9,937,505 71,796 1,152,667 12/31/11
GrowHow Rahasto I Ky 21.4 % 1,420,163 1,795,441 283,853 4,366,711 12/31/11
Helmet SME Ventures II Ky 33.1 % 77,156 1,516,657 4,369,341 2,557,525 12/31/11
Holtron Capital Fund II Ky 29.5 % 511,965 1,502,521 -592,022 -982,086 12/31/11
Industri Kapital 2000 Limited Partnership VII 6.2 % 1,403,197 1,403,197 -988,951 49,182,380 09/30/11
Intera Fund I Ky 8.0 % 6,818,350 9,006,246 -1,653,928 88,826,265 12/31/11
Inveni Life Sciences Fund I Ky 33.7 % 8,248,011 10,000,000 -599,989 17,453,365 12/31/11
Inveni Secondaries Fund II Follow On Ky 10.2 % 408,430 1,188,055 -1,778,302 7,862,972 12/31/11
Inveni Secondaries Fund II Ky 5.0 % 395,666 2,042,932 -13,049,280 18,458,411 12/31/11
Inveni Secondaries Fund III Ky 12.1 % 331,361 9,144,909 2,193,385 3,947,873 12/31/11
Inventure Fund Ky 24.2 % 5,408,777 9,564,423 -1,325,379 12,309,028 12/31/11
Jokilaaksojen Rahasto I Ky 34.2 % 205,888 889,468 -4,853 1,329,400 12/31/11
K III Denmark K/S 22.7 % 6,667,946 10,000,000 -315,588 18,063,000 12/31/11
Kasvurahastojen Rahasto Ky 40.0 % 14,432,557 53,968,259 -200,063 22,570,023 12/31/11
Lapin Rahasto I Ky 36.4 % 814 911,804 9,516 269,961 12/31/11
Life Sciences Partners III B.V. 13.8 % 4,903,394 5,186,595 -5,302,142 37,511,017 12/31/11
Life Sciences Partners IV B.V. 21.8 % 4,896,132 10,000,000 -1,225,551 15,815,103 12/31/11
Litorina IV L.P. 3.7 % 4,628,558 10,666,057 -2,235,053 41,844,309 12/31/11
MB Equity Fund II Ky 10.0 % 3,184 75,802 26,839,547 4,882,831 12/31/11
MB Equity Fund III Ky 8.6 % 4,922,694 6,218,143 22,033,272 65,391,759 12/31/11
MB Equity Fund IV Ky 3.9 % 2,754,758 9,937,202 -1,847,188 33,769,129 12/31/11
MB Equity Fund Ky 17.4 % 224 224 -880 10,063 12/31/11
MB Mezzanine Fund II Ky 5.0 % 25 25 -466 8,196 12/31/11
Merlin Biosciences Fund III L.P. 8.6 % 3,687,101 7,822,967 -1,438,000 43,829,000 12/31/11
Midinvest Fund I Ky 31.4 % 0 77,302 58,650 2,052,263 12/31/11
Midinvest Fund II Ky 25.6 % 1,851,320 3,825,564 -398,707 11,447,345 12/31/11
Midinvest Fund PH I Ky 25.0 % 84,122 2,000,000 -2,411,621 1,032,205 12/31/11
Midinvest Fund YPY I Ky 33.3 % 117,910 986,622 -239,285 511,080 12/31/11
NEXIT Infocom 2000 Fund LP 6.1 % 169,024 2,062,967 71,335 4,271,297 12/31/11
Nexit Infocom II L.P. 17.6 % 7,288,931 15,000,000 -2,178,191 41,993,428 12/31/11
Nordic Venture Partners II K/S 8.6 % 1,640,202 8,274,465 -8,621,000 64,336,000 09/30/11
Northzone VI L.P. 5.8 % 4,353,072 7,500,000 -3,943,102 55,968,886 12/31/11
Norvestor VI L.P. 3.7 % 3,954,893 15,390,166 -1,163,787 -1,163,787 12/31/11
Open Ocean Fund Three Ky 11.2 % 669,167 5,000,000 -748,048 545,564 12/31/11
Polaris PE III K/S 2.8 % 3,842,933 8,655,246 5,933,923 56,561,587 12/31/11
Power Fund I Ky 29.6 % 1,507,215 1,575,636 5,299,085 11,155,196 12/31/11
Power Fund II Ky 23.9 % 11,531,507 14,945,635 -1,354,084 30,645,595 12/31/11
Power Fund III Ky 13.9 % 627,968 10,000,000 -231,019 163,361 12/31/11
Procuritas Capital Investors III 'B' L.P. 6.7 % 214,258 509,674 363,713 12,443,149 12/31/11
Profita Fund III Ky 27.6 % 4,361,600 10,631,527 -3,392,560 24,287,420 12/31/11
Promotion Equity I (A) Ky 23.5 % 2,252,095 2,362,003 1,211,451 5,482,629 12/31/11
Seedcap II Ky 24.8 % 343,736 1,496,299 -651,344 1,271,533 12/31/11
Seedcap Ky 37.4 % 2,077,975 4,104,392 -1,916,177 3,253,474 12/31/11
Sentica Buyout III Ky 13.0 % 11,066,889 14,873,916 323,032 68,510,081 12/31/11
Sentica Buyout IV Ky 8.8 % 0 10,000,000 ** ** **
Sentica Kasvurahasto II Ky 23.7 % 3,356,266 7,256,375 6,028,383 19,692,170 12/31/11
Sentica Terveysteknologia I Ky 33.3 % 622,636 2,267,588 1,002,424 2,398,398 12/31/11
Slottsbacken Fund II Ky 18.5 % 0 1,269,451 604,974 17,844 12/31/11
Sponsor Fund II Ky 9.3 % 854,846 2,245,773 -338,677 13,972,213 12/31/11
Sponsor Fund III Ky 5.7 % 4,261,084 9,945,442 -6,775,824 39,640,992 12/31/11
Sunstone Technology Ventures II K/S 7.5 % 4,656,433 6,121,850 7,440,960 70,530,492 12/31/11
Suomi Välirahoitusrahasto I Ky 44.2 % 2,899,074 4,702,275 436,336 7,142,298 12/31/11
Tampereen Seudun Kasvurahasto Tasku Ky 35.5 % 127,983 191,677 -7,474 445,991 12/31/11
Tamseed Ky 23.3 % 248,669 1,965,170 -589,726 2,180,759 12/31/11
Teknoventure Rahasto II Ky 36.5 % 1,745,070 2,052,090 628,854 5,554,851 12/31/11
Teknoventure Rahasto III Ky 46.8 % 5,315,576 7,061,561 133,167 6,514,639 12/31/11
Vaaka Partners Buyout Fund II Ky 8.1 % 72,106 10,004,671 ** ** **
Vaaka Partners Buyout I Ky 19.7 % 5,768,917 8,164,214 17,601,762 19,601,918 12/31/11
Wedeco Fund III Ky Kb 35.1 % 995,457 1,251,553 -7,620 2,129,414 12/31/11
Wedeco Fund IV Ky 45.3 % 1,306,035 4,592,844 -457,472 1,157,755 12/31/11
Wedeco Seed Fund Ky Kb 25.3 % 74,345 469,933 -443,647 294,145 12/31/11
Verdane Capital VII K/S 7.2 % 7,036,514 11,981,257 14,440,457 61,408,646 12/31/11
VisionPlus Fund I Ky 18.5 % 826,500 5,000,000 ** ** **
TOTAL 238,987,145 516,272,279
* The commitment includes Finnish Industry Investment Ltd’s investments at acquisition price and the remaining commitments.
** New fund / adopted financial statement information was not available when financial statements were compiled.
The investments in Start Fund I Ky are presented as holdings in group companies.
Other investments
Other shares and receivables
Company Reg. office Sector Parent, holding % Parent, shares book value Parent, subordinated and other loans, book value Parent, investments total, book value Profit/loss, as per company’s latest adopted financial statements   Shareholders’ equity, as per company’s latest adopted financial statements Date
3 Step IT Group Oy Helsinki Business & industrial services 7.1 % 4,890,158 4,890,158 4,735,627 25,275,102 31.12.2011
Altona Mining Limited West Perth, Australia Energy & environment 2.0 % 2,101,547 2,101,547 -23,172,056 66,181,214 30.06.2012
Artul Holding Oy Helsinki Real estate 12.1 % 41,953 41,953 0 355,240 12/31/11
Beneq Oy Vantaa Business & industrial products 12.8 % 3,999,967 3,999,967 -2,891,169 3,355,027 12/31/11
Componenta Oyj Helsinki Business & industrial products 6.4 % 2,748,332 4,666,655 7,414,987 -3,100,000 41,100,000 12/31/11
Conformiq Inc. Saratoga, USA Computer & consumer electronics 18.4 % 1,050,000 1,050,000 -1,668,508 -650,204 12/31/09
Conor SPV I Ky (Imbera Electronics Inc.) Espoo Computer & consumer electronics 18.3 % 636,476 636,476 -1,158,454 -1,800,972 12/31/11
Detapo Oy (Pohjolan Design-Talo) Helsinki Construction 15.8 % 3,951,061 4,735,050 8,686,112 252,616 23,752,616 12/31/11
EMC Talotekniikka Oy Helsinki Construction 6.4 % 169,815 1,584,557 1,754,372 159,513 1,167,440 12/31/11
Endomines AB Stockholm, Sweden Energy & environment 8.0 % 3,476,548 3,476,548 -1,281,082 10,070,691 12/31/11
Eniram Oy Helsinki Computer & consumer electronics 9.5 % 1,337,669 1,337,669 -789,709 -52,277 12/31/11
European Batteries Oy Espoo Energy & environment 0.5 % 0 0 0 -12,413,053 4,455,716 12/31/11
Finnprotein Oy Uusikaupunki Chemicals & materials 8.9 % 2,888,925 4,395,216 7,284,141 -4,612,546 27,577,742 12/31/11
Glaston Oyj Abp Helsinki Business & industrial products 8.6 % 2,352,806 2,352,806 -14,446,000 53,153,000 12/31/11
Halikko Group Oy Oulu Business & industrial products 15.1 % 0 0 0 -9,327,057 -14,114,761 06/30/11
HES Sairaankuljetus Group Oy Helsinki Transportation 20.8 % 0 0 -9,173,481 -9,210,875 12/31/11
Holiday Club Resorts Oy Helsinki Consumer services 12.2 % 4,411,244 4,411,244 4,845,590 46,567,016 09/30/12
Incap Furniture Oy Oulu Business & industrial products 17.2 % 0 0 -4,068,548 -8,519,702 12/31/09
Incap Oyj Helsinki Computer & consumer electronics 10.5 % 415,247 415,247 -4,313,000 1,311,000 12/31/11
IonPhasE Oy Tampere Chemicals & materials 13.3 % 999,139 88,141 1,087,280 -2,317,986 -1,453,431 12/31/11
Keliber Oy Kaustinen Energy & environment 15.6 % 1,500,000 1,500,000 -394,579 -478,577 12/31/11
Lamor Corporation Ab Porvoo Energy & environment 10.1 % 4,749,995 4,749,995 7,948,405 11,957,651 12/31/11
Machinery Group Oy Helsinki Business & industrial services 1,397,193 1,397,193 -1,195,307 7,293,254 12/31/11
Maventa Oy Helsinki Business & industrial services 0 0 -290,723 424,093 12/31/11
Mendor Oy Espoo Life sciences 15.2 % 2,445,700 2,445,700 -3,899,546 1,707,788 12/31/11
MetGen Oy Turku Chemicals & materials 18.2 % 799,988 799,988 -297,002 552,049 12/31/11
Mitron Group Oy Ltd Forssa Business & industrial products 16.7 % 1,499,853 1,499,853 -181,383 5,238,888 12/31/11
MultiTouch Oy Helsinki Computer & consumer electronics 8.3 % 999,990 500,000 1,499,990 -816,721 1,762,423 12/31/11
Nexstim Oy Helsinki Life sciences 5.8 % 174,000 174,000 -6,343,184 2,990,760 12/31/11
Nordic Mining ASA Oslo, Norway Energy & environment 4.5 % 1,023,782 1,023,782 -3,694,093 5,821,898 12/31/11
Nordic Tank Oy Oulu Business & industrial products 25.7 % 0 1,955,000 1,955,000 -1,086,000 -1,045,000 12/31/11
Northland Resources S.A. Luxembourg Energy & environment 1.3 % 5,540,383 5,540,383 -29,421,903 262,549,656 12/31/11
Panostaja Oyj Tampere Business & industrial services 5,750,000 5,750,000 -2,490,000 45,173,000 10/31/12
Pesmel Oy Kauhajoki Business & industrial products 3.5 % 0 0 0 -1,846,735 3,158,819 06/30/12
Polar Spring Oy Asikkala Consumer goods & retail 10.6 % 250,000 250,000 -340,099 1,638,181 12/31/11
Silecs International Pte. Ltd. Singapore Computer & consumer electronics 15.6 % 2,908,715 2,908,715 -3,404,360 -6,527,421 12/31/10
SkySQL Corporation Ab Espoo Computer & consumer electronics 7.8 % 999,999 999,999 -1,989,637 -260,270 12/31/11
Sotkamo Silver Ab Stockholm, Sweden Energy & environment 14.2 % 2,169,769 2,169,769 -773,657 8,346,919 12/31/11
Suominen Oyj Tampere Business & industrial products 9.0 % 7,777,778 7,777,778 -9,535,000 108,737,000 12/31/11
ThermiSol Oy Sastamala Construction 20.0 % 0 2,400,000 2,400,000 2,113,683 3,135,617 12/31/11
Top-Sport Suomi Oy Helsinki Consumer goods & retail 17.7 % 0 0 2,367,387 -753,867 02/29/12
Ursviken Group Oy Helsinki Business & industrial products 24.6 % 2,179,193 2,179,193 2,462,000 3,774,000 12/31/11
Valmet Automotive Oy Uusikaupunki Business & industrial products 17.0 % 7,885,280 7,885,280 1,191,000 36,546,000 12/31/11
Viavia Oy (Staffpoint Holding Oy) Helsinki Business & industrial services 19.5 % 5,265,973 5,265,973 *
TOTAL 83,641,285 27,471,813 111,113,097
* New company / adopted financial statement information was not available when financial statements were compiled.
The company sectors are presented in accordance with the European Private Equity and Venture Capital Association’s (EVCA) sector classification.
An entry of 0 for book value means that the investment has been valued as having zero value.
Other investments
Other shares and receivables (Start Fund I Ky)
Company Reg. office Sector Group, holding % Group, shares book value Group, subordinated and other loans, book value Group, investments total, book value Profit/loss, as per company’s latest adopted financial statements   Shareholders’ equity, as per company’s latest adopted financial statements Date
Aidon Oy Jyväskylä Energy & environment 17.1 % 1,485,094 1,485,094 3,003,629 985,625 12/31/11
ASAN Security Technologies Oy Espoo Business & industrial products 26.9 % 326,562 326,562 -333,657 149,004 12/31/11
Aspida Oy Helsinki Business & industrial services 23.3 % 334,865 334,865 -59,000 451,974 12/31/11
Axel Technologies Oy Turku Communications 9.6 % 0 100,000 100,000 -1,902,685 -2,273,345 12/31/11
Bearing Drive Oy Vaasa Business & industrial products 12.3 % 0 0 0 -123,601 -135,244 12/31/10
Bookit Oy Helsinki Communications 3.8 % 159,887 159,887 45,873 925,442 12/31/11
Cavitar Oy Tampere Business & industrial products 25.1 % 719,650 71,000 790,650 -641,849 28,701 12/31/11
Chat Republic Games Oy Helsinki Consumer services 10.5 % 0 50,000 50,000 -405,904 -1,053,670 12/31/11
Chip-Man Technologies Ltd Tampere Business & industrial products 4.6 % 0 277,050 277,050 -615,294 -2,293,124 12/31/11
Churnside Leasing B.V. Amsterdam, NL Financial services 2,435 2,435 -185,815 -296,863 12/31/10
Coöperatie Greenvironment U.A. Amsterdam, NL Financial services 8.7 % 0 0 -568,748 -1,757,093 12/31/10
Ecolane Finland Oy Espoo Business & industrial services 2.7 % 101,600 101,600 373,384 743,945 12/31/11
Ekahau, Inc Saratoga, USA Business & industrial products 6.5 % 274,818 274,818 -6,768,185 -5,600,006 12/31/11
EpiCrystals Oy Tampere Business & industrial products 19.7 % 1,251,334 1,251,334 -940,314 4,572,357 12/31/11
European Batteries Oy Espoo Energy & environment 0.0 % 0 0 -12,413,053 4,455,716 12/31/10
Genestia Group Oy Turku Business & industrial services 5.0 % 0 84,000 84,000 -881 16,488 12/31/11
Kenno Tech Oy Espoo Business & industrial products 5.1 % 0 105,000 105,000 -255,689 -398,246 12/31/11
Laurantis Pharma Oy Turku Life Sciences 1.7 % 89,915 89,915 -2,119,438 1,725,137 12/31/11
Market Media Oy Helsinki Communications 10.0 % 49,965 49,965 49,633 159,443 12/31/11
nLight Photonics Corporation Vancouver, USA Business & industrial products 1.1 % 680,000 680,000 -1,193,724 38,378,051 12/31/12
Nordic Koivu Oy Tohmajärvi Consumer goods & retail 15.8 % 28,350 56,700 85,050 6,525 35,323 12/31/11
Odoroff Oy Piispanristi Business & industrial products 1.1 % 0 0 -44,949 -40,702 12/31/11
Optomed Oy Oulu Business & industrial products 19.2 % 893,485 893,485 -794,360 -372,642 12/31/11
Plusdial Oy Helsinki Communications 4.1 % 53,400 53,400 -83,678 176,670 12/31/11
Suomen Puheentunnistus Oy Lahti Business & industrial products 19.4 % 0 0 0 -165,361 -3,364,298 12/31/11
Taipale Telematics Oy Tampere Business & industrial products 1.9 % 5,816 5,816 109,736 583,529 12/31/11
The Switch Engineering Oy Vaasa Energy & environment 10.3 % 2,748,548 993,750 3,742,298 -1,221,000 19,998,000 12/31/11
Ubipart Oy Helsinki Communications 13.0 % 200,049 200,049 13,918 -68,910 12/31/11
Vaadin Oy Turku Business & industrial services 15.8 % 304,376 304,376 125,415 1,057,166 12/31/11
Winwind Oy Helsinki Energy & environment 7.6 % 0 0 -59,056,418 -181,750,712 12/31/11
Virtual Air Guitar Company Oy Espoo Consumer services 3.4 % 0 0 0 -311,394 302,135 12/31/11
WOT Services Oy Helsinki Consumer services 23.9 % 1,111,007 1,111,007 -705,112 295,552 12/31/11
TOTAL 10,818,721 1,739,935 12,558,656
The company sectors are presented in accordance with the European Private Equity and Venture Capital Association’s (EVCA) sector classification.
An entry of 0 for book value means that the investment has been valued as having zero value.

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