INDUSTRIAL INVESTMENTS

Investments in unlisted companies belong to Norvestia’s industrial investment portfolio which is administered by Norvestia’s subsidiary Norvestia Industries Ltd. The aim of Norvestia’s industrial investment activities is to find interesting companies with strong growth potential, the long-term and active development of which can yield significant increases in value and thereby return to Norvestia’s shareholders. According to the investment strategy, Norvestia aims to find target companies that operate in sufficiently large markets and have the opportunity to take advantage of their service or solutions innovations both in Finland and internationally.

Norvestia invests in minority shares and can be in the majority together with another investor. At the end of 2011, the industrial investment portfolio comprised four unlisted companies, namely Coronaria Hoitoketju Oy that offers health care services, Miltton Oy that offers innovative communications services, GSP Group Ltd that offers construction consulting and Polystar Instruments AB that develops business intelligence software solutions. The total value of interests in these companies amounted to EUR 6.7 million. In addition, Norvestia owned 8.9% of Honkarakenne Oyj corresponding to EUR 1.5 million at the end of the year.

According to the current investment strategy about 20-30% of investment assets may be used for industrial investments. These investments have no time limits and will be made when the right opportunity presents itself.