Finnish technology industry, April 2021

Technology Industry /
Finnish Economic Outlook
April 2021
Jukka Palokangas
Principal Economist
jukka.palokangas@techfind.fi
1
4/23/2021 Technology Industries
of Finland

The Finnish Technology Industry Is Comprised of
Five Sub-Sectors
2
of Finland
ELEKTRONICS AND ELECTROTECHNICAL
INDUSTRY
ABB, Ensto, Murata Electronics, Nokia,
Planmeca, Polar Electro, Suunto, Vacon,
Vaisala…
METALS INDUSTRY
Boliden, Componenta, Kuusakoski,
Luvata, Outokumpu, Ovako, Sacotec,
SSAB …
MECHANICAL ENGINEERING
Abloy, Cargotec,, Fiskars, Glaston, Kone,
Konecranes, Metso-Outotec,
Meyer Turku, Neles, Normet, Oras, Patria,
Pemamek, Ponsse, Prima Power, Stala,
Valmet, Valtra, Wärtsilä…
INFORMATION TECHNOLOGY
Basware, Bilot, CGI, Digia, Efecte, Enfo, F-
Secure, Fujitsu Finland, IBM, Innofactor,
Knowit, Microsoft, Nixu, TietoEVRY…
CONSULTING ENGINEERING
AFRY, A-Insinöörit, Citec, Elomatic,
Etteplan, FCG, Granlund, Neste Engineering
Solution,, Ramboll, Rejlers, Sitowise,
SWECO, WSP…

The Finnish Technology Industry Is Comprised of
Five Sub-Sectors
3
ELEKTRONICS AND ELECTROTECHNICAL
INDUSTRY
• Data communications equipment, electrical
machinery, medical technology
• Turnover (2020): 18.0 billion euros
• Personnel (2020): 37,600
METALS INDUSTRY
• Steel products, non-ferrous metals,
castings, metallic minerals
• Personnel (2020): 16,700
MECHANICAL ENGINEERING
• Machinery, metal products, vehicles
• Personnel (2020): 133,600
INFORMATION TECHNOLOGY
• IT services, applications and
programming
• Personnel (2020): 72,300
CONSULTING ENGINEERING
• Expertise for construction industry and
infrastructure
• Personnel (2020): 52,700
of Finland

The Technology Industry –
the Largest Export Sector in Finland
4
• Some 50 % of total exports.
• Some 310,000 employed directly in the
sector, including indirect effects 650,000
people.
• Effect on value added totaling € 57 billion,
or 28% of GDP value added.
• Bring to Finland € 18 billion tax revenue
annually.
• Investments about EUR 5.0 billion
annually in Finland.
• 70 % of private-sector R&D investment.
of Finland

Value Added to the Economy Generated by the
Technology Industry Is EUR 55 Billion, or over 28%
of GDP * (2017)
5
23.4.2021 Teknologiateollisuus
28.8, 53%
15.6, 29%
10.1, 18%
A total of EUR 54.5 billion
Impact on technology industry
(direct influence)
Impact on other industries
(indirect influence)
Impact on private consumption
(income effect)
*) GDP value added was EUR 193.3 billion in 2017.
Source: Economic Impact of the Technology Industry in Finland 11/2018

Technology Industry Generates nearly 650,000
Jobs in Finland (over 25% of All Employees) (2017)
6
304,600, 47%
225,800, 35%
114,600, 18%
A total of 644 900 employees
(direct influence)
(income effect)
10 jobs in the technology industry bring
11 jobs to the rest of the economy

Every Job in the Technology Industry Generates
almost another Job in the Services (2017)
7
295,100, 87%
12,200, 3%
33,100, 10%
Impact on other industries and on
private consumption: 340,300 employees
Services*
Primary production
Processing*
*) Excl. the services industries in the technology industry.

Technology Industry Generates over 18 Billion
Euros in Tax Revenue Annually in Finland (2017)
8
9.2, 50%
4.3, 24%
4.7, 26%
A total of EUR 18.2 billion
(direct influence)
(income effect)

Turnover of the Technology Industry in Finland
9
Source: Macrobond, Statistics Finland, Technology Industries of Finland
of Finland

10
*) In addition to goods exports the sector exported services worth some 14-15 billion euros.
Source: National Board of Customs, Statistics Finland
Export of Technology Industry Goods from Finland
by Area in 2020
Total goods exports 30.72 billion euros*
North America
3.76 billion €
12.2 %
Western Europe
16.36 billion €
53.3 %
South and
Middle America
1.17 billion €
3.8 %
Central and Eastern Europe
4.30 billion €
14.0 %
Africa
0.48 billion €
1.6 %
Middle and
Central East
0.44 billion €
1.4 %
Asia
4.21 billion €
13.7 %
of Finland

Technology, Forest and Chemical Industries
Provide 81 % of Finland's Goods and Services
Exports Revenue
Goods and service exports: billion euros and the share of Finnish exports in 2017
11
*) Service exports industry-specific data for the year 2017 are preliminary information.
Source: Board of Customs, Statistics Finland (National Accounts, Foreign trade in services), Federation of Finnish Technology Industries
of Finland
Technology industry,
43.6, 51%
Forest industry;
12.9; 15%
Chemical industry;
13; 15%
Other branches;
16.1; 19%

Turnover of the Industry and Technology Industry
in Finland
12
Source: Macrobond, Statistics Finland
of Finland

Turnover of the Technology Industry in Finland
13
of Finland

Value of New Orders in the Technology Industry*
in Finland
14
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
Combined
Export
Domestic
08 09 10 11 12 13 14 15 16 17 18 19 20 21
Million euros, at current prices
Change: IV/2020 / IV,2019 IV,2020 / III,2020
Export: +11 % +52 %
Domestic: +63 % +90 %
Combined: +21 % +60 %
*) Excl. metals
industry, game
industry and data
center companies
Technology Industries
of Finland
4/23/2021 Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation October-December 2020.

Value of Order Books in the Technology Industry*
in Finland
15
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation 31th December 2020.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
28,000
30,000
Export
Domestic
08 09 10 11 12 13 14 15 16 17 18 19 20
Change: 31.12.2020 / 31.12.2019 31.12.2020 / 30.9.2020
Export: +2 % +10 %
Domestic: +11 % +14 %
Combined: +4 % +10 %
*) Excl. metals
industry, game
industry and data
center companies
Combined
of Finland
4/23/2021

Tender Requests* Received by the Technology
Industry Companies in Finland
16
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, the last questionnaire in
January 2021.
-60
-50
-40
-30
-20
-10
0
10
20
30
40
Balance figure
*) ”Have you experienced a notable increase or decrease in the number of requests for tenders in recent weeks in comparison to the situation three
months ago?”. Balance figure = the number of companies receiving more requests - the number of companies receiving less requests.”
of Finland
4/23/2021
08 09 10 11 12 13 14 15 16 17 18 19 20 21

Value of New Orders in the Electronics and
Electrotechnical Industry in Finland
17
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
Combined
Export
Domestic
08 09 10 11 12 13 14 15 16 17 18 19 20 21
Change: IV,2020 / IV,2019 IV,2020 / III,2020
Export: +41 % +61 %
Domestic: +2 % +17 %
Combined: +35 % +54 %
of Finland

Value of Order Books in the Electronics and
Electrotechnical Industry in Finland
18
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
Export
Domestic
Change: 31.12.2020 / 31.12.2019 31.12.2020 / 30.9.2020
Export: +32 % +45 %
Domestic: -5 % +2 %
Combined: +26 % +38 %
Combined
08 09 10 11 12 13 14 15 16 17 18 19 20
of Finland
4/23/2021

Value of New Orders in the Mechanical
Engineering in Finland
19
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
Combined
Export
Domestic
08 09 10 11 12 13 14 15 16 17 18 19 20 21
Export: -17 % +40 %
Domestic: +156 % +186 %
Combined: +10 % +71 %
of Finland

Value of Order Books in the Mechanical
20
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Export
Domestic
Change: 31.12.2020 / 31.12.2019 31.12.2020 / 30.9.2020
Export: -8 % -2 %
Domestic: +20 % +27 %
Combined: -3 % +3 %
Combined
08 09 10 11 12 13 14 15 16 17 18 19 20
of Finland
4/23/2021

Value of New Orders in the Consulting Engineering
in Finland
21
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
320
Combined
Export
Domestic
08 09 10 11 12 13 14 15 16 17 18 19 20 21
Export: -46 % +22 %
Domestic: +8 % +33 %
Combined: -3 % +31 %
of Finland

Value of Order Books in the Consulting
22
0
100
200
300
400
500
600
700
800
900
Export
Domestic
Change: 31.12.2020 / 31.12.2019 31.12.2020 / 30.9.2020
Export: -6 % -2 %
Domestic: +6 % -1 %
Combined: +4 % -1 %
Combined
08 09 10 11 12 13 14 15 16 17 18 19 20
of Finland
4/23/2021

Value of New Orders in the Information
Technology* in Finland
23
0
100
200
300
400
500
600
700
800
08 09 10 11 12 13 14 15 16 17 18 19 20 21
Combined: +13 % +43 %
*) Excl. game industry and data center
companies
of Finland

Value of Order Books in the Information
Technology* in Finland
24
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Combined
Change: 31.12.2020 / 31.12.2019 31.12.2020 / 30.9.2020
Combined: +5 % +3 %
*) Excl. game industry and data
center companies
08 09 10 11 12 13 14 15 16 17 18 19 20
of Finland
4/23/2021

Technology Industry Personnel
25
4/23/2021 Technology Industries of
Finland
Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond
28,000 employees affected
by temporary lay-offs 31st
December 2020

Technology Industry Personnel Recruitment in
Finland by Quarters
26
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Change in the number of personnel compared to the previous quarter Number of people recruited during the quarter
Source: The Federation of Finnish Technology Industries’ labour force survey
of Finland
4/23/2021

Technology Industry Personnel in Finland by
Industry
27
Finland
Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond

Technology Industry Personnel in Subsidiaries
Abroad by Industry
28
Finland
Source: The Federation of Finnish Technology Industries’ labour force survey, Macrobond

Technology Industry Personnel in Subsidiaries
Abroad by Country
29
4/23/2021 Technology Industries of Finland Source: The Federation of Finnish Technology Industries’ labour force survey
Information from year 2019
China, 45,832, 15%
India, 29,658, 10%
USA, 28,391, 10%
Germany, 19,701, 7%
Poland, 18,522, 6%
Mexico, 14,365, 5%
Sweden, 14,192, 5%
France, 11,313, 4%
UK, 8,204, 3%
Russia, 7,096, 2%
Italy, 6,780, 2%
Brazil, 6,490, 2%
Canada, 5,171, 2%
Other countries, 81,921, 27%

Retirement of Technology Industry Personnel in
Finland
30
0
1000
2000
3000
4000
5000
6000
7000
8000
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Salaried employees
Blue collar employees
Individuals per year
Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics Finland
of Finland
4/23/2021

Retirement of Technology Industry Blue Collar
Employees in Finland
31
0
500
1000
1500
2000
2500
3000
3500
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Mechanical engineering Metals industry Electronics and electrotechnical industry
Individuals per year
Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics Finland
of Finland
4/23/2021
Number of individuals retiring
(estimation)
Number of individuals retired

Overview of the Situation in the Technology
Industry and Outlook for Spring 2021
32
- Turnover in Finland totalled some EUR 82 billion in 2020. Growth from the previous year was
about one percent for the full year.
- The monetary value of new orders reported between October-December 2020 was 60%
higher than in the preceding quarter, and 21% higher than in the corresponding period in
2019.
- At the end of December, the value of order books was 10% higher than at the end of
September, and 4% higher than in December 2019.
- The turnover of the technology industry in Finland is estimated to be higher in the spring
2021 than at the same time a year ago.
- The number of employees in Finland decreased by less than one per cent last year compared
to the 2019 average. The average number of employees was about 310,000, which is 2,500
less than in the previous year. At the end of December, almost 28,000 of the employees were
covered by lay-off arrangements.
- Recruitment of new staff has decreased during the corona pandemic. In 2020, there were a
total of 28,000, while in 2019 there were a total of almost 41,000 recruitments.
4/23/2021 Technology Industries of Finland

World Economic Outlook
- Finland as a Part of Global
Economy
33
4/23/2021 Technology Industries of Finland

In the Euro Area, the GDP Recovery Came to a Halt
in October-December 2020
34
Lähde: Macrobond
of Finland
4/23/2021

Finland Is Clearly Behind in the Growth of Exports
Relative to the Euro Countries
35
Source: Macrobond, Eurostat
of Finland

Finland's GDP Growth in October-December Was
Slowed by Private Consumption and Construction
36
of Finland
4/23/2021

In Many Countries, the GDP Recovery Came to a
Halt in October-December 2020
37
Souce: Macrobond
of Finland
4/23/2021

38
4/23/2021 Lähde: Macrobond
In Developing Countries, Economic Recovery Has
Continued
of Finland

Purchasing Manager Indices for the Entire
Business Sector in Finland’s Most Important
Export Countries
39
Source: Macrobond. Markit
of Finland

The Recovery in Industrial Production Continues in
Several Countries
40
4/23/2021 Source: Macrobond
of Finland

The Recovery in Industrial Production Continues in
Several Countries
41
4/23/2021 Source: Macrobond
of Finland

Industrial Production Is Recovering Globally
42
Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis
of Finland
4/23/2021

Industrial Purchasing Managers ’Indices in March
Show Continued Growth in Most Countries
43
23.4.2021 Teknologiateollisuus Lähde: Macrobond, Markit

Industrial Production Grew in March in All Major
Developing Countries
44
23.4.2021 Teknologiateollisuus Lähde: Macrobond, Markit

Exchange Rates (when the Curve Rises, the Value of
the Euro Strengthens Against the Other Currency)
45
Source: Macrobond
of Finland

46
Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis
World Trade Has Recovered
Goods export volume
of Finland
4/23/2021

Chinese Imports Have Recovered Again
47
Source: Macrobond
of Finland
4/23/2021

EU Exports to Russia Are Stagnating
48
Source: Macrobond
of Finland
4/23/2021

Russia’s* Share of the Technology Industry's
Finnish Exports Has Fallen to about 5 Percent
49
*) Soviet Union up to 1991
Source: Finnish Customs
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
30
32
34
36
38
40
42
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
of Finland
4/23/2021
%

50
Source: IMF (April 2021)
The Global Economy Is Forecast to Grow by 6 % in
2021, after Decreased by 3.3% in 2020
GDP growth 2021/2020, %
0
1
2
3
4
5
6
7
8
9
10
11
12
13
0 10 20 30 40 50 60 70 80 90 100
North America
Western Europe
Japan
China
India
Rest
of
Eastern
Europe
Russia
Brazil
Mexico
Rest
of
Latin
America
Middle
East
and
Africa
Growth an average:
+6,0 %
The width of the bar indicates the share of global GDP in 2020 (adjusted for purchasing power parity), %
Rest of Asia
of Finland
4/23/2021

51
Source: IMF (April 2021)
In the Export Market of the Technology Industry,
Demand Will Increase by 4.9 % in 2021
GDP growth 2021/2020, %
0
1
2
3
4
5
6
7
8
9
10
11
12
13
0 10 20 30 40 50 60 70 80 90 100
North America
Western Europe Japan
China
India
Rest
of
Eastern
Europe
Russia
Brazil
Mexico
Rest
of
Latin
America
Middle
East
and
Africa
Growth an average:
+4,9 %
The width of the bar indicates the export share of technology industry from Finland in 2020, %
Rest
of
Asia
of Finland
4/23/2021

Finland’s Economic Growth
Relies on Exports and
Investments
52
of Finland
4/23/2021

Finland’s Exports Lagged behind Its Competitors
Even before the Corona Crisis
53
of Finland
4/23/2021

54
Central and Local Government Debt Was Already
High Before the Corona Crisis
of Finland
4/23/2021

Unlike the Competitor Countries, in Finland
Business Investment Is Still Below the Level in 2008
55
Source: OECD, Economic Outlook (December 2020)
80
85
90
95
100
105
110
115
120
125
130
135
140
145
150
155
160
165
170
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20e 21e 22e
Corporate investments, at fixed prices, index 2005=100
USA
Sweden
Switzerland
Belgium
Germany
Finland
of Finland

56
23.4.2021 Teknologiateollisuus Source: Eurostat (National Accounts), EK Investment Survey (January 2021)
*) Intangible investments include e.g. investment in research and development and computer software.
Investment Rate in the Technology Industry in
Finland Fell after the Financial Crisis
Tangible and intangible investments in Finland
0
5
10
15
20
25
30
35
0
1,000
2,000
3,000
4,000
5,000
6,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e2021e
Tangible investments Intangible investments Investment rate, tangible
Investment rate, intangible Investment rate, combined
Investments, million euros,
at current prices
Investment rate (investments /
value added), %

Industrial Tangible and Intangible Investment* in
Finland Have Not Yet Reached the 2007-2008 Levels
57
*) Including software investments.
Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey January 2021
0
1
2
3
4
5
6
7
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20e 21e
Tangible investment
Intangible investment
Intangible investment (excl.
electronics industry)
Billion euros, at fixed 2015 prices
of Finland

Total Industrial Investment in Finland Is Now at
Around the Level of Capital Consumption
58
*) Including software investments.
0
1
2
3
4
5
6
7
8
9
10
11
12
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20e 21e
Tangible and intangible
investment*
Consumption of Fixed
Capital
of Finland

Tangible Investments by Industry in Finland Are
Now at the Level of the Consumption of Capital
59
0
1
2
3
4
5
6
7
8
9
10
11
12
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20e 21e
Tangible investment
Consumption of tangible
capital
of Finland

Industrial Production Capital in Finland Has
Disappeared Significantly, Especially after 2008
60
Information on consumption of tangible capital is at 2010 prices.
Source: Statistics Finland (National Accounts)
0
5
10
15
20
25
30
35
40
45
50
55
05 06 07 08 09 10 11 12 13 4 15 16 17 18 19
Cumulative consumption
of tangible capital
Cumulative tangible
investment
of Finland
=6,4 bill. €

Industrial Tangible Investment Growth in Finland
Has Lagged behind that of Competitors
61
Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, January 2021
60
70
80
90
100
110
120
130
140
150
160
170
180
190
200
210
220
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20e 21e
Hungary
Poland
Netherlands
Austria
Germany
Czech
Republic
Sweden
Belgium
Finland
Billion euros, at fixed 2015 prices, index 2005=100
of Finland

Investment Rate in Industrial Tangible
Investments Is at a Low Level in Finland
62
Source: Eurostat (National Accounts)
6
8
10
12
14
16
18
20
22
24
26
28
30
32
34
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Hungary
Poland
Netherlands
Austria
Germany
Czech
Republic
Sweden
Belgium
Finland
Tangible investments / value added, %
of Finland

Industrial Intangible Investments * in Finland
Have almost Halved since 2005
63
*) Intangible investments include research and development and software investments etc.
Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, January 2021
40
60
80
100
120
140
160
180
200
220
240
260
280
300
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20e 21e
Hungary
Poland
Netherlands
Austria
Germany
Czech Republic
Sweden
Belgium
Finland, excl.
electronics industry
Finland
Billion euros, at fixed 2015 prices,
index 2005=100
of Finland

Investment Rate of Industrial Intangible
Investments* Has Dropped Significantly in Finland
64
*) Intangible investments include research and development and software investments.
Source: Eurostat (National Accounts)
0
2
4
6
8
10
12
14
16
18
20
22
24
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Hungary
Poland
Netherlands
Austria
Germany
Czech Republic
Sweden
Belgium
Finland, excl.
electronics industry
Finland
Intangible investments / value added, %
of Finland

Investments and productivity* are Decisive for
Finland’s Success
65
Finland
*) Productivity is measured as real value added per hours worked. When productivity grows
(the curve rises) value added grows more than hours worked.
Source: Statistics Finland

66
Latest information October-December 2020.
Source: Eurostat: Quarterly National Accounts
Finland’s GDP Productivity Has Lagged Behind
Other EU and Euro Countries
GDP at fixed prices / hours worked
82
84
86
88
90
92
94
96
98
100
102
104
106
108
110
112
114
Euro countries
Sweden
Finland
Germany
Index 2008=100 (the year before the collapse of Finnish industrial production capacity)
Finland

67
Latest information October-December 2020.
Source: Eurostat: Quarterly National Accounts
In Industrial Productivity, Finland Is Still Behind
the EU and Eurozone Average
Industrial value added at fixed prices / hours worked
60
65
70
75
80
85
90
95
100
105
110
115
120
125
130
135
Euro countries
Sweden
Finland
Germany
2008=100 (the year before the collapse of Finnish industrial production capacity)
Finland

68
Lates information October-December 2020.
Source: Eurostat
The Investment Rate of Companies in Finland Is
Clearly Lower than in the Main Competitor Countries
18
20
22
24
26
28
30
32
Sweden
Austria
Belgium
Denmark
Finland
Corporate fixed investment compared to value added, % (excl. financial sector)
of Finland

69
There Is Still Room for Improvement in Finland’s
Cost Competitiveness
Unit labour costs in the whole economy = labour costs / productivity, including the influence of effective
exchange rates
94
96
98
100
102
104
106
108
110
112
2000=100
2005=100
2008=100
Finland’s price
and cost
competitiveness
declines
Finland’s price
and cost
competitiveness
improves
of Finland
*) In the ECB Harmonised Competitiveness Index, the average effective exchange rate of each country is calculated vis-à-vis 38
main trade partners, as well as the development of unit labour costs for the total economy.
Latest information October-December 2020. Source: European Central Bank
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Member Companies of the
Federation of Finnish
70
of Finland

The Federation’s Member Companies 2019
71
250–499 employees
72,755
38%
32,554
17%
27,555
14%
59,435
31%
1,449
90.1%
86
5.7%
38
2.5% 24
1.8%
Number of enterprises / 1,608 Number of personnel / 192,299
1–249 employees 500–999 employees
1000– employees
of Finland
4/23/2021

The Federation’s SME Member Companies 2019
72
482
33.3%
483
31.5%
288
19.8%
209
14.4%
Number of enterprises / 1,449 Number of personnel / 72,755
5,140
7.1%
15,832
21.8%
20,092
27.6%
31,691
43.5%
1–19 employees
20–49 employees
50–99 employees
100–249 employees
of Finland

Operating Profit in the Member Companies of
Technology Industries of Finland in 2019
Operating profit-% = operating result / turnover * 100 (before taxes and financial income
and expenses)
73
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
(Median: 4.6%)
Good (26%)
Satisfactory (23%)
Weak (29 %)
Unprofitable
(21 %)
of Finland
Companies in random order

Net Profit in the Member Companies of Technology
Industries of Finland in 2019
Net profit -% = net profit / turnover * 100 (after tax and financial income and expenses)
74
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
(Median: 3.9%)
Unprofitable (24%)
Good (21%)
Satisfactory (21%)
Weak (34%)
of Finland

Return on Assets in the Member Companies of
Return on assets -% = (net income + financial expenses + taxes) / (capital invested in the
financial year) * 100
75
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
(Median: 11.0%)
Good (42%)
Satisfactory (11%)
Mediocre (28%)
Weak (19%)
of Finland

Equity Ratio in the Member Companies of
Equity ratio -% = (total equity + total appropriations accrued) / adjusted balance sheet * 100
76
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
(Median: 42.6%)
Good (53%)
Satisfactory (24%)
Weak (23%)
of Finland

Finnish technology industry, April 2021

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