Greater Helsinki holds the highest FDI deal volumes in Nordic capital regions in 2012 whilst Copenhagen capital region shows strongest growth

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1 Greater Helsinki holds the highest FDI deal volumes in Nordic capital regions in 212 whilst Copenhagen capital region shows strongest growth Nordic Capitals Foreign Investments in 212 Michel Lemagnen, Maria PukkiBusiness Intelligence / Helsinki Business Hub

2 I Introduction This paper is prepared by GHP s Head of Business Intelligence and it provides a geographical analysis of cross-border investments in Europe between 29 and 212 with a focus on developments in the Nordics and Estonia. Foreign direct investment is when a company whose ultimate parent is in one country invests in another country either organically (foreign direct investment, FDI), via an M&A or a growth capital investment. Types of FDI The report covers three types of foreign direct investment: Organic investment, more commonly referred to as greenfield FDI where a company invests in its own activities Mergers & acquisitions when a company whose ultimate parent company is in one country, invests in a company incorporated in a different country with the result that the final shareholding in that company is greater than 5%. Growth capital where one or more international investors which could include non-resident angels invest development capital into a foreign company or companies. The types of capital that are included include seed funding, angel, corporate venturing, venture capital and in some cases private equity investment Sources In the interests of not wishing to present any biased data, this report has focused on independent sources, namely Ernst & Young's European Investment Monitor (EIM) and The Zephyr database by Bureau van Dijk. These sources are internationally respected and used by companies, the investment finance community, international agencies, and national, regional and city governments. There are other commercial sources that are available as well as data from national agencies and UNCTAD. The purpose of this report is not a critique of different sources the intention is solely to provide an independent analysis of trends across Europe and between countries and the Nordic capital regions. Ernst & Young's European Investment Monitor (EIM) has been tracking organic, mobile, foreign direct investment since It is used by the European Commission and many national and regional development agencies and used extensively by E&Y's practices and corporate clients. The data is researched and produced by Oxford Intelligence, a specialist FDI consultancy, established in The EIM results are officially announced June 2 at the World Investment Conference in La Baule France. For ease of understanding, organic investments are in this report called Greenfield. Greenfield investment is an investment in which a foreign company invests in its own facilities rather than buying a share or all of another company. It includes Joint Venture only when the JV creates a new physical business activity. EIM has a narrower definition than its competitor Financial Times fdi Markets. EIM observes the following investment types: - new facility in a new location (this could include a relocation from one town or country to another), The new location might be a greenfield or a brownfield site. 2 (12)

3 - expansion investment - additional jobs created at an existing facility (e.g. increasing production/research capacity) - co-location - a new function is added at an existing site Bureau van Dijk - the Zephyr database is produced by Bureau van Dijk and is the most comprehensive database of global equity investments and now it's updated hourly. It contains information on M&A, IPO, private equity and venture capital deals and rumours. In March 212 the database covered around 1 million deals globally. Nordic Capitals The geographical areas covered by the data focus on national and European statistical administrative regional definitions: Capital Location Greater Helsinki Greater Copenhagen Greater Stockholm Greater Oslo Greater Tallinn II Key Findings Administrative Areas Uusimaa, Eastern Uusimaa Hovedstaden Stockholm, Uppsala regions Oslo, Ostlandet Tallinn and Harju county European Summary Impact of Uncertainty Overall decline in deal flows in 212 amid investor uncertainty But a significant increase in cross-border growth capital investments Nordics share is steadily increasing - 9 per cent of all European cross border investments in 212 Across the three types of FDI reported, there were 6,855 deals in 212, a very slight decline compared with 211. After two years of resilience indeed growth in 21 and 211, the evidence suggests that the economic uncertainty in Europe is starting to reflect in international corporate investment trends, particularly in greenfield investments. Nevertheless it is critical to appreciate that foreign investment it still at a very healthy level there were 18 per cent more deals in 212 compared with 29. The ray of sunshine has been in cross-border growth capital investments, which increased by 18 per cent to 477 deals in 212 three years of growth following the precipice of 29. This is an important point because data from Dow Jones Venture Source for all (domestic and cross-border) venture capital in Europe showed a decline in both deal volumes and overall investment value in (12)

4 Figure 1 Cross Border Corporate Investment Trends in Europe 29 to Deal Flows 4,5 4, 3,5 3, 2,5 2, 1,5 1, Cross- Border M&A deals (completed) Greenfield deals (announced) Growth capital deals (announced) Source: Bureau van Dijk Zephyr, Ernst & Young European Investment Monitor, powered by Oxford Intelligence Buildings BRICs - fall in 212 will only be a pause in long term potential as investment sources The USA, UK, Germany and France continue to be the dominant sources of FDI into Europe. For example, between 29 and 212, the combined deals shares originating from these 4 countries were 48% of greenfield investments and 45% of M&A (US companies alone were 26% of greenfield and 2% of M&A and 35% of growth capital deals involved a US investor). So what of the BRICS? Brazil, Russia, India, China (BRIC) companies were significantly less active in European investments in 212, making 411 deals a 12% decline in deals compared with 211 but there is nonetheless long term growth and potential. Between 29 and 212 as a whole, BRIC investments accounted for only 6.5% of all European FDI deals (5% of M&A; 7.5% of greenfield and 5% of growth capital). Whilst Chinese, Indian and Russian investment all fell back, there were 4% more investments made by Brazilian companies in 212. Helsinki made some important breakthroughs in 212 with key Chinese investments announced by Z-Park and telecoms giant, Huawei. BRIC investments in Europe are dominated by greenfield deals, accounting for a 65% deal share between 29 and 212; followed by M&A (28%) and growth capital (7%). 4 (12)

5 Figure 2 BRIC FDI Deals in Europe Russia Source: Bureau van Dijk Zephyr, Ernst & Young European Investment Monitor, powered by Oxford Intelligence Nordics The rise of foreign growth capital investment in Nordic companies: 26% rise in deals in 212; Estonia, Denmark and Finland overall FDI growth; declines in Norway and Sweden Whilst the UK, France and Germany continue to attract the lion s share of cross border investment in Europe, the four Nordic countries plus Estonia have steadily increased their share from 7.4 per cent in 29 to 8.9 per cent in 212. There were a total of 613 deals across the four countries in 212, only 1 per cent higher than in 211. However, across the benchmark countries as a whole, cross-border growth capital deals were the only real area of growth (+26%) in 212. In comparison, the number of M&A deals increased slightly whilst greenfield deals were 5% down on 211. The five benchmark countries experienced mixed fortunes in 212 both overall and by type of cross border investment. Whilst the number (49) of foreign investments into Estonia is the smallest of the five benchmark countries, it enjoyed the highest level of growth in deals in 212 with a 23% overall increase. This growth has come almost equally from greenfield and M&A. The negative side for Estonia is that there were only 2 cross-border growth capital investments and the generation of funding for high-tech startups is a critical need and challenge for the Estonian economy. Denmark also had a strong year with a 16% increase in deals overall and an 8% increase in growth capital investments (18 deals in 212). There also a strong recovery in M&A investments following a decline in 211. Finland recorded a 13% increase overall in 212 with increases in all three types of FDI, the highest growth (+25%) being in growth capital deals; the lowest (+3%) in M&A investments. The 212 total of 154 investments is short of Sweden s 183 but ahead of Denmark. In per capita terms, Finland has the highest number of annual investments in the five benchmark countries. India Brazil Greater China TOTALBRIC Investments 5 (12)

6 The number of investments into Sweden were 16% lower than in 211. In particular there was a 33% drop in the number of greenfield investment announcements and a 7% fall in M&A deals. Cross-border growth capital investments in Swedish companies did increase however. Investments in Norway reached 124 deals in 28 but crashed to only 75 cases in 29. Since then there has been some recovery but 212 witnessed a 9% fall in deal volume to 86 investments. There had been a big increase in greenfield announcements for Norway in 211 but this fell back sharply by 31% in 212. The one positive area for Norway in 212 was growth capital, with 9 cases versus only 5 in 211. Figure 3 Cross-Border Investments in the Nordics and Estonia Source: Bureau van Dijk Zephyr, Ernst & Young European Investment Monitor, powered by Oxford Intelligence Nordic Capitals 12% overall increase in FDI deals in 212; Copenhagen enjoys the strongest growth in 212 but Helsinki achieves the highest volume of deals There were a total of 394 FDI deals in the four Nordic capitals plus Estonia in 212, a 12% increase over 211 and a 16% average annual growth compared with 29. In comparison across European as a whole, there was a very slight decline in FDI deals and a compound annual growth rate of just under 6% since Between 29 and 212, Copenhagen accounted for 61% of all FDI deals in Denmark. During 212, Copenhagen was the motor of FDI growth in Denmark with a 54% increase in deals. This was a strong performance in all three categories of FDI especially so in growth capital (17 deals in 212, up 183%) Greater Helsinki region (16 deals) overtook Greater Stockholm to become the leading Nordic investment FDI location in 212. However, growth was significantly slower in 212. Indeed, greenfield investments were the only growth area whilst the levels from 211 were maintained 6 (12)

7 for both M&A and growth capital deals. Greater Helsinki accounted for 7% of Finnish investments between 29 and 212. In 212 investments outside the capital region increased by 3% The vast majority of Estonian investment is centered on Tallinn-Harju county. Therefore the findings reported above for Estonia are very largely representative of Tallinn-Harju. Interestingly, Estonia has now attained the same levels of annual deal flows as Greater Oslo. The decline in 212 in Sweden was sharper outside of the capital region. It is important to note that Greater Stockholm accounted for 48% of all Swedish investments between 29 and 212. Stockholm was overtaken by both Copenhagen and Helsinki in 212 in deal flows. However, the positive aspect for Stockholm in 212 was the 45% increase in growth capital investments. Greater Oslo fared better than the rest of Norway in 212 with a 9% rise in total FDI deal numbers. However, the increases in growth capital (+133%) and M&A(16%) deals were offset by a steep fall in greenfield deals. Figure 4 Overall FDI Deal Flows in the Nordic Capital Region Source: Bureau van Dijk Zephyr, Ernst & Young European Investment Monitor, powered by Oxford Intelligence 7 (12)

8 Additional Charts Investments by type in Nordic capital regions and Estonia M&A Greenfield Growth Capital Source: Bureau van Dijk Zephyr, Ernst & Young European Investment Monitor, powered by Oxford Intelligence Trends in cross-border M&A deals in Nordic capitals and Estonia Stockholm Copenhaagen Oslo Helsinki Estonia Source: Bureau van Dijk Zephyr 8 (12)

9 Trends in cross-border greenfield FDI deals in Nordic capitals and Estonia Stockholm 4 Copenhaagen 3 Oslo Helsinki 2 Estonia Source: Ernst & Young European Investment Monitor, powered by Oxford Intelligence Trends in cross-border growth capital investments Stockholm Copenhaagen Oslo Helsinki Estonia Source: Bureau van Dijk Zephyr 9 (12)

10 Top 2 Highest Value Cross Border M&A Deals Completed in Nordic Benchmark Countries in 212 Foreign Investor name Acquiror country Target name Target country Deal value EUR millions Target city CVC Capital Partners US Ahlsell AB SE 1,8, STOCKHOLM Ltd Agilent Technologies US DAKO A/S DK 1,733,422 GLOSTRUP Inc. Centrica plc CN Statoil Petroleum AS's North Sea oil/ gas assets NO 1,229,8. * Sony Corporation JP Sony Ericsson Mobile SE 1,5,. LUND Communications AB * Advent International US KMD A/S DK 938,334 BALLERUP Corporation GKN plc GB Volvo Aero AB SE 796,49 TROLLHÄTTAN VeriFone Systems Inc. US Point International AB SE 77, Stockholm NC Advisory AB SE Europris Holding AS NO 527,863 FREDRIKSTAD National Oilwell Varco US NKT Flexibles I/S DK 51,72 BRØNDBY Inc. Cairn Energy plc GB Agora Oil & Gas AS NO 348,659 Stavanger Groupe Lactalis SA FR Skånemejerier AB SE 284,446 MALMÖ Teachers' Private CA Helly Hansen Group AS NO 274,394 OSLO Capital Egmont International DK TV 2 AS NO 274,318 BERGEN Holding A/S Glitnir Bank LU Bovista Invest AB SE 259,855 MALMÖ Luxembourg SA Lockman Electronic GB Thrane & Thrane A/S DK 247,15 KGS. LYNGBY Holdings Ltd EQT Partners AB SE Ventelo Holding AS NO 24,221 Kristiansand Cameron International US TTS Group ASA's drilling NO 216,832 Corporation equipment business EQT Partners AB SE Fortum Energiaratkaisut Oy FI 2, Espoo Murata Electronics NL VTI Technologies Oy FI 195, VANTAA Europe BV Nets Holding A/S DK Luottokunta Oy FI 17, HELSINKI Source: Bureau van Dijk Zephyr 1 (12)

11 Top 2 Highest Value Cross Border Growth Capital Deals Completed in Nordic Benchmark Countries in 212 Foreign Investor name Target name Target city Acquiror country Target country Deal value EUR million s EQT Partners AB et al SE Munksjö Oyj FI 1. HELSINKI GMT Communications Partners GB Seagull AS NO 5. HORTEN LLP Index Venture Management LLP, US izettle AB SE 25. STOCKHOLM American Express Company, MasterCard International, Greylock Management Corporation, SEB Asset Management AG Rosnano OAO RU Beneq Oy FI 25. VANTAA International Finance Corporation, The, CLSA Capital Partners (HK) Ltd, A Capital, Sparkle Roll Holdings Ltd Platina Partners LLP, Natixis Environnement & Infrastructures II, HK Aqualyng Holding AS FI 24.3 VANVIKAN CN, VG Bang & Olufsen A/S DK 23.2 STRUER GB, FR Sydvästanvind AB SE 2. STOCKHOLM Intel Capital Corporation US FlatFrog SE 2. LUND Laboratories AB Intel Capital Corporation US Tobii Technology SE 16. DANDERYD AB Sports Investment Partners LLP GB Supponor Oy FI 13.8 ESPOO Invus Group LLC, The et al US ZenRobotics Oy FI 13. HELSINKI Index Venture Management SA, Omega Fund Management UK LLP, Atlas Venture Inc., CLS Capital Ltd Industrifonden, SEB Venture Capital, SEB Utvecklingsstiftelse CH, GB, US Egalet A/S DK 11. VÆRLØSE SE, GB Nuevolution A/S DK 1.8 COPENHAGEN AAC Capital Partners Holding BV NL BabySam A/S DK 1.5 RØDOVRE Northzone Ventures AB, Index Venture Management LLP Global Life Science Ventures GmbH, Gilde Healthcare Partners BV, Seventure Partners SA, Forbion Capital Partners Management Holding BV Innovacom Venture Capital, QUALCOMM Ventures Sunstone Capital A/S, FIL Capital Management (UK) Ltd, Conor Venture Partners Oy SE, GB Trustpilot A/S DK 1. COPENHAGEN DE, NL, FR Santaris Pharma A/S DK 9.5 HØRSHOLM US Videoplaza AB SE 9. STOCKHOLM DK, GB, FI Neo Technology AB SE 8.5 STOCKHOLM Syngenta Ventures Pte Ltd SG Agrinos AS NO 8.1 LYSAKER Verdane Capital Advisors AS NO Mathem i Sverige AB Source: Bureau van Dijk Zephyr SE 6.8 STOCKHOLM 11 (12)

12 Top 2 Greenfield FDI Deals, by Jobs, Announced in Nordic Benchmark Countries in 212 Investor name Parent Company Origin Country Activity Jobs Cap Exp US $m City Country Education & 5 Alesund Norway Training Titan Wind Titan China Headquarters 12 Varde Denmark Energy Group Atos IT Solutions Atos France Sales & Marketing 12 Taastrup Denmark and Services AS Origin SA SSP Technology VENTIZZ Germany Manufacturing 1 Stenstrup Denmark AS Capital Partners Advisory AG Ho Broadcasting Hogaming Hong Kong Sales & Marketing 9 Tallinn Estonia Astellas Pharma AS Astellas Pharma Inc Japan Headquarters 85 Copenhagen Denmark Norma Autoliv AB Sweden Manufacturing 8 Tallinn Estonia Biogen Idec Biogen USA Manufacturing 7 Hillerod Denmark Idec Inc Tetra Pak Tetra Switzerland Manufacturing 69 Imatra Finland Laval SA NG Infra OU Atea ASA Norway Sales & Marketing 6 Tallinn Estonia Atenza & Climent Akzo Nobel Industrial Coatings AB Molycorp Silmet Atenza & Climent Group Akzo Nobel NV Spain Manufacturing Tallinn Estonia Netherlands Manufacturing Malmo Sweden Molycorp USA Manufacturing Sillamae Estonia Inc Aker Solutions Aker Asa Norway Sales & Marketing 5 Goteborg Sweden Rolls Royce Rolls- Royce plc United Kingdom Lidl Lidl & Germany Logistics 2 Koge Denmark Schwarz Stiftung & Co KG RHI Normag AS RHI AG Austria Manufacturing Porsgrunn Norway Rolls Royce Rolls- United Manufacturing 5 Rauma Finland Royce plc Kingdom Almirall ApS Laboratori Spain Sales & Marketing 44 Copenhagen Denmark os Almirall SA DB Schenker Deutsche Germany Logistics 4 Arlandastad Sweden Bahn AG Rovio Rovio Finland Research & 3 Stockholm Sweden Entertainment Entertain ment Ltd Development HELP Forsikring HELP Norway Sales & Marketing 3 Stockholm Sweden Forsikring AS Hanza Tarkon AS Hanza AB Sweden Manufacturing 3 Tartu Estonia Huawei Technologies Arla Foods Arinco Huawei Technologi es Co Ltd Arla Foods amba/bios time Inc China Denmark/Swe den/china Research & Development Helsinki Finland Manufacturing Videbak Denmark Source: Ernst & Young European Investment Monitor, powered by Oxford Intelligence 12 (12)

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