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Finnish govt pockets €338m in dividends from state investment firm

The market value of Solidium’s equity portfolio at the end of June was 7.7 billion euros.

Image: Mikko Stig / Lehtikuva

State investment holdings firm Solidium paid the government some 338 million euros in dividends for the period July 2018 to 30 June this year.

Solidium is a state-owned limited liability company that manages the government’s ownership in companies of national importance, according to the firm’s website.

Solidium’s profits before extraordinary items amounted to 334 million euros, down slightly on its profit of 359 million euros in the preceding year for a 2.9-percent decline in return on investment.

The market value of Solidium’s shareholding portfolio at the end of June was 7.7 billion euros while money market investments totalled 452 million euros.

Last year stock markets experienced a steep drop, however this year they rebounded.

At the end of June, Solidium held shares for the government in 13 Finnish firms. They are telecoms company Elisa, chemicals manufacturer Kemira, cranes and lifting equipment maker Konecranes, industrial machinery group Metso, networks and telecoms firm Nokia, tyre company Nokian Tyres, steel manufacturer Outokumpu, tech and mining company Outotec, insurance group Sampo, Swedish-Finnish steel processor SSAB, pulp and paper products firm Stora Enso, IT services firm Tieto and tech and automation provider Valmet.

Solidium acquired shares in Nokian Tyres, Konecranes and Nokia during the accounting period.

The firm previously held a roughly 15-percent stake in the troubled Talvivaara Mining Company and later held seven percent in Ahtium, which became Talvivaara's successor following the mining firm's restructuring and rebranding. Ahtium filed for bankruptcy in March 2018.

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