Renewable energy dominated the four-month period

Four export transactions accounted for a major share of the period’s record-high guarantee volume: to wind power off the coast of the UK, solar power in Angola, railways in Tanzania and telecoms in the US. Offers issued during the period of SEK 26.8 billion comprised two major transactions to Ghana concerning railways and hospitals and one transaction to Côte d’Ivoire concerning water distribution.

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“Swedish companies hold a prominent position in meeting global demand for technology that contributes to the UN’s Sustainable Development Goals. For many years, the Swedish export credit system has contributed to the long-term competitiveness of Swedish companies. This is something we intend to continue with,” says Anna-Karin Jatko, Director General of EKN.

Increasing number of SME customers

The number of SME customers increased to a record-high number of 351. Of these 31 were new customers. SMEs utilised EKN for exports to 73 countries, compared with 59 in the year-earlier period. The volume of guarantees was SEK 853 million, compared with SEK 878 million in the year-earlier period.

Coverage for short-term risks in high-risk countries

As a result of the pandemic, which led to an exception in the EU regulations, EKN has been able to offer guarantees to cover short-term credit risk in export transactions in the EU and to high-income countries since March 2020. This will be possible for the whole of 2021. During the period, 44 guarantees were issued totalling SEK 427 million.

Continued need for payment deferment

Due to the crisis, EKN’s guarantee holders have had customers who have been unable to meet their contractual payments. There is still a need for payment deferments but these have declined. During the first four months of 2021, 41 applications were received, compared with 144 in the year-earlier period.

Profit for the period was SEK 590 million (SEK 175 million). EKN retains its strong financial position after many years of positive results.

The period at a glance

• The guarantee volume amounted to a record SEK 38.1 billion, up 34 per cent compared with the first four months of 2020.
• New guarantee offers amounted to SEK 26.8 billion, up 77 per cent compared with the first four months of 2020.
• The number of SMEs rose to 351 (311); the highest it has ever been.
• During the first four-month period of the year, 41 applications for payment deferments were received.
• Claims payments for the period totalled SEK 0.2 billion, compared with SEK 0.7 billion in the year-earlier period.
• Profit for the period was SEK 590 million (SEK 175 million).
• In addition to granting ordinary guarantees, EKN is continuing to offer the temporary solution of working capital credit guarantees for large corporates until the end of June. During the four-month period, EKN issued four guarantees totalling SEK 5.6 billion. These guarantees are not included in the compilations in this report.