EKN Jan-June 2016: Guarantees on the same level as last year

Press release - 23 AUG 2016

EKN guaranteed 893 export transactions to 103 countries with a total value of SEK 16.7 billion during the first half of 2016. Interest in Iran can be seen in the offers issued during the period.

– There are many excellent export opportunities for Swedish businesses, even though there is political unrest in many parts of the world and growth in the global economy remains weak. Swedish exporting companies, both large corporations and small to medium size enterprises, offer products and services that are attractive in the global market and they are looking to do business all over the world, says EKN’s Director-General Anna-Karin Jatko.

A substantially larger proportion of the volume of guarantees than last year – 42 per cent compared to 18 per cent – was for transactions to high-income countries. The three largest transactions guaranteed over the period were to high-income countries within the OECD and a large number of the guaranteed transactions were in the European telecom sector.

The period’s offer volume amounted to SEK 24.0 billion, as against SEK 32.6 billion last year. Some of the larger offers are for transactions to Iran.

– Exporting companies have shown great interest in EKN’s possibilities to guarantee business with Iran since sanctions were eased, says Anna-Karin Jatko.

Claims paid and provisions for future claims have increased during the period and contribute to a loss of SEK 1,758 million.

– The increase in provisions and claims paid is mainly related to a small number of large transactions. With its strong financial position, EKN can handle claims with its own funds, says Anna-Karin Jatko.

 

Transactions for the period

Jan-June 2016

Jan-June 2015

Number of offers

1,071

886

Volume of offers, SEK million

24,036

32,559

Number of guaranteed transactions

893

807

Guarantee volume, SEK million

16,720

16,716

Claims paid, SEK million

-708

-188

Profit/loss for the period, SEK million

-1,758

992

 

Outstanding exposure and accumulated earnings, SEK million

30/06/2016

31/12/2015

Offers outstanding

74,923

120,923

Guarantees outstanding

193,070

171,696

Provision for risk exposure

12,396

5,354

Equity

20,979

23,779

Document

Interim Report January-June 2016