8 April 2010
In 2009 new guarantees were issued for the amount of DKK 13.7 billion – more than twice as much as in 2008. The result is a premium income of DKK 969 million and a profit of DKK 326 million. Thus, EKF’s performance for 2009 broke all records. This is a development that clearly illustrates the special role EKF plays in supporting Danish exports.
In a year when the private market was short of liquidity and risk willingness, EKF’s business was expanded to include three new schemes: Export Loans, Working Capital Guarantees and reinsurance of credit insurance companies. At the same time Danish companies experienced an increasing need to secure their export businesses through EKF.
“Today, we guarantee more exports than ever before and as a natural consequence of our role we have assumed significantly greater responsibility in helping Danish companies secure finance for their exports and international business at a time of crisis. We will continue to do so even if this will most likely result in losses”, says EKF´s CEO, Anette Eberhard.
EKF´s total exposure by the end of 2009 was approximately DKK 38 billion compared to approximately DKK 25 billion at the end of 2008. So far, neither the financial crisis nor the large number of new guarantees has resulted in any significant losses but as a certain time lag is to be expected EKF is anticipating more losses in 2010.
Read EKF´s annual report 2009
Press: CEO Anette Eberhard via Director, Communication Mogens Agger Tang tel. +45 20 18 39 76
Customers and organisations: Senior Director, Guarantees and Project Finance Henrik Welch tel. +45 35 46 61 58