During the first half year of 2012 EKF issued new guarantees and working capital guarantees worth DKK 8.3 billion (EUR 1.1 billion). EKF´s total exposure reached DKK 71 billion (EUR 9.5 billion) as of 30 June 2012.
”We have been very busy during the first half year just as expected. And there are many other projects in the pipeline this autumn. So for now, it looks like we are going to reach the targets we have set for the entire year”, estimates Anette Eberhard, CEO of EKF.
Some of the most important business cases during the first half year include five wind energy projects, among them the largest wind farm in Latin America so far, which is located in Oxaca, Mexico and the Belgian offshore-project Northwind which PensionDanmark helped to finance.
”Many small and medium-sized enterprises actually have the customers but lack the liquidity for their day-to-day operations. The main challenge for large corporates, however, is that their customers often have difficulties raising the required funds to place an order. Fortunately, at EKF, we are able to help both categories of companies”, says Anette Eberhard.
Almost DKK 30 million in indemnification payments
The first half year saw a minor increase in the number of cases where EKF had to pay indemnification. Thus, the total amount of claims paid reached almost DKK 30 million (EUR 4.0 million). However, seen in relation to the total business volume, the number of claims is still low.
The combination of reduced expenses for indemnification payments and substantial premium income gave EKF net profits worth DKK 409 million (EUR 54.9 million) during the first half year. This strengthens EKF´s capital base thus allowing EKF to issue additional guarantees and working capital guarantees.
As of 30 June 2012 EKF had issued guarantees worth DKK 45 billion (EUR 6.0 billion) as well as offers worth additional DKK 18 billion (EUR 2.4 billion). Furthermore, EKF administers a number of schemes on behalf of, among others, the Ministry of Foreign Affairs. EKF´s total exposure at the end of the first half year amounted to DKK 71 billion (EUR 9.5 billion).