In the first half of 2011 (until 30 June) EKF issued new guarantees to Danish export companies worth DKK 2.9 billion. Income from premium and adjustments totalled DKK 260 million and the result for the first half year 2011 was a profit of DKK 200 million.
By the end of the first half of the year, EKF’s total exposure passed DKK 56.4 billion which is a doubling of EKF’s exposure in less than three years.
”Our continued high level of activity and record high exposure underline EKF’s important role in securing Danish export companies and in helping to finance export transactions worldwide”, says EKF’s CEO Anette Eberhard.
”The global economic crisis is still dampening the risk appetite of the banks, and many export transactions are only realised because of the guarantees and competitive financing that EKF is able to offer Danish companies and their foreign buyers”, adds Anette Eberhard.
EKF expects a considerable higher level of activity for the second half of 2011, and in July and August alone EKF issued new guarantees worth DKK 3.7 billion of which the main part was for two wind energy projects supplied by Vestas and Siemens Wind Power. For the entire year EKF expects the level of newly-issued guarantees to be on par with recent years.
The number of cases where EKF needs to indemnify Danish export companies is still very low. With the guarantees EKF will pay indemnification when foreign buyers do not pay for the exports according to the contract. Presently, EKF is not expecting any new significant claims for the rest of 2011.
Companies and organisations: Senior Director, Large Corporates Erling Frandsen, tel +45 35 46 61 85.
Press: CEO Anette Eberhard through Head of Communication Mogens Agger Tang, tel. +45 20 18 39 76.