For the fourth consecutive year EKF’s exposure sets a record in 2010. With new guarantees worth DKK 9 billion in 2010 EKF now covers export transactions worth almost DKK 56 billion. It is close to a doubling of EKF’s exposure in just two years.
This development underlines the importance of EKF to Danish export, not least in recent years when the global financial situation has increased companies’ need of insuring against the extraordinary political and economic risks of trading with other countries. EKF is the only organisation that offers cover for these risks.
”The world economy has improved since the crisis hit two years ago. There are, however, still many companies that need EKF’s help to obtain the necessary security and to secure financing. This will continue in 2011”, says EKF’s CEO Anette Eberhard.
EKF had prepared for substantial losses due to the financial situation and due to EKF’s high level of activity. EKF managed, however, to keep losses to a minimum which was instrumental in creating a historic result for the year of DKK 560 million.
”The modest losses are good news, not only to EKF but also to the Danish companies that have avoided losses on their export transactions. With EKF backing them, they can retain their peace of mind and cultivate new markets and customers”, says Anette Eberhard.
The good result strengthens EKF’s equity and makes it possible for EKF to assume even larger responsibility and via export credits, export loans and working capital guarantees help other Danish companies to insure and finance their export transactions. In 2011, EKF will concentrate our efforts, among other things, on reaching more small and medium-sized enterprises and improve their export opportunities.Financial highlights and key figures
Premium income (gross)
Administrative expenses (net)
Net profit/loss for the year
Exposure administered by EKF
Press: CEO Anette Eberhard via Director, Communication Mogens Agger Tang, tel +45 20 18 39 76.
Companies and organisations: Senior Director, Large Corporates Erling Frandsen, tel +45 35 46 61 85.