Il SACE Board of Directors, chaired by John Castellaneta, today examined the preliminary results as at 31 December 2013. Based on the preliminary data, SACE closes the year with a positive gross result of 490 million euroin growth of 25% compared to the 394 million euros recorded in the previous year.
“A result above expectations achieved in a still difficult year for Italy – he declared Alessandro Castellano, Chief Executive Officer of SACE -, in which our group has ensured over 30 billion euros of commercial and investment transactions. A result that confirms the validity of a business model based on partnerships with thousands of Italian exporters, mainly SMEs, with whom we intend to continue sharing a common growth path on international markets".
During the year SACE approved guarantees for 8,7 billion euro, Of which 5,7 billion in support of Italian exports, up 18% on the previous year despite the further slowdown in national exports and the volatility of emerging markets which accentuated in the second half of the year, and 3 billion euro to support business internationalization activities, which allowed partner banks to disburse over 5 billion in new loans.
The persistence of a particularly complex situation, both at an economic and geo-political level, is well represented by the trend of compensation paid to companies in 2013, equal to 312 million euro (+58%), partially mitigated by the positive trend of credit recovery activities, equal to 217 million euro (+ 45%).
We also note the 45% increase in turnover, equal to 2,6 billion euro, achieved by the subsidiary SACE Fct, a company specializing in the disposal of receivables from the Public Administration.
We recall that the Shareholders' Meeting of SACE Spa (or rather, of the single shareholder up to now, i.e. Cassa Depositi e Prestiti) on last December 20, it had approved the distribution of an extraordinary dividend for a total amount of EUR 1.001.074.320. The basis of the Board of Directors' proposal to distribute part of the profits accrued over the last few years was the financial solidity of the company and the positive prospects in terms of cash generation, which were confirmed by the results for 2013. In view of the future privatisation, and probably listing on the Stock Exchange, which should take place within the year but for which definitive details are not yet available, SACE presents itself with its papers in order and with a leaner, but undoubtedly substantial, equity.
The complete press release is attached.
Attachments: 20140205_-_CS_-_SACE_preliminary_results_2013_x2x.pdf
