They were approved last Thursday by the Board of Directors SACE i half-year results as at 30 June 2013. In this regard, the press release contains the main elements of the financial report:
- Net income to 313,9 million euro, more than doubled compared to 124,8 million in the first half of last year;
- result of the technical account positive for 169,9 million;
- non-technical account result up to 279 million (+49,3%), due to the positive trend in financial management;
- gross premiums to 114,5 million, down from 154 million in the first half of 2012;
- claims to 95,1 million, an increase of 67,2% compared to the first half of 2012, largely referring to indemnities paid to Italian companies for exports to Iran, where international sanctions have led to growing difficulties in repaying loans;
- variation of recoveries positive for 80,6 million (+68,2%), mainly due to the credits recovered from Egypt and Iraq.
With the purpose of strengthen the investment capacity of Italian companies and mitigate the political and commercial risks to which they are exposed, SACE also introduced innovative and unconventional guarantee instruments, to contain the competitive disadvantage in terms of the cost of liquidity and thus mitigate the pro-cyclical effects of the crisis. In the first six months of the year, SACE also insured operations for 4,3 billion euros, an increase of 13,7% compared to the first half of 2012, 1,2 billion of which guaranteed under the Export Bank system. The portfolio of insured transactions stands at 33,8 billion, with a growing weight of the EU and emerging countries in Latin America, such as Mexico and Peru, and sub-Saharan Africa, such as South Africa, Kenya and Nigeria. The energy sector mainly represented by oil and gas, confirms itself as the first industrial sector, followed by infrastructure and construction, banking services, electricity and cruises. Finally, an important growth in the instrumental mechanics sector should be noted.
The opening of the was also approved new office in Mexico City, which will act as a commercial hub for Central America and the Caribbean. Ninth foreign country by exposure in SACE's portfolio with over 1,2 billion in outstanding commitments and new operations under study for over 1 billion, Mexico is a production hub of primary importance and the first country in terms of export capacity in Latin America. One of the few areas towards which Italian exports show positive growth trends, in particular as regards means of transport (+12,2% exports expected in the period 2013-2016), the mining industry (+12,5%) and the plastic rubber industry (+10,8%).
Lastly, as regards the subsidiaries, the contribution of was significant SACE Fct, the product-company specialized in factoring. In the first half of 2013, with over 5 billion euro of credits factored without recourse in favor of companies supplying the public administration, the company recorded a turnover of 1,1 billion euro (+30%), thus helping to inject liquidity into the system. In turn, SACE BT, product company active in credit insurance, sureties and protection against construction risks, closed the half-year with an improvement on the industrial plan objectives. In this context, good results were obtained from the technical performance of suretyship and construction risk protection activities, while domestic credit insurance activities were affected by the increase in insolvencies in the first few months of the year. The operating result of the subsidiary was positive SACE SRV, the result of the diversification and strengthening of credit recovery and information asset management activities carried out on behalf of group companies.
