“The situation in Russia could create quite a few problems for us: it is our first commercial customer and we are exposed for 5 billion euros”. The reason for concern for Sace, the insurance-financial group that guarantees and finances Italian companies exporting abroad, comes mainly from Moscow, which just today in Rome, at the end of the board meeting, presented the 2013 accounts and the 2014 Export Report- 2017.
The company led by CEO Alessandro Castellano closed the last financial year with a net profit of 345 million, significantly higher than the 168 of 2012 and a portfolio of operations insured in support of exports which has now risen to 72 billion euros, for 25 thousand companies in about 200 countries around the world. “Since we became a joint stock company, ie ten years ago – commented Castellano – we have recorded an average profit of 400 million euro and distributed dividends for a total of 6 billion”.
This despite the particularly difficult situation of the market and the strong tensions recorded in some countries, such as Iran for example, which is burdened by international sanctions which in 2013 had a very negative effect on the settlement of claims for commercial operations, which rose to 366,6 .237,9 million compared to XNUMX of the previous year. Risks that could now arise again with Russia, over which the Western community's sword of Damocles hangs and which is the first destination of the investments managed by Sace.
Sace then presented the Export Report for the next three years, which will confirm a trend that actually started much later than one tends to think: "The so-called overtaking occurred only in 2013 - Castellano explained - : last year alone Italy sold more in emerging countries than in Europe, where we lost 50 billion in exports”. The real novelty of the near future will rather be that of the destination markets, which will see the United States making a comeback, thanks to the increased confidence of American consumers which will once again feed domestic demand. In Sace's forecasts, the States will drive the performance of Italian exports to advanced countries: +9% the average performance, with agri-food goods in first place.
The meeting with the press was also an opportunity for reflection on the Italian credit system and an appeal to the new government. “80% of world GDP – Castellano said – derives from credit for goods and services. However, Italy has regulations that are too old and cumbersome: we are the only country with a governance of this kind, for which the national company occupies only the third position of this market and in turn has no shareholdings abroad”.
The problem? A system that is still too bank-centric, in Europe compared to the USA, and even more markedly in Italy. “As regards the flow of credit to SMEs, Europe and Italy are still too tied to bank lending. The United States is more agile: we should learn from them because a new system could also be good for spreads. The company risk would be separated from the country risk”, concluded the CEO of Sace.
