Sace closes the first half of 2016 with a net profit of 102,9 million euros, down 67% on an annual basis. Furthermore, the CDP company active in export credit recorded new transactions approved for 20 billion euro (+36% compared to the first six months of 2015), gross premiums of 282,3 million (+12%), charges net related to claims at €74,5 million (from €33,4 million in the corresponding period of 2015) and income from recoveries at €150,2 million (up compared to €31,1 million in the first half of 2015, mainly thanks to sovereign credit recovered from Iran).
The technical management result was 99,6 million euro, down by 42,6% mainly due to the change in the technical reserves (negative by 230 million euro). The non-technical operating result, mainly attributable to the financial management result, was 83 million euro, down compared to the 294,5 million euro at June 30, 2015.
"In the current scenario of uncertainty and general increase in risks - said Alessandro Decio, CEO and general manager of Sace -, we have shown that we know how to stand by companies in an increasingly effective way and support the development of Made in Italy in the world, significantly increasing the guaranteed volumes for export and internationalization activities. Behind these operations are the products of Italian excellence such as machinery, agri-food goods, technologies and services with high added value sold by companies with our support in 198 countries. Despite the difficult international context, profitability and technical performance are confirmed to be very positive, albeit with a lower contribution from financial management and a slight increase in claims”.
As for the new operations of the semester, an acceleration of all the business lines can be observed, according to a press release. Activities in support of exports and internationalisation, in particular, grew by 70%, in terms of new insured volumes. Exports to the European Union, the Americas and the Middle East and North Africa are the driving force. Cruise, Electricity and Infrastructure and Construction were the most dynamic sectors in the semester.
The performance of the other business lines also confirmed the growth trend: in fact, volumes insured in the credit, suretyship and other damage to property classes increased by 22%, and the turnover of factoring activities increased by 32%. A support destined to further increase in the context of the 2016-2020 industrial plan of the Cdp Group, which makes 63 billion euros of resources available to companies for export and internationalization activities, through the establishment of a single unit to support Made in Italy which will integrate the services of Sace and Simest and the export credit activities of Cdp.
