The SACE Board of Directors yesterday approved the draft financial statements and consolidated financial statements as at 31 December 2012. During the past year SACE operated in a context of progressive worsening of the economic and macroeconomic situation as a whole, due to the problems of the peripheral countries of the Eurozone and the difficulties of financial intermediaries in offering liquidity and support for exports. SACE's exposure stood at 32,9 billion euros, with an increasing weight of the EU markets (37,2%), Russia and Eastern Europe (25,2%). The main sector remains the extraction of oil and gas (26%), followed by infrastructure and construction (16%), metallurgy (9,1%), cruises (8,4%), banks (8,3%) and electricity (6,6%). Despite the difficult time SACE assists more than 25.000 Italian companies, mainly SMEs, facilitating their access to credit and mitigating the risks of the internationalization process with a range of guarantees diversified by sector, counterparty, term and geographical area. Furthermore, through the support of the new shareholder Cassa Depositi e Prestiti it is able to meet the challenges faced by companies on international markets, where the Export Bank system can assume an increasingly crucial role in improving the overall competitiveness of the Italian system, both in terms of exports and investments abroad. In 2012 SACE, in partnership with Cassa Depositi e Prestiti and the banking system, guaranteed 3,2 billion in loans within the Export Bank system, supporting exports and internationalization activities of Italian companies for 5,2 billion. Collaboration with the European Investment Bank was also strengthened, guaranteeing 1,9 billion in loans destined mainly for infrastructure projects and research and development activities.
SACE closed the 2012 financial year with a net profit of 255,1 million euros, an increase of 38,6% compared to the previous year, thanks to:
- the good maintenance of gross premiums, settled at 299,3 million (-11%) against approved insurance commitments of 8,52 billion (-18%);
- the increase in claims (197,4 million against 55,1 million in 2011), mainly due to compensation paid to Italian companies for exports to Iran, where international sanctions have led to growing difficulties in repaying loans;
- the contribution of financial management, positive for 392,3 million (-115,1 million in 2011), which was influenced by the revaluations referable to European government securities.
For SACE BT, a product-company active in credit insurance, sureties and construction risk protection, it was affected by the difficult economic conditions created in 2012, with a negative economic result of 21,3 million due to the increase in insolvencies. To cope with the economic downturn, SACE BT has adopted prudent policies for the underwriting, pricing and management of contracts.
Finally, 2012 was also the third year of operation for SACE Fct, the group's factoring company, which closed the year with a profit of 8,3 million. The company's business is mainly concentrated on offering the market products for the disposal of receivables claimed by PA suppliers, with traditional factoring and reverse factoring solutions. During the year, important collaborations were launched with leading credit institutions and agreements were signed with trade associations, strengthening the partnership with Poste Italiane.
