The Board of Directors of SACE SpA today analyzed the updated results as at 30 September which show "a decisive recovery compared to the corresponding period last year". In the year-on-year comparison of the first nine months of 2012, net income grew by 82.6% to €214,2 million while shareholders' equity grew by 2,2% to €5.767 million.
In the first nine months of the year operations were insured for a value of 7,2 billion euro with an increase of 18,4%. The portfolio is divided into 62% relating to export or investment activities aimed at both advanced markets (such as Norway, Israel and Portugal) and emerging markets (Russia, Brazil, South America and South Asia). The remaining 38% of the insured volumes instead regards credit lines intended to support internationalization projects of Italian companies or strategic infrastructural projects for the country's economy.
The portfolio of insured transactions as at 30 September 2012 amounted to 33,8 billion euro, an increase of 4,1% compared to 30 September 2011. The subdivision by sector reflects the historical one in which the oil&gas sector appears to be prevalent, with the 26% of the exposure, followed by the infrastructure and construction (19%), metallurgical (9%) and cruise (8%) sectors. Also in terms of geographical composition, the positions remain stable with Russia confirming itself as the main foreign market with an exposure of 5,1 billion, followed by Great Britain (1,7 billion), Saudi Arabia (1,6 billion), Qatar (1,6 billion), Turkey (1,4 billion) and Brazil (1,4 billion).
The Group also underlines the important contribution in terms of performance that in the last quarter came from the PMI NO-STOP initiative.
The complete press release is available at this address.
