SACE (CDP Group) announces the results at 30 on June 2018 approved by the Board of Directors chaired by Beniamino Quintieri.
In a context of growth in global economic activity (+ 3,9%), which is however affected by the uncertainty caused by the protectionist escalation, in the first half of the year 2018 SACE SIMEST has mobilized resources for 9,3 billion euro, up by 15% compared to the first six months of the 2017. Amount to grow due to the transactions approved in the half-year - which is expected to be completed in the next few months - which reach EUR 18,4 billion.
"We are satisfied with the results achieved in the first half, which we conclude with a good growth in the resources mobilized and therefore of our support for exports and an economic-financial performance slightly above the plan targets - said Alessandro Decio, Managing Director of SACE -. In a scenario in which emerging geographies continue to register significant demand, we confirm our commitment to strengthen support for exporting SMEs according to an increasingly proactive strategy, which I am sure will fully appreciate in the second half of the year. "
The performance of activities to support the export and internationalization of Italian companies is in line with the ambitious objectives of the Business Plan and was achieved in compliance with the principles of economic and financial sustainability and the maintenance of capital strength and risk profile. of the portfolio. A solidity that is also reflected in the judgment of Fitch who recently confirmed the rating of SACE at BBB + with a stable outlook.
In June, the Shanghai office was inaugurated, a new point of reference for the Chinese market that presents enormous potential for Made in Italy. In addition, Push Strategy was given a strong impetus, with the organization of business matching events to meet potential Italian suppliers and foreign big players. Finally, the project to digitize and simplify the offer continues, with the aim of reaching an increasing number of companies.
The operations of the Polo companies during the period
Of the 9,3 billion euros of resources mobilized in the first half of the year, 49% was generated by the activities in support of exports and internationalization managed by SACE, the remaining 51% by the companies of the perimeter.
With regard to the resources mobilized by SACE (€ 4,6 billion), there was a strong acceleration in emerging geographies with high potential for Italian exports, confirming the driving role of activities: in particular in Asia (South Korea, Indonesia and India in primis), where guaranteed transactions have almost doubled from 32 million to 311 million euros, and in Sub-Saharan Africa (328 million euros, + 327%), with Kenya and Ghana among the most dynamic countries. The growth in resources mobilized for operations in the European Union was also significant (+ 77%). The sectors concerned include infrastructure and construction, energy (electricity and oil & gas), the metallurgical and mechanical industries.
SIMEST has mobilized resources for 235 million euros, equal to 3% of total volumes, mainly for subsidized loans and equity investments. To these is added the support, with the interest subsidy, to export credit operations worth 3,1 billion euro guaranteed by SACE.
SACE Fct's factoring services generated 1,9 billions of euros in turnover (20% of total volumes). To these are added 291 millions of loans released in synergy with SACE.
Through the activities of credit insurance and deposits, SACE BT has generated operations for 2,6 billions of euro, equal to 28% of the total and a strong increase compared to last year (+ 86%).
The performance of SACE SRV, the Group's debt collection and commercial information company was also positive, recording an increase in receivables recovered with relative revenues for 1,4 million euros (+ 30%).
The economic and financial solidity of SACE is confirmed
Awards. The activities in support of exports and internationalization managed by SACE, mainly related to medium / long-term operations and geographies with a medium-high risk profile, generated gross premiums for 259 million euro, in line with the results of the first 2017 semester.
Claims. Claims were settled for 49 million euro, down by 62%, mainly referring to export credit transactions.
Recoveries. During the period, 93,9 million euro of loans from sovereign counterparties were recovered (mainly from Argentina, Iraq, Ecuador, Cuba and Aruba) and 29,8 million from private counterparties (mainly Iranian, Egyptian and Russian).
Patrimonial situation. SACE's equity is equal to 4,6 billion euros (+ 1,7%), while technical reserves amount to 3,5 billion euros (+ 7,0%). The Solvency Capital Ratio rises to 185%, up from 161% of the 30 June 2017.
Profitability in line with the objectives of the Industrial Plan
Net income amounts to 121 million euros, slightly down compared to the first half of 2017 (147 million euros), with a ROE of 5,2%, higher than that envisaged in the Business Plan.
The consolidated net profit, determined according to the IFRS-IAS principles, is equal to 95,7 million euros, down compared to 228,8 million euros in the first half of 2017. All operating companies recorded positive results for the period: SIMEST achieved a net profit of 3,4 million euros, SACE Fct equal to 0,5 million euros, SACE BT for 0,5 million euros and SACE SRV equal to 0,7 million euros.