Guarantees and offers remain at high levels
EKN's Interim Report January - August 2019. Guarantees for the period amounted to SEK 41.1 billion, which was down slightly on last year's very high level. Guarantees to small and medium-sized companies have continued to increase.
A new large transaction to the United States contributed to the high guarantee volume as did a large transaction involving a wind power project. Issued guarantees amounted to SEK 41.1 billion (45.3 billion). The guarantee volume doubled during the corresponding period in 2018, compared with 2017.
The number of small and medium-sized companies benefiting from EKN is increasing. The guarantees for this target group amounted to SEK 2.0 billion, compared with SEK 1.3 billion the previous year.
“We are seeing the result of a local presence, marketing activities and close collaboration with local bank branches,” says Director General Anna-Karin Jatko.
Financing contributes to Swedish suppliers in large projects
EKN is increasing the dialogue with international contractors who take turnkey responsibility for large projects. They source goods and services from a large number of suppliers in different countries. The increase in guarantee offers for the period to SEK 40.7 billion, compared with SEK 31.2 billion last year, is partly explained by their increased interest in what Sweden can deliver.
“Sweden has attractive suppliers for infrastructure projects. EKN supports the suppliers with financial solutions, together with SEK, the Swedish Export Credit Cooperation,” says Anna-Karin Jatko.
Claims payments have increased but do not affect the result for the period, as they mainly occurred in problem transactions for which EKN had previously made provisions. Profit for the period amounted to SEK 586 million and EKN’s financial position remains stable.