Record guarantee volume

INTERIM REPORT JAN-APR 2021
The guarantee volume has never been as high during the first four months of the year. The number of transactions was down slightly year-on-year. The number of SME customers continues to increase. The level of claims payments has decreased.

Four transactions account for a large share of the period’s guarantee volume. The transactions pertain to wind power in England, solar power in Angola, railways in Tanzania and telecoms in the US. Offers issued during the period amounted to SEK 26.8 billion and comprised two major transactions to Ghana concerning railways and hospitals and one transaction to Côte d’Ivoire concerning water distribution. 

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The year in brief

  • The guarantee volume amounted to a record SEK 38.1 billion, up 34 percent compared with the first four months of 2020.

  • New guarantee offers amounted to SEK 26.8 billion, up 77 per cent compared with the first four months of 2020.

  • The number of small and medium-sized enterprises (SMEs) rose to 351 (311); the highest it has ever been.

  • As a result of the pandemic, which led to an exception in the EU regulations, EKN can temporarily, until the end of December 2021 offer guarantees to cover short-term supplier credits to high-income countries. During the period, EKN has issued 44 guarantees totalling SEK 427 million.

  • The pandemic has led to an increased need for payment deferments and, as a result, guarantee extensions. During the first four-month period of the year, 41 applications for payment deferments were received.

  • Claims payments have been at high levels for a couple of years due to some major claims. The majority of the settlements have now been paid, and only one major claim occurred in 2020. Claims payments for the period totalled SEK 0.2 billion, compared with SEK 0.7 billion in the year-earlier period.

  • In addition to granting ordenary guarantees, EKN is continuing to offer the temporary solution of working capital credit guarantees for large corporates until the end of June. During the four-month period, EKN issued four guarantees totalling SEK 5.6 billion. These guarantees are not included in the compilations in this report.

  • Profit for the period was SEK 590 million (SEK 175 million).

New transactions and profit/loss

January–April 2021

January–April 2020

New guarantee offers, SEK million 26,785 15,154
New guarantee offers, number 671 719
New transactions, volume of guarantees, SEK million 38,085 28,411
New transactions, number 650 671
Claims payments, SEK million 190 698
Profit/loss, SEK million 590 175

 

Outstanding exposure and accumulated profit/loss 

30 Apr 2021  31 Dec 2020
Outstanding guarantee offers, SEK million  118,278 136,344
Outstanding guarantees, SEK million  211,497 184,330
Equity 25,301  24,712

Latest updated 3 Jun 2021