Stable half year at EKF
Date: 24/09/2015New guarantees worth DKK 8.2 billion and a result of DKK 281 million. These are the key points in EKF’s interim report for the first half of 2015. In many ways a half year characterised by ”business as usual” for EKF in spite of heavy turbulence in a number of international markets. As an example of “business as usual”, the first six months of the year did not offer any new business transactions with increased risk of large losses.
”As expected, our turnover and result are lower than last year. On the other hand, we are above budget,” says Anette Eberhard, CEO of EKF.
EKF’s largest new guarantee during the first half year of 2015 was worth DKK 1.7 billion. The guarantee covers four Turkish windfarms, for which Vestas will be supplying the turbines. Among SMEs, the Working Capital Guarantee continues to be the most popular EKF solution.
During the financial crisis, EKF stepped in as reinsurer of the private credit insurance companies in Denmark. It was a helping hand particularly to many Danish SMEs and their continuous sale abroad.
At the height of the financial crisis in 2010, EKF reinsured continuous exports worth almost DKK 1.6 billion but since then, the level has decreased gradually to DKK 274 million as of 30 June 2015. The biggest headache of all continues to be Greece accounting for about DKK 27 million or 10% of the total amount.