2014 preliminary results: € 10.7 billion in guarantees for Italian exports (+27%). Gross profit € 485 million

The Board of Directors of SACE examined the 2014 preliminary results today.

Gross profit, equal to € 485 million, was higher than the business plan objective.

In 2014 SACE insured € 10.7 billion in export transactions and investments for international development projects, 27% more than in 2013. The amounts insured involved virtually all the sectors most representative of Italian production; growth was particularly strong in emerging markets such as Latin America and Sub-Saharan Africa.

Last year marked the end of a decade since SACE was transformed from a public financial entity into a joint-stock company (31 December 2004), in which the new business model has been consolidated through tangible support to exports and the internationalization of Italian companies, following the principles of economic-financial sustainability.

Since 2004 the SACE group has:

• increased its portfolio of insured operations from € 14 billion to over € 70 billion
• served over 25,000 companies, primarily SMEs
• extended risk coverage to 189 countries
• distributed € 8.1 billion to shareholders in ordinary and special dividends and return of capital (annual average of € 800 million)
• expanded its scope of operation, in line with market best practices, once focused solely on export credits, by introducing products to support the internationalization process and by forming product-companies in the fields of credit, bonds, construction risks, factoring and trade finance
• generated € 130 billion in value added for the country system, equal to 0.8% of GDP.

At the end of 2014, SACE expanded its operation into the capital markets through the Fondo Sviluppo Export, a vehicle created to subscribe the bonds issued by small and midsize enterprises to finance international development projects.