Strong demand for financing from exporters
(Thomson Reuters ONE) -
During the financial crisis SEK has been able to provide financing for the
Swedish export industry. The volumes of new lending have returned to more normal
levels in 2010, compared to the extra-ordinary situation in 2009. Earnings
(IFRS) for the year amounted to Skr 3,840.3million. The result includes a profit
of Skr 2 565.0 million from the sale of shares in Swedbank.
· New lending directly to Swedish exporters and to their customers was at its
second-highest level ever and the volume of new customer financing solutions was
Skr 48.7 billion (122.5)
· Operating profit (IFRS) was Skr 3,840.3 million (2,368.6)
· Operating profit (IFRS), excluding the impact of sale of Swedbank shares,
was Skr 1,275.3 million
· Core earnings for 2010 amounted to Skr 4,015.3 million (1,599.3)
· Core earnings for 2010 excluding the impact of sale of Swedbank shares,
amounted to Skr 1,450.3 million
· The outstanding volume of offers for credits at the end of 2010 was Skr
86.6 billion (Skr 84.5 billion)
· The Board of Directors has resolved to propose at the Annual General
Meeting that, in addition to in 2010 paid extra dividend, that an ordinary
dividend of Skr 279.0 million be paid, which represents 30 percent of net profit
after tax (IFRS) excluding the impact of sale of Swedbank shares
SEK's direct lending to Swedish exporters and their customers in 2010 was at its
second-highest level ever. New lending in 2010 amounted to Skr 48.7 billion. The
decrease compared to the record year 2009 is among other things due to that a
large part the refinancing needs of the export companies were covered in 2009
and to the fact that more financial institutions are now able and want to
provide Swedish exporters with financing. SEK has, due to its conservative low
risk business model, managed the global financial crisis well, with limited
credit losses. This has meant that the company's ability to provide Swedish
exporters with reliable financing has never been threatened and has had a
positive effect on lending volumes and profit.
"Exporter demand for long-term financing from SEK remains high. We will continue
our work, together with banks and other financial institutions, to increase the
international competitiveness of Swedish exporters by ensuring that they always
have access to attractive long-term financing, whatever the economic
conditions," said SEK President Peter Yngwe.
Throughout 2010, SEK constantly had good access to all the key capital markets,
and new borrowing for the full year amounted to approximately Skr 76.6 billion.
The turbulence that affected capital markets in a number of European countries
has meant that investors have turned to reliable institutions like SEK, which
has had a positive effect on borrowing.
Contact: Johan Winlund, Communications Director at SEK, +46 8 613 84 88.
Year-end report 2010:
http://hugin.info/132909/R/1484770/419974.pdf
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(i) the releases contained herein are protected by copyright and
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originality of the information contained therein.
Source: Svensk Exportkredit AB (SEK) via Thomson Reuters ONE
[HUG#1484770]
Unternehmensinformation / Kurzprofil:
Datum: 02.02.2011 - 15:55 Uhr
Sprache: Deutsch
News-ID 50991
Anzahl Zeichen: 3796
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Strong demand for financing from exporters"
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