Support export to help Italy grow.
This is our mission, as indeed it has been for the last forty years. A constant, essential goal that we pursued even in 2016 – a year we now review through the results and challenges we faced alongside Italian businesses. Stronger than ever, thanks to our participation in the Italian Export and Internationalisation Hub together with SIMEST.

Highlights 2016

In 2016
we mobilised resources
to the tune of

22

billion €
+30%
2006
32
2007
37
2008
46
2009
60
2010
69
2011
74
2012
72
2013
72
2014
74
2015
81
2016
87

Our investment
portfolio
has reached

87

billion €

601 M €
Gross premiums
374 M €
Claims paid
482 M €
Net profit
5,262 M €
Equity
2,980 M €
Technical reserves

Overview


Messages by the Chairman and the CEO


We expect years of rethinking globalisation, during which the role of the Italian Export and Internationalisation Hub will become more crucial

Beniamino Quintieri
Chairman

We close 2016 with some great results. Strong growth in line with our targets in terms of economic and financial sustainability

Alessandro Decio
CEO and General Manager
We will be mobilising 111 billion euros by 2020, maximising support and the positive impact on the economy and Italian businesses

Our numbers

Performance
  • Resources mobilised

    In 2016, the Italian Export and Internationalisation Hub (Polo italiano per l’export e l’internazionalizzazione) mobilised a total of 22.4 billion euros in resources to support businesses operating on export markets, up 30.5% compared to 2015. It is the highest level ever recorded in SACE’s history, a result that was made possible thanks to the contribution of all companies participating in the Italian Export and Internationalisation Hub.
    The new guarantees provided by SACE totalled 13.2 billion euros (+35%), of which 86% relating to operations in support of export and 14% in support of internationalisation.
    SIMEST mobilised an overall amount of 544.3 million euros, of which 326.3 million euros (+20%) in subsidised loans and equity investments and 218 million euros in support of export. In addition to this, there is the interest rate subsidy relating to export finance transactions guaranteed by SACE to the tune of 5.6 billion euros.  
    SACE BT mobilised a total of 5.9 billion euros in resources, of which 3.8 billion euros through credit insurance initiatives, up 68% on the previous year.  
    The turnover recorded by SACE Fct totalled 2.7 billion euros (up 9%), with the addition of 1.8 billion euros for export credit transactions guaranteed by SACE.
  • Revenues

    Considering the whole scope of activities managed by SACE and its subsidiaries, total revenues amounted to 671.5 million euros, of which 89.5% generated by the insurance business and the remaining 10.5% by the financial business.
    Gross premiums amounted to 600.9 million euros, up 7.3%, of which 87% generated by activities in support of export and internationalisation managed by SACE and the remaining 13% by activities managed by SACE BT.
    Revenues from financial activities consisted of the net trading income recognised by SIMEST (45.3 million euros) and SACE Fct (25 million euros).

  • Claims and debt recovery

    Consolidated claims reimbursed paid in 2016, net of reinsurance, amounted to 373.8 million euros, up 31% on 2015.
    Receivables collected by SACE from sovereign counterparties amounted to 731.4 million euros, increasing significantly compared to the 169.3 million euros of 2015. In addition, 23.1 million euros for the recovery of trade receivables were also recognised. More than 70% of sovereign receivables were recovered from Iran, the remaining 30% from Iraq, Egypt, Argentina, Ecuador and Cuba.
    SACE BT trade receivables collected amounted to 4 million euros net of legal expenses, and were basically in line with the previous year’s figures.
  • Results

    Consolidated net income amounted to 481.9 million euros (of which 481.1 million pertaining to the group and 0.8 million pertaining to third parties), up 56% on the 2015 result (309.8 million).
    This result was partly the effect of financial activities to the tune of 363.9 million (as compared with 672.1 million at 31 December 2015) and of proceeds deriving from sundry receivables to the tune of 240 million euros (with respect to 50 million at 31 December 2015).

Our commitment


Engagement

Focus1

  • Today, more than ever before, we need to fruitfully and effectively cooperate to strengthen, through organic, structured strategies, the internalisation projects that generate development for Italy. Focussing on export and internalisation is therefore no longer merely an opportunity; it is a necessity.

    SACE has been helping in this sense for forty years now, by supporting small, medium and large Italian businesses in their growth plans abroad, assisting them in the selection of markets that offer the greatest potential and in managing the risks connected with the operations in an increasingly complex international framework.

  • After the integration of SIMEST and SACE, this commitment has grown even further and lead to the creation of the Italian Export and Internationalisation Hub. Thanks to this integration, Italian businesses today have a single point of reference to access the CDP Group offer, suitable to accompany them through all stages of their export growth plans.

    The new 2016-2020 Business Plan will make SACE even more focussed on the peculiarities of the Italian business world, making more and more resources available — 111 billion euros, 50% more than the previous plan — and providing a complete range of insurance-financial solutions to securely grow on international markets.

Focus2

  • Working alongside businesses means guaranteeing effective contact points, timely support and sharing expertise, by strengthening collaboration with local partners.

    With 14 offices in Italy and 10 abroad, SACE supports businesses directly in the country where they operate, both in the various Italy’s regions and in foreign markets with the highest potential. Now this network has been strengthened thanks to the synergies within the CDP Group and it has become more effective thanks to the consolidation of relations and strategic partnerships with local banks and stakeholders and the launch of the Front Office Excellence programme, which boosts the sales team’s activities to the benefit of customer services.

  • In order to really support businesses, access to and easy use of the services most in demand by SMEs are a priority: such activities will increasingly involve, also on the basis of the new SACE Business Plan, the simplification and digitisation of the offer and the strengthening of all on- and off-line remote contact channels.





  • Support to internationalisation and growth, attention to people and company welfare, social-environmental commitment: the role played by a major country entity as is SACE requires responsibility and awareness of the impacts and value generated with its business.
    Corporate social responsibility is evolving towards a new approach, focusing on a more complete assessment of the contribution offered to social and economic development: corporate shared value.

  • In 2016, SACE pursued precisely this new approach, starting out from a structured comparison with an extensive, diversified basket of more than 400 stakeholders (businesses, banks, opinion leaders and media, employees and top managers of the company). Such efforts culminated with the publication in 2016 of the very first Sustainability Report, focusing on the measurement of corporate shared value and prepared in accordance with the most recognized international standard for this type of reporting (G4 guidelines of the Global Reporting Initiative).




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