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. [HUG#1484770]
Strong demand for financing from exporters
| Source: Svensk Exportkredit, AB