EKF Lands Record Results

With new guarantees and loans worth DKK 33,7 billion and a profit of DKK 618 million, EKF Denmark's Export Credit Agency has generated the best result in the institution’s history of almost 100 years.

”2018 was in many ways a record year for EKF. We achieved a record profit and more than doubled the issue of new guarantees. This is in particular due to the financing of large infrastructure projects within the sectors of energy and infrastructure”, says Kirstine Damkjaer, the new CEO of EKF.

One of the most exceptional projects was the world´s largest offshore wind farms – Hornsea 1 off the coast of England. The wind farm will produce green energy for 1 million British households, and EKF provided a guarantee worth DKK 6,7 billion.

The deal reinforced EKF’s position as the world leader within global wind power financing.

”Danish producers and sub-suppliers are world leaders within the wind energy sector, and there are more than 33,000 jobs within the industry in Denmark. EKF helps to maintain this leading position by offering guarantees which help to secure the financing”, says Kirstine Damkjaer.

According to Kirstine Damkjaer, access to financing will gain significance in the years to come.

”In the scenario where we see slowing growth and increased protectionism, financing becomes a competitive parameter. It is just as important to be able to offer customers credit or other kinds of financing solutions. We can help with this so that it won´t affect the company´s liquidity”, says Kirstine Damkjaer.

However, Kirstine Damkjaer wants EKF to be more than just a stateowned enterprise that supports Danish export by offering guarantees and loans. 

“We must help facilitate export and support our clients by bringing together exporters, our client’s clients and commercial banks”, says Kirstine Damkjaer. 

According to Kirstine Damkjaer, access to financing will gain significance in the years to come. ”In the scenario where we see slowing growth and increased protectionism, financing becomes a competitive parameter. It is just as important to be able to offer customers credit or other kinds of financing solutions. We can help with this so that it won't affect the company's liquidity”, says Kirstine Damkjaer.

However, Kirstine Damkjaer wants EKF to be more than just a stateowned enterprise that supports Danish export by offering guarantees and loans.

“We must help facilitate export and support our clients by bringing together exporters, our client’s clients and commercial banks”, says Kirstine Damkjaer.

Read the full report here.