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SACE Group: a Partner For Investing in Vietnam
Hanoi, November 5 2008
Emanuele Baldacci
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Vietnam: A Land of Opportunities
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SACE Group: At Your Side
Credit insurance, reinsurance, investments protection and
Credit insurance, reinsurance, investments protection and
advanced financial solutions
advanced financial solutions
100%
Credit insurance services both in domestic and foreign markets.
Credit insurance services both in domestic and foreign markets.
100% Leader in the surety business
Leader in the surety business
Surety
33% Republic)
Credit Insurance (Czech Short
Term
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A Strong Financial Partner
+30%
Gross written premiums € 312 mln
312
Outstanding € 33.600 mln
241
Net profit € 377 mln 198
Equity € 5.772 mln
Rating (Moody’s) Aa2
2005 2006 2007
Employees 511 Gross Premiums (€ mln)
Key figures 2007
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Operating Worldwide
Sub-Saharian
East Asia and Africa
Oceania 3,2% Oil&Gas
6,9% Others
19,0%
20.7%
Americas
7,1%
Not financial
services
Middle East
3,1%
and North
Africa Telecom Chemical/Petrolche
UE27 39,9% 3,4% mical.
21,5% Aeronautical and 17,2%
Vessels
4,9%
Pow er
6,6%
Steel and Metals
other Eu Banks
12,8%
Contries and 12,3%
CSI
21,4%
Breakdown of new guarantees by geographical area Breakdown of outstanding by geographical area
SACE operates in more than 150 countries
SACE operates in more than 150 countries
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Close to Your Business
Russia
Italia Cina
Hong Kong
Uffici regionali Uffici di rappresentanza
• Milano • Mosca
• Modena • Hong Kong
• Roma (Headquarters) • Johannesburg
• Torino • Sao Paolo
• Mestre Venezia
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Risk Coverage
RISK GENERATING EVENTS
POLITICAL NATURE COMMERCIAL NATURE
• Expropriation, nationalization or any other
Government restriction • De-jure insolvency of the (private) debtor
• General moratorium decided by a foreign • Debtor/guarantor protracted default
government
• Purchaser’s arbitrary repudiation,
• Currency transfer restrictions due to political or suspension or unilateral termination of a
economic reasons commercial contract
• Exchange rate fluctuation due to law provisions • Purchaser’s arbitrary refusal to accept the
adopted by the debtor country exported goods and/or services
• Embargo
• War, civil unrest or natural disasters
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Why SACE: Key Benefits
to the
For BorrowersBorrowers
Competitiveness Longer credit terms and attractive cost of funding
Security Transfer of risk and credit risk enhancement
Capacity Preservation of bank credit lines
Stability Stronger balance sheet composition
Back-up Government guarantee
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Why SACE: Key Benefits
to
For Lenders the Borrowers
Risk partnership Acting as a risk taker and credit risk enhancer, SACE reduces
the syndication risk
RAP(1) asset weight SACE-guaranteed assets are zero-weighted under Basle I and
under Basle II
Flexibility Greatly extended the range of operations eligible for SACE support
High visibility SACE’s support is fully backed by the Government of Italy
(1) Regulatory Accounting Principles (RAP)
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SACE Group’s Products
CREDIT INSURANCE
PRI (POLITICAL RISK INSURANCE)
Consumer good exports
• Multiexport & Multimarket Globale Overseas Investments
• Supplier Credit & Civil Works
• L/Cs cover
Capital goods exports
• Supplier Credit
• Buyer Credit, L/Cs cover & refinancing, other
insurance products for Banks
FINANCIAL GUARANTEES BONDS, CAR/EAR, LIFE INSURANCE
Overseas Investments Surety Bonds
Working Capital International Contract Bonds (bid,
performance, advance payment bond, retention
Internationalization of SMEs (Credit
money bond)
Enhancement)
Bonds & Guarantees by law duties/obligations
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Export Credit Insurance: Eligibility Criteria
SACE has recently widened its eligibility criteria:
SACE is now able to provide cover for the financing of:
supply contracts signed by an Italian company; or
supply contracts signed by a foreign company participated for at least 20%* by an
Italian company, or
Italian origin supplies under contracts signed by a non-Italian company, and
local costs, in application of OECD Regulation Framework
Italian origin of goods is not an eligibility requirement, as SACE could cover all goods/services
(of Italian, EU, or extra EU origin) provided under such contract
(*) Such threshold is reduced to 10% for listed companies.
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SACE Group’s Products
CREDIT INSURANCE PRI (POLITICAL RISK INSURANCE)
Consumer good exports
• Multiexport & Multimarket Globale Overseas Investments
• Supplier Credit & Civil Works
• L/Cs cover
Capital goods exports
• Supplier Credit
• Buyer Credit, L/Cs cover & refinancing, other
insurance products for Banks
FINANCIAL GUARANTEES BONDS, CAR/EAR, LIFE INSURANCE
Surety Bonds
Overseas Investments
International Contract Bonds (bid,
Working Capital
performance, advance payment bond, retention
Internationalization of SMEs (Credit money bond)
Enhancement)
Bonds & Guarantees by law duties/obligations
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SACE Group’s Products
CREDIT INSURANCE PRI (POLITICAL RISK INSURANCE)
Consumer goods exports:
• Multiexport & Multimarket Globale Overseas Investments
• Supplier Credit & Civil Works
• L/Cs cover
Capital goods exports:
• Supplier Credit
• Buyer Credit, L/Cs cover & refinancing, other
insurance products for Banks
FINANCIAL GUARANTEES BONDS, CAR/EAR, LIFE INSURANCE
Overseas Investments Surety Bonds
Working Capital International Contract Bonds (bid,
performance, advance payment bond, retention
Internationalization of SME (Credit
money bond)
Enhancement)
Bonds & Guarantees by law duties/obligations
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Non-Export Related Products
Investments made by Italian companies // Italian subsidiaries’(*)
Investments made by Italian companies Italian subsidiaries’(*)
Transactions of “strategic interest” for the Italian economy:
Transactions of “strategic interest” for the Italian economy:
Strategic imports (power, gas, oil, raw materials for re-exports);
Strategic imports (power, gas, oil, raw materials for re-exports);
Strategic foreign customers/partners to Italian companies in their activities abroad;
Strategic foreign customers/partners to Italian companies in their activities abroad;
Infrastructures (including domestic infrastructures) supporting: (a) the
Infrastructures (including domestic infrastructures) supporting: (a) the
internationalization of the Italian economy (terminals, railways, roadways, etc), or (b)
internationalization of the Italian economy (terminals, railways, roadways, etc), or (b)
diversification of sources of energy for the domestic market (pipelines, regasification
diversification of sources of energy for the domestic market (pipelines, regasification
plants, etc;
plants, etc;
Internationalization of Italian banks;
Internationalization of Italian banks;
Employment and economic growth in Italy;
Employment and economic growth in Italy;
Strategic industries: renewable energies, environment, technological innovation
Strategic industries: renewable energies, environment, technological innovation
(*) Participated at least 20% by an Italian companies. Such threshold is reduced to 10% for listed companies.
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SACE in Vietnam
USD 100,000,000
3 yrs Senior Unsecured Term Loan Facility
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SACE Credentials
Commitment: € 52 mln
Commitment: € 1 bln Commitment : € 13.5 mln
Exporter: Ansaldobreda S.p.a. Commitment: € 0.8 mln Commitment :€ 1.7 mln
Insured: Italcementi S.p.a. Insured: Permasteelisa S.p.a.
Beneficiary: BNP Paribas Debtor: Alessi S.p.a. Debtor: Dainese S.p.a.
Beneficiary: Ciments Francais Buyer: Government of the State of Qatar
Buyer: Greater City Municipality of Kayseri Beneficiary: Banca Intesa S.p.a. Beneficiary: Banca Intesa S.p.a.
Country: Egypt, India, Kazakhstan, Thailand Country: Qatar
Country: Turkey Country: Italy Country: Italy
Structure: Investment Policy Structure: Civil Works Policy
Structure: Buyer Credit Insurance Policy Structure: Credit Enhancement Structure: Credit Enhancement
December 2005 November 2005 November 2005 November 2005 October 2005
Commitment: € 83 mln
Commitment: € 3 mln Commitment: € 21.1 mln Supplier: Danieli & Officine Meccaniche
Commitment: € 1 mln
Insured: Rivoli Spa Exporter: Alenia Aeronautica Commitment : € 22 mln S.p.a.
Supplier: Perfora S.r.l.
Buyer :Parà - Secretaria Executiva de Beneficiary: Barclays Bank Exporter: Gruppo Comau Buyer: Qatar Steel Company LTD (Qasco) –
Buyers: Brazilian companies (5) Mesaieed
Transportes -SETRAN Buyer: Plateau Aviation Ltd Beneficiary: Bayerische- HVB
Country: Brazil Country: Qatar
Country: Brazil Country: India Country: Germany, South Africa
Structure: Supplier Credit Policy Structure: Supplier Credit Policy
Structure: Civil Works Policy Structure: Buyer Credit Insurance Policy Structure: Surety Bond
October 2005 October 2005 Sept- Dec 2005 September 2005 September 2005
Commitment: € 18.5 mln Commitment: € 3.3 mln
Supplier: Officine Meccaniche Villa & Commitment: $ 1.2 bln Exporter: Binacchi & C. S.r.l.
Commitment: € 50 mln
Commitment: € 25 mln
Bonaldi S.p.a. Insured: Bond Issued by Gazprom Beneficiary: Banco Santander Central
Exporter: Ansaldobreda S.p.a
Supplier: Italdesign Giugiaro S.p.a. Hispano
Buyer: China Petroleum Material and Supplier: Snam,Saipem,Ilva,Nuovo Pignone
Beneficiary: DSB- Material
Buyer: China Motor Corporation Buyer: Friboi LTDA
Equipment Corporation Country: Russia
Country: Denmark
Country: Taiwan Country: Brazil
Country: China Structure: Structured Finance Guarantee
Structure: Surety Bond
Structure: Supplier Credit Policy Structure: Buyer Credit Insurance Policy
Structure: Supplier Credit Policy
September 2005 September 2005 July 2005 July 2005 May 2005
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How to Contact Us
REPRESENTATIVE OVERSEAS
REGIONAL OFFICES
HEADQUARTER Moscow
Milano Krasnopresnenskaja Naberejnaja, 12
Via A.de Togni, 2 - 20123 • Milano 123610 Moscow • Office n.1202
Roma Tel. +39 02 434499701,Fax +39 02 434499749 Tel 007 4952582155 • Fax 007 4952582156
Piazza Poli, 37/42 • 00187 Roma
Tel. +39 06 67361 • Fax +39 06 6736225 Modena Hong Kong
Via Elsa Morante, 71 - 41100 • Modena 40/f Suite 4001 – Wanchai, Hong Kong
Tel. +39 059 331201, Fax +39 059 820832 Central Plaza 18, Harbour Road
Tel. +852 3620 2323 – Fax +852 36210227
Alessandro Castellano Torino
c/o ICE - Via Bogino 13 - 10100 • Torino Johannesburg
CEO Tel. +39 011 836128 - Fax +39 011 836425 c/o ICE – 42, Chester Road
2193 Parkwood Johannesburg
a.castellano@sace.it Venezia-Mestre P.O. Box 1261 – 2121 Parklands
Viale Ancona 26 - 30172 • Venezia - Mestre Tel: +27 118808383 – Fax: +27 118809040/8809041
+39 6736236 Tel. +39 041 2905111 - Fax +39 041 2905103
São Paulo
c/o ICE - Avenida Paulista, 1971 – 4 andar
São Paulo - SP
Tel: +55 11 21487250
SACE BT: Piazza Poli, 37/42 • 00187 Roma
Tel. +39 06 6976971 Fax +39 06 697697725
SACE Surety: Via A. de Togni, 2 - 20123 • Milano
Tel. +39 02 480411 Fax +39 02 8041292
www.sace.it
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Disclaimer
This presentation has been prepared solely for information purposes and should not be
used or considered as an offer to sell or a solicitation of an offer to buy any
insurance/financial instrument mentioned in it.
The information contained herein has been obtained from sources believed to be reliable
or has been prepared on the basis of a number of assumptions which may prove to be
incorrect and, accordingly, SACE does not represent or warrant that the information is
accurate and complete.
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