Results of Business Activities for 1st Half 2008

EGAP concluded 169 new insurance contracts in the total worth of CZK21 billion in the 1st Half 2008 representing approximately a half of the volume set down by the business plan for the current year. After including multiplicative effect of insurance with state support, EGAP supported Czech exports in the amount of CZK 42 billion.

Insurance of large exports, i.e. of exports having value exceeding CZK 1 billion, participated from almost 2/3 in the insured volume of credits, investments and guarantees. By volume as well as by number of contracts directed e.g. at export of equipment for glassworks, Russia unequivocally dominated; it was followed by Slovakia, India and the USA. EGAP insured credits to Russia totalling CZK9.5 billion; it represented approximately 45 per cent of the aggregate insured volume.

From aspect of individual insurance products, 1/3 of the insured volume fell on insurance of export buyer credits extended by banks to foreign buyers. One of the largest projects in EGAP's history until now, a delivery of a steam-gas power plant for the Russian Kurgan in the value of CZK2.8 billion significantly influenced results of insurance of pre-export financing and insurance of production risk. Insurance of investment abroad and of credits for their financing also dominated overall results.

The premium written from all newly concluded insurance contracts reached CZK285 million. Since the beginning of 2008, EGAP has paid claims of CZK172 million; they were predominantly continuing payments from insurance losses of previous years, and recovered receivables worth CZK557 million. Successful closing of recovery of the loss related to financing of the gas pipeline in Kamchatka participated decisively in the recovered receivables.

Vlastimil Nesrsta

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