Annual Report 2011 (PDF 4,551kb)
Highlights
Despite ongoing volatility in financial markets, EFIC has again delivered strong results for the year ended 30 June 2011.
- Supporting export contracts and overseas investments of over $3.4 billion.
- Providing over 100 facilities worth $593.1 million.
- Profit on Commercial Account of $30.2 million.
- High demand for bonding lines from companies involved in international construction and infrastructure projects saw EFIC deliver over 45% of signings in dollar value to the construction industry. This was followed by ship building and repair services at just under 18 per cent.
- EFIC’s SME team had another year of strong growth. There were 90 facilities signed worth $136.7 million across a wide range of products and sectors.
- In addition, there has been strong SME uptake of EFIC’s two new products released in May 2010: the foreign exchange facility guarantee provided through Travelex; and the Producer Offset loan. At 3O June 2011, 19 SMEs had taken up the foreign exchange facility guarantee.
- In 2010, EFIC re-introduced the export working capital guarantee and signed agreements with ANZ and Westpac to support exporters’ financing requirements. At 30 June 2011, EFIC provided 16 working capital guarantees, worth $54.4 million.
- EFIC also supported exports to Pakistan under a landmark risk-sharing agreement with the Asian Development Bank to boost Australian trade with developing economies in South Asia.