SIMEST, the company that together with SACE forms the Italian hub for exports and internationalisation of the CDP Group, closed 2017 with another record volume of resources mobilised and managed to support the internationalisation and exports of Italian companies: €11,834 million, up 93% compared with 2016. The Shareholders' Meeting today ratified this performance, unanimously approving the 2017 financial statements.
All three lines of activity contributed to the sharp increase:
1) Equity investments
The volume of SIMEST’s direct equity investments approved in 2017 amounted to €150 million (+13%), while subscriptions of investments came to €107 million, compared with €103 million in 2016. In 2017 the main destination sectors were mechanical engineering, infrastructure and construction, food and agriculture and the automotive industry.
The performance of the two subsidy instruments linked to equity investments was also positive:
i) with regard to assets managed through the Venture Capital Fund ‑ which operates “strategic” geographical areas – the volume of transactions approved amounted to €35 million, an increase on 2016 (€11 million). In 2017, equity investments subscribed totalled €10 million (+26%).
ii) finally, interest subsidies for equity investments approved in 2017 amounted to €138 million (+12%) for 32 transactions.
2) Loans for internationalisation (Law 394/81 Fund)
In 2017, 482 soft loans for internationalisation were approved, amounting to €147 million (+58%). The year was characterised by an increase in the number of loans approved and a decrease in the average size of transactions as well as an improvement in access to the instrument by SMEs, which in 2017 represented 86% of the firms receiving loans.
3) Export credit
With regard to buyer credit in 2017, 24 transactions were approved amounting to €11,174 million, doubled the volume posted in 2016. On the supplier credit front, in 2017 84 transactions were approved for €260 million, an increase of 19% compared with 2016 (50 transactions totalling €218 million).
2017 KEY FIGURES
Download the 2017 SIMEST Annual Report
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SIMEST is part of the CDP Group, 76% owned by SACE, with leading Italian banks and trade associations among its other investors. SIMEST and SACE form the export and internationalisation hub of the CDP Group, which offers the entire range of financial instruments to support Italian companies interested in competing and expanding internationally. In particular, SIMEST supports companies throughout their entire international development process, providing soft loans for internationalisation, export credit support and equity investments