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Financing solutions with EKF Финансовые решения Russian Roundtables June 2009

Financing solutions with EKF Финансовые решения Russian Roundtables June 2009. EKF’s Mission Statement Постановка задач. EKF ensures competitive financial terms for Danish business and industry in international markets

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Financing solutions with EKF Финансовые решения Russian Roundtables June 2009

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  1. Financing solutions with EKF Финансовые решения Russian Roundtables June 2009

  2. EKF’s Mission Statement Постановка задач EKF ensures competitive financial terms for Danish business and industry in international markets EKF covers extraordinary financial risks related to business of economic interest to Denmark EKF operates on commercial terms and is guaranteed by the Danish state

  3. Ourworld

  4. EKF exposure by sector Разбивка по секторам Chemicals, steel Химия, металлургияetc. 2 pct. Other Другие 1 pct. Cement Цемент 23 pct. Food processing 9 pct. Wind Ветровые 33 pct. Water and disposal Водный сектор и отходы 10 pct. Infrastructure and transport Инфраструктура и транспорт 13 pct. Power stations and energy utilities ТЭС и энергоустановки 9 pct.

  5. Products Финансовые инструменты Traditional традиционные L/C Guarantees New новые Export Credit Guarantees Exportloans Contract- and Project Delivery Guarantees Reinsurance Bond Guarantees Project Finance EKF Climate Investment Guarantees

  6. Products Виды услуг Supplier credit guarantee Гарантии поставщикам Buyer credit guarantee Гарантии покупателям The exporter provides the buyer with a credit/loan and receives the payments as they fall due. EKF insures the exporter against non-payment. The exporter receives payment for delivery in cash from the bank. Typically at commissioning. The buyer borrows the money in a bank. EKF insures the bank against non-payment.

  7. Example - Export credit Пример • Two Danish companies, Cimbria Unigrain and Scanvægt, export equipment • The importer is Ukraine’s biggest chicken producer, Myronovsky • EKF garantees payments from Myronivsky to Danish exporters. Cash payment Danish Bank Garantee Contracts Loan

  8. Example - Export credit Пример • Two Danish companies, Cimbria Unigrain and Scanvægt, export equipment • The importer is Ukraine’s biggest chicken producer, Myronovsky • EKF garantees payments from Myronivsky to Danish exporters. Cash payment Danish Bank Garantee Contracts Loan Loan

  9. Example – Project Finance Vestas delivers 10 windmills á 3 MW to wind farm in Aruba Structure Total investment Equity, 20% Bright Capital Partner (Investor) Nucapital (Investor) Guarantee from Belgian Bank, 30 pct. Funding from Swedish Bank, 80 pct. Local Bank (sub-debt) Wind farm Vestas (Exporter) 100 pct. guarantee from EKF EKF’s project risk net, 70 pct. Swedish Bank (Funding) Belgium Bank (Project risk)

  10. Carbon Guarantees Risk Guarantee > EKF guarantees against non-issuance of carbon credits during implementation phase • Issuance of carbon credits > EKF guarantees against losses due to project partner’s breach of contract • Breach of contract by project partner > EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract • Sale of carbon credits

  11. Easier start for projects More debt, less equity, higher profitability NPV Cash flow Without EKF Climate guarantees With EKF Climate guarantees 75 m Investment Sale carbon credits Equity 50 m Equity 100 m 2/3 200 m 150 m 2/3 (DSCR=1.5) Bank loans Bank loans Sale Elec- tricity 100 m 150 m

  12. Carbon Guarantees Углеродные гарантии Risk Guarantee > EKF guarantees against non-issuance of carbon credits during implementation phase • Issuance of carbon credits > EKF guarantees against losses due to project partner’s breach of contract • Breach of contract by project partner > EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract • Sale of carbon credits > EKF guarantees for pre-payments and other types of loan financing to CDM and JI projects. • Financing of CDM and JI projects

  13. Carbon prepayment FinancingГарантии предоплаты за углеродные кредиты Financing need Export contract Offer Contract, 15% down payment Shipping Montage Commissioning Description of delivery Time LOA Prepayment, carbon purchase PDD ERPA PIN LOI With EKF guarantee Monitoring, issuance of carbon credits JI path

  14. Carbon Guarantees Risk Guarantee > EKF guarantees against non-issuance of carbon credits during implementation phase • Issuance of carbon credits > EKF guarantees against losses due to project partner’s breach of contract • Breach of contract by project partner > EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract • Sale of carbon credits > EKF guarantees for pre-payments and other types of loan financing to CDM and JI projects. • Financing of CDM and JI projects

  15. Example EKF Bank Guarantee Repayment Loan Guarantee Export credit Repayment Equipment supplier Project developer JI project Payment/ Carbon credits Prepayment, loan, equity Equipment Carbon credits Repayment Carbon credits Prepayment Guarantee Carbon credits Carbon buyer EKF Guarantee

  16. Partnership possibilities Carbon credits buyer JI project Sales revenue Sales revenue Energy company Danish equipment supplier Equipment, know-how Finance, gov. app., hosting Contract Guarantee against non-issuance and/or contract breach from JV partner and/or CC buyer

  17. Greentech Guarantees Risk Guarantee • An equipment supplier receives payments parallel to the realisation of the savings from the installation of the equipment. EKF guarantees against lack of payment. • Energy & water saving guarantee

  18. Energy Savings Guarantee Costs Energy costs before installation Energy saving Energy costs after installation Guarantee against lack of payment Payment Time Installation

  19. Greentech Guarantees Risk Guarantee • An equipment supplier receives payments parallel to the realisation of the savings from the installation of the equipment. EKF guarantees against lack of payment. • Energy & water saving guarantee • An Energy Service Company takes over – against a fee – the energy supply at a customer’s plant. EKF guarantees against lack of payment from the customer and guarantees loans from banks to the ESCO-company. • ESCO-finance

  20. Partnership possibilities Danish equipment supplier Danish equipment supplier Danish equipment supplier Danish equipment supplier Danish equipment supplier ESCO company Underwriting of bank loans, guarantee for payment from customers Energy service contract Local company Local company Local company

  21. Contact E K S P O R T  K R E D I T  F O N D E NDahlerups PakhusLangelinie Allé 17DK2100 København ØTelefon: +45 35 46 61 00Fax: +45 35 46 61 11ekf@ekf.dkwww.ekf.dk Jørn Fredsgaard SørensenChief ConsultantTelephone direct: 35 46 61 39Mobile telephone: 20 18 39 69 E-mail: jfs@ekf.dk

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