{"id":43879,"date":"2014-06-18T16:39:00","date_gmt":"2014-06-18T16:39:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=cf3b9cd8df9def48775ea2ee8644e4f4"},"modified":"2014-06-18T16:39:00","modified_gmt":"2014-06-18T16:39:00","slug":"news-story-uk-export-finance-annual-report-and-accounts-published","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=43879","title":{"rendered":"News story: UK Export Finance: annual report and accounts published"},"content":{"rendered":"<div class=\"govspeak\">\n<p>UK Export Finance, the UK\u2019s export credit agency, provided \u00a32.3 billion of support to UK exporters to help <a href=\"https:\/\/www.gov.uk\/government\/policies\/achieving-strong-and-sustainable-economic-growth\">businesses achieve sustainable growth<\/a> in the financial year 2013 to 2014.<\/p>\n<p>The support, detailed in <a href=\"https:\/\/www.gov.uk\/government\/publications\/annual-report-and-accounts-2013-to-2014--2\"><abbr title=\"UK Export Finance\">UKEF<\/abbr>\u2019s Annual Report and Accounts<\/a>, showed an increase from \u00a30.4 billion to \u00a31.3 billion for civil exports, alongside its continuing support for the sale of Airbus aircraft overseas.<\/p>\n<p><abbr title=\"UK Export Finance\">UKEF<\/abbr> has significantly increased the number of cases and the range of support it provides. While the value of the business supported in the preceding year was higher at \u00a34.3 billion, this was dominated by a single <a href=\"https:\/\/www.gov.uk\/government\/news\/typhoon-for-oman\">\u00a32 billion defence case<\/a> (note: periodically, large or one-off defence contracts have tended disproportionately to impact <abbr title=\"UK Export Finance\">UKEF<\/abbr> figures). In contrast, no single case dominated to such an extent this year. Support was spread across a wider variety of exporters selling to more overseas markets, with more individual guarantees and policies issued. <\/p>\n<table class=\"js-barchart-table mc-auto-outdent\">\n<thead>\n<tr>\n<th>\u00a0<\/th>\n<th>2013-14<\/th>\n<th>2012-13<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Total business supported (\u00a3m)<\/td>\n<td>2,272<\/td>\n<td>4,295*<\/td>\n<\/tr>\n<tr>\n<td>Civil business, excluding aerospace (\u00a3m)<\/td>\n<td>1,310<\/td>\n<td>445<\/td>\n<\/tr>\n<tr>\n<td>Number of guarantees and policies issued<\/td>\n<td>619<\/td>\n<td>368<\/td>\n<\/tr>\n<tr>\n<td>Number of countries<\/td>\n<td>71<\/td>\n<td>58<\/td>\n<\/tr>\n<tr>\n<td>Number of exporters<\/td>\n<td>130<\/td>\n<td>84<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>*This included a single \u00a32 billion defence case.<\/p>\n<h3 id=\"supporting-exports-protecting-the-taxpayer\">Supporting exports, protecting the taxpayer<\/h3>\n<p><abbr title=\"UK Export Finance\">UKEF<\/abbr> is mandated to operate at no net cost to the taxpayer. It earned premium income of \u00a3120 million, while paying claims of \u00a313 million. It recovered \u00a3135 million owed as a result of past defaults on <abbr title=\"UK Export Finance\">UKEF<\/abbr>-guaranteed loans.  <\/p>\n<p>Its support benefited a wide range of industries, including automotive, petrochemical, oil and gas, construction and utilities. <\/p>\n<p>Individual support per case ranged from \u00a310,000 to \u00a3500 million, with the size of exporting companies supported ranging from micro to multinational.  <\/p>\n<p>Support included a <a href=\"https:\/\/www.gov.uk\/government\/news\/massive-boost-to-british-industry-in-biggest-ever-petrochemical-project\">US$700 million loan in respect of the Sadara refinery in Saudi Arabia<\/a>, the largest limited recourse project financing that <abbr title=\"UK Export Finance\">UKEF<\/abbr> has ever supported. The <a href=\"https:\/\/www.gov.uk\/government\/publications\/annual-report-and-accounts-2013-to-2014--2\">report<\/a> lists all the guarantees and insurance policies issued.<\/p>\n<div class=\"call-to-action\">\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/government\/case-studies\/we-helped-spirotech-srd-group-ltd-win-a-major-contract-in-india\">Watch a video case study showing how <abbr title=\"UK Export Finance\">UKEF<\/abbr> helped Spirotech win a contract in India.<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/collections\/case-studies-uk-export-finance\">Read more <abbr title=\"UK Export Finance\">UKEF<\/abbr> case studies<\/a><\/li>\n<\/ul>\n<\/div>\n<p>Non-financial support was also provided by its network of <a href=\"https:\/\/www.gov.uk\/government\/publications\/uk-regional-export-finance-advisors\">Export Finance Advisers<\/a>, which increased in number from 18 to 21 in the year.<\/p>\n<p><abbr title=\"UK Export Finance\">UKEF<\/abbr> has recently announced <a href=\"https:\/\/www.gov.uk\/government\/news\/budget-2014-further-action-to-enhance-uk-export-finance-support\">new plans<\/a> to increase the competitiveness of its support, including an enhanced ability to lend directly to overseas buyers of UK goods and services. <\/p>\n<p>There is a strong pipeline of business for the year ahead, as <abbr title=\"UK Export Finance\">UKEF<\/abbr> steps-up its marketing both in the UK and overseas. Furthermore, <abbr title=\"UK Export Finance\">UKEF<\/abbr> is becoming more agile and proactive in its support for UK exports. For more information <a href=\"https:\/\/www.gov.uk\/government\/publications\/uk-export-finance-business-plan-for-2014-to-2017\">read its business plan for 2014 to 2017<\/a>.<\/p>\n<h3 id=\"financial-overview---five-year-summary-m\">Financial overview &#8211; five-year summary (\u00a3m)<\/h3>\n<table>\n<thead>\n<tr>\n<th>\u00a0<\/th>\n<th>2013-14<\/th>\n<th>2012-13<\/th>\n<th>2011-12<\/th>\n<th>2010-11<\/th>\n<th>2009-10<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Business supported<\/td>\n<td>2,272<\/td>\n<td>4,295*<\/td>\n<td>2,318<\/td>\n<td>2,924<\/td>\n<td>2,206<\/td>\n<\/tr>\n<tr>\n<td>Premium income<\/td>\n<td>120<\/td>\n<td>133<\/td>\n<td>85<\/td>\n<td>96<\/td>\n<td>58<\/td>\n<\/tr>\n<tr>\n<td>Claims paid<\/td>\n<td>13<\/td>\n<td>7<\/td>\n<td>6<\/td>\n<td>30<\/td>\n<td>48<\/td>\n<\/tr>\n<tr>\n<td>Net operating income<\/td>\n<td>50<\/td>\n<td>135<\/td>\n<td>147<\/td>\n<td>204<\/td>\n<td>272<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>*This total included support for a one-off \u00a32 billion defence deal.<\/p>\n<p>The reduction in net operating income for the year was largely caused by a reduction in the release from underwriting funds closed in the year, a reduction in the release of provisions for recoverable claims, decreased interest income from underwriting activities, and foreign exchange changes. For full details <a href=\"https:\/\/www.gov.uk\/government\/publications\/annual-report-and-accounts-2013-to-2014--2\">read the Directors\u2019 Report on page 69 of the Accounts<\/a>.<\/p>\n<h3 id=\"analysis-support-by-product-used-\">Analysis: support by product used (\u00a3)<\/h3>\n<ul class=\"js-barchart-table mc-auto-outdent\">\n<li>\n<table>\n<tbody>\n<tr>\n<td>Buyer Credit<\/td>\n<td>2,659,927,712<\/td>\n<\/tr>\n<tr>\n<td>Buyer Credit with Bond Insurance<\/td>\n<td>46,643,226<\/td>\n<\/tr>\n<tr>\n<td>Bond Support Scheme<\/td>\n<td>36,523,650<\/td>\n<\/tr>\n<tr>\n<td>Supplier Credit Financing<\/td>\n<td>27,539,129<\/td>\n<\/tr>\n<tr>\n<td>Export Insurance Policy<\/td>\n<td>15,156,201<\/td>\n<\/tr>\n<tr>\n<td>Export Working Capital Scheme<\/td>\n<td>4,910,398<\/td>\n<\/tr>\n<tr>\n<td>Letter of Credit Guarantee Scheme<\/td>\n<td>3,963,781<\/td>\n<\/tr>\n<tr>\n<td>Bond Support and Export Working Capital Scheme<\/td>\n<td>1,565,191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<\/ul>\n<h3 id=\"analysis-support-by-product-used-no-of-exporters-supported\">Analysis: support by product used (no. of exporters supported)<\/h3>\n<ul class=\"js-barchart-table mc-auto-outdent\">\n<li>\n<table>\n<tbody>\n<tr>\n<td>Bond Support Scheme<\/td>\n<td>68<\/td>\n<\/tr>\n<tr>\n<td>Export Insurance Policy<\/td>\n<td>32<\/td>\n<\/tr>\n<tr>\n<td>Buyer Credit<\/td>\n<td>12<\/td>\n<\/tr>\n<tr>\n<td>Export Working Capital Scheme<\/td>\n<td>10<\/td>\n<\/tr>\n<tr>\n<td>Supplier Credit Financing<\/td>\n<td>5<\/td>\n<\/tr>\n<tr>\n<td>Bond Support and Export Working Capital Scheme<\/td>\n<td>2<\/td>\n<\/tr>\n<tr>\n<td>Buyer Credit with Bond Insurance<\/td>\n<td>1<\/td>\n<\/tr>\n<tr>\n<td>Letter of Credit Guarantee Scheme<\/td>\n<td>1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<\/ul>\n<div class=\"call-to-action\">\n<ul>\n<li>\n<p><a href=\"https:\/\/www.gov.uk\/government\/collections\/exporting-find-out-if-we-can-help\">Exporting? Find out how UK Export Finance can help.<\/a><\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/www.gov.uk\/government\/publications\/uk-regional-export-finance-advisors\">Speak to an export finance adviser.<\/a><\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/www.gov.uk\/government\/collections\/uk-export-finance-products-and-services\">Go to a full list of all UK Export Finance products.<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"contact\" id=\"contact_1093\">\n<div class=\"content\">\n<h3>Media enquiries<\/h3>\n<div class=\"vcard contact-inner\">\n<div class=\"email-url-number\">\n<p class=\"email\">\n              <span class=\"type\">Email<\/span><br \/>\n              <a class=\"email\" href=\"mailto:enquiries@ukef.gsi.gov.uk\">enquiries@ukef.gsi.gov.uk<\/a>\n            <\/p>\n<p class=\"tel\">\n              <span class=\"type\">Telephone<\/span><br \/>\n              020 7215 5989 or out-of-hours: 020 7215 3505\n            <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"contact\" id=\"contact_970\">\n<div class=\"content\">\n<h3>New business enquiries<\/h3>\n<div class=\"vcard contact-inner\">\n<div class=\"email-url-number\">\n<p class=\"email\">\n              <span class=\"type\">Email<\/span><br \/>\n              <a class=\"email\" href=\"mailto:customer.service@ukef.gsi.gov.uk\">customer.service@ukef.gsi.gov.uk<\/a>\n            <\/p>\n<p class=\"tel\">\n              <span class=\"type\">Telephone<\/span><br \/>\n              020 7271 8010\n            <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>UK Export Finance provided \u00a32.3 billion of support for UK exports in the year ending 31 March 2014.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/43879"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43879"}],"version-history":[{"count":2,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/43879\/revisions"}],"predecessor-version":[{"id":43903,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/43879\/revisions\/43903"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}