Embed Size (px)
Citation preview
export credit guarantees
annual report 2018
19.8 billionGoods and services worth 19.8 billion euros backed by export credit guarantees.
The Federal Government’s maximum exposure under all active cover as of the end of 2018: 86.5 billion euros.
86.5 billion
MyAGAExporters are increasingly using the digital application procedure.
The Federal Government provided Hermes Cover for exports to 153 countries in 2018.
153 countries
Positive result for export credit guarantees for the 20th consecutive time. Accrued surplus for the Federal budget: 5.7 billion euros.
Positive result
Bring your project to … MENA.Innovative event with a
made-to-measure consulting approach.
Bring your project to …
click&coverHermes Cover click&cover: swift and simple digital cover for standardised transactions and finance.
6,500More than 6,500 consultations held across Germany.
Cover for emerging economies and developing countries accounted for 74.3% of the total.
74.3%
11 raw materials in 16 countriesOver the last five years, the Federal Government has con-firmed the eligibility of raw material projects in 16 countries for 11 different raw materials in the light of raw materials supply considerations.
1.3 billionApplications worth 1.3 billion euros were received for untied loan guarantees in 2018.
Copper the main driverRising market prices are driving the global develop-ment of numerous copper deposits.
3.9 billionThe Federal Government’s exposure under aggregate outstanding guarantees came to 3.9 billion euros as of the end of 2018.
Further development of foreign trade promotion. More than 300 participants at the dialogue event in Berlin.
Further developmentRe
insu
ranc
eFr
amew
ork
agre
emen
t si
gned
wit
h E
XIA
R.
79%The share of small and mid-size companies remains at a high level.
Dear sir or madam,
German foreign trade remains on a growth trajectory but is no longer
expanding as dynamically as it was in earlier years. Although “Made in
Germany” is still in demand around the world, German exporters and
export-financing banks face major challenges. The global economy is not
growing as swiftly and worldwide risks are mounting.
In such an environment, the export credit guarantees of the Federal
Government play a special role. They protect German companies from
politically and economically induced payment defaults, thus allowing
them to engage in export business even under adverse conditions and helping to secure wealth and
growth in difficult times.
Last year, the Federal Government issued export credit guarantees worth 19.8 billion euros. In addition
to numerous transactions by small and mid-size enterprises, the Federal Government also provided
cover for a number of significant big-ticket projects.
Three quarters of the deliveries and services covered were destined for the emerging economies and
developing countries. Performance is particularly encouraging in Africa, where cover rose by a good
two thirds to 1.8 billion euros. This growth was also underpinned by the expanded cover for selected
African countries adopted by the Federal Government in 2018.
Last year, we continued to enhance export credit guarantees decisively in partnership with the business
community, launching the first digital-only products. With the introduction of special “small-ticket” cover
products for exporters and banks, the Federal Government has additionally made crucial progress in
implementing the plans enshrined in the coalition agreement for facilitating finance for small-scale
transactions. This is an important step towards strengthening German small and mid-size enterprises.
The international finance sector is exposed to ongoing and dynamic change. Modern national and
international frameworks for export finance are necessary to ensure fair competition among export
nations. Accordingly, the success of the German export sector hinges crucially on the targeted further
development of international rules and the integration of all competitors in this system. The Federal
Government is therefore emphatically in favour of a fundamental revision of the OECD rules and regula-
tions and is committed to the success of the International Working Group on Export Credits.
The following pages provide an overview of developments and trends in the export credit guarantee
scheme and its business performance in 2018.
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
The tasks of the Interministerial 8 Committee
10 Developments and trends
12 Business overview – 2018 at a glance
14 Composition and tasks of the Interministerial Committee
16 Country cover policy
18 Risk management
20 New developments in the export credit guarantee scheme
20 Export credit guarantees go digital
20 Digital application form
21 3 x 5 = click&cover
22 Digital supplier credit cover
23 Digital buyer credit cover
24 Successful APG reform: wholeturnover policies on a growth track
25 Finance: ECA-specific credit agreement facilitating contract drafting
25 Further training expanded
The Interministerial Committee 26 in contact with stakeholders
28 Sharing information with the German export industry
28 Dialogue event in Berlin: The digital transformation of the economy and its effects on export financing
31 Three questions for …
32 Advisory service: competent partners never far away
33 Bring your project to … MENA
35 Interview with
37 International collaboration
37 International Working Group
37 Further development of international OECD rules
38 Consultations
39 Framework reinsurance agreement concluded with EXIAR of Russia
40 Export credit guarantees and responsibility
41 Business and human rights
41 Antibribery measures
42 Recommendation on bribery
43 A short digression: Investment guarantees – an important element of risk management for foreign projects
44 Business performance
46 New business
47 Number and volume of applications
47 Offers of cover
48 Cover by horizon of risk and type of cover
50 Cover by country group
50 Emerging economies and developing countries
54 Industrialised countries
55 Renewable energies
55 Cover by industrial sector
57 Transport and infrastructure
58 Military goods
59 Environmental, social and human rights assessment of projects
60 Claims, recoveries and rescheduling
62 Results
64 Statutory cover limit and total commitment level
65 Outstanding risk
66 Unrecovered amounts under claims paid
68 Tables
70 Untied loan guarantees
72 The year at a glance
74 Project example
76 Annex – export credit guarantees
76 Imprint
77 Design of the cover
77 Photograph credits
78 Classification of countries
Definitions and explanations on the inside of the cover flap
Cover
This year’s cover was designed by Leon Luca Körösi, a student at the FSG Freie Schule für Gestaltung. Further details on the project can be found in the appendix on page 77.
19.8 billionGoods and services worth 19.8 billion euros backed by export credit guarantees.
79%The share of small and mid-size companies remains at a high level.
MyAGAExporters are increasingly using the digital application procedure.
click&coverHermes Cover click&cover: swift and simple digital cover for standardised transactions and finance.
the tasks of the interministerial
committeeThe Interministerial Committee (IMC) for Export Credit Guarantees
is the central decision-making body for the provision of export
credit cover by the Federal Government. It also decides on cover
policy for the individual countries. In 2018, the IMC deliberated
on 164 transactions in twelve meetings. In addition, it enhanced
the export credit products in key areas in partnership with the
German export and financial services sectors.
9
10 @ Emerging economies and developing countries are
attaching increasing importance to local manufac-
turing input and making it a prerequisite for placing
an order.
@ Digitalised value chains, automation and platform
solutions are becoming increasingly prevalent. This
has implications for the international division of
labour. Digitalisation is increasingly detaching pro-
duction from specific locations.
@ Exports, as we have known them for decades, are
changing. Instead of physical transportation of goods
and conventional sales contracts, exports of data or
programming services as well as pay-per-use mod-
els are becoming more and more common.
Government export promotion schemes and interna-
tional export finance rules must take this development
into account in order to ensure fair competition among
export nations.
developments and trends
The partial rejection of multilateralism and protec-
tionist tendencies in leading export and investment
markets are posing major challenges for Germany
as an export nation. At the same time, the digitalisa-
tion of products, processes and business models is
advancing.
Government export finance instruments are not im-
mune to the effects of these profound changes. For-
eign trade and export finance are undergoing change.
This can be seen in the following developments for
example:
@ An increasingly large proportion of global foreign
trade finance is now being handled outside the
OECD framework.
@ The level playing field in government export finance
is coming under considerable pressure. Systematic
political support and comprehensive offers of fi -
nance, especially from Asian competitors, are caus-
ing an international imbalance. Public-sector banks
from Asia offering non-standard funding conditions
are increasingly acting as financiers, especially for
major infrastructure projects.
Buenos Aires is always susceptible to major flooding. This is why the “Segundo Emisario del Arroyo Vega” project was
launched to execute the construction of a drainage system and flood risk management for the city. Among other things,
the construction of a rainwater main collector with a total length of 8.5 km leading to the Rio de la Plata aims to ease the situation. Herrenknecht AG supplied two tunnel boring
machines to Argentina for the project, utilising export credit guarantees issued by the Federal Government.
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
11
What are export credit guarantees?
State export credit guarantees are an established instrument for promoting foreign trade. They protect exporters and banks from losses caused by economic and political factors. The range of products available address the entire value chain from production and delivery to payment of the final instalment.
Export credit guarantees transfer a large part of the risk of a payment default to the Federal Republic of Germany. In return for this, the policyholder pays a premium calculated on the basis of the risk involved. In the event of a loss, the Federal Government indemnifies the policyholder for the amount covered.
In addition to risk management, export credit guarantees play a key role in finance. In many cases, Hermes Cover is a prerequisite for bank finance.
As a matter of principle, all export companies domiciled in Germany and all banks that finance German exports are eligible to apply for the Federal Government’s export credit guarantees regardless of their size or the type of transaction. The key criteria for the provision of cover include eligibili ty for support and the viability of the risks arising from the transaction.
12
business overview – 2018 at a glance
Mounting political and economic uncertainties in key
export markets prompted an increase in interest in
the Federal Government’s export credit guarantees
last year. Cover rose by 17.4% over the previous year
to 19.8 billion euros in 2018 (2017: 16.9 billion euros).
The heightened demand for export credit guarantees
related to single transaction policies as well as cov-
er under wholeturnover policies and revolving cover
(spread policies). Cover provided under single trans-
The Dutch company Novatug ordered two CARROUSEL RAVE TUG units from Van der Velden Barkemeyer GmbH, a German subsidiary of the Dutch Damen Shipyards group. The also Hamburg-based shipyard Theodor Buschmann GmbH & Co. KG built the steel hull, while Voith GmbH & Co KGaA supplied the propellers. The final outfitting was carried out at the Damen Maaskant shipyard in the Netherlands. ING Bank in Frankfurt is the lender. The Federal Republic of Germany is providing buyer credit cover for this transaction.
action policies rose from 8.7 billion euros to 11.1 bil-
lion euros. One major reason for the increase in this
segment was the provision of cover for a number of
big-ticket projects, including two cruise ships, a petro-
chemical complex and the construction of an automo-
tive plant. Cover under spread policies climbed from
8.2 billion euros to 8.7 billion euros.
On a particularly gratifying note, cover for goods
and services to Africa grew substantially, increasing
by a good two thirds from 1.1 billion euros to 1.8 bil-
lion euros. This growth was also underpinned by the
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
13As in the previous year, Russia accounted for the larg-
est volume of new cover provided (2.5 billion euros),
followed by Turkey and the United States (1.8 billion
euros in both cases).
Demand for the Federal Government’s export cred-
it guarantees remains strong. This is reflected in the
number of applications (up 3.2%) as well as the vol-
ume of cover applied for and the offers of cover as of
the end of the year. At a good 42 billion euros, it was
up 12% on the previous year.
Indemnification provided by the Federal Government
rose to 728.0 million euros in 2018 (2017: 429.3 mil-
lion euros). At 409.9 million euros, payments made for
commercial claims were more or less unchanged over
the previous year. By contrast, however, payments for
political claims and under rescheduling arrangements
rose significantly to 318.1 million euros (2017: 30.9 mil-
lion euros). The decisive factor here was indemnifi-
cation paid in connection with a loan for which the
Federal Government had provided cover in 2012, the
instalments for which the government of Venezuela
had been unable to service since 2017 due to the pre-
vailing economic situation in that country.
The annual result for 2018 – which accrues in full
to the German Federal budget – climbed by 18% to
166.4 million euros (2017: 141.5 million euros). The
accrued result since the introduction of Hermes Cover
thus increased to 5.7 billion euros. This impressively
demonstrates that the Federal Government’s export
credit guarantees are a self-sustaining instrument in
the long term.
expanded cover for selected African countries adopt-
ed by the Federal Government in 2018. There was also
a substantial increase in cover for goods and services
to the Middle East (up 31%) as well as East Asia (up
23%).
Once again, emerging economies and developing
countries figured prominently, with export credit guar-
antees for these countries reaching a figure of 14.7 bil-
lion euros in the year under review and thus generating
74% of new business.
14
Ministries
Mandatary@ Euler Hermes Aktiengesellschaft
Experts@ representatives of the exporting industries and banking sector
@ KfW
@ AKA Ausfuhrkredit gesellschaft mbH
@ Federal Audit Office
BMWiFederal Ministry
for Economic Affairs and Energy
– lead function –
BMFFederal Ministry
of Finance
AAFederal Foreign
Office
BMZFederal Ministry
for Economic Cooperation
and Development
interministerial committee – imc
composition and tasks of the interministerial committee
The Interministerial Committee (IMC) for Export
Credit Guarantees is composed of representatives of
the Federal Ministry for Economic Affairs and Energy,
the Federal Ministry of Finance, the Federal Foreign
Office and the Federal Ministry for Economic Coopera-
tion and Development. The Federal Ministry for Eco-
nomic Affairs and Energy holds the lead function.
Decisions on whether to provide cover for a transac-
tion are made on a consensual basis by the four IMC
ministries. This ensures that due account is made of
economic, fiscal and foreign policy concerns as well as
international development cooperation.
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
15The decision-making bodies
Generally speaking, the IMC makes decisions on transactions with a volume of over ten million euros. The Small Interministerial Committee (SIMC) is responsible for decisions on transactions valued at between five and ten million euros. Euler Hermes Aktiengesellschaft as the Federal Government’s mandatary makes decisions on applications for cover of up to five million euros in accordance with the instructions issued by and under the supervision of the Federal Government (powers of representation). In special cases, responsibility may be allocated to a higher level (mandatary, SIMC, IMC).
The Interministerial Committee on 18 October 2018 at the Federal Ministry for Economic Affairs and Energy in Berlin.
16
country cover policy
As part of its efforts to encourage trade with Africa,
the Federal Government started expanding the avail-
ability of cover for transactions with selected coun-
tries in sub-Saharan Africa in 2014. This course was
continued in 2018. Thus, the Federal Government low-
ered the uninsured portion retained by the exporter
for business with public-sector buyers in certain coun-
tries in Africa from ten to five percent.
The reduced uninsured portion is available for
cover for goods and services to Côte d’Ivoire, Sene-
gal, Benin and – subject to certain conditions being
met – also Ethiopia, Ghana and Rwanda. These coun-
tries have significantly improved the underlying con-
ditions for private investments in connection with
the G20 “Compact with Africa” initiative. Looking for-
ward, the Federal Government will be including further
African countries in these arrangements where this is
warranted by political and economic conditions.
Based on this new cover policy, the Federal Govern-
ment already provided cover for two major export
transactions in 2018. One of these was a project for
producing and distributing power in Senegal. Over the
next few years, 300 villages in that country are to be
electrified using distributed solar power and storage
systems. In the second case, the Federal Government
issued an export credit guarantee for the delivery of
ambulances to Ghana.
As well as this, the Federal Government made an offer
of cover for a training project for road construction and
the delivery of road construction machinery and vehi-
cles to improve the infrastructure of rural regions in
Côte d’Ivoire.
In a further decision made by the Federal Govern-
ment, companies do not have to pay any application
fee for the first three applications for cover for buyers
in “Compact with Africa” countries provided that they
have not applied for any Federal Government guaran-
tees for export business with these countries in the
past ten years.
Compact with Africa
The “Compact with Africa” is a core element of the G20 partnership with Africa, providing for individually tailored investment partnerships (compacts) with interested African countries. The aim is to improve the underlying conditions for privatesector investment in Africa.
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
17
At the end of 2018 there were “compacts” with the following African countries: Benin, Burkina Faso, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.
S+R Maschinenbau GmbH is installing “solar home systems” (SHS) for 10,000 private households and farms in the rural regions of Ethiopia. In addition to a solar module and a control and storage unit, the SHS consists of LED lighting units, USB charging stations, a satellite receiver and a television set. Surplus energy is stored in a battery. The project permits annual savings of around 450 tons of CO2 and is being supported by the Federal Government, which has issued manufacturing risk cover.
18
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
risk management
The IMC defines an appropriate cover policy for each
country on the basis of its specific risk exposure. This
governs the conditions for the granting of export credit
guarantees.
One important parameter for the Federal Govern-
ment’s cover policy is the OECD country risk ratings.
These country ratings are binding on all export cred-
it agencies in OECD member countries and form the
basis for the minimum premium payable by the poli-
cyholder.
In 2018, the OECD recalculated the ratings of almost
150 countries. Three countries were upgraded and four
downgraded as a result.
Further information on the OECD rating sys-
tem and a list of the current country ratings
can be found at agaportal.de/en > Quick Links
> Country Classification List.
A further instrument for managing risk is the establish-
ment of a country ceiling. To ensure that the provi-
sion of cover remains possible, the IMC sets a maxi-
mum credit limit available for a given country. As of
31 December 2018, ceilings had been defined for four
countries.
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
19
The household waste sorting plant installed by Stadler Anlagenbau GmbH at a landfill in Brazil sorts 500 tons of waste every day. The semi-automatic, ultra-modern plant presorts household waste mechanically into individual recyclable mate-rial fractions. This minimises work on the sorting belt. Semi-automatic sorting makes it possible to recover considerably more recyclable materials than is possible with the manual process and to preserve sources of primary raw materials. The Federal Republic of Germany provided supplier and buyer credit cover for the transaction.
20
new developments in the export credit guarantee scheme
Export credit guarantees go digital
The digital transformation of export credit guaran-
tees is making headway. The Federal Government has
set preliminary milestones with the myAGA customer
portal and the Hermes Cover click&cover EXPORT and BANK (for supplier credit cover and buyer credit
cover) digital product line. The medium-term goal is
to make all standardised services and products avail-
able online.
Digital application form
Since 2018, exporters have been able to submit applications online for all common types of single trans-
action policies (e.g. supplier credit cover, buyer credit
cover, manufacturing risk cover, contract bond cover,
counter-guarantees) quickly and easily.
The digital exporter application takes companies
through the application process step by step. It shows
which documents must be submitted, automatically
checks the information for plausibility and gives an
indication as to whether the transaction is eligible for
cover.
Signing and mailing the application are now a thing
of the past. The application process is completely
electronic.
Applications can be saved and processed at a later
date or used as a template for new applications. Infor-
mation that is still missing is summarised in an over-
view for the applicant.
Around one third of all applications for single trans-
action cover are now being submitted via the myAGA
customer portal.
“click&cover or, more accurately, the digital application guides us efficiently through the process for requesting Hermes Cover. It is simple, understandable, interactive, taking us by the hand and guiding us through a complex product. Keep up the good work.”
Thorsten Kubatzki, Managing Director
of HOMAG Finance GmbH
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
21
3 x 5 = click&cover
In 2018, the Federal Government launched Hermes
Cover click&cover, a digital product line that can be
used to apply for cover for standardised export transactions quickly and efficiently. Three conditions must
be met in order to use click&cover: The contract val-
ue must not exceed 5 million euros. The maximum
credit period must be no longer than 5 years. The buy-
er country must have an OECD country rating of 5 or
better.
The range of digital products comprises cover for
receivables arising from the delivery of goods and
services (supplier credit cover) and for loans (buyer
credit cover). Requests for cover can
be submitted via the myAGA customer portal (agaportal.de > myAGA).
Theodor Determann, long-standing member of the Executive Board of Windmöller & Hölscher KG and Chief Financial Officer of e.GO Mobile AG since 1 January 2019
“Small and mediumsized enterprises are highly dependent on efficient export financing instruments. Without the support of export credit guarantees, they would not be able to deliver their goods and services to many regions of the world due to the absence of any finance. The digitalisation of the decisionmaking process via click&cover marks a major step in the right direction, ensuring that Hermes Cover is available for an even greater range of smallticket transactions.”
22
Digital supplier credit cover
Hermes Cover click&cover EXPORT supplements the
existing range of supplier credit cover for small tick-
ets. Thanks to the standardised procedure, it enables
the request for cover to be processed far more quickly
than in the case of conventional supplier credit cover.
The exporter benefits from this in several ways: First-
ly, he receives an immediate indication of the total
expected costs. This provides a solid basis for plan-
ning, simplifies budgeting and helps the exporter in
negotiations with the foreign buyer. Secondly, digital
supplier credit cover makes it easier for the exporter to
refinance his transaction. It is easier to sell receivables
to a forfaiting company, for example, when they are
backed by cover provided by the Federal Government.
Traditional supplier credit cover is still available for
business that does not fit the click&cover format. The
digital application form shows customers what to do
in such a case.
Hermes Cover click&cover EXPORT
Digital supplier credit cover
at a glance:
What can be covered?
Receivables under individual deliveries of goods and services and, optionally, the preshipment manufacturing risks.
What risks are covered?
Nonpayment within 6 months.
Up to what order value is cover
available for export transactions?
An order value of a maximum of 5 million euros.
What is the maximum credit period
for which cover is available?
A credit period of a maximum of 5 years.
What is the maximum permitted
proportion of foreign content in the
deliveries?
Maximum foreign content of 49 percent.
To what extent can local costs
be covered?
Up to 11.5 percent of the total contract value.
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
23
Digital buyer credit cover
With the introduction of digital buyer credit cover
Hermes Cover click&cover BANK on 1 February 2019,
the Federal Government reached a further milestone
in the implementation of the coalition agreement,
which provides for less bureaucratic and more made-
to-measure small-ticket export finance.
In recent years, regulatory requirements as well as au -
diting and documentation obligations have in creased
the complexity for banks of financing small-ticket
transactions. In some cases, Hermes-backed finance
was consequently no longer economically viable for
some banks. Small and medium-sized enterprises
active in foreign trade particularly complained about
the limited scope for raising finance.
By launching digital buyer credit cover, the Federal
Government has added a new building block for reviv-
ing small-ticket finance. The standardised click&cover
process reduces administrative and checking work-
loads for banks. Thanks to the simplified buyer credit
cover, it will again be more attractive for banks to offer
small-ticket finance and to apply for backing from the
Federal Government.
Hermes Cover click&cover BANK
Digital buyer credit cover
at a glance:
What can be covered?
Loan receivables.
What risks are covered?
Nonpayment within 1 month.
Up to what order value is cover
available for export transactions?
An order value of a maximum of 5 million euros.
What is the maximum credit period
for which cover is available?
A credit period of a maximum of 5 years.
What is the maximum permitted
proportion of foreign content in the
deliveries?
Maximum foreign content of 49 percent.
To what extent can local costs
be covered?
Up to 11.5 percent of the total contract value.
24
Successful APG reform: wholeturnover policies on a growth track
One year after the introduction of the new wholeturn-
over policy (APG), all contracts have been migrated
to the new conditions. Exporters benefit from simpler
handling, easier turnover and reporting procedures
and heightened legal certainty.
APG is the Federal Government’s main instrument for covering short-term foreign trade transactions.
555 companies use wholeturnover policies to pro-
tect their business from economic and political risks.
Among other things, the APG revamp contributed to
the growth of the APG customer base in 2018 (up 4%).
Cimenfort is one of Angola’s largest cement
manufacturers, currently producing up to 700,000 tonnes of cement per year. The use
of roller press grinding technology and a kiln line for clinker production will boost pro-
duction capacity to 1.4 million tons per year. The system is being supplied by HUMBOLDT
WEDAG GmbH from Cologne. The expan-sion of production capacity will enable the
African country to cover part of its demand for cement clinker locally in the future and thus
achieve higher local manufacturing input. The Federal Government is supporting the
transaction with manufacturing risk, supplier credit, contract bond and buyer credit cover.
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
25
Finance: ECA-specific credit agreement facilitating contract drafting
Working together with European legal and financial
experts, the Loan Market Association (LMA) has devel-
oped a model contract for ECA-covered credit agree-
ments (ECA = Export Credit Agency).
Known as the Export Credit Agency Buyer Credit Facili-
ty Agreement, it marks a further development of ex ist-
ing LMA standard agreements by adding ECA-rele-
vant aspects, including for example the requirements
arising from the OECD Consensus for ECA-supported
finance.
Further training expanded
Since 2018, Euler Hermes has been offering exporters,
banks and representatives of industry associations
and companies free webinars as training courses in
addition to the existing sources of information.
In 2018, webinars were held on topics such as “Hermes
Cover click&cover EXPORT”, “medical technology” and
“environmental, social and human rights assessments
for state export credit guarantees”. The medical tech-
nology webinar was conducted in cooperation with
Germany Trade and Invest, the economic development
agency of the Federal Republic of Germany. The range
of seminars is being expanded continuously.
The largest logistics company in Kenya is currently building a new fully
automated cargo terminal at Nairobi Airport. AMOVA GmbH is supplying a storage system for 191 air freight containers under the ACUNIS brand. The
system will permit space-saving and more effective sorting of containers in the future. The customer and the government of Kenya hope that the new
facility will enable more efficient handling of air freight containers at Nairobi Airport. The Federal Government has issued manufacturing risk, supplier
credit with contract bond cover and buyer credit cover for the project.
ReinsuranceFramework agreement signed with EXIAR.
Further developmentFurther development of foreign trade promotion. More than 300 participants at the dialogue event in Berlin.
6,500More than 6,500 consultations held across Germany.
Bring your project to …Bring your project to … MENA.Innovative event with a made-to-measure consulting approach.
the interministerial committee in contact
with stakeholdersThe Interministerial Committee engages in continuous dialogue
with the business community. One important discussion forum
is the biennial “Dialogue with Industry” event. More than 300
representatives, mainly from exporters and banks, took part this
year. Information and views were also shared in numerous
international consultations as well as bilateral and multilateral
talks with various parties in foreign trade finance.
27
28
sharing information with the german export industry
Dialogue event in Berlin: The digital transformation of the economy and its effects on export financing
At the invitation of the Federal Ministry for Economic
Affairs and Energy (BMWi), more than 300 representa-
tives from politics and business as well as from banks
and industry associations met for a dialogue event in Berlin on 7 June 2018. At the biennial conference,
the participants discussed the global challenges for
foreign trade and the further development of foreign
trade promotion instruments.
Thomas Bareiß, Parliamentary State Secretary at the
Federal Ministry for Economic Affairs and Energy, em -
phasised the importance of open markets and free,
rules-based trade in goods for Germany as an export-
ing nation. The partial renunciation of multilateralism
and protectionist tendencies in leading export and
investment markets posed a growing challenge for
German companies. In such a difficult environment,
the Federal Government’s cover instruments were of
central importance as stabilising elements in foreign
trade.
Some 300 participants from politics, business, banks and industry associations met on 7 June 2018 for a dialogue event at the Federal Ministry for Economic Affairs and Energy.
They shared ideas on current matters of interest in intense discussions held during workshops. One particular aspect concerned the effects of digitisation on Germany as an export nation.
29
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
At the same time, the Parliamentary State Secretary
outlined measures that had been taken to strengthen
the foreign trade promotion instruments. For example,
Thomas Bareiß announced the additional scope for
cover in sub-Saharan Africa, particularly the reduced
uninsured portion on transactions with public-sector
buyers in selected African countries. By reducing the
uninsured portion, the Federal Government is particu-
larly taking account of positive developments in the
“Compact with Africa” countries.
One topic that was discussed at almost all workshops
was the digital transformation of the economy and its
effects on export finance. In this context, discussion
also revolved around whether the applicable eligibil-
ity criteria for cover also adequately accommodated
innovative business models. Currently, one essential
prerequisite for the eligibility of deliveries for cover is
that the exported goods must cross the German bor-
der. Looking forward, the question as to whether such
a definition can also apply to cases in which data or
programming services are exported rather than phys-
ical goods will continue to occupy both the Federal
Government and the export industry.
Sandra Halver-Simons, SMS Group GmbH, and Dr. Bastian Kern, Federal Ministry for Economic Affairs and Energy (BMWi), chaired a workshop on the future of the export credit guarantee scheme.
30 However, digitisation also means simplifying exist-
ing processes, products and services. Among other
things, a special workshop dealing with future issues
discussed ways of achieving this with regard to export
credit guarantees. Thomas Bareiß stated that the
introduction of the digital supplier credit guarantee
Hermes Cover click&cover EXPORT was an important
measure for assisting SMEs in this connection.
Another focus of the event concerned changing value
chain and supply chain structures. In particular, the
participants discussed the scope for including a great-
er proportion of local costs in the cover provided by
the Federal Government. All those present expressly
welcomed a corresponding initiative by the Federal
Government to amend the relevant international rules.
For the first time, representatives of foreign companies
were also actively involved in the event. Entitled “An
Importer’s View”, one workshop provided a refresh-
ingly different perspective, illuminating aspects of
government export credit guarantees from a foreign
buyer’s vantage point.
Speakers at the event: Dr. Marcus Chromik, member of the board of managing directors of Commerzbank AG, Thomas Bareiß, Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Energy, Edna Schöne, member of the board of managing directors of Euler Hermes AG, and Prof. Dieter Kempf, president of the Federation of German Industries (Bundesverband der Deutschen Industrie e.V.) (from left).
31
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
Mr Brodtmann, the dialogue event took place for the 8th time in 2018. What significance does the event have for the VDMA, whose member companies are traditionally very heavily export-oriented?
I have attended the last three
dialogue events and have seen
that mechanical engineering com-
panies in particular enjoy visiting
the Federal Ministry for Economic
Affairs and Technology and taking
advantage of the opportunities
for discussion. They particularly
appreciate the opportunity of
actively participating in various
workshops.
Digitalisation is changing everything – work processes, value chains and business models. What specific effects is the digital transformation having
on German foreign trade and Germany as an export nation?
Specifically, we will need less
shipping space and more data
lines in the future; in other words,
the volume of conventional
exports will decline. Increasingly,
it is no longer the machine that
is sold but the utilisation of the
machine or the system solution.
In addition, we are seeing a rapid
change in value chains. Foreign
customers expect project finance
to include local manufacturing
input, which is now possible in a
completely different way thanks to
digitalisation. Sourcing for foreign
projects is also based on ever
shorter planning horizons.
Against this backdrop, what form should the Federal Government’s foreign trade promotion instruments take?
Traditionally, foreign trade pro-
motion is based on two pillars –
exports and investments. We have
to ask ourselves how we can safe-
guard jobs in Germany if these
concepts are no longer the right
fit for project business. Thanks to
digitalisation, we will be experi-
encing a new interplay between
production and services worldwide
and will therefore need project
finance in the foreign market. Chi-
na, in particular, is pushing its way
into system solutions business and
using government funding as a
lever. We have to be part of this if
we are to remain competitive. The
increased pace of change will pose
a challenge for us. For this reason,
the steps which the Federal
Government and Euler Hermes
have initiated to digitalise the
work processes for export credit
guarantees are crucial for ensuring
continued viability in the future.
Three questions for …
… Thilo Brodtmann, Executive Director of the German Engineering Industry Federation (VDMA).
Together with Dr. Christoph Herfarth, Division Head at the Federal Ministry
for Economic Affairs and Energy and chairman of the Interministerial
Committee for Export Credit Guarantees, and Dr. Christian Bruch, a member
of the Executive Board of Linde AG, Thilo Brodtmann moderated a workshop
entitled “Digitalisation and Export Business in Germany in 2025”.
32
Advisory service: competent partners never far away
The field service offers first-hand expertise and advice
on all aspects of export guarantees and cover. Small
and medium-sized enterprises (SMEs) in particular are
reaching out to the advisory service.
As a result, more than 6,500 telephone consultations
took place, mainly with exporters and banks, last year.
The advisory service assisted 1,280 companies. At
176 events, the consultants briefed exporters on the
possibilities for securing their business with govern-
ment guarantees.
They were supplemented by consultant meetings as
well as country and industry forums – partly in coop-
eration with the chambers of commerce and industry
and the German chambers of commerce abroad as
well as banks and industry associations. Events relat-
ing to the mining and raw materials industries as well
as civilian security technologies and services attract-
ed particular interest.
The revised wholeturnover policy, which was launch-
ed on 1 July 2017, was a further aspect touched upon
in talks. In the second half of 2018, the focus was on
the digital supplier credit guarantee Hermes Cover
Bühler Alzenau GmbH from Alzenau in Bavaria supplied a coating system for functional glass to a major Turkish manufacturer of flat glass. The low-emissivity glass (Low-E glass) is to be used in both private and public buildings. It is coated with a thin, transparent metal layer. The coating reflects the long-wave radiation given off by heating so that heat remains in the rooms, for example. The Federal Republic of Germany is backing the proj-ect with supplier credit and buyer credit cover. The picture shows an identical plant.
33
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
Bring your project to ... MENA
How can export transactions be executed in the coun-
tries of the Middle East and in what way can the Fed-
eral Government support exporters and banks in this
respect? More than 100 participants came to Hamburg
on 1 March to discuss these and other questions dur-
ing an event entitled “Bring your project to ... MENA”.
This interactive event format was held for the sec-
ond time in 2018. The Hamburg event was orga-
nised by Euler Hermes in cooperation with Nah- und
Mittelost-Verein e.V. (NUMOV) (German Near and
Middle East Association).
click&cover EXPORT. In addition, the field service
informed more than 70 exporters directly about this
digital innovation at nationwide roadshows. A webinar
on this topic was attended by 199 participants.
Companies or banks wishing to obtain information
about the Federal Government’s services free of
charge can directly contact one of the corporate con-
sultants operating nationwide. Their contact
addresses and details of planned events
can be found here: agaportal.de > Infocenter
> Veranstaltungen.
The MENA region
The abbreviation MENA stands for “Middle East and North Africa”. The term designates the region from Morocco to Iran. The MENA region includes Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, the Palestinian Autonomous Territories, Qatar, Saudi Arabia, Syria, Tunisia, the United Arab
Emirates and Yemen. It has about 380 million inhabitants.
Representatives of the Federal Ministry for Economic Affairs and Energy and the industry associations discuss concrete projects in the MENA region with exporters and banks.
34
The topics address such questions as how the instru-
ments work, the handling, eligibility and risk-related
justifiability of transactions, finance and very specif-
ic questions related to the structuring of individual
projects.
Some of the transactions discussed at the event have
now been submitted to the Interministerial Committee
for Export Credit Guarantees and have received cover
from the Federal Government.
Exporters are able to specifically discuss how and in
what form their projects can be realised. Country, risk,
product and financing specialists as well as repre-
sentatives of the Federal Ministry for Economic Affairs
and Energy are available to exporters and banks as
discussion partners. The main purpose of “Bring your
project to ...” is to find specific solutions to individual
problems.
The Egyptian central bank intends to modernise the domestic
cash circulation system by 2020. It has therefore commissioned Giesecke + Devrient to develop
and build a facility for the produc-tion and processing of banknotes.
The printing plant can print about 4 billion banknotes and security
papers per year. The Federal Republic of Germany is providing
manufacturing risk cover and supplier credit cover for the project.
35
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
Interview with ...
... Franz von Consbruch, Director of Operations at E-FARM.COM
Enthusiastic about the “can do” approach
›››
Mr von Consbruch, how did you first become aware of the Federal Government’s export credit guarantee scheme?
Initially, we had a number of transactions
in Africa in the pipeline, where the issue of
financing came up again and again. This
prompted us to explore various financing
options. And since we were already familiar
with Hermes Cover, we obviously also
took a closer look at it.
How did you find the consultations to be?
From the very outset, we were impressed
by the positive “can do” attitude of our
contacts at Euler Hermes and felt very well
advised at all times.
What specific benefits do you derive from the wholeturnover policy?
It enables us to execute larger projects
with non-European dealers, under which
the dealer buys the machines from us
on trade credit period terms, then resells
the machines to farmers in the region
and pays our invoice after the harvest,
when the farmers themselves have
enough money to pay for the machinery.
In 2018, 82 companies applied for government export
credit guarantees for the first time. One of the new-
comers is E-FARM.COM, a global online dealer in pre-
owned agricultural machinery.
The Hamburg-based start-up buys pre-owned agri-
cultural machinery around the globe. It is then over-
hauled in Germany and later resold. Founded in 2015,
the company currently works with around 400 dealers
in Europe and has sold over 200 self-propelled agricul-
tural machines in over 40 countries around the world.
In this interview, Franz von Consbruch, Director of
Operations at E-FARM.COM, explains why he relies on
the export credit guarantees provided by the Feder-
al Government and what opportunities they offer his
company.
36 How can export credit guarantees help you to grow abroad?
After the successful pilot project with a
dealer in Kazakhstan, we are now planning
to execute similar projects in other parts of
the world. We are particularly concentrating
on regions such as Africa, South America
and China where there are currently gaps in
the range of machinery.
What conclusions can you draw after one year of using the export credit guarantees granted by Federal Government?
We were surprised at how easy it was in
the end to take out a wholeturnover policy.
On the other hand, we were amazed at
how complicated it is to forfeit a Hermes-
covered claim. Of course, this is also partly
due to our company’s status – but a solu-
tion for this would definitely be desirable.
Will you be taking advantage of other forms of cover provided by the Federal Government in the future, e.g. single transaction policies?
This depends on how our business
develops. Generally speaking, the
wholeturnover policy is very good for our
purposes but I would not rule out the
possibility of also using other forms of
government export credit guarantees
in the future.
Would you recommend export credit guarantees to others? And if so, why?
Definitely! This form of export backing
offers smaller companies in particular
the opportunity of growing internationally
at acceptable risk. It would be desirable
if even more start-ups were able to benefit
from the Federal Government’s scheme.
When I hear the term “export credit guarantees”, I think of ...
... international growth!
›››
E-FARM.COM trades in used agricultural machinery online. After a pilot project with a dealer in Kazakhstan, E-FARM.COM now plans to implement similar projects in other parts of the world with the support of cover provided by the Federal Government.
37
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
international collaboration
Hermes Cover is embedded in an international set
of rules. The OECD Consensus is binding for official-
ly supported export credits with credit terms of two
years or more. Among other things, it defines mini-
mum standards for terms of finance in order to pre-
vent a downward competition spiral at the expense of
national budgets.
International Working Group
To ensure a level playing field for all government
export credit agencies, it is of crucial importance for
key non-OECD trading nations to be integrated in an
international set of rules. This is the purpose of the
International Working Group (IWG), which was es -
tablished in 2012. It comprises the EU as well as near-
ly all other OECD countries plus Brazil, China, India,
Indonesia, Malaysia, Russia and South Africa as well
as other countries. 17 IWG meetings have now been
held. Since the end of 2017, various working groups
have been discussing topics such as local costs, credit
periods, premium structures, interest rates and cover
ratios. Further discussions will be taking place on the
basis of the results of these working groups.
Further development of international OECD rules
Government export credit agencies are increasingly
competing with other – non-commercial – players who
also finance cross-border trade. In particular, develop-
ment banks operating internationally are increasingly
playing an important role in this respect. In this envi-
ronment, there is a growing need to modernise the
international regulatory framework and to adapt it to
the changes in export finance.
On 30 and 31 May 2018, the Korean export credit insurer K-sure held a bilateral working meeting with the German Federal Ministry for Economic Affairs and Energy (BMWi) and Euler Hermes in Berlin to further intensify their cooperation.
From left: Dr. Christoph Herfarth, BMWi, Sunggoo Lee, JongChul Eun, K-sure, Jens Heitmann, Euler Hermes, Yanghyun Lim, K-sure, Sophia Renz, Franziska Löke, Euler Hermes, Christof Wegner, BMWi, Sewook Jang, Hyunno Cho, K-sure
38
France
South Korea JapanUnited States
AustriaSwitzerland
China
Russia
Morocco
The Federal Government is aware of this challenge
and is working towards a revision of the rules and
regulations. In addition, it is increasingly advocating
the establishment of international standards that
are valid beyond the OECD. The aim is to strengthen
the existing level playing field within the OECD in the
area of export financing and to establish it outside
the OECD.
Consultations
In 2018 there were also a number of bilateral, trilat-
eral and multilateral meetings with other government
agencies and government export credit insurance and
export finance institutions. Specifically, consultations
were held with South Korea, Japan, France, Austria,
China, Morocco, the United States, Russia and Swit-
zerland.
The purpose of the consultations is to deepen cooper-
ation between individual countries and to encourage
39
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
The principle of reinsurance
The primary insurer covers the credit risks arising from the export credit. In the event of any loss, the primary insurer indemnifies the policyholder in full. In its internal relationship with the primary insurer, the foreign reinsurer, in turn, assumes a proportionate share of the risk arising from the delivery of goods and services sourced in its country. If a claim is submitted, it takes a share of the indemnification payable by the primary insurer in accordance with this reinsurance quota. The exporter or the bank has only one insurer to deal with and thus benefits from the onestopshop principle.
A general cooperation agreement has been in place
between the German and Russian ECAs since 2012.
For German exporters, the new agreement represents
a significant step forward. Transactions with a not
inconsiderable share of Russian deliveries can now
be covered by a guarantee issued by the Federal
Government with the participation of EXIAR.
An overview of existing cooperation and
reinsurance framework agreements can
be found here: agaportal.de/en > Exports
> Practice > Cooperation Agreements.
The bilateral consultations between the Japanese export credit insurer NEXI, the Federal Ministry for Economic Affairs and Energy (BMWi) and Euler Hermes were held in Heidelberg from 10 to 12 September 2018. The annual meeting dealt with important OECD matters and product development as well as providing an opportunity for sharing experience on individual countries and claims handling.
From left: Seidai Nakamura, METI, Sonja Wittkowski, Imke Ahrens, Sophia Renz, Euler Hermes, Kei Kawahara, NEXI, Jens Heitmann, Euler Hermes, Kohei Okada, Masafumi Nakada, Manami Hori, NEXI, Dr. Christoph Herfarth, BMWi, Takayo Mikami, Mei Tsuruwa, NEXI
mutual understanding of the different guarantee sys-
tems. The talks are also used to continue developing
global standards for export credits.
Framework reinsurance agreement concluded with EXIAR of Russia
On 16 October 2018, the Russian Agency for Export
Credit and Investment Insurance (EXIAR) and Euler
Hermes Aktiengesellschaft signed a bilateral reinsurance framework agreement covering state ex -
port credit guarantees. EXIAR was founded in 2011.
40
export credit guarantees and responsibility
The Federal Government attaches prime importance
to the observance of environmental and social stan-
dards as well as human rights when granting export
credit guarantees. It does not provide cover for any
export transactions that violate the applicable environmental, social and human rights standards.
Environmental, social and human rights aspects
must be reviewed in the case of projects and transac-
tions coming within the scope of the OECD Common
Approaches. If there is any evidence that a project may
have a significant adverse ecological or social impact
or breach human rights, the transaction must be vet-
ted for sustainability.
The OECD Common Approaches
Adopted in 2004, the Common Approaches determine the procedure and principles for reviewing environmental and social aspects as well as safeguarding the observance of human rights. The Common Approaches are regularly revised. The next revision will take place in 2019.
The Rio Subterraneo, one of the largest water supply pipelines in Buenos Aires, is on the verge of collapsing due to subsidence. If
this were to happen, water supplies for more than 1.4 million people would be jeopardised.
A complete renovation of the dilapidated section is therefore urgently required.
Ludwig Pfeiffer Hoch- und Tiefbau GmbH & Co. KG was awarded the contract to refurbish a 220 m long section of the Rio Subterraneo.
The project poses particular technical challenges as all work must be carried out by divers working at a depth of 34 metres
while the pipe continues to operate. The Federal Government has issued supplier
credit cover for the project.
Under the OEDC rules, the reference standards for the
environmental and social impact and human rights
assessment are the World Bank Operational Safeguard
Policies, the Performance Standards of the Interna-
tional Finance Corporation (IFC) and the World Bank
Group’s Environmental, Health and Safety Guidelines.
41
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
Business and human rights
As part of the implementation of the National Action
Plan for Business and Human Rights (NAP) adopted
by the Federal Government in 2016, special attention
is paid to human rights aspects during the review
process. All transactions, including those that do not
fall within the scope of the Common Approaches, are
vetted for any significant risks in line with a “watch-
ful eye” approach. If there is a high probability that a
project will have serious implications for human rights,
the review procedure is supplemented by an in-depth
examination of these aspects (human rights due
diligence).
Euler Hermes performed 86 assessments of envi-
ronmental, social and human rights issues in 2018
(2017: 85).
Did you know?
The environmental and social experts of the OECD government export credit agencies come together for a practitioners’ meeting two to three times a year. The ECA representatives discuss specific projects, the interpretation of the Common Approaches, standards, current environmental, social and human rights issues, transparency aspects and matters of special interest. In addition, external experts are regularly invited to answer various questions. The meetings provide an excellent opportunity for professional sharing and for the further development of environmental, social and human rights assessments in connection with export credit guarantees.
Antibribery measures
The avoidance of any form of bribery in export busi-
ness and the lead-up to transactions forms a key
prerequisite for cover. The Federal Government’s
anti-bribery efforts are based on a two-stage pro-
cedure. In a preliminary step, exporters and banks
must sign a declaration as part of an application
for cover confirming that the transaction has arisen
without any form of bribery. The antibribery
declaration for exporters and banks can
be found here: agaportal.de/en > Exports
> Process > Prevention of Bribery.
42
Recommendation on Bribery
The “Recommendation on Bribery and Officially
Supported Export Credits” (RoB), which was adopted
at the OECD level in 2006, defines the framework for
preventing and combating corruption in government
export promotion.
The OECD regularly evaluates the implementation of
its anti-corruption guidelines in the individual mem-
ber states. In 2018, the responsible auditors gave a
positive assessment of the measures taken to prevent
corruption in the German export credit guarantee
system.
Until now, Serbia’s electricity has mainly come from lignite and hydro-power. With the construction of wind farms, the country wants to increase
the share of renewable energies in national electricity production.
GE Wind Energy GmbH is supplying 38 wind turbines with a total capacity
of 104.5 MW for the Kovacica wind farm in the Serbian province of
Vojvodina, about 50 km northeast of the capital city of Belgrade. Kovacica
is one of the first major wind farms to be installed in Serbia under the new incentive programme for renewable
energies. The Federal Government has issued supplier credit and buyer
credit cover for this transaction.
If there is any evidence of corruption-relevant facts,
the second stage involves an in-depth investigation
of corruption. This review analyses internal measures,
processes and structures for preventing and combat-
ing corruption among other things and also examines
the background to the transaction for which cover is
being sought. The procedure for the detailed review
is undergoing constant development to factor in past
experience as well as new developments. Thus, for
example, the catalogue of questions for an extended
review of transactions was updated at the end of 2017
and the process for reviewing internal compliance
management systems modified.
In the year under review there were 1,185 active
policyholders. 29 companies underwent an in-depth
corruption review.
Investment guarantees have been an established instrument for promoting German foreign trade for decades. With their help, German companies can effectively hedge their direct investments against political risks in the occasionally difficult environment that they encounter in emerging economies and developing countries.
In 2018, the Federal Government granted investment guarantees worth 1.2 billion euros for projects in 17 countries. Of this, 61% was accounted for by projects in Asia (predominantly in China, Armenia and Iran) and 25% by projects in (Eastern) Europe (predominantly in Belarus, Russia and Turkey). The share of covered projects in Africa (predominantly in Algeria, Mozambique and Kenya) rose substantially to 11%; projects in South and Central America (Mexico and Colombia) accounted for 3%. The proportion of small and mediumsized enterprises for which requests were approved increased again to 37%. This is the highest figure in the last ten years. The most important target industries were
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
The main factors here are the environmental, social and human rights impacts of the project, the impact on employment in the host country and the contribution that the project makes to securing employment in Germany.
Applications for investment guarantees are approved by the Federal Ministry for Economic Affairs and Energy with the consent of the Federal Ministry of Finance and in agreement with the Federal Foreign Office and the Federal Ministry for Economic Cooperation and Development in an Interministerial Committee. Experts from German companies and banks as well as from the country associations of German industry take part in the meetings of the committee in an advisory capacity. The mandate for management of the investment guarantees has been assigned by the Federal Government to PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.
For further details, please contact:Phone: +49 (0) 40 / 63 78 20 [email protected] www.investitionsgarantien.de
A short digression: Investment guarantees – an important element of risk management for foreign projects
the chemical and pharmaceutical sectors, followed by the energy and construction sector. The Federal Government’s exposure under investment guarantees was valued at 33.8 billion euros at the end of 2018.
The Federal Government is constantly expanding its measures for promoting sustainable privatesector investment in Africa. At the end of 2018 it decided to promote German investments in the twelve countries of the “Compact with Africa” initiative to an even greater extent than before by adjusting the conditions for the issue of investment guarantees.
The prerequisite for the granting of a guarantee is sufficient legal protection in the host country. In principle, sufficient legal protection is considered to be available if a bilateral investment promotion and protection agreement has been signed between Germany and the host country. In addition, the project must have positive effects both for the host country and for Germany and must generally be con sidered to be eligible for cover.
The Federal Government provided Hermes Cover for exports to 153 countries in 2018.
Cover for emerging economies and developing countries accounted for 74.3% of the total.
153 countries 74.3%
The Federal Government’s maximum exposure under all active cover as of the end of 2018: 86.5 billion euros
Positive result for export credit guarantees for the 20th consecutive time. Accrued surplus for the Federal budget: 5.7 billion euros.
business performance
At 19.8 billion euros, the volume of export credit guarantees
was 17.4% up on the previous year. Russia, Turkey, the
United States, the United Kingdom and Vietnam led the list of
the top ten countries. Indemnification payments increased
by 70%, while recoveries of indemnification payments
already made climbed by 29%. The year closed with a
positive result of 166 million euros.
45
86.5 billionPositive result
46cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
new business
German exports rose by 3% (last year:
6.3%) over the previous year, coming to
1,317.9 billion euros in 2018 (2017: 1,279.1 bil-
lion euros)1. Consequently, the previous
year’s high growth in exports slowed against
the backdrop of nascent signs of more mut-
ed conditions in key foreign markets such
as China and in the wake of the protection-
ist tendencies emerging in US foreign trade
policies. Mounting political and economic
uncertainties in key export markets prompt-
ed a further increase in interest in the Fed-
eral Government’s export credit guarantees
last year. New cover provided climbed by
17.4% over the previous year to 19.8 billion
euros in 2018 (2017: 16.9 billion euros).
Export credit guarantees were again granted
for several big-ticket projects in 2018 after
the small number covered in the previous
year. As a result, the portion of exports cov-
ered by export credit guarantees accounted
for 1.5% of total German exports (previous
year: 1.3%).
In 2018, the total number of new single transaction policies contracted by 11.2%,
although the total value of cover provided
increased by 27.9% over the previous year.
The number of bigticket transactions with
an order value of over 50 million euros rose
from 34 to 40, accounting for a total of 77.5%
of the total value of the individual transac-
tions covered (2017: 73.2%).
1 Source: Foreign trade statistics of the Federal Statistical Office
47
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
93% of the volume of single transaction
policies was for private and 7% for public
buyers (2017: 83% private buyers and 17%
public buyers).
Number and volume of applications
The number of new applications increased
by 3.2%, with the value of applications
climbing by 20.7%. This particularly reflects
increased demand for government cover for
big-ticket transactions.
Offers of cover
Offers of cover for contracts still under ne -
gotiation reached a total value of 16.7 billion
euros as of 31 December 2018, 20% higher
than in the previous year. Although experi-
ence shows that not all of the transactions
earmarked for cover are in fact realised as it
is still uncertain on the date on which these
offers of cover are issued whether the con-
tracts concerned will actually be awarded
to the exporter. What can be said is that the
existing offers of cover indicate that cover
volume should increase again in 2019. Thus,
cover has been applied for or already offered
for several big-ticket projects.
48
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
Cover by horizon of risk and type of cover
Export credit guarantees in shortterm business (credit periods of up to one year) came
to 9.7 billion euros, falling 9.5% short of
the previous year’s high level (10.7 billion
euros). The proportion in total new cover of
short-term business under single-transac-
tion and spread policies shrank to 48.8%
(2017: 63.3%).
The wholeturnover policies (APG and APG
light), under which exporters are able to
obtain cover for short-term credits in trans-
actions with numerous buyers in differ-
ent countries, posted an increase of 5.5%
over the previous year. In 2018, turnover of
8.5 billion euros was covered (2017: 8.0 bil-
lion euros). Russia, Turkey and Brazil were
the most sought-after markets, contributing
just under one third of the APG turnover cov-
ered (31.2%) again.
The APG revamp as well as the general eco-
nomic and political development caused
the number of APG and APG-light policies to
increase in 2018 for the first time since 2010.
At 802, the number of policies was slightly
above the multi-year average.
49
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
In addition to wholeturnover policies, which
account for a large proportion of the short-
term cover provided, the Federal Govern-
ment also offers revolving specific policies
for regular business with a single buyer and
cover for individual projects with credit pe-
riods of up to one year. Revolving specific policies rose by 50% over the previous year
to 198 million euros (2017: 132 million euros).
The volume of export credit guarantees for
shortterm single transaction policies with
a credit period of up to one year declined
again, dropping by more than half over the
previous year (down 61.1%) and coming to
1.0 billion euros (2017: 2.5 billion euros).
The proportion of medium and longterm cover in the total volume widened by just
under two thirds (63.8%) to 10.1 billion euros
(2017: 6.2 billion euros). Several big-ticket
transactions with long-term payment peri-
ods of more than five years were covered. A
total of 97% of the medium and long-term
cover provided was executed with finance
credits (49.6% of the transactions).
50
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
Cover by country group
Traditionally, export credit guarantees are
provided for the emerging economies and developing countries1, with 74.3% of aggre-
gate cover attributable to these countries
(previous year: 75.3%). The fact that 4.8%
(previous year: 4.2%) of German exports to
emerging economies and developing coun-
tries were covered by guarantees issued by
the Federal Government in 2018 (14.7 billion
euros; previous year: 12.7 billion euros) high-
lights the importance that the availability of
cover has for German exports to these coun-
tries.
A good three quarters (1,007.6 billion euros)
of total German exports go to the industrialised nations. Given the lower political
risks and the partial availability of private
export credit insurance, the proportion of
government-backed exports in total exports
to industrialised countries is mostly relative-
ly small. In 2018, exports to industrialised
countries valued at 5.1 billion euros (0.5%)
were covered by the Federal Government
(2017: 4.2 billion euros).
Emerging economies and developing countries
Latin America and the Caribbean
At 2.4 billion euros, cover for the entire re-
gion of Latin America and the Caribbean
was 10.3% down on the previous year (2017:
2.7 billion euros). The share of this region in
total cover contracted to 12.3% (2017: 16.1%).
1 See country allocation on page 78
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
51
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
85.7% of the cover for Brazil took the form
of wholeturnover policies. The largest sin-
gle transaction was for beverage bottling
lines. In Argentina, cover was mostly pro-
vided for wind power systems. Export credit
guarantees for Mexico were issued for port
cranes, machinery and equipment for film
extrusion lines and an MDF (medium density
fibreboard) production line as well as textile
machinery. The Federal Government pro-
vided cover for further single transactions
in Ecuador (dyeing and knitting machinery)
and Colombia (dental technology).
Africa
In 2018, the Federal Republic of Germany
provided export credit guarantees worth
1.8 billion euros (2017: 1.1 billion euros) for
the delivery of goods and services to Africa.
This marked an increase in cover volume of
66.3%. Consequently, the share in total cov-
er widened to 9.0% (2017: 6.3%).
The largest project for which cover was pro-
vided in Africa was a bank note printing plant
including a cash centre in Egypt. Further ex -
port credit guarantees were granted for the
delivery of a paper bag machine to South Africa, installations for the electrification of
300 villages in Senegal, a baking plant for
toast bread in Kenya and aircraft transac-
tions in Burundi. Further cover in the sub Saharan region was issued for the construc-
tion of a power transmission line in Angola,
the delivery of large diesel generators to
Benin, beverage production plants to Nigeria
and road construction machinery for Ghana.
52
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
Asia
Cover for Asian countries1 rose by 15.9% to
5.5 billion euros in 2018 (2017: 4.7 billion
euros) due to a big-ticket project in Vietnam.
At 27.6%, this region’s share in total new
cover thus remained steady at the previous
year’s level (2017: 28.0%).
Cover provided for East Asia rose by 22.9%.
In Vietnam, an export credit guarantee was
issued for the construction of an automo-
tive factory complex. Big-ticket cover for
the delivery of goods and services to China
included a cardboard press and reduction
furnaces for the production of silicon. Cover
was provided for a film extrusion line among
other things in Indonesia and for the deliv-
ery of an IT system for issuing driving licenc-
es in the Philippines. Cover for deliveries to
Taiwan took solely the form of wholeturn-
over policies.
Hermes Cover for South and Central Asia dropped by 6.9%. Export credit guarantees
for India were granted for a major project
in the steel sector and a cast film extrusion
line. Several large diesel aggregates, power
station equipment and film extrusion lines
were covered for Bangladesh, agricultural
machinery and vehicles for Turkmenistan
and various spinning and carpet machines
as well as the delivery of a brewery for
Uzbekistan. Cover for deliveries to Kazakhstan took solely the form of wholeturnover
policies.
1 See country allocation on page 78
53
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
The total value of cover provided for the
entire Middle East rose significantly in the
year under review by just under one third
(30.7%) to 1.3 billion euros (2017: 1.0 billion
euros). This is equivalent to 6.6% of total
cover (2017: 6.0%).
Export credit guarantees for Dubai entailed
the delivery of aircraft, while construction
machinery, equipment and a crane were cov-
ered in the case of Saudi Arabia.
In addition, Hermes Cover was issued for
the delivery of commercial vehicles and con-
struction machinery to Qatar. Cover for Abu Dhabi and Jordan comprises almost ex-
clusively deliveries under spread policies
(wholeturnover policies and revolving cover).
Europe (excluding industrialised countries)
Export credit guarantees for the delivery of
goods and services to Europe (excluding
industrialised countries) climbed by 20%
to 5.0 billion euros (2017: 4.2 billion euros),
accounting for 25.4% of the total (2017:
24.9%).
At 4.3 billion euros, Russia and Turkey con-
tributed 84.5% of the export credit guaran-
tees granted for this region. Cover for Russia
included a petrochemical complex, a pack-
aging production line, the modernisation of
steel production facilities and a coal loading
facility among other things. Export credit
54
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
guarantees for Turkey covered spinning and
textile machinery, an MDF production plant,
an automatic material flow system for a car-
go terminal and a synthetic fibre production
plant among other things. Cover for Ukraine
was issued for the delivery of wind power
systems, a tomato drying plant and a sug-
ar beet harvester. Export credit guarantees
for Belarus included the reconstruction of a
plant for the production of sulphuric acid and
machinery for the production of chocolate
products, MDF boards and tableware, among
other things. Deliveries of injection moulding
machinery were covered for Serbia.
Industrialised countries
Cover granted for industrialised countries rose by just under one quarter (21.9%) in
the year under review. The Federal Govern-
ment issued export credit guarantees worth
5.1 billion euros in 2018 (2017: 4.2 billion
euros). This is equivalent to 25.7% of total
cover (2017: 24.7%).
The largest single export credit guarantee
was for the United States to cover a cruise
ship, while cover was also provided for ship
components for cruise ships and the expan-
sion of a polypropylene plant. Cover was
granted for a cruise ship and the construc-
tion of a motor yacht for the United Kingdom, for a power station for Israel, steel and
other pipelines for Switzerland and a wind
farm for Sweden.
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
55
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
Renewable energies
Sustainability plays a crucial role in the
promotion of Germany’s foreign trade and
is duly reflected in the country’s cover pol-
icy. For example, renewable energy and
climate protection projects are particularly
promoted through long credit periods of up
to 18 years.
Cover for renewable energies came to
920 million euros in 2018 (2017: 944 million
euros). In most cases, cover was provided
for wind power projects. In addition to wind
farms in Sweden, Turkey, Argentina and
Ukraine, cover was also provided for photo-
voltaic projects in Senegal, Russia and Ethi-
opia and for a hydropower station in Angola.
Cover by industrial sector
With cover valued at 5.6 billion euros, the
transport and infrastructure sector, which
traditionally entails big-ticket transactions,
accounted for 28.1% of total Hermes Cover
and 50% of the single transaction policies.
At 3.2 billion euros, cover for ship transac-
tions constituted the largest share (previous
year: 2.9 billion euros). Airbus guarantees
accounted for 556 million euros. Other major
individual projects for which cover was pro-
vided included an automotive production
factory in Vietnam (933 million euros) and
pipelines for a buyer domiciled in Switzer-
land (321 million euros).
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
56 The sharp rise in export credit guarantees
in the chemical sector reflects the cover
provided for two big-ticket projects, a petro-
chemical complex in Russia (937 million
euros) and the expansion of a polypropyl-
ene plant in the United States (222 million
euros). This sector had a share of 6.7% of
total cover.
Export credit guarantees in the energy sector declined by 14% to just under 1.3 billion
euros (2017: 1.5 billion euros), thus account-
ing for 6.4% of total cover. Projects in renew-
able energies (920 million euros), the con-
struction and supply of a gas-fired power
plant for Israel (197 million euros) and the
electrification of 300 villages in Senegal
(131 million euros) were secured with Hermes
guarantees.
At just under 1.2 billion euros, export cred-
it guarantees in the paper, timber, leather and textile industries were up 1.7% on the
previous year (1.1 billion euros), contribut-
ing 5.9% to total cover. Among other things,
various textile machines as well as machin-
ery for packaging and chipboard production
were covered.
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
57
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
In 2018, the Federal Republic issued export
credit guarantees worth 982 million euros
for five projects (2017: 4 projects, 976 billion
euros). Specifically, cover was provided for a
transnational pipeline project, a gas power
station in Israel, two wind farms in Argentina
and one wind farm in Sweden. In addition,
offers of cover were issued for nine projects
entailing total finance of around 4.2 billion
euros. These projects included a petrochem-
ical complex in Egypt, a wind farm in Argen-
tina and a gas power station in Brazil.
The high demand for Hermes Cover for proj-
ect finance was unabated in 2018. At around
7.6 billion euros, the value of applications
submitted was almost 70% higher than in
the previous year (2017: 4.5 billion euros).
Regionally, the main countries for which cov-
er was sought were Russia, the Middle East,
Africa and Taiwan.
Transport and infrastructure
Project finance
In addition to conventional cover for export
finance, the Federal Government also offers
export credit guarantees for project finance.
Project finance structures are generally
selected for big-ticket projects that are kept
off the balance sheets of the companies
involved. Instead, a legally and economical-
ly autonomous project entity is established
which is responsible for generating the cash
flows needed to cover the operating costs
and debt servicing for the project. Accord-
ingly, the provision of cover for project
finance is contingent upon the completion
of comprehensive analyses of the economic
viability of the project and its structure as
well as the appropriate allocation of the risks
to the parties involved in the project.
In contrast to conventional export finance,
country risks are largely mitigated by the
proj ect and collateralisation structures im -
plemented. This means that project finance
is frequently also possible in countries for
which restrictions on cover are in place, e.g.
ceilings or limits on the size of individual
transactions.
58
Ship business
In 2018, the Federal Government issued cov-
er for ship transactions worth 3.2 billion
euros (2017: 2.9 billion euros). All of these
were civilian shipbuilding projects. In addi-
tion, offers of cover worth around 1.7 billion
euros were issued for new river and ocean
cruise ships, among other things.
The ships for which cover was provided
are characterised by high fuel efficiency.
In creased use of waste heat and the instal-
lation of dual-fuel diesel engines that can
run on LNG or marine gas oil also reduce
emissions compared with conventional tech-
nology.
In addition, the Federal Government provid-
ed export credit guarantees for ship com-
ponents intended for the construction of
two large passenger ships in Finland. This
cover was provided by means of a tailored
financing structure in close cooperation with
Finnvera, the Finnish export credit insurance
agency.
Cover was also provided for four smaller
bulk carriers for an Irish shipping company
and the construction of a large yacht.
Airbus cover
In 2018, the Federal Government granted
Airbus guarantees for deliveries of aircraft to
Dubai and Rwanda. Cover provided for aircraft was valued at 556 million euros in the
year under review. Accordingly, this sector
fell short of the average for previous years.
Military goods
The Federal Government provided export
credit guarantees of 5.9 million euros for
military goods in the year under review
(2017: 1.1 billion euros), equivalent to 0.03%
of total new cover. The long-term average
since 1997 is 3.7%.
59
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
Environmental, social and human rights assessment of projects
Projects coming within the scope of the
Common Approaches must undergo envi-
ronmental, social and human rights (ESHR)
due diligence. This particularly includes all
transactions with a credit period of more
than two years. The transactions are catego-
rised in accordance with their potential ESHR
impact. The category determines the scope
of the audit. In 2018, the Federal Govern-
ment provided cover worth 8.5 billion euros
for environmental category A transactions
(projects which have the potential to have
significant adverse ESHR impacts which are
diverse, irreversible and/or unprecedented
or which may be located in or near sensitive
areas and for which the buyer must take
special mitigation measures to minimise
the impact). In environmental category B
(projects with site-specific or easily revers-
ible ESHR impact), cover came to 1.4 billion
euros.
Under the Common Approaches, deliveries
for existing plants which do not result in
any material change of function or capacity
only need to undergo a risk assessment. The
cover provided for these transactions was
valued at 700 million euros.
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
60
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
claims, recoveries and rescheduling
Claims
Outgoing payments for claims increased by
more than two thirds (69.6%) over the pre-
vious year to 728.0 million euros due to the
settlement of a large claim.
Outgoing payments for commercial claims
rose slightly by 2.9% to 409.9 million euros
(2017: 398.4 million euros). In the case of
Singapore, the increase over the previous
year was chiefly due to indemnification paid
for a gas power station and an offshore ship.
Indemnification was paid for loans in the
wind power segment, among other things,
in Azerbaijan. Claims payments for Russia
related to a plant for the production of con-
struction materials, among other things.
Outgoing payments for India rose over the
previous year as a result of claims relating
to textile machinery and in the steel sector.
Outgoing payments for political claims in -
creased from 30.9 million euros to 318.1 mil-
lion euros primarily as a result of a claim
in Venezuela. Further indemnification pay-
ments were made for Gabon.
Recoveries
Recoveries of indemnification previously
paid (excluding interest) climbed by a good
quarter (28.7%) to 397.4 million euros.
Agreed restructuring plans for large claims
as well as the distribution of commercial
61
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
claims under management across just under
1,000 foreign debtors suggest that there will
continue to be significant recoveries in the
future.
Rescheduling
In 2018, the Paris Club again dealt with fun-
damental issues. Among other things, partic-
ular attention was paid to the problems of
countries experiencing difficulties in meet-
ing their payment obligations as a result
of natural disasters. To this end, a regional
conference was held in April with represen-
tatives of the International Monetary Fund
(IMF) and the World Bank as well as the
debtor countries concerned. Subsequently,
models were developed to achieve a bal-
ance between the interests of debtors and
creditors in the event of natural disasters
which are still under consideration. In addi-
tion, various initiatives were taken to inten-
sify cooperation with public-sector creditors
not represented in the Paris Club and with
associations of private-sector creditors.
The technical discussions continued on the
definition of official government receivables
in connection with the reform of the IMF’s
assessment of debt problems.
There were substantial recoveries under the
bilateral rescheduling treaties in 2018 par-
ticularly as a result of payments made by
Argentina and Iraq. These were added to the
Federal budget to cover earlier indemnifica-
tion payments.
62
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
results
Revenues
In the year under review, total revenues for
the Federal budget from export credit guar-
antees rose by 41.0% to 1.362 billion euros
(previous year: 965.8 million euros).
Income from premiums and fees climbed
by 69.0% due to the increase in cover, par-
ticularly for medium and long-term big-ticket
transactions, for which higher premiums are
normally payable.
Recoveries under previously indemnified
claims and debt repayment under rescheduling agreements rose by 28.7% over the
previous year. The largest recoveries were
received from Argentina (213.6 million
euros), Azerbaijan (19.9 million euros), the
United Arab Emirates (18.2 million euros),
Iraq (17.4 million euros), Indonesia (17.1 mil-
lion euros), Pakistan (14.1 million euros) and
Russia (10.2 million euros).
The interest income of 378.6 million euros
(2017: 309.9 million euros) arose almost
solely from rescheduling agreements. Net
of exceptional currency translation loss of
0.5 million euros in connection with claims,
interest income of 378.1 million euros was
recorded.
Expenses
In the year under review, expenses climbed
by 58.7% to 816.6 million euros (2017:
514.4 million euros). They comprise claims payments (728.0 million euros) and the
costs for the administration of export credit
guarantees (88.7 million euros).
63
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
Annual result
With a cash surplus of around 166 million
euros, the Federal Republic of Germany’s
export credit guarantee scheme achieved a
positive result for the Federal budget for the
20th year running. Accordingly, the accrued
total balance of export credit guarantees
rose to around 5.7 billion euros (not adjusted
for inflation) as of the end of 2018.
The interest income of 378.6 million euros
(2017: 309.9 million euros) arising predom-
inantly from rescheduling agreements was
transferred to the Federal budget. This inter-
est income is not included in the calculation
of the annual result.
64
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
statutory cover limit and total commitment level
Export credit guarantees are granted on the
basis of amounts authorised by the budget. As of the end of the year, 78.9% of the statu-
tory cover limit of 153 billion euros had been
utilised. Interest covered does not count
towards the statutory cover limit.
The Federal Government’s total commitment level (exposure) stood at 120.7 bil-
lion euros as of 31 December 2018, thus
falling slightly short of the previous year
(2017: 121.0 billion euros). This figure equals
the total volume of export credit guaran-
tees issued (net of interest) which are still
exposed to risks. Exposure is defined as the
actual portfolio registered by the Federal
Office of Administration (BVA). However, it
does not provide any indication of the real
outstanding risk as the export credit guaran-
tees count towards the statutory cover limit
on the basis of their full amount regardless
of their execution status until liability has
been discharged. In the year under review,
there were additions of 11.5 billion euros
for new cover but discharges of 11.9 billion
euros.
In addition, cover for interest came to 49.0
billion euros at the end of the year (2017:
49.6 billion euros). The Federal Govern-
ment’s total commitment level including
interest thus stood at 169.7 billion euros.
the federal government’s statutory cover limit
registers the maximum amounts for which liability is accepted
parliament passes
reports new issues and the discharge
of liability for extinguished risks
determines
monitors utilisation
Law drafted by the Federal Government
Federal Budget Act
Mandatary of the Federal Government:
Euler Hermes
Statutory cover limitMaximum amount for future cover
in the light of existing and on risk cover
Federal Office of Administration
65
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
outstanding risk
The Federal Government’s outstanding risk is derived from the future maturities
of commitments under cover granted plus
interest, less the percentage to be retained
by the exporters and banks for their own
account. This amount constitutes the the-
oretical maximum outstanding risk from
current Federal Government guarantees at
any given time if the entire risk occurs in full.
However, it does not provide any indication
of the real likelihood of the risk turning into
a claim and thus the Federal Government’s
liability to indemnify it.
66
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
unrecovered amounts under claims paid
At the end of the year, unrecovered amounts
under claims paid for commercial and polit-
ical loss – including rescheduled trade and
loan receivables – stood at a good 4.0 bil-
lion euros (2017: 3.9 billion euros). These
unrecovered amounts arise from claims paid
for receivables transferred to the Federal
Government which might still be recovered
in the future.
Significant recoveries can be expected from
outstanding commercial claims totalling
2.4 billion euros due to restructuring agree-
ments already entered into in respect of
major claims.
In the case of outstanding political claims (537 million euros), further recoveries can
generally be expected.
67
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
cover percentage of total export volume�by country groups in %
2018
2017
2016
7.4
7.9
3.2
6.2
0.5
8.8
4.2
2.9
5.2
0.4
9.0
17.9
2.7
8.0
0.4
America
Africa
Asia
Europe
Industrialisedcountries
2016 2017 2018
Africa
America
Asia
Europe
Volume
export credit guarantees for renewables in million eur
2014 2015 2016 2017 2018
827.5943.5 920.0
1,084.7972.9
financial result in million eur
Interest received
Annual result excluding interest
annual result and results accrued�of the federal export credit guarantees 1980-2018 in million eur
Annual result (excluding interest)
Results accrued (excluding interest)
Total 2018: 86.5
top ten markets for new guarantees in billion eur
Russia
Turkey
United States
United Kingdom
Vietnam
China PR
Brazil
India
Dubai UAE
Egypt
total commitments of the federal government (exposure)�breakdown by country groups�and statutory cover limit in billion eur
78.6
37.1
5.3121.0
84.2
5.4
39.0
128.6
160.0
77.3
37.3
6.1120.7
153.0160.0
* The „uncategorisable” exposure refers to allocations made for wholeturnover policies and securitisation guarantees under the statutory cover limit.
top ten countries – debt owed to the federal government out of rescheduling agreements and political risk claims in million eur
Argentina
Venezuela
Iraq
Myanmar
Pakistan
Korea DPR
Zimbabwe
Serbia
Sudan
Saudi Arabia
export credit guarantees of the federal republic of germany at a glance in million eur
Statutory cover limit
Cover applications (volume)
Small and medium-sized enterprises(share of exporters supported with guarantees in %)
New business
Covered export volume
of which for
emerging economies and developing countries
industrialised countries
Covered exports for EU countries
Covered exports in % of total exports
Results
Revenues from
Premiums and fees
Recoveries
from political claims
from commercial claims
Other income (exchange rate gains/losses)
Expenses for
Claims paid
for political claims
for commercial claims
Management fee
Annual result
Accrued result (since 1951)
Amounts subrogated to the Federal Government
*
**
***
***
2017
160,000
29,115
79.4
16,862.4
12,697.4
4,165.0
1,575.5
1.3
346.9
308.8
203.2
105.6
0.3
429.3
30.9
398.4
85.1
141.5
5,543.4
3,863.1
2018
153,000
35,144
79.0
19,795.6
14,717.7
5,078.0
2,239.3
1.5
586.1
397.4
267.2
130.2
-0.5
728.0
318.1
409.9
88.7
166.4
5,709.7
4,048.2
* Including buyer credits
** Firms with up to 500 employees
*** Classification of countries see p. 78
total outstanding risk by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Europe
Industrialised countries
Total
*
**
2017 million
EUR
56,603.0
11,116.2
10,022.0
16,722.6
18,742.2
29,227.6
85,830.6
2018million
EUR
55,461.1
9,750.5
9,999.8
16,215.7
19,495.1
31,036.8
86,497.9
Share in %
65.9
13.0
11.7
19.5
21.8
34.1
100.0
Share in %
64.1
11.3
11.6
18.7
22.5
35.9
100.0
total outstanding risk by maturities in billion eur
36.5%38.3%
10.9% 14.2%
Maturityup to 1 year:
Maturity1 - 5 years:
Maturity more than 5 years:
no fixed maturity:*
12.3
33.2
31.6
9.4
Subtotal 2018: (96.0%) 1,548.9
Total 2018: (100%) 1,613.7
* See country classification p. 78
** Including Oceania
Difference in the sums are due to rounding
* Isolated manufacturing risk cover, contract bond cover
Emerging economies and developing countries
Industrialised countries
volume of cover by country groups in billion eur
volume of cover by country groups
CountriesEmerging economies
and developing countries
Latin America
Africa
Asia
Middle East
Southern/Central Asia
East Asia
Oceania
Europe
Industrialised countries
Total
thereof EU-countries
2017 million
EUR
12,697.4
2,711.9
1,067.6
4,718.9
1,007.2
1,379.1
2,332.5
1.6
4,197.4
4,165.0
16,862.4
1,575.5
2018 million
EUR
14,717.7
2,434.4
1,776.5
5,466.9
1,315.8
1,283.6
2,867.5
1.6
5,038.3
5,078.0
19,795.6
2,239.3
Share in %
75.3
16.1
6.3
28.0
6.0
8.2
13.8
0.0
24.9
24.7
100.0
9.3
Share in %
74.3
12.3
9.0
27.6
6.6
6.5
14.5
0.0
25.5
25.7
100.0
11.3
Changein %
15.9
-10.3
66.3
15.9
30.7
-6.9
22.9
0.0
20.0
21.9
17.4
42.1
newly covered exportsby horizon of risk in billion eur
Single transaction policies over 5 years
Single transaction policies 1 - 5 years
Single transaction policies up to 1 year
Wholeturnover and revolving policies
2014 2015 2016 2017 2018
amounts outstanding in billion eur
60.1%26.6%
13.3%
Total 2018: 4.0
Commercial claims:
Political risk claims:
Political risk claims regulated in rescheduling agreements:
2.4
0.5
1.1
* See the country list p. 78
Differences in the sums are due to rounding
*
475.8
316.6
158.1
146.0
139.4
109.1
72.1
64.0
46.8
21.0
Subtotal 2018: (62.7%) 12.41
Total 2018: (100%) 19.80
1.73
1.57
1.00
0.55
0.08
1.02
0.76
0.73
0.19
0.28
2.48
1.78
1.78
1.69
1.05
0.93
0.93
0.67
0.58
0.52
5.70.52.5
8.2
16.913.6
0.71.7
9.8
25.8
11.3
2.81.0
9.7
24.8
9.6
0.61.0
8.7
19.8
8.8
0.43.3
8.1
20.6
2017 2018
2014 2015 2016 2017 2018
20.6
16.919.8
24.8 25.8
12.717.0
3.6 4.2
14.7
5.1
20.7
4.1
19.3
6.5
2016 2017 2018
share of total outstanding risk by country in billion eur
Total 2018: 86.5
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
Other countries
11.2
8.9
8.9
6.6
5.8
5.6
3.0
36.4
7.6%
10.3%
6.7%
42.1%
6.5%
12.9%
10.3%
3.5%
2018
2017
development of new guarantees in billion eur
20182009 2010 2011 2012 2013 2014 20162015 2017
27.929.1
19.822.4
32.529.8
20.6
25.824.8
16.9
new guarantees
Number of single transaction policies
of which for private buyers
for public buyers/guarantors
Volume of cover in million EUR
of which single transaction policies volume in million EUR
of which for private buyers
for public buyers/guarantors
2018
459
428
31
19,796
11,110
10,365
745
2017
517
459
58
16,862
8,686
7,189
1,497
Share in %
100
93
7
100
93
7
Change in %
-11.2
-6.8
-46.6
17.4
27.9
44.2
-50.2
applications
Number of applications
of which single transaction policies
wholeturnover policies
Applications in million EUR
2018
9,679
1,197
8,482
35,144
2017
9,379
1,093
8,286
29,115
Share in %
100
12
88
Change in %
3.2
9.5
2.4
20.7
funds earmarked for export credit guarantees
CountriesEmerging economies and
developing countries
Industrialised countries
Total
Share in %
75.8
24.2
100.0
2017million
EUR
10,532.6
3,354.7
13,887.3
2018million
EUR
14,764.2
1,954.0
16,718.2
Share in %
88.3
11.7
100.0
Total 2018: 19.8
guarantees by horizon of risk in billion eur
2.8% 4.9%
48.4% 43.9%Wholeturnover and revolving policies:
Single transaction policies up to 1 year:
Single transaction policies 1 - 5 years:
Single transaction policies over 5 years:
8.7
1.0
0.6
9.6
short-term single transaction policies in million eur
China PR
Russia
Turkey
India
Vietnam
Subtotal 2018: (71.4%) 693.8
Total 2018: (100%) 971.5
252.2
85.2
173.5
116.9
0.0
298.2
236.0
75.5
43.9
40.3
2017 2018
2018
2017
medium and long-term policies in million eur
United States
United Kingdom
Russia
Vietnam
Turkey
Subtotal 2018: (63.8%) 6,468.6
Total 2018: (100%) 10,138.5
995.5
552.0
606.3
0.0
616.4
1,777.1
1,685.7
1,180.3
936.4
889.1
2017 2018
2018
2017
share of single transaction policies by industrial sectors in million eur
Total 2018: 11,110
5,557
1,322
1,268
1,167
1,142
375
231
48
10.3%
11.4%
10.5%
0.4%3.4%
50.0%
11.9%
2.1%
single transaction policies by industrial sectors in million eur
Transport/infrastructure
Chemical industry
EnergyPaper, timber, leather and
textile industryManufacturing industry
Agriculture and food industry
Mining, incl. processing
Service industry
Oil and gas production incl. processing
Total 2017: (100%) 8,685
Total 2018: (100%) 11,110
3,959
313
1,476
1,147
988
260
154
31
357
5,557
1,322
1,268
1,167
1,142
375
231
25
23
2017 2018
2018
2017
export credit guarantess for military goods�in billion eur
Egypt
Total 2018
Type of goods
Aircraft towing tractors
2018
0.006
0.006
environmental, social and human rights due diligence
Audited projects
In-depth assessment Category A and B
Officially supported projects Category A
Officially supported projects Category B
Volume billion
EUR
9.4
7.0
2.2
2.3
2017number
85
50
13
34
2018number
86
56
12
22
Volume billion
EUR
17.6
15.8
8.5
1.4
claims payments in million eur
Political risk claims
Commercial risk claims
Total
2015
94.9
300.1
395.1
2016
38.2
513.6
551.8
2014
288.4
215.5
504.0
2017
30.9
398.4
429.3
2018
318.1
409.9
728.0
Differences in the sums are due to rounding
top ten countries – claims payments�under commercial risk cover in million eur
Singapore
Azerbaijan
Russia
India
Ukraine
Mexico
Saudi Arabia
Brazil
Thailand
Bahamas
Subtotal 2018: (87.4%) 358.1
Total 2018: (100%) 409.9
0.0
2.3
42.2
26.2
40.5
10.7
9.1
44.0
0.0
11.3
110.8
80.4
51.6
41.6
21.9
17.9
12.7
7.5
7.3
6.4
2017 2018
2018
2017
recoveries�for claims paid (excl. interest) in million eur
under political risk coverthereof
rescheduled amounts
under commercial risk cover
Total
2015
153.3
146.3
132.5
285.7
2016
803.8
279.4
170.5
974.4
2014
181.4
147.9
118.4
299.8
2017
203.2
178.8
105.6
308.8
2018
267.2
264.8
130.2
397.4
Differences in the sums are due to rounding
top ten countries – recoveries�under commercial claims in million eur
Azerbaidjan
Abu Dhabi UAE
Indonesia
Russia
Bulgaria
Kazakhstan
Saudi Arabia
Singapore
Mongolia
India
Subtotal 2018: (81.1%) 105.6
Total 2018: (100%) 130.2
19.9
18.2
17.1
10.2
9.2
7.9
7.2
5.9
5.1
4.9
Total 2018: 1,361.7*
revenues in million eur
27.8%
43.0%
0.0%
29.2%Amortisation and recoveries:
Premium/fees earned:
Interest received:
Special expenses from exchange rate losses:
397.4
586.1
378.6
-0.5
highest interest payments in million eur
Argentina
Iraq
Myanmar
Serbia
Pakistan
Subtotal 2018: (95.9%) 362.6
Total 2018: (100%) 378.1
286.8
41.1
15.1
11.3
8.3
20182009 2010 2011 2012 2013 2014 20162015 2017
581
384 379454
606519
1,184
344309
142111123 16699 93 115
398
256214310
– - 15,000
– - 10,000
– - 5,000
– + 5,000
– 0
total outstanding risk by industrial sectors
Sector
Ships
Energy
Oil and natural gas production
Manufacturing industry
Aircraft
Infrastructure
Paper, timber, leather and textile industry
Chemical industry
No recording of industries
Mining
Agriculture and food industry
Service industry
Total 2018
2018 billion
EUR
30.8
16.7
7.8
6.7
6.3
4.9
4.2
3.5
2.9
1.3
1.1
0.4
86.5
Sharein %
36.7
19.9
9.3
8.0
7.5
5.9
5.0
4.2
0.3
1.6
1.3
0.5
100.0 **
* Wholeturnover policies, reschedulings
** Differences are due to rounding
*
top ten countries – total outstanding risk in billion eur
United States
Russia
Turkey
Egypt
Bermuda
United Kingdom
Singapore
India
Switzerland
Vietnam
Subtotal 2018: (66.5%) 57.5
Total 2018: (100%) 86.5
9.7
8.3
8.6
6.5
6.6
4.3
3.3
3.3
2.7
0.9
11.2
8.9
8.9
6.6
5.8
5.6
3.0
2.9
2.7
1.9
2017 2018
2018
2017
Transport/ infrastructure:
Chemical industry:
Energy:
Paper, timber, leather and textile industry:
Manufacturing industry:
Agriculture and food industry:
Mining, incl. processing:
Others:
commitment (exposure) 10-year oveeview by regions in million eur
20182009 2010 2011 2012 2013 2014 20162015 2017
357
13,389
605
13,385
2,654
11,560
2,457
13,126
6,301
14,166
483
13,656
2,580
13,392
6,274
12,714
6,450
10,581
3,830
15,731
4,654
14,734
2,431
13,425
6,218
13,066
4,790
15,588
2,640
12,130
4,638
15,622824
11,981
4,330
7,137
721
12,573
6,333
8,054
32,73431,02135,030 33,775
24,27227,681
34,97136,32333,423
36,350
top five countries – number of approved applications
China PR
Iran
Belarus
Russia
Turkey
9
8
8
8
16
Subtotal 2018: (70.0%) 49
Total 2018: (100%) 70
seitenraster in quark
officially supported, environmentally relevant projects�by categories and sectors
Category A
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category A
Category B
Mining
Chemical industry
Power generation
Wood processing and paper
Infrastructure
Manufacturing industry
Total Category B
Total 2018
2018number
1
6
2
2
1
12
1
3
9
3
4
2
22
34
Volumemillion
EUR
868.0
6,619.8
33.7
966.4
40.2
8,528.1
25.0
263.2
428.2
219.5
238.3
209.9
1,384.1
9,912.2
country ceilings in million eur
(medium and long-term) Cuba
(short-term) Cuba
Dominican Republic
Serbia
Ukraine
50
25
200
200
250
oecd country risk categories*
new
6
4
5
6
7
4
5
previously
7
5
6
5
6
3
4
Belarus
Croatia
Fiji
Iran
Nicaragua
Oman
Turkey
* Premium is calculated according to eight country risk groups, in seven of which (1 = lowest risk, 7 = highest risk) the calculation is based on a set formula. In countries assigned to country risk group 0 (OECD high income countries and the countries of the Eurozone) a market-oriented premium is charged.
turnover under�wholeturnover policies in million eur
Russia
Turkey
Brazil
China PR
India
Subtotal 2018: (43.2%) 3,665.1
Total 2018: (100%) 8,487.6
1,016.9
776.5
641.9
499.3
359.1
1,040.9
812.4
792.9
579.2
439.7
2017 2018
2018
2017
‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16 ‘18
guarantees for latin american emerging economies and developing countries in million eur
Total 2018: (100%) 2,039.6 394.8
Subtotal 2018: 1,613.1 364.9
Share 2018: (79.1%) (92.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Brazil
Argentina
Mexico
Ecuador
Colombia
shortmedium
a. long
guarantees for african emerging�economies and developing countries in million eur
Total 2018: (100%) 1,040.9 735.6
Subtotal 2018: 533.9 613.7
Share 2018: (51.3%) (83.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Egypt
South Africa
Senegal
Kenya
Burundi
shortmedium
a. long
guarantees for asian emerging�economies and developing countries in million eur
Total 2018: (100%) 3,189.7 2,278.7
Subtotal 2018: 1,869.9 1,748.3
Share 2018: (58.6%) (76.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
India
Dubai UAE
Saudi Arabia
shortmedium
a. long
guarantees for east asian emerging�economies and developing countries in million eur
Total 2018: (100%) 1,765.7 1,101.7
Subtotal 2018: 1,452.5 1,094.8
Share 2018: (82.3%) (99.4%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Vietnam
China PR
Indonesia
Philippines
Taiwan
shortmedium
a. long
guarantees for south and central asian emerging�economies and developing countries in million eur
Total 2018: (100%) 724.7 558.9
Subtotal 2018: 629.8 551.8
Share 2018: (86.9%) (98.7%)
short-term
medium and long-term
2018201720182017201820172018201720182017
India
Bangladesh
Turkmenistan
Uzbekistan
Kazakhstan
shortmedium
a. long
guarantees for middle eastern countries in million eur
Total 2018: (100%) 697.7 618.1
Subtotal 2018: 529.8 606.2
Share 2018: (75.9%) (98.1%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Dubai UAE
Saudi Arabia
Abu Dhabi UAE
Qatar
Jordan
shortmedium
a. long
guarantees for european countries�(without industrialised countries) in million eur
Total 2018: (100%) 2,786.0 2,252.3
Subtotal 2018: 2,717.6 2,247.9
Share 2018: (97.5%) (99.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
Russia
Turkey
Ukraine
Belarus
Serbia
shortmedium
a. long
guarantees for industrialised countries in million eur
Total 2018: (100%) 600.8 4,477.1
Subtotal 2018: 187.5 4,288.6
Share 2018: (31.2%) (95.8%)
short-term
medium and long-term
2018201720182017201820172018201720182017
United States
United Kingdom
Israel
Switzerland
Sweden
shortmedium
a. long
* Von dieser Statistik (endgültig übernommene Einzeldeckungen und Sammel- deckungen) abweichend werden bei der Berechnung der Obergrenze für Türkeideckungen in 2017 wegen der mit der Grenze verfolgten Ziele keine Sammeldeckungen. sondern alle übernommenen Einzeldeckungen. also sowohl endgültige als auch solche im Stadium der Grundsatzzusage. in Ansatz gebracht,
131.7105.2187.7192.8
44.8328.6
0.45.00.32.4
793.3659.7175.8216.7312.3264.8202.6217.6129.1128.5
339.4135.0
1.90.0
130.90.06.49.9
135.10.0
177.8145.0204.9196.2
14.03.6
137.2117.7
0.00.0
936.40.0
46.4250.1188.8257.2455.2
26.7121.524.8
116.878.7
887.7769.6483.7476.1125.2166.4256.5261.6
936.40.0
46.4250.1105.8
92.36.21.20.0
10.0
116.878.7
887.7769.6202.5305.9131.0128.5114.5103.3
188.8257.2133.4
41.4142.5115.9
87.173.0
0.010.1
483.7476.1
63.3129.5
1.73.1
22.879.158.357.2
455.226.7
121.524.8
0.010.529.5
3.20.00.0
125.2166.4256.5261.6
92.612.913.923.241.640.7
1,180.3606.3889.1616.4125.9
1.352.683.70.0
112.2
1,297.61,119.9
892.6953.1326.3426.9101.797.099.498.2
1,777.1995.5
1,685.7552.0199.6
3.2320.5
1.8305.7625.7
0.00.00.00.0
187.5176.7
0.00.00.00.0
* Differences are due to rounding
Statutory cover limit
Uncategorisable*
Emerging economies and developing countries
Industrialised countries
An outstanding amount of just under 1.1 bil-
lion euros has been restructured in the
Paris Club to take account of the ability of
the debtor countries to meet their payment
obligations and is governed by bilateral
rescheduling agreements. However, there
is no certainty that the repayments thus
agreed will actually be received.
No outstanding amounts due to the Feder-
al Government were cancelled under debt
rescheduling arrangements in 2018. Since
the establishment of export credit guaran-
tees, the Federal Republic of Germany has
waived total debt of just under 4.4 billion
euros owed by the poorest countries under
earlier debt-rescheduling agreements.
68 Covered Total export New guar percentage Cover appli volume in antees in of total ex cations in Year billion EUR billion EUR port volume billion EUR
**** Allocated **** amount of Total Statutory statutory outstand cover limit cover limit ing risk
new guarantees as related to total export volume; cover applications
utilisation of the statutory cover limit in billion eur
* Starting 1989, values include former Eastern Germany
** Starting 1993, a new statistical method is applied in the EU to record overall export figures
*** Volume of new applications, until 2005 buisiness volume of decisions
**** The column “Allocated amount of statutory cover limit“ reflects the overall level of exposure under the statutory limit for the respective year. However, conclusions on the amounts actually at risk cannot be drawn on the basis of these figures because they also include indemnification and other payments made in respect of reschedulings for which recoveries are still expected. For this reason, the Federal Government‘s total outstanding risk has been recorded separately since the end of 1997.
0.3 0.3
3.8 2.5
6.1 5.2
8.7 8.1
13.8 12.9
30.7 25.0
76.7 59.6
99.7 80.9
81.8 68.3
99.7 91.9
112.5 106.1 56.5
117.0 104.9 56.7
117.0 98.4 58.8
117.0 96.7 58.1
117.0 101.3 62.3
117.0 107.8 66.0
120.0 107.5 76.4
135.0 116.6 82.3
135.0 124.9 85.2
145.0 129.1 87.7
165.0 134.1 88.5
160.0 132.8 92.4
160.0 128.6 89.8
160.0 121.0 85.8
153.0 120.7 86.5
1950 4.3 0.2 3.6 1.0
1955 13.1 1.6 12.5 5.1
1960 24.5 2.4 9.6 8.3
1965 36.7 2.8 7.5 10.0
1970 64.1 4.9 7.7 12.0
1975 113.3 10.1 8.9 55.8
1980 179.2 14.6 8.1 64.8
1985 274.6 15.9 5.8 54.0
1990* 348.0 13.7 3.9 29.9
1995** 383.2 17.1 4.5 29.8
2000 596.9 19.5 3.3 21.0
2005 786.2 19.8 2.5 24.8
2006 893.6 20.6 2.3 33.9 ***
2007 969.1 17.0 1.8 38.1
2008 994.9 20.7 2.1 42.8
2009 808.2 22.4 2.8 48.0
2010 959.5 32.5 3.4 36.8
2011 1,060.2 29.8 2.8 37.4
2012 1,097.4 29.1 2.6 41.7
2013 1,093.9 27.9 2.6 38.7
2014 1,133.5 24.8 2.2 38.6
2015 1,195.9 25.8 2.2 36.2
2016 1,207.0 20.6 1.7 38.2
2017 1,279.1 16.9 1.3 29.1
2018 1,317.9 19.8 1.5 35.1
69
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
result in million eur
Recoveries Expenses for claims Disburse for the han Annual paid and ments for dling of the results Premiums/ rescheduled claims and export credit excluding Year(s) fees earned amounts* reschedulings guarantees interest Interest**
* Recoveries for claims paid and rescheduled amounts include special revenues and exchange rate gains
** Interest received by the federal budget is exluded when calculating the financial result since the refinancing costs incurred by the Federal Government in respect of claims paid are also not included
Differences are due to rounding
1950-1954 27.6 16.8 25.6 5.3 13.5
1955-1959 85.6 83.2 168.0 10.8 -10.0
1960-1964 141.3 144.7 370.1 14.4 -98.5
1965-1969 247.0 381.4 587.7 22.8 18.0
1970-1974 346.1 421.9 808.1 37.9 -77.9
1975-1979 897.5 468.5 580.6 82.6 702.8
Subtotal 1,745.1 1,516.6 2,540.1 173.7 547.9 482.1
1980-1984 1,437.3 860.9 3,034.5 149.9 -886.1 238.2
1985-1989 1,343.3 1,034.6 5,512.6 183.9 -3,318.5 760.1
1990-1994 2,022.9 2,028.3 12,121.9 244.3 -8,315.0 1,725.6
1995-1999 2,727.3 2,722.2 6,614.4 270.6 -1,435.5 4,143.6
2000-2004 2,399.3 3,905.1 3,615.1 317.6 2,371.6 5,278.6
2005-2009 2,442.1 12,014.1 1,608.9 336.1 12,511.2 4,746.7
2010 776.5 187.2 282.2 75.8 605.6 92.7
2011 778.6 232.3 408.5 83.4 519.0 115.2
2012 546.7 199.4 282.5 79.8 383.8 123.6
2013 653.9 244.7 232.5 85.2 580.9 111.4
2014 598.1 299.9 504.0 84.7 309.3 214.3
2015 541.8 286.5 395.1 89.6 343.7 256.4
2016 845.4 977.6 551.8 87.4 1,183.9 397.5
2017 346.9 309.1 429.3 85.1 141.5 309.9
2018 586.1 396.9 728.0 88.7 166.4 378.6
Total amount 19,791.4 27,215.4 38,861.3 2,435.8 5,709.7 19,374.6
Total income 47,006.8
Total expenses 41,297.1
Result accrued excluding interest 5,709.7
Debt owed to the Federal Government 4,048.2
of which regulated under reschedulings 1,076.7
11 raw materials in 16 countries
Over the last five years, the Federal Government has con-firmed the eligibility of raw material projects in 16 countries for 11 different raw materials in the light of raw materials supply considerations.
1.3 billionApplications worth 1.3 bil-lion euros were received for untied loan guarantees in 2018.
7171
untied loan guarantees (ufk)
3.9 billionThe Federal Government’s exposure under aggregate outstanding guarantees came to 3.9 billion euros as of the end of 2018.
Copper the main driver
Rising market prices are driving the global develop-ment of numerous copper deposits.
The commodity markets continued to exhibit extremely strong
momentum in 2018. The development of numerous mining projects,
particularly for copper, was stepped up on the strength of positive
price projections. This heightened activity was reflected in 27 inquiries
for raw material projects in 2018. Eligibility for cover was confirmed
for six projects on the basis of raw materials supply considerations.
In addition, an offer of cover was given for a pipeline project and
an untied loan guarantee issued for a copper project. Exposure
stood at 3.9 billion euros at the end of 2018.
72
Länder, in denen innerhalb der letzten 5 Jahre Rohstoffprojekte als rohstoffpolitisch förderungs- würdig erachtet wurden
ufk-anfragen nach rohstoffarten
Rohsto�e
Mineralische Rohstoffe
Kupfer
Magnesium
Rutil
Seltene Erden
Tantal
Kali
Eisenerz
Wolfram
Lithium
Titan
Gold
Energierohstoffe
Erdgas
LNG
Sonstige Rohstoffe
Gesamt 2016
Anzahl
18
5
1
1
2
1
1
1
2
2
1
1
3
1
2
1
22
ufk-deckungspraxis – länder
Countries where raw material projects were regarded as eligible for support during the past five years.
ufk underwriting practice – countriesufk-anfragen nach rohstoffarten in 2018
Rohsto�e
Mineralische Rohstoffe
Kupfer
Lithium
Graphit
Bauxit
Seltene Erden
Kobalt
Gold
Eisenerz
Silizium
Energierohstoffe
LNG
Sonstige Rohstoffe
Gesamt 2018
Anzahl
19
8
4
1
1
1
1
1
1
1
4
4
4
27
ufk enquiries – distribution among the types of raw materials
Raw materials
Minerals
Copper
Lithium
Graphite
Bauxite
Rare earths
Cobalt
Gold
Iron ore
Silicon
Energy raw materials
LNG
Other raw materials
Total 2018
Number
19
8
4
1
1
1
1
1
1
1
4
4
4
27
Iran
Kanada
Vereinigte Staaten
Brasilien
Guinea
SüdafrikaMosambik
Großbritannien
IslandNorwegen
Australien
PanamaTansania
Iran
Spanien
Russland
Canada
UnitedStates
Guinea
South Africa
Norway
Australia
Peru Tanzania
TürkeiÄgypten
MongoleiMazedonienAserbeidschan
Panama
Chile
Turkey
MongoliaAzerbaijanSpain
Länder, in denen innerhalb der letzten 5 Jahre Rohstoffprojekte als rohstoffpolitisch förderungswürdig erachtet wurden
ufk-deckungspraxis – länder
Iran
Kanada
Vereinigte Staaten
Guinea
Südafrika
Norwegen
Australien
Nord-mazedonien
Peru Tansania
Panama
Chile
Türkei
MongoleiAserbaidschanSpanien
North Macedonia
ufk-anfragen nach rohstoffarten in 2018
Rohsto�e
Mineralische Rohstoffe
Kupfer
Lithium
Graphit
Bauxit
Seltene Erden
Kobalt
Gold
Eisenerz
Silizium
Energierohstoffe
LNG
Sonstige Rohstoffe
Gesamt 2018
Anzahl
19
8
4
1
1
1
1
1
1
1
4
4
4
27
the year at a glance
As in the previous year, commodity markets were
generally characterised by stable prices in 2018. In
the second half of the year, however, global economic
conditions, particularly as a result of the development
of relations between China and the United States, the
Brexit negotiations and general political uncertainty,
also left traces on commodity markets. As a result of
these global develop-
ments, large parts of
the commodity mar-
kets remained f lat
compared with the
previous year, stabi-
lising at a moderate
price level. With prices fundamentally stabilising over
recent years, investment activity for the development
or recommissioning of mining projects has increased
significantly. In 2018, many projects reached an
advanced stage of development in which financing
issues play a central role. This is also reflected in
numerous requests for guarantees for untied loans. At
the same time, there were isolated cases – particularly
in African countries – in which national legislation was
passed to restrict foreign investors’ access to mines.
This trend had already become apparent in the previ-
ous year and continued in 2018.
In 2018, one new untied loan guarantee worth a total
of 0.5 billion euros was issued. An offer of cover for
1.3 billion euros (plus cover for interest) was issued
for a further project. Four (previous year: two) applications for raw material projects with a combined
value of 1.3 billion euros (plus cover for interest) were
received. At 27 (2017: 33), the number of inquiries
remained at a high level. These concerned raw mate-
rial projects in 16 different countries mostly entailing
minerals (primarily copper and lithium). In 2018, plans
for six of these projects (four copper, one graphite
and one LNG project with a total volume equivalent to
around 2.4 billion euros) had already progressed far
enough for the Federal Ministry for Economic Affairs
and Energy to confirm their eligibility for cover in the light of raw materials supply considerations.
73
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
For further details, please contact:
Phone: +49 (0) 40 / 88 34 90 00info@ufkgarantien.deagaportal.de/en > raw materials
Länder, in denen innerhalb der letzten 5 Jahre Rohstoffprojekte als rohstoffpolitisch förderungs- würdig erachtet wurden
ufk-anfragen nach rohstoffarten
Rohsto�e
Mineralische Rohstoffe
Kupfer
Magnesium
Rutil
Seltene Erden
Tantal
Kali
Eisenerz
Wolfram
Lithium
Titan
Gold
Energierohstoffe
Erdgas
LNG
Sonstige Rohstoffe
Gesamt 2016
Anzahl
18
5
1
1
2
1
1
1
2
2
1
1
3
1
2
1
22
ufk-deckungspraxis – länder
Countries where raw material projects were regarded as eligible for support during the past five years.
ufk underwriting practice – countriesufk-anfragen nach rohstoffarten in 2018
Rohsto�e
Mineralische Rohstoffe
Kupfer
Lithium
Graphit
Bauxit
Seltene Erden
Kobalt
Gold
Eisenerz
Silizium
Energierohstoffe
LNG
Sonstige Rohstoffe
Gesamt 2018
Anzahl
19
8
4
1
1
1
1
1
1
1
4
4
4
27
ufk enquiries – distribution among the types of raw materials
Raw materials
Minerals
Copper
Lithium
Graphite
Bauxite
Rare earths
Cobalt
Gold
Iron ore
Silicon
Energy raw materials
LNG
Other raw materials
Total 2018
Number
19
8
4
1
1
1
1
1
1
1
4
4
4
27
Iran
Kanada
Vereinigte Staaten
Brasilien
Guinea
SüdafrikaMosambik
Großbritannien
IslandNorwegen
Australien
PanamaTansania
Iran
Spanien
Russland
Canada
UnitedStates
Guinea
South Africa
Norway
Australia
Peru Tanzania
TürkeiÄgypten
MongoleiMazedonienAserbeidschan
Panama
Chile
Turkey
MongoliaAzerbaijanSpain
Länder, in denen innerhalb der letzten 5 Jahre Rohstoffprojekte als rohstoffpolitisch förderungswürdig erachtet wurden
ufk-deckungspraxis – länder
Iran
Kanada
Vereinigte Staaten
Guinea
Südafrika
Norwegen
Australien
Nord-mazedonien
Peru Tansania
Panama
Chile
Türkei
MongoleiAserbaidschanSpanien
North Macedonia
ufk-anfragen nach rohstoffarten in 2018
Rohsto�e
Mineralische Rohstoffe
Kupfer
Lithium
Graphit
Bauxit
Seltene Erden
Kobalt
Gold
Eisenerz
Silizium
Energierohstoffe
LNG
Sonstige Rohstoffe
Gesamt 2018
Anzahl
19
8
4
1
1
1
1
1
1
1
4
4
4
27
All in all, the Federal Government has confirmed the
eligibility of 30 projects in 16 countries around the
world in the light of raw materials supply consider-
ations over the last five years. These projects entailed
11 different mineral and energy sources, thus under-
scoring the range of raw materials and projects for
which the untied loan guarantee instrument is avail-
able.
The Federal Government’s maximum liability (expo-
sure) under the guarantees issued and still on risk
– including cover for interest – stood at 3.9 billion
euros at the end of 2018. Of this, raw material projects
accounted for 3.5 billion euros and development-bank
projects for 0.4 billion euros. Two guarantees issued
for development-bank projects worth 1.9 billion euros
were discharged prematurely in 2018. As of the end of
the year, the portfolio comprised a total of ten guaran-
tees, namely seven guarantees for raw material proj-
ects and three for development-bank projects.
The untied loan guarantees paid for themselves in the
year under review from premiums and fees. There were
no claims.
The 2018 Budget Act provided for a joint statutory cov-
er limit of 65 billion euros for the issue of untied loan
guarantees, investment guarantees and European
Investment Bank loans.
74
Project example: the Mina Justa copper project – mining raw materials in Peru to supply German industry
Copper is of considerable importance for German industry. In addition to its traditional uses, it is also becoming increasingly important for future technologies made in Germany. The high conductivity of copper is particularly useful for electromobility. Looking forward, this will lead to a further increase in the share of copper used in the automotive industry and by supporting this project, the Federal Government sent an strong signal on the significance of industry in Germany.
The copper project is being developed by the Peruvian mining company Minsur S.A. and the Chilean Copec S.A. group in southern Peru in the Ica region, a region known for its mining industry. In addition to the construction of the mining operations and the necessary
Visit by the ECA environ-mental, social and human
rights consultants to the site of the Mina Justa cop-
per mine project in Peru.
In 2018, the German government granted an untied loan guarantee of 400 million dollars (plus interest) for the Mina Justa project in Peru. A longterm supply agreement between the project company and the German company Aurubis AG forms the basis for the Federal Government’s participation in the finance for this project. Aurubis is one of the world’s largest copper producers and a leader in the production of secondary copper from recycled metal scrap. With the support of the Federal Government, the company has secured supplies of copper concentrate from the mine for processing in the copper smelter in Germany over a period of ten years. The supply agreement thus makes a significant contribution to the company’s capacity utilisation and ensures the longterm availability of copper for German industry.
75
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
production plant, the project also includes infrastructure investments and the expansion of a port facility. The project is being implemented in line with international environmental, social and human rights requirements in accordance with the IFC Performance Standards.
The total investment volume stands at around 1.6 billion dollars. The project is being financed by the equity contributed by the two investors as well as debt capital totalling 900 million dollars. In addition to the untied loan guarantee provided by the Federal Government, other ECAs including EDC (Canada), EFIC (Australia) and KEXIM (Korea) are also involved. The funding under the untied loan guarantee is being provided
by a consortium of banks consisting of KfW IPEXBank, Société Générale, Crédit Agricole, ING Bank, Natixis and BBVA.
The intergovernmental agreement establishing a raw materials partnership between Peru and the Federal Republic of Germany came into force in 2015. Under the agreement, Germany is to receive guaranteed supplies of raw materials, in return for which the Peruvian raw materials sector is to be developed on a sustained and economically viable basis. The Mina Justa project is thus helping to strengthen the bilateral relations between the two countries.
76 scheme, e. g. current editions of the AGA Report, the
General Terms and Conditions, application forms and
information leaflets as well as the Annual Reports can
also be accessed via the Internet. The “Hermes Cover
Special” addresses key aspects of export credit guar-
antees in detail. Further brochures are also available
on the Internet.
2018: @ Duties under supplier and buyer credit cover
2017: @ Guide to forfaiting for exporters
2017: @ Principles underlying ship finance
2017: @ Indemnification procedure
2016: @ Inclusion of foreign content in Hermes Cover
This report on the export credit guarantees provided
by the Federal Republic of Germany is published in
German and English.
Rev.: May 2019
The leadership function in the Interministerial Commit-
tee, which has the underwriting responsibility for the
Federal Export Credit Guarantees, is exercised by the Federal Ministry for Economic Affairs and Energy:
Bundesministerium für Wirtschaft und Energie
Referat VC2
Scharnhorststraße 34-37
10115 Berlin
www.bmwi.de
The Federal Government has appointed Euler Hermes Aktiengesellschaft, Hamburg, (Euler Hermes), to
manage the official export credit guarantee scheme.
Further details, information, documents and advice on
the opportunities offered by ex port credit guarantees
and the applicable pro cedures can be obtained by
contacting the Head Office of Euler Hermes Aktien-
gesellschaft or one of its branch offices. Extensive
information material on the official export guarantee
Watch UsFollow Us Follow Us
77
the tasks of the interministerial committee
the interministerial committee in contact with stakeholders
business performance
untied loan guarantees (ufk)
annex
design of the cover photographs by courtesy of
The covers of the Annual Reports for 2018 on the Export Credit Guarantees and Investment Guarantees issued by the Federal Republic of Germany are the result of an invitation for submissions at the FSG Freie Schule für Gestaltung in Ham-burg in 2018. The FSG has been training communication de-signers since 2009.
Under the project, FSG students submitted proposals for the graphic design of the cover images for the two annual reports for 2018. The design selected was submitted by Leon Luca Körösi. Mr. Körösi offered a convincing interpretation show-ing that the cards are laid on the table in the annual report and that movement and development – represented by the various arrows – is possible in many different ways and direc-tions.
Says Leon Luca Körösi: “The stands on the cover pictures each show a thematically appropriate scenery featuring a line-based look. Each individual line ends in an arrow, whose varying directions symbolise different possibilities for devel-opment as well as the physical movement of exports and in-vestments. In addition, the cards on display pick up the aforementioned metaphor of playing with open cards, which stands for the quality and trustworthiness of the content. This is additionally supported by the central view of the front pag-es, which appear to be open.”
Born in Hamburg, Leon Luca Körösi, 21, is a fifth-semester design student at FSG.
He deals with many different forms of art and design and will be using the ex-perience gained over the last few years to complete his degree in autumn 2019.
annex export credit guarantees
Cover, 7, 77 Leon Luca Körösi, Hamburg
4 Bundesregierung
6, 8, 12 © Novatug, Rotterdam
6, 26, 28, 29, 30 © BMWi / Susanne Eriksson
7, 25, 44 AMOVA GmbH, Netphen
7, 70 sykono, iStock.com
11 Herrenknecht AG, Schwanau-Allmannsweier
14 © BMWi / Anastasia Hermann
14 Elenaburn, Dreamstime.com
14 Stockfotoart, Dreamstime.com
14 Photothek.net
15 © BMWi / Anja Blumentritt
17 S+R Maschinenbau GmbH, Homberg / Ohm
19 Stadler Anlagenbau GmbH, Altshausen
20 HOMAG Finance GmbH, Schopfloch
21 envato, punedesign
21 e.Go Mobile AG, Aachen
24 HUMBOLDT WEDAG GmbH, Köln
31 VDMA, Frankfurt am Main
32 Bühler Alzenau GmbH, Alzenau
33 Euler Hermes AG, Hamburg
34 Giesecke + Devrient GmbH, München
35, 36 E-FARM.COM, Hamburg
37 N.N.
38 caracterdesign, istock.com
38 N.N.
40, 41 Ludwig Pfeiffer Hoch- und Tiefbau GmbH & Co. KG, Kassel
42 GE Wind Energy GmbH, Salzbergen
74, 75 Philip Koelle-Nebelsiek, Hamburg
classification of countries
Classification of countries into industrialised countries and emerging econ o mies and developing countries
Industrialised countries:
The group of industrialised countries comprises all coun tries with OECD country classification 0; these include OECD high-income countries (according to the World Bank defini-tion: countries with a GNI per capita above 12,056 US dollars in 2018), member states of the European Monetary Union including their affiliated terri tories, as well as Singapore.
Andorra, Australia, Austria, Belgium, Canada, Chile, Czech Republic, Cyprus, Denmark, Es tonia, Finland, France, Germa-ny, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Lat-via, Liechtenstein, Lithu ania, Luxembourg, Malta, Monaco, Neth erlands, New Zealand, Norway, Poland, Portugal, San Marino, Singapore, Slovak Republic, Slovenia, Spain, South Korea, Sweden, Switzerland, United Kingdom, United States, Vatican City
and their dependent territories:BES Island, Ceuta and Melilla, Gibraltar, Greenland, Guade-loupe, French Guiana, Marti nique, Mayotte, Réunion, St. Pierre and Miquelon.
American emerging economies and developing countries:
American Virgin Islands, Anguilla, Antigua and Barbuda, Argentina, Aruba, Bahamas, Barbados, Belize, Bermuda, Bo-livia, Brazil, British Virgin Islands, Cayman Islands, Co lombia, Costa Rica, Cuba, Curaçao, Domi nica, Dominican Republic, Ecuador, El Salvador, Falkland Islands, Grenada, Gua temala, Guyana, Haiti, Honduras, Jamaica, Mexico, Montserrat, Nica-ragua, Panama, Paraguay, Peru, Puerto Rico, Sint Maarten, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands, Uruguay, Venezuela.
African emerging economies and developing countries:
Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cabo Verde, Central African Republic, Chad, Comoros, Congo, Congo (Democratic Republic), Côte d’Ivoire, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Lib ya, Madagascar, Malawi, Mali, Mauritania, Mau-ritius, Morocco, Mozam bique, Namibia, Niger, Nigeria, Rwanda, Sâo Tomé and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Af ri ca, South Sudan, St. Helena, Sudan, Swaziland (since 2018 Eswatini), Tanzania, Togo, Tu-nisia, Uganda, Zambia, Zimba bwe.
Asian emerging economies and developing countries:
@ Middle East: Bahrain, Iran, Iraq, Jordan, Kuwait, Leb a non, Oman, Palestine (au ton omous terri tories), Qatar, Saudi Ara bia, Syria, United Arab Emirates, Yemen.
@ East Asia: Brunei Darussalam, Cam bo dia, China (People’s Republic), Hong Kong, Indonesia, Ko rea (Democratic People’s Republic), Laos, Macao, Ma laysia, Mongolia, Philippines, Taiwan, Thai-land, Timor-Leste, Vietnam.
@ South/Central Asia:Afghanistan, Armenia, Azerbaijan, Bangla desh, Bhutan, Georgia, India, Ka zakh stan, Kyrgyzstan, Maldives, Myanmar, Nepal, Pa kistan, Sri Lanka, Tajikistan, Turkmenistan, Uzbeki-stan.
@ Oceania: American Samoa, Cook Is lands, Fiji, French Polynesia, Guam, Ki ribati, Marshall Islands, Micronesia, Na uru, New Caledonia, Niue, Northern Ma riana Is lands, Palau, Papua New Guinea, Pitcairn Islands, Solomon Is lands, Samoa, Tokelau, Tonga, Tuvalu, Vanuatu, Wallis and Futuna.
European countries (without industrialised countries):
Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, North Macedonia, Republic of Moldova, Montenegro, Romania, Russia, Serbia, Turkey, Ukraine.
78
<<< please turn overleaf for definitions and explanations
head office
Euler Hermes AktiengesellschaftGasstraße 2722761 Hamburg
Phone: +49 (0) 40 / 88 34 - 90 00Fax: +49 (0) 40 / 88 34 - 91 75
[email protected] www.agaportal.de
berlin liaison office
Friedrichstadt-PassagenQuartier 205Friedrichstraße 6910117 Berlin
Phone: +49 (0) 30 / 72 62 - 177 50Fax: +49 (0) 30 / 72 62 - 177 76
10117 BerlinFriedrichstraße 69
44139 Dortmund Rheinlanddamm 199Office Park
60549 FrankfurtMAC Main Airport Center Unterschweinstiege 2 - 14Building D1 / 10th floor
79100 FreiburgRehlingstraße 6 e
22761 HamburgGasstraße 27
50670 KölnIm Mediapark 8
81373 MünchenRadlkoferstraße 2
90429 NürnbergSpittlertorgraben 3
70178 StuttgartTübinger Straße 41/43Caleido
Export Credit Guarantees of the Federal Republic of Germany
For all branch offices:
Phone: +49 (0) 40 / 88 34 - 90 00Fax: +49 (0) 40 / 88 34 - 91 41
branch offices
you can find our products on the internet
agaportal.de/en > Exports > Basics > Products
definitions and explanations
Arrangement (OECD Consensus):The Arrangement is a “Gentlemen’s Agreement” between the OECD members which lays down certain minimum and maxi-mum terms permissible for officially supported export credits with a maturity of more than 2 years. The Arrangment aims at creating a level playing field for the exporters and avoiding financing competition which would place an unnecessary burden on national budgets.
Ceiling:For countries where cover facilities have been restricted for risk management reasons, an amount of cover is fixed which places a limit on the maximum amount for which guarantees can be issued, i. e., a ceiling is established. As a rule, such ceilings apply to transactions with repayment terms of more than 12 months.
Club of London:The uncovered loans granted by commercial banks are re-scheduled by the banks on their own initiative (cf. also Paris Club).
Coinsurance:When the primary supplier passes on his foreign risks to the subcontractor, e.g. if and when the latter only gets paid when the foreign buyer has paid the primary contractor, an applica-tion can be made for so-called coinsurance. Among EU mem-ber states, this is regulated by a Council Directive. There are bilateral agreements with other credit insurers. Besides this, there is the option of concluding a coinsurance agreement with other state export credit agencies covering just a single transaction.
Commercial risks:Commercial risks are mainly insured under the cover given for the credit and manufacturing risks involved in export contracts with private buyers. In the case of credit risk, the insured event is the uncollectability of insured accounts re-ceivable as a result of the insolvency of the foreign buyer, as well as his simple non-payment after the expiry of a certain period (protracted default). In manufacturing risk cover, the commercial risks recognized as insured are also the occur-rence of buyer insolvency during the manufacturing period, the unlawful repudiation of the contract by the buyer as well as non-payment of cancellation costs if the contract was lawfully cancelled.
ECA:Export Credit Agency which supports exports by means of state export credit insurance, direct lending, refinancing or interest subsidies.
Environmental, social and human rights audit:The OECD Recommendation of the Council on Common Ap-proaches for Officially Supported Credits and Environmental and Social Due Diligence (Common Approaches) essentially forms the basis for the assessment of environmental, social and human rights risks of projects abroad, in which German exporters are involved as suppliers.
Exposure: Total commitment level of the Federal Government booked against the maximum exposure limit or the commitment under an individual export credit guarantee.
Interministerial Committee (IMC):Decides on matters of principle and on the availability of cover for individual transactions. The Federal Ministry for Economic Affairs and Energy takes the decisions on the cover applications with the approval of the Federal Ministry of Finance and in agreement with the Federal Foreign Office and Federal Ministry for Economic Cooperation and Development. Representatives of the mandatary and experts are also on the IMC.
Marketable risks:With effect from 2002, the political and commercial risks arising out of export transactions with credit periods of up to two years in EU countries as well as core OECD countries are considered to be marketable risks. In line with the principle of subsidiarity, state cover is therefore no longer available for such risks. The new EU Commission Communication which came into force on 1 January 2013 regulates up to 2020 the procedure under which a country may be classified as tempo-rarily non-marketable if and when sufficient cover is not avail-able from the private credit insurers.
Multisourcing projects:Projects involving exporters from different countries and, in many cases, with multinational financing.
Offer of cover:Declaration of intent to provide cover subject to the condition that the factual and legal basis of the transaction does not change (transaction earmarked for cover).
Parallel insurance:When the various suppliers in a multi-sourcing project each have their own payment claims against a foreign buyer, each supplier insures his receivables against loss with his own national export credit agency.
Paris Club:International association of official creditors which restruc-tures the debt of countries experiencing payment difficulties. The debt treatment refers almost exclusively to officially guar-anteed commercial debt, i. e. guaranteed in particular by the governments of the creditor countries and development aid loans. The Paris Club has no organisational structure with written statutes. The procedural guidelines have been devel-oped over the course of time and are amended when and as necessary (cf. “Club of London”).
Political risks:The origin of political risks is to be sought in measures or events originating in the sphere of state authorities. In the case of cover for amounts due for payment, such risks are political circumstances which cause the insured accounts receivable to become uncollectible, especially the general political cause of loss, which includes legislative or regulato-ry actions and so-called chaos events such as war, civil unrest or revolution in foreign countries. The Federal Government further grants cover for the conversion and transfer risk, i. e., the risk that amounts duly paid by the foreign buyer in local currency are not converted and/or not transferred due to restrictions on the international payment system between countries. Cover is also given for the risks of frustration of contract, when it becomes impossible to fulfil a contract and entitlements under it are lost, as well as the risk of loss of goods before the passing of risk for reasons which can be attributed to political circumstances. If such a cause of loss seems likely – just as in the case of the general political cause of loss – and the goods are sold elsewhere in such a situation, then the risk of a shortfall in the proceeds realized is also insured. In the case of manufacturing risk cover the political risks insured comprise the political circumstances abroad which lead to the cessation of manufacture or to non-shipment, as well as embargos imposed under the export law and by any third countries which may be involved.
Project financing schemes:Are applied to complex export transactions where the project itself generates sufficient income to cover the operating costs and the debt service for borrowed funds.
Protracted default: Non-payment which persists for a longer period. If an amount owed by a foreign buyer is not settled within a period of, normally, six months after due date, this is considered to constitute protracted default. In the case of the buyer credit cover facility the waiting period is reduced to one month.
Reinsurance:Using the reinsurance model, projects involving exporters from different countries (multi-sourcing-projects) can be covered by a single export credit insurer, so that the main supplier and the financing bank only have to deal with one partner. The risk is shared between the parties to the reinsur-ance agreement according to the national percentages of goods delivered.
Special Drawing Rights:The Special Drawing Right (SDR) is a form of artificial currency unit used by the International Monetary Fund (IMF). The ex-change rate is defined by a basket of currencies comprising the US dollar, the euro, the pound sterling, the yen and the renminbi (yuan).
Statutory cover limit:Maximum amount stated in the Federal Budget Act up to which liability in the form of issued export guarantees may be accepted. The Federal Office of Administration (BVA) keeps a record of the total amount of the issued export guarantees und monitors the utilisation of the statutory cover limit.
Structured finance transaction: The financing of an export transaction in which, due to in-sufficient or non-assessable creditworthiness of the foreign debtor, and because conventional security instruments (payment guarantee, letter of credit) are not available, other elements are included in the construction to ensure service of the debt, such as the proceeds of offtake agreements.
Total outstanding risk of the Federal Government: The country risk statistics reflect the debt owed by individual countries (including interest) to the Federal Republic of Germany and the amount which would actually have to be indemnified by the Federal Government under the export guarantees issued.
Uninsured percentage:Exporter’s share in the loss in an event of loss, normally 5 % for political risks and 15 % for commercial risks and protract-ed default. For wholeturnover policies, it is 10 % for commer-cial risks. Until the end of 2019 the uninsured percentage agreed in supplier credit cover and wholeturnover policies for commercial risks can be reduced to 5 % against the payment of a premium surcharge. In the case of buyer credit cover, the uninsured percentage is 5 % for all risks, for manufacturing risk cover it is also 5 % and for wholeturnover policies light it is 10 % for all risks.
09 2
306
0519
Euler Hermes AktiengesellschaftExport Credit Guarantees andUntied Loan Guarantees of the Federal Republic of Germany
Postal addressP.O.Box 50 03 9922703 Hamburg, Germany
Office addressGasstraße 2722761 Hamburg, Germany
Phone: +49 (0)40/88 34-90 00Fax: +49 (0)40/88 34-91 75
[email protected]@ufk-garantien.dewww.agaportal.de
Branch offices: Berlin, Dortmund, Frankfurt, Freiburg/Stuttgart, Hamburg, Munich, Nuremberg, Rhineland
www.agaportal.de
