SACE products guide by SACE

SOLUTIONS TO INSURE YOUR BUSINESS SACE products guide

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DRIVING YOUR AMBITIONS

Every good idea brings great opportunities but also great risks. We can help you turn good ideas into concrete projects, taking risks that others are not willing to: this is what makes us different. SACE is an insurance-financial group that operates in the field of credit insurance, protection of investments, sureties and factoring. The group assists its clients in more than 180 countries, ensuring more stable cash flows and transforming companies’ risks of insolvency into development opportunities.

Credit insurance • export credit • investments protection • project & structured ﬁnance • ﬁnancial guarantees • surety bonds • construction risk • factoring Customer Care

www.sace.it

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+39 06 6736000

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WHAT DO YOU NEED TO PROTECT YOUR BUSINESS?

FIND OUT HOW WE CAN HELP YOU

Do you need to grant extended payment terms to your customers? INSURANCE AGAINST NON-PAYMENT RISK ..........................................................................2 Would you like to offer financial solutions to your foreign customers? PRODUCTS FOR BANKS THAT FINANCE YOUR CUSTOMERS ................................................5 Do you need guarantees to bid for contracts? SURETY BONDS ...................................................................................................................6 Do you need credit to develop your business? IMPROVE YOUR ACCESS TO CREDIT....................................................................................8 Are you looking to invest in high-risk countries? PROTECT YOUR INVESTMENTS ABROAD ............................................................................10 Are you an Italian public sector creditor? CONVERT YOUR RECEIVABLES INTO CASH........................................................................11

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PRODUCTS

INSURANCE AGAINST NON-PAYMENT RISK Whatever your business, wherever your markets, whatever your payment terms and number of contracts, we have the right product for you.

YOUR NEED Develop your business without the risk of counterparty default

SUPPLIER CREDIT POLICY Insurance cover for individual Italian export contracts against the non-payment risk due to political and commercial events with no credit limit. For single transactions with the Member States of European Union and some Countries which are members of the OECD* payment must be deferred for at least 24 months. No floor to tenor applies for transactions with other countries.For transactions involving bills of exchange the policy also envisages the discounting of insured credits without recourse by transferring the policy to the bank or other discounting financial intermediary. Policies are also available online for contracts of up to € 5 million: the standard Plus One policy and the simplified Basic policy for smaller contracts (up to € 500,000).

RISK ➤

Non-payment

OPPORTUNITIES Offer more competitive payment terms ➤ Seize all the opportunities offered by foreign markets ➤

CLIENTS Italian enterprises (or their foreign affiliates and subsidiaries) that export goods and supply services (including engineering, procurement, project management and construction services).

RISKS COVERED Non-payment of credits extended to foreign buyers, due to political and/or commercial events. Risks in connection with performance of the contract (risk of contract cancellation, undue calling of bonds, destruction, damage, requisition and confiscation of temporarily exported goods) can also be included in the policy.

TENOR Up to 8.5 years. Possibility of extending to 10 years, depending on the country.

THE BENEFITS 1) For the exporter: • certainty of repayment and thus more stable cash flows • improved cash position – the policy can be transferred to discount the underlying credit without recourse.

2) For the buyer: • extended terms of payment • no need to use bank credit lines • more competitive interest rates.

* Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and USA.

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ONLINE PRODUCTS

PROTECT YOUR SALES AGAINST THE NON-PAYMENT RISK

ONLINE

PLUS ONE POLICY Insurance cover for single transactions of up to € 5 million with deferred payment terms up to 5 years. The policy is available directly online at www.exportplus.it.

CLIENTS

RISKS COVERED Non-payment of credits and ancillary risks (failure to recover pre-shipment costs and undue calling of bonds).

The product has been designed to satisfy the needs of Italian companies that repeat transactions with one or more foreign buyers, with deferred payments for up to 12 months. The Multiexport Online Policy is available at www.sacebt.it, simply by filling in an online application form.

TENOR

CLIENTS

Up to 5 years.

Italian companies that operate repeatedly towards one or a limited basket of foreign buyers/debtors (up to ten).

THE BENEFITS • Reduced paperwork • Simplified procedures and faster response times.

BASIC POLICY ONLINE

MULTIEXPORT ONLINE POLICY

Insurance cover for single transactions of up to € 500,000 with non-OECD countries against the risk of non-payment of credits with payment deferred for up to 36 months. The policy is also available online at www.exportplus.it, for insurance cover in no time at all.

CLIENTS Particularly recommended for Italian SMEs (or their foreign affiliates and subsidiaries) that export goods and supply services (including engineering, procurement, project management and construction services).

ONLINE

Italian enterprises (or their foreign affiliates and subsidiaries) that export goods and supply services or are engaged in research and projects abroad.

RISKS COVERED It covers either the combination of commercial and political risks, or just commercial risks. The Multiexport Online Policy covers the risk of losses due to unpaid receivables caused directly and exclusively by one or more commercial and political CGE (claim generating events).

PERCENTAGE OF COVERAGE It covers all countries except those which are either closed or suspended, with different cover percentages. The policy covers up to 90% of the insured amount, in proportion to country risk groups.

MAXIMUM EXTENSION PERIOD Up to 12 months.

POLICY VALIDITY PERIOD One year.

RISKS COVERED Non-payment of credits extended to foreign buyers, due to political or commercial events.

TENOR Up to 36 months.

THE BENEFITS • Simplified procedure with fewer administrative formalities • Fast response times • Flexibility – insurance cover is automatically adjusted in the event of changes in the commercial contract, within preset limits.

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THE BENEFITS • Indemnity for loss in the event of nonpayment • Automatic online application procedure • Advance assessment of buyers’ solvency • Credit risk reduction • Credit management process support • Credit control optimization and administration cost reduction • Outsourcing of debt collect action • Flexibility • Quick access to financial credit through: - assignment of policy right of indemnification - possibility to obtain advantageous conditions from the banking system.

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PRODUCTS

INSURANCE AGAINST NON-PAYMENT RISK

WHOLE TURNOVER POLICY It satisfies needs of companies wishing to insure their turnover achieved with foreign and domestic buyers with deferred payment of up to 12 months from contracts regarding the supply of goods and/or the performance of services.

CLIENTS Companies operating with deferred payments who wish to insure their entire turnover. It is possible to limit coverage to homogeneous risk classes without further selecting single buyers.

RISKS COVERED The Whole Turnover Policy covers the risk of losses due to unpaid receivables caused directly and exclusively by one or more commercial and political CGE (claim generating events). It covers either the combination of commercial and political risks, or just commercial risks.

Insurance cover for companies involved in civil works or supplying turnkey projects abroad against the risk of cancellation of the contract and/or non-payment during the period of works due to political and/or commercial events, with coverage for a maximum amount set by the policyholder.

CLIENTS Italian construction and plant engineering companies (or their foreign affiliates and subsidiaries) that carry out civil works or supply turnkey projects involving progress payments or milestones.

RISKS COVERED • • • •

Non-payment of credits Failure to recover pre-shipment costs Undue calling of bonds Destruction, damage, requisition and confiscation of temporarily exported goods.

TENOR

MAXIMUM EXTENSION PERIOD

According to the term of execution of the contract and terms of payment.

Up to 12 months.

THE BENEFITS

POLICY VALIDITY PERIOD One year.

THE BENEFITS

CIVIL WORKS POLICY

• Indemnity for loss in the event of nonpayment • Insurance of the entire Italian and foreign portfolio with possibility of tailoring coverage • Advance assessment of buyers solvency • Credit risk reduction • Credit management process support • Credit control optimization and administration cost reduction • Outsourcing of debt collect action • Flexibility • Quick access to financial credit through: - assignment of policy right of indemnification - possibility to obtain advantageous conditions from the banking system.

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• Elimination of the financial risks associated with the possible suspension/cancellation of the contract • Better terms and conditions for the working capital loan by transferring the benefits of the policy to the lending bank.

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PRODUCTS

CONFIRMATION OF DOCUMENTARY LETTERS OF CREDIT

ONLINE

PRODUCTS FOR BANKS THAT FINANCE YOUR CUSTOMERS

This policy covers the importer’s bank against the risk of non-reimbursement by the foreign bank issuing the LC, in respect of payments due under international trade transactions. The insurance cover scheme is standard and easy. Insurance cover can also be acquired through a dedicated internet platform: www.exportplus.it, on the CreDoc Online section. In this case, terms and conditions of the insurance policy will be available in real-time.

CLIENTS

BUYER CREDIT GUARANTEE / POLICY Guarantees loans granted by the bank to foreign buyers, both on a corporate and project finance basis, within the scope of transactions involving Italian companies (or their foreign affiliates and subsidiaries) as the exporter, investor or buyer.

CLIENTS Italian or foreign banks involved in financing your business activities.

RISKS COVERED Non-payment of credits due to political or commercial events.

TENOR Up to 10 years. Possibility of extending to 10 years, depending on the Country. For project finance transactions, the repayment period may be extended to 14 years.

THE BENEFITS 1) For the company: • certainty of payment • competitive edge by providing attractive payment conditions to the foreign buyer 2) For the lending bank: • resources can be freed up for other uses • zero weighting of the risk guaranteed by SACE, in calculating the capital charge under Basel agreements • added value of joint assessment with SACE of the country and foreign borrower risk. 3) For the customers: • better credit terms with very attractive financial packages in terms of tenor, costs and interest • diversification of financial resources – bank credit lines are unaffected by the amount guaranteed by SACE.

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Italian or international banks involved in documentary credit transactions tied to any export of Italian goods and services.

RISKS COVERED Non-payment of documentary credits due to political or commercial events.

TENOR LC with deferred payment conditions or LC at sight with post-financing up to 8 years, with the possibility of extension to 10 years.

THE BENEFITS 1) For the company: • payment compliant with the terms set out in the sale contract • competitive edge and possibility of negotiating attractive medium/long-term payment conditions with the foreign buyer. 2) For the lending bank: • no need of countries and/or counterparts limits • credit limits available for non trade-related business • zero weighting criteria in compliance with the equity provision regulations under Basel II agreements on the SACE insurance guaranteed portion.

EXPORT BANCA Export Banca is the scheme developed by SACE, Cassa Depositi e Prestiti (CDP) and the Italian Banking Association (ABI) to provide funding for exports, internationalisation and projects of strategic importance for the Italian economy. Export Banca will provide funding to banks at competitive rates, with guaranteed benefits for the final beneficiary.

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PRODUCTS

SURETY BONDS Bid for contracts knowing you have all the necessary cover to be able to guarantee execution of the projects.

YOUR NEED Obtain contract guarantees requested by the developer

RISK ➤

Losing business opportunities due to not having adequate guarantees

OPPORTUNITIES ➤

Diversify your partners when issuing guarantees

CONTRACTUAL GUARANTEES IN ITALY AND ABROAD • Bid Bond Guarantees that the awarded contractor will honour its bid and sign all contract documents. • Performance Bond Guarantees against the failure of the contractor to meet the obligations pursuant to the contract. • Advance Payment Bond Guarantees the recovery of sums paid in advance to perform the contract in the event of failure of the contractor to meet its obligations. • Maintenance Bond Guarantees that the contractor will carry out all necessary corrections to defects discovered after completion of the works. • Money Retention Bond Guarantees the recovery of the retention money paid in advance to the contractor upon delivery at the relevant milestones.

GUARANTEES FOR CUSTOMS DUTIES • Customs Duties Guarantee An essential tool for companies in the manufacturing, food, pharmaceuticals and raw materials processing sectors, enterprises that have frequent dealings with customs and those with bonded warehouses and storage facilities. These bonds guarantee temporary imports, customs warehousing and periodic and/or deferred payments in case of continuous customs activities.

• Guarantee To Cover Urbanisation Charges Guarantees fulfilment of obligations of performance according to the law.

THE BENEFITS These instruments provide guarantees required to compete effectively for tenders both in Italy and abroad and to comply with legal and contractual obligations.

• Customs Bonds Used for temporary imports/exports of goods/ machinery under contracts abroad.

THE BENEFITS 6

Improved financial management, avoiding the need to freeze funds to cover customs duties and enabling you to purchase goods at the most convenient prices, deferring the payment of customs duties until they are actually used.

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PRODUCTS

SURETY BONDS

CONSTRUCTION RISK GUARANTEES • C.A.R. - Contractors’ All Risks For contractors engaged in a project in the construction industry, it provides an “all risks” cover – every hazard not specifically excluded is covered. Almost any sudden and unforeseen loss or damage occurring during the period of insurance to the property insured on the construction site will be indemnified. The policy even covers damage caused involuntarily to third parties (death or injury). • C.A.R. - Contractors’ All Risks For Contracts Abroad Comparable to the C.A.R. policy in Italy, it insures the contractor against material and direct damage to the works during construction or to pre-existing structures, caused for any reason, unless specifically excluded in the contract. The policy covers construction risks for works performed by Italian contractors abroad under Italian law or provides cover in accordance with local laws under fronting agreements. • IDI - Decennial Liability Policy Covers materials and direct losses due to partial or total collapse of the building or serious structural defects that undermine its stability. The policy also covers damage to third parties due to structural defects. The policy can be tailored for public and private works contracts. • E.A.R. - Erection All Risks Covers all risks arising from the construction and installation of machinery, plant and steel structures. It envisages specific rules regarding the execution and testing of plant and systems and extended cover to include design errors and faulty material or supplies.

THE BENEFITS These policies provide the guarantees contractors need in order to ensure compliance with all legal obligations in bidding for contracts in Italy and abroad.

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PRODUCTS

IMPROVE YOUR ACCESS TO CREDIT SACE offers a range of products and services to make it easier for your company to have access to credit. Browse these pages to find the products best suited to your needs.

WORKING CAPITAL GUARANTEE This guarantee covers non-payment of loans granted by banks to Italian companies (or their foreign affiliates and subsidiaries) for working capital needs arising from supplies to be exported or from the execution of civil works abroad.

CLIENTS Italian companies intending to sell goods and services abroad or execute works abroad, either directly or through their foreign subsidiaries or affiliates.

POLICYHOLDER

YOUR NEED

The bank funding the company.

Improve access to credit

RISKS COVERED

RISK

COVER

➤

Failure to optimise financial management

Credit risk associated with non-repayment of the loan. Up to 80%.

TENOR In line with sale contract.

OPPORTUNITIES ➤ ➤

Diversify sources of access to credit Free-up credit lines

THE BENEFITS 1) For the company: • the portion of the loan guaranteed by SACE does not affect the borrower’s credit lines with the bank, thus allowing more financial flexibility • no additional costs as SACE’s premium is included as a portion of the spread paid by the company to the bank. 2) For the lending bank: • the Italian or foreign bank financing your company benefits from the guarantee provided by SACE so that a portion of the borrower’s approved credit line can be used for other purposes • reduced risks, the bank shares the non payment risk of the borrower with SACE • zero weighting of the risk guaranteed by SACE, when calculating the capital charge under Basel agreements.

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PRODUCTS

IMPROVE YOUR ACESS TO CREDIT

INVESTMENT GUARANTEE This guarantee covers loans granted by banks to companies to finance foreign investments, or investments in Italy of strategic importance for the country (renewable energy sources, strategic infrastructure, research and development, etc.).

CLIENTS Italian enterprises and their foreign subsidiaries or affiliates planning to invest abroad (joint ventures, M&As, increases of capital in foreign enterprises or setting up of production facilities). Italian or foreign enterprises investing in projects in connection with renewable energy sources, strategic infrastructure or R&D in Italy, including project finance transactions.

POLICYHOLDER The bank funding the company.

RISKS COVERED Credit risk in the event of default on repayment of the loan.

INTERNATIONALISATION GUARANTEE FOR SMES Targeted at small and medium enterprises (SME), this guarantee supports companies wishing to expand their activities abroad and/or to enhance their commercial activities in new countries by covering loans granted by approved banks1 to support projects directly and indirectly connected with internationalisation. The Internationalisation Guarantee For Smes product is also available online at www.exportplus.it.

CLIENTS Italian SMEs (or their foreign affiliates and subsidiaries) with a turnover of up to € 250 million investing abroad either directly (joint ventures, M&As, partnerships) or indirectly, or involved in R&D. Also for investments to renew and upgrade plant and machinery, protect brands and patents, attend international trade fairs and for promotional activities.

POLICYHOLDER

Up to 80%, defined on a case to case basis.

The banks and lending institutions funding the company.

TENOR

RISKS COVERED

In line with the loan agreement.

Credit risk in the event of default on repayment of the loan.

COVER

THE BENEFITS COVER 1) For the company: • the portion of the loan guaranteed by SACE does not affect the borrower’s credit lines with the bank, thus allowing more financial flexibility • no additional costs as SACE’s premium is included as a portion of the spread paid by the company to the bank. 2) For the lending bank: • the Italian or foreign bank financing the company benefits from the guarantee provided by SACE so that a portion of the borrower’s approved credit line can be used for other purposes • reduced risks the bank shares the non payment risk of the borrower with SACE • zero weighting of the risk guaranteed by SACE, when calculating the capital charge under Basel agreements.

SACE has signed agreements with leading Italian banks and lending institutions and defined a maximum limit for loans granted to enterprises. The up-to-date list of approved banks is published on www.sace.it/bank

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Up to 70% of the loan.

TENOR From 3 to 7 years, assessed on a case to case basis.

2) For the lending bank: • the Italian or foreign bank financing the company benefits from the guarantee provided by SACE so that a portion of the borrower’s approved credit line can be used for other purposes • reduced risks, the bank shares the nonpayment risk of the borrower with SACE • zero weighting of the risk guaranteed by SACE, when calculating the capital charge under Basel agreements.

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PRODUCTS

PROTECT YOUR INVESTMENTS ABROAD

ONLINE

Expand your business abroad while leaving political risk at home.

POLITICAL RISK INSURANCE POLICY (PRI) The policy protects overseas investments against political risks (e.g. expropriation, nationalisation, political violence, transfer restrictions) which may result in the loss of the invested capital or damage to assets. Applications for equity investments of up to € 5 million are available online at www.exportplus.it

CLIENTS Italian enterprises or banks setting up foreign companies (either directly or through foreign subsidiaries) or acquiring a stake in existing foreign companies (even through a privatization process). Also available to Italian companies making loans to their foreign subsidiaries.

RISKS COVERED • Total or partial loss of ownership rights as well as the inability of the foreign company to carry on its activities (we cover the shareholder’s equity value held in the balance sheet of the insured) • Total or partial loss of the ownership, damage or destruction of tangible assets. • Total or partial loss of sums relating to the foreign investments (e.g. dividends) caused by: - expropriation, nationalisation, confiscation - political violence events (civil unrest, war, turmoil, sabotage) - transfer restrictions - breach of contract (with sovereign/stateowned local counterparts).

TENOR Up to 15 years

THE BENEFITS

• Consolidate and expand business activities in high-potential markets, eliminating political risk factors from the overall risk of the investment • Better terms and conditions for loans granted to the investors by transferring the benefits of the policy to the lending bank • Better leverage on country lines and zerorisk weight (for banks lending to their foreign subsidiaries).

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PRODUCTS

CONVERT YOUR RECEIVABLES INTO CASH Find out about our products designed for Italian public sector creditors

YOUR NEED To develop your business without the risk of counterparty default

RISK ➤

Non-payment of credits by an Italian public sector entity

REVERSE FACTORING This solution is designed to facilitate payments by Italian public sector entities to their suppliers. This option is provided by the SACE’s factoring company, SACE Fct.

TARGET CLIENTS

TAX REFUND PAYMENT BONDS • VAT refunds An essential tool for economic operators with VAT credits. Companies wishing to apply with tax authorities for advance refunds of VAT require this type of guarantee policy.

THE BENEFITS Improved financial management, avoiding the need to freeze funds in the medium term.

• Italian public sector entities wishing to improve their terms of payment to suppliers • Suppliers of goods and services to the Italian public sector

STRUCTURE 1) The Italian public sector and SACE Fct stipulate a framework agreement covering payment services in connection with credit for a supply of goods or services. 2) The supplier transfers its accounts receivable from the Italian public sector entity to SACE Fct on a without recourse basis. 3) The Italian public sector entity certifies the accounts receivable. 4) SACE Fct pays the supplier within the term set out in the contract. 5) The Italian public sector entity pays the amount due to SACE Fct at a later date.

THE BENEFITS 1) For the Italian public sector: • reduction of the potential financial cost of late payment • extension of the range of potential suppliers • possible reduction of the unit purchase price of the goods and services.

2) For the supplier: • certainty of when payment will be made • better administrative efficiency • improved sales opportunities • lower financial costs.

COVER SACE Fct purchases the accounts receivable on a without recourse basis and issues a guarantee for up to the maximum amount agreed upon with the public sector customer.

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SACE around th Greenland (DENMARK)

U. S.

NORWAY

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SWEDEN FINLAND

Bari

EST.

Florence*

CANADA

Lucca

LITH.

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Milan

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BELGIUM

Monza

CZECH REP. LIECH.

FRANCE

ITALY ANDORRA

Turin

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ROMANIA

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Rome

UKRA

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AUSTRIA

SWITZ.

Pesaro

UNITED STATES

LAT.

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UNITED KINGDOM

CROATIA BOS. - HER.

SERBIA KOS.

MONT.

BULGARIA MACEDONIA

ALB.

SPAIN

GREECE

Venice MALTA

Verona

TUNISIA

Bermuda (U.K.)

MOROCCO ALGERIA

LIBYA

THE BAHAMAS

MEXICO CUBA (U.K.)

JAMAICA Kingston

BELIZE GUATEMALA

HAITI

(U.K.)

Puerto Rico

(U.S.) Montserrat

HONDURAS

(U.K.)

Aruba

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British Virgin Islands

DOMINICAN REPUBLIC

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(NETH.)

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LIBERIA

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SACE TERMS OF COVER

BOLIVIA

NAMIBIA

Without conditions: no restrictions to SACE’s activity. With conditions: SACE’s activity is subject to certain restrictions

PARAGUAY

BOTSWANA

São Paulo St. Helena (U.K.)

CHILE

LES

SOUTH AFRICA

ARGENTINA URUGUAY

requirements, and/or OECD’s sustainable lending principles). Case by case: SACE’s activity is limited to transactions with (structured nance or project ance transactions, transactions

OUR KNOW-HOW AT YOUR SERVICE SACE economic team analyses international economic trends and monitors global risks. Main activities are:

non-credit risks may be available. O cover: no cover available due to certain risks being deemed too high. SACE

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* Opening 2011

.studi@sace.it or +39 06 6736440

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nd the world SWEDEN FINLAND

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BULGARIA

Istanbul

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MONGOLIA

Bucharest

CROATIA

KYRGYZSTAN

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ARMENIA

MALTA

CYPRUS

NORTH KOREA

TURKMENISTAN UZBEKISTAN

TURKEY

GREECE

TAJIKISTAN

CHINA

AFGHANISTAN

LEBANON

JAPAN

SOUTH KOREA

IRAQ

SYRIA

IRAN KUWAIT BHUTAN

QATAR

BANGLADESH

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UNITED ARAB EMIRATES

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TANZANIA TIMOR-LESTE

ANGOLA

COMOROS

ZAMBIA

MALAWI

MOZAMBIQUE ZIMBABWE

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MADAGASCAR BOTSWANA

MAURITIUS

Johannesburg A U S T R A L I A

LESOTHO

SWAZILAND

SOUTH AFRICA

TRAINING AND TECHNICAL ASSISTANCE technical assistance to companies, banks and international organisations in

Training & Advisory service.

it Corporate Social Responsibility

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Headquarters Rome Piazza Poli, 37/42 â&#x20AC;˘ 00187 Rome Tel +39 06 67361 â&#x20AC;˘ Fax +39 06 6736225

Customer Care

+39 06 6736000

Contacts www.sace.it info@sace.it

In Italy

In the World

Bari tel. +39 080 5467763 bari@sace.it

Brazil, SĂŁo Paulo tel. +55 11 317 12138 saopaulo@sace.it

Lucca tel. +39 0583 40071 lucca@sace.it

China, Hong Kong tel. +852 3620 2323 hongkong@sace.it

Milan tel. +39 02 4344991 milano@sace.it

India, Mumbai tel. +91 2436 8186162 mumbai@sace.it

Modena tel. +39 059 891240 modena@sace.it

Romania, Bucharest tel. +40 21 2114240 bucharest@sace.it

Monza tel. +39 039 3638247 monza@sace.it

Russia, Moscow tel. +7 495 2582155 moscow@sace.it

Pesaro tel. +39 0721 383229 pesaro@sace.it

South Africa, Johannesburg tel. +27 11 2680623 johannesburg@sace.it

Rome tel. +39 06 6736309 roma@sace.it

Turkey, Istanbul tel. +90 212 2458430/1 istanbul@sace.it

Turin tel. +39 011 836128 torino@sace.it Venice tel. +39 041 2905111 venezia@sace.it Verona tel. +39 045 8099460 verona@sace.it

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