Annual report 2007 - Euler Hermes

Annual report 2007 

Euler Hermes: Business insured. Success ensured.

Contents 

Key figures 

Page 

2 

Interview with Clemens von Weichs 4 

Message from Jean-Philippe Thierry 6 

Corporate governance 7 

Highlights of 2007 8 

■ The preferred partner for trade 

receivables management 10 

The expertise of a global leader 11 

Promising growth drivers 14 

■ A strategy centred on client 

satisfaction 16 

The World Agency, for greater efficiency 17 

Using technology to improve client 

relationships 20 

■ The strength of an international 

organisation 22 

Helping to develop international trade 23 

Risk analysis – the cornerstone 

of the Euler Hermes business model 26 

■ A client-oriented 

human resources policy 28 

Making innovation an integral part 

of the group 28 

A lasting partnership 

with shareholders 32 

Financial statements – a summary 34 

Regional offices 36 

Euler Hermes for a “businessable” world 

Euler Hermes has launched an international advertising campaign to strengthen its corporate image and emphasise 

its position as the preferred partner for helping businesses develop. A new word has been coined especially for the occasion: 

“businessable”, meaning everything that facilitates successful business.

The group’s operations span 51 countries, with a 

36%* market share in credit insurance worldwide. 

Its growth is based on: 

• developing an intelligence network that enables it to analyse 

the financial health of 40 million businesses worldwide 

which gives it access to unparalleled information, in terms 

of both volume and quality; 

• developing credit insurance policies tailored to the specific 

EULER HERMES ASSISTS COMPANIES 

OF ALL SIZES AND IN EVERY SECTOR TO SECURE 

AND OPTIMISE THEIR BUSINESS DEVELOPMENT 

IN BOTH THEIR DOMESTIC MARKETS AND ABROAD. 

Euler Hermes’ strategy focuses on strengthening 

its leadership in credit insurance and trade 

receivables management. 

needs of businesses of all sizes, from small and medium-sized 

businesses to multinational groups; 

• its financial strength, illustrated by an AA- rating from 

Standard & Poor’s; 

• its position as part of the Allianz group. 

Along with credit insurance, Euler Hermes offers a full range 

of trade receivables management services that includes credit 

information and debt collection. 

* Source ICISA, Euler Hermes

1893 

ACI founded 

in the United 

States 

€2,099 million 

consolidated turnover in 2007 

67.9% 

net combined ratio in 2007 

6,004 

employees worldwide 

AA- 

Standard & Poor’s rating (July 2007) 

€800 billion 

of business transactions insured 

1917 1918 

Creation 

of Hermes 

Kreditversicherung 

in Germany 

2 – ANNUAL REPORT 2007 

Key figures 

Trade Indemnity 

founded 

in the United 

Kingdom 

1927 1929 1989 1992 1996 1998 

Creation 

of SFAC 

in France 

and SIAC 

in Italy 

COBAC 

founded 

in Belgium 

2,000 

1,500 

1,000 

500 

0 

400 

350 

300 

250 

200 

150 

100 

50 

0 

IFRS 

1,864 1,879 

94 

1,770 

2003 2004 2005 2006 2007 

146.1 

IFRS 

243 

25.7 

217.3 

Formation of the 

holding company Cie 

Financière SFAC. 

Creation of the Royal 

Nederlanske 

Kredietverzekering 

in the Netherlands 

2,099.4 

2,008 2,011.8 

286.1 

326.1 

407 

2003 2004 2005 2006 2007 

First cooperation 

agreement 

between 

SFAC and 

Hermes 

Consolidated turnover 

In € million 

■ Factoring 

■ Credit insurance 

Euler Hermes recorded a 4.4% increase 

(5.6% at constant scope and exchange rates) 

in turnover in 2007. This was achieved thanks 

to dynamic growth of 5.3% in business transactions 

in its traditional markets and robust demand for 

credit insurance in emerging markets. 

Turnover in emerging markets grew by 9.4%. 

Consolidated net income 


■ Post-tax contribution from activities sold 

■ Earnings excluding activities sold 

The positive trend in the combined ratio 

(67.9%) together with strong investment 

income contributed to the substantial 

24.8% increase in net income, group share. 

AGF acquires majority 

in shareholding in Cie 

Financière SFAC, 

then re-named Euler. 

Allianz acquires majority 

shareholding of Hermes 

Allianz 

acquires 

the majority 

shareholding 

in AGF

500 

400 

300 

200 

100 

0 

6,000 

5,000 

4,000 

3,000 

2,000 

1,000 

0 

1999 

446.6 

318.2 

128.4 

2005 2006 2007 

6,071 

489.9 

340.1 

149.8 

5,372 

International 

cooperation 

agreement 

between Euler 

and Hermes 

577.7 

392.5 

185.2 

5,399 

2003 2004 2005 2006 2007 

2000 

“2007 was an excellent year, with strong earnings 

growth and the achievement of milestones 

in terms of the group’s continued business 

development throughout the world.” 

5,498 

Euler listed 

on the Paris 

stock 

exchange 

Operating income 


■ Operating income before 

net investment income 

■ Net investment income 

The growth in operating income 

(17.9% in 2007) was far higher than 

that of turnover (4.4%). This very strong 

increase is largely due to the long-term 

policy implemented in recent years 

of gradually reducing the assignment 

of premiums to reinsurers. In 2007, 

the assignment rate was reduced by 

another 6.6%. Net premiums therefore 

increased by 14.2% and the technical 

result by 15.4%. 

6,004 

2002 

Euler 

acquires 


Workforce 

At 31 December 2007 

The 9.2% increase in the workforce 

in 2007 to 6,004 employees is due 

mainly to the group’s international 

growth. A multi-cultural international 

group, Euler Hermes integrates its staff 

around shared values while respecting 

local cultural differences. 

2003 

The group 

and all its 

subsidiaries 

adopt the 

name Euler 


2004 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

78 

33.9 

44.1 

IFRS 

69.5 

23.6 

45.9 

Sales of the 49.09% 

stake in Eurofactor 

to Crédit Agricole. 

Further global expansion, 

in Finland, Greece, 

Portugal and Morocco 

64.5 

19.7 

44.8 

2,000 

1,500 

1,000 

0 

1,049 

2005 

67.9 

19.8 

2003 2004 2005 2006 2007 

500 

67.3 

18.1 

49.2 48.1 

IFRS 

1,403 

Further 

international 

expansion, in 

Russia, India, 

the Baltic States 

and Turkey 

Net combined ratio 

As a % of earned premiums, net of reinsurance 

■ Expense ratio 

■ Loss ratio 

The net combined ratio remained at a good 

level in 2007 (67.9%), in line with that of the 

previous year (67.3%). Both components of 

the combined ratio, i.e. the loss ratio and the 

expense ratio, performed reasonably in 2007, 

with a one point improvement in the loss ratio 

to 48.1% and a slight deterioration in the 

expense ratio, which rose from 18.1% to 19.8%. 

1,745 

2003 2004 2005 2006 2007 

Clemens von Weichs 

Chairman of the Group Management Board 

1,912 

2006 

2,077.9 

Further international 

expansion, in Ireland, 

Australia and New 

Zealand 

Consolidated 

shareholders’ equity 


Shareholders’ equity increased 

by 8.7% to €2,077.9 million in 2007. 

Return on equity reached 20.6%, 

higher than the group’s mediumterm 

target. 

2007 

New operations in Argentina 

and Dubai, partnerships with 

ICIC in Israel and BOCI in 

China. Acquisition of debt 

collection agencies UMA 

in the United States 

and R2C in Ireland 

ANNUAL REPORT 2007 – 3

Interview 

Clemens von Weichs, 

Chairman of the 

Group Management 

Board, reviews 2007 

and outlines the 

main challenges 

facing the group 

in the coming 

years. 


HOW DO YOU VIEW EULER 

HERMES’ PERFORMANCE IN 2007? 

Clemens von Weichs: 2007 was a highly 

satisfactory year for Euler Hermes in every 

way. We achieved double-digit growth in 

the United States, in Central and Eastern 

Europe and in emerging countries. 

In Western Europe, our traditional market, 

we recorded very good results, namely 

in Scandinavia, Italy, the United Kingdom 

and France. All in all, we exceeded our overall 

target of 5% growth at constant exchange 

rates. Note that we have consistently 

surpassed our targets over the past five years, 

an achievement that the group is entitled 

to feel proud of. We continued to expand 

our international network in 2007, setting 

up operations or strengthening existing ones 

in China, Turkey, Australia, New Zealand, 

Dubai and Argentina. We have also 

continued to develop our debt collection 

and surety bonds activities.

IN 2007, EULER HERMES ADOPTED 

A NEW SLOGAN: “EULER HERMES, 

THE PREFERRED PARTNER FOR 

TRADE RECEIVABLES MANAGEMENT”. 

HOW DOES THIS ILLUSTRATE 

THE GROUP’S STRATEGY? 

C. v. W.: Our first aim is to inform companies 

and protect them against business risks. 

This is the aim of credit insurance, which 

remains our prime strategic focus. 

At the same time, thanks to our unparalleled 

international network and our in-depth 

knowledge of business risk, we have an 

ideal organisation for developing other 

services linked to trade receivables management. 

One of these is debt collection, 

which is a very promising new source 

of growth. We have also ensured other 

sources of growth for the future by 

extending our surety bonds activities to 

the European market and setting in place 

a trade receivables financing offer. 

“Euler Hermes is ideally 

positioned to offer the full 

range of trade receivables 

management services.” 

YOU FREQUENTLY UNDERLINE THE 

RELATIONSHIP OF TRUST THAT YOU 

WISH TO BUILD WITH EULER HERMES’ 

CLIENTS… 

C. v. W.: Every aspect of Euler Hermes’ 

strategy and operational management 

must inspire confidence. Our services must 

be perceived as unique. This is possible 

thanks to the personal involvement of each 

member of our staff and an organisation 

that places the client at the centre of all 

our actions. In this respect, I would like 

to highlight the success of the i2s (“ideas 

to success”) initiative launched at the end 

of 2006 and designed to foster innovation 

within the group. In just one year, 

Euler Hermes’ staff submitted close 

to 2,000 innovative ideas, mostly client 

focused, many of which are gradually being 

implemented. It is these sort of initiatives 

that enable us to build a relationship 

of mutual trust with our clients. 

WHAT ARE THE MAIN CHALLENGES 

FACING THE GROUP IN THE YEARS 

TO COME? 

C. v. W.: I see three major challenges. 

Firstly, we must continue to integrate 

the group which we started five years ago 

when the Euler Hermes group was created. 

It is important for us to be seen as 

a homogenous group capable of offering 

the same quality of service anywhere in 

the world. We also strive to strengthen our 

client focus even further. Each and every 

action we take should benefit our clients 

and they must recognise the added value 

that Euler Hermes brings them. Finally, 

we aim to attract and keep the best talent, 

while making the most of the diversity 

of our existing staff, because a company 

is only as efficient as its staff. 


Chairman of the Group Management Board 



Editorial 

2007 confirmed 

Euler Hermes’ 

very good 

performance in 

terms of both 

profitability and 

growth. 

Against an economic background of slowing 

growth, the group achieved net income of 

€407 million, after minority interests, 

corresponding to an increase of 24.8%. 

Euler Hermes’ strategy, which combines 

selective risk underwriting, dynamic sales 

efforts and an enhanced offer so as to 

meet the needs of 

each market segment, 

has come to fruition 

and enables us to look 

forward to the future 

with confidence. 

Its ongoing international 

expansion 

enables the group to 

accompany the business 

development of 

its clients, whether SMEs or multinational 

companies, and provide them with topquality 

services and real added value 

for their trade receivables management. 

Group turnover came to €2,099.4 million 

in 2007, up by 4.4%. 

Euler Hermes consolidated its leadership in 

Western Europe, its traditional market. 

Growth was particularly dynamic, more 

than 20% in Central Europe where the 

group has become a key player. Growth 

was also robust and promising in the 

United States, where Euler Hermes is also 

the market leader. Lastly, Euler Hermes 

managed to strengthen its positions 

in emerging markets. 

These positive results 

are attributable to 

the Euler Hermes staff 

and their commitment, 

their attention to clients 

and their capacity to 

deliver a high quality 

service. The Supervisory 

Board, together 

with the Group 

Management Board, would like to congratulate 

them, to thank them and to assure 

them of its confidence in their ability to 

meet the challenges awaiting them in 2008. 

Jean-Philippe Thierry 

Chairman of the Supervisory Board

Group 

Management 

Board 

(at 1 st January 2008) 


Chairman (front row, right) 

Dr. Gerd-Uwe Baden 

Board Member (back row, centre) 

Nicolas Hein 

Board Member (front row, left) 

Michael Hörr 

Board Member (back row, left) 

Michel Mollard 

Board Member (back row, right) 

Corporate 

Governance 

Supervisory Board 

(at 31 December 2007) 

Jean-Philippe Thierry, Chairman 

Chief Executive Officer of AGF and member 

of the Management Board of Allianz SE 

François Thomazeau, Vice-Chairman 

General Manager of AGF 

Clement B. Booth 

Member of the Management Board of 

Allianz SE 

Diethart Breipohl 

Member of the Supervisory Board 

of Allianz SE 

John Coomber 

Chairman of Swiss Re Great Britain, Member 

of the Board of Directors of Swiss Re Group 

Charles de Croisset 

Company Director 

Robert Hudry 

Company Director 

Yves Mansion 

Director and General Manager of Société 

Foncière Lyonnaise 

Jean-Hervé Lorenzi 

Advisor to the Management Board 

of Compagnie Edmond de Rothschild 

Management 

of the main subsidiaries 


Belgium, Jean Luc Louis 

France, Michel Mollard 

Germany, Dr. Gerd-Uwe Baden 

Italy, Jean-François Bellissen 

Netherlands, Gerard van Kaathoven 

Nordic countries, Lars Gustafsson 

Poland, Eckhard Horst 

United Kingdom, Fabrice Desnos 

United States, Paul Overeem 

Management of group 

transversal functions 


Philippe Bastié, Credit Risk & Debt 

Collection 

Benoît des Cressonnières, Reinsurance 

Jean-François Decroocq, Risk 

Management 

Raphaële Hamel, Communications 

Nicolas Hein, Finance & Accounting, 

Investor Relations 

Louis Hofmeijer, Sales & Marketing 

Michael Hörr, Information Systems and 

Technology 

Francis Lallemant, Audit 

Jörg-Uwe Lerch, Strategy 

Arnaud Roger, General Secretariat 

Elizabeth Sfez, Human Resources 


United States 

Acquisition of a debt 

collection agency 

23 January. Euler Hermes acquired United Mercantile Agencies 

(UMA). Founded in 1917, UMA is based in Louisville, Kentucky, 

and has two regional subsidiaries, one near New York and another 

in San Francisco, California. UMA offers a broad range of trade 

receivables management services, namely debt collection, outsourced 

trade receivables management and international debt collection. 


Highlights 

of 2007 

Israel 

Acquisition of a stake 

in the Israeli market leader 

8 March. Euler Hermes acquired one third of the capital of ICIC, Israel’s leading 

credit insurance company with a turnover of €16 million and a market share 

of around 55%. ICIC will therefore be able to improve the quality of the services 

it offers to its exporting clients. This acquisition will strengthen Euler Hermes’ 

position in the Mediterranean region.

Dubai 

Ireland 

Acquisition of Resolve2Collect 

2 August. Euler Hermes acquired the business assets of 

Resolve2Collect (R2C), a Dublin-based debt collection agency. 

Formation of a subsidiary 

China 

Cooperation agreement 

with Bank of China Insurance 

30 May. Euler Hermes started operating in Dubai in 

partnership with Alliance Insurance, one of the leading 

insurance companies in the United Arab Emirates. The 

group offers a wide range of credit insurance services 

to businesses operating in the countries of the Gulf 

Cooperation Council. A team of experts will also monitor 

Euler Hermes’ credit risks in the region. 

10 December. Euler Hermes and Bank of China 

Insurance (BOCI) concluded a credit insurance 

cooperation agreement. This agreement will enable 

Bank of China business clients to access financing 

solutions by taking out insurance with BOCI. 

Euler Hermes will provide BOCI with reinsurance 

services. In a later phase, Euler Hermes’ clients will 

also benefit from this cooperation programme. 

Indonesia 

Partnership with Allianz Utama 

25 September. Euler Hermes concluded a credit insurance 

cooperation agreement with Allianz Utama, one of Indonesia’s 

leading insurance companies. This agreement will enable Allianz 

Utama and its clients to benefit from Euler Hermes’ expertise 

and technical support, through direct access to its global risk 

database and debt collection network. 



The preferred partner 

for trade receivables 

management

Euler Hermes helps the business development of companies of all sizes, 

from SMEs to multinationals, by securing and optimising the management 

of their trade receivables. This long-term relationship is underpinned 

by the group’s market leading position in credit insurance. 

THE EXPERTISE OF A GLOBAL LEADER 

Euler Hermes, the world’s leading credit 

insurance company with a market share 

of 36%*, plays a key role in facilitating its 

clients’ business growth. Its insurance 

policies protect businesses against the 

risk of insolvency of their customers, 

both in their domestic and export markets. 

By enabling businesses to secure their 

cash flow, Euler Hermes goes much further 

than merely controlling customer 

risk. It contributes to the development 

of a business by using all its skills to 

create value in the context of a lasting 

partnership. 

In 2007, more than 56,000 companies 

worldwide placed their trust in the group’s 

credit insurance policies. These policies 

are underpinned by three main elements: 

mitigation of business risk, debt collection 

and indemnification of losses. The first 

is the centrepiece of Euler Hermes’ strategy. 

To fulfil its role of risk mitigation, the 

group monitors and analyses the financial 

statements of approximately 40 million 

businesses around the world. Its operations 

in more than fifty countries have 

enabledit to acquire detailed knowledge 

of local economic, financial and political 

conditions. 




management 

Euler Hermes in Germany named 

“Best export credit agency” 

in 2007 by UK magazine 

Trade Finance. 

This award recognises its 

excellence in terms of export 

credit insurance. 

22,000 

credit limit requests received 

by Euler Hermes each day. 

80% of requests are processed 

within less than 48 hours. 

€800 billion of 

business transactions insured 

Commercial debt collection, the second 

key element of credit insurance, is included 

in most of the group’s insurance policies. In 

the event of non-payment of commercial 

debt, the group can put its negotiating 

power and knowledge of local practices at 

its clients’ service, thus improving their 

efficiency and responsiveness. 

Euler Hermes also indemnifies its policyholders 

in the event of non-payment by 

“Euler Hermes has over 56,000 clients worldwide, 

from SMEs to multinationals.” 


one of their customers. In this way the 

insured business protects its cash flow and 

profitability. Euler Hermes has the necessary 

financial strength to partner with its 

clients over the long-term, as reflected in 

the AA- rating assigned by Standard & Poor’s. 

In 2007, Euler Hermes protected business 

transactions totalling €800 billion and 

generated turnover of €2,099.4 million, up 

by 4.4%. The group is a leading player in all 

its markets. 

* Source: ICISA, Euler Hermes

POINT OF VIEW 

Jörg-Uwe Lerch 

Group Strategy Director 

Trade receivables are a key business asset and 

represent around one third of a typical company’s 

assets. Their weight is increasing due to the 

economic environment, with longer payment times, 

notably for export business and reduced customer 

payments on account. 

“Euler Hermes is the expert 

for trade receivables.” 

Trade receivables: 

a major issue for businesses 

Euler Hermes is the expert for the management of trade receivables. 

Thanks to our unmatched risk analysis and global network, we are best positioned 

to provide our clients with insurance, collection and financing services 

for trade receivables on an international scale. Our credit insurance 

know-how combined with our deep understanding of clients’ needs 

enables us to deliver the right solutions to support their business development. 

Our offerings in bonding and insurance against fraud complement 

our trade related solutions. We not only insure our clients against the risk of 

payment default, we also play a vital role in ensuring their liquidity – the lifeline 

of their business. 

Protecting trade receivables is crucial for all 

businesses. One quarter of business collapses 

are due to non-payment by a customer. 

As the businesses that place their trust in 

Euler Hermes know, the first benefit of our 

expertise is peace of mind. 




management 


In addition to credit insurance, Euler Hermes offers companies 

a full range of customer account management services. 

PROMISING GROWTH DRIVERS 

In 2007, Euler Hermes launched an 

ambitious programme to develop its 

commercial debt collection activities. The 

group now offers debt collection services 

to businesses who are not policyholders 

but are looking for top quality services 

from a world leader. Debt collection 

naturally continues to be included in 

the services offered to policyholders. 

The commercial debt collection market is 

estimated at around €1.2 billion in Europe 

and €2.8 billion in the United States, 

constituting a source of growth for the 

future. Euler Hermes’ expansion in this 

area will be supported by the group’s 

credit insurance distribution channels and 

targeted acquisitions. In 2007, for example, 

the group acquired United Mercantile 

Agencies in the United States and 

Resolve2Collect in Ireland. 

Surety bonds 

Euler Hermes also offers businesses a 

wide range of surety bonds and warranties 

for domestic and export contracts. These 

services cater in particular for building and 

civil engineering companies and equipment 

manufacturers. 

The group carries out this activity mainly in 

Germany, but also in the United Kingdom, 

Northern Europe, the Netherlands and 

France. 

Financing trade receivables 

The financing of trade receivables reflects 

Euler Hermes’ wish to offer its clients a 

global solution. With this in mind, the group 

has set up EOLIS Services Premium (EOLIS 

is the online credit insurance management 

application), which enables clients to 

inform their banks of the percentage of 

credit insurance cover for each invoice

160,000 

debt collections handled 

by Euler Hermes in 2007 

and thus obtain more favourable financing 

conditions. 

At the same time, Euler Hermes has put 

in place a pre-financing process that 

provides rapid cover for policyholders, 

thus ensuring they do not face a cash 

shortage in the event of non-payment by 

a customer. 

€4 billion 

The debt collection market 

is estimated at €1.2 billion in Europe 

and €2.8 billion in the United States. 

Business failures 

increased slightly 

in 2007 

The global business failures index, calculated by Euler Hermes’ economic 

research department since 1995, began to rise again in 2007, up by 5% 

after a fall of 15% in 2006*. This deterioration in the financial strength of 

businesses is explained by the slightly slower global economic growth 

in 2007: +3.7% compared with 4.1% in 2006. However, the situation varies 

considerably from one country to another: 

• business failures rose sharply, by 50%, in the United States, reflecting not 

only the economic slowdown but also changes in U.S. bankruptcy law at the 

end of 2005; 

• the overall trend in the eurozone was positive, with an 11% decrease 

in business failures; 

• finally, the large emerging countries showed contrasting situations. 

In Brazil, the dynamism of the industrial sector enabled the downward 

trend in business failures seen over the past five years to continue. In Asia 

(excluding Japan), business failures are still relatively insignificant. 

However, the rapid growth of many businesses could result in a growing 

number of business failures and late payments in the future. 

* Source : Euler Hermes Economic Outlook, issue 1129, November 2007 


16 – ANNUAL REPORT 2007

A strategy centred 

on client satisfaction 

Constantly attentive to the needs of its 56,000 clients, Euler Hermes makes 

sure its organisation and solutions are always one step ahead. The products 

and services offered to small and medium-sized businesses are put together 

close to the ground, while for multinational groups Euler Hermes has created 

the World Agency. 

THE WORLD AGENCY, 

FOR GREATER EFFICIENCY 

In 2007 the group created the Euler 

Hermes World Agency, a structure 

dedicated specifically to multinational 

groups. This move illustrates Euler 

Hermes’ determination to offer the 

solutions suited to the specific situation 

of each company. 

Based in Paris, Euler Hermes World 

Agency is a dedicated subsidiary manned 

by a central team of around 20 people. 

Eight regional teams help manage 

contracts locally: Central and Eastern 

Europe, Mediterranean Europe, Western 

Europe, Northern Europe, the Americas 

and Asia/Pacific. 

This new organisation marks another step 

forward in satisfying the needs of multinational 

groups following the launch 

of the World Policy in 2004. It responds 

to the demand of very large groups for a 

single relationship manager. It also facilitates 

the work of the brokers, who frequently 

manage insurance policies in 

this market segment. 

In concrete terms, the aim of the Euler 

Hermes World Agency is to offer clients 

integrated and homogenous solutions for 

managing their international receivables, 

while ensuring the same level of service 

quality worldwide. 


A strategy centred 


“The Euler Hermes World Agency 

offers customised solutions 

for multinational groups.” 

90% 

loyalty rate of Euler Hermes clients. 

81% 

of clients would recommend 

Euler Hermes’ services. 


The offer can be broken down into four 

programs: 

• Euler Hermes World Service Program, the 

“classical” credit insurance solution for 

multinational groups wishing to protect 

themselves against customer insolvency 

right from the first euro; 

• Euler Hermes World Severity Program, 

for multinationals looking to protect 

themselves mainly against volatility and 

significant losses; 

• Euler Hermes World Risk Sharing Program, 

for multinationals seeking to share risks 

either directly or through a captive reinsurance 

company; 

• Euler Hermes World Working Capital 

Program, for multinationals seeking to 

improve cash flow by assigning part of 

their trade receivables. 

In parallel with the creation of the World 

Agency, a single information system has 

been put in place enabling clients to connect 

from anywhere in the world.

THREE QUESTIONS FOR 

Roland van Malderghem 

CEO, Euler Hermes World Agency 

“We aim to strengthen 

our leadership position 

with multinational groups.” 

WHAT ARE THE SPECIFIC CHARACTERISTICS OF EULER HERMES’ 

OFFER FOR MULTINATIONAL GROUPS? 

Our key strength lies in the excellence of our risk analysis team and its 

capacity to base decisions on high value-added proprietary information. 

In addition to this team of experts spread across more than fifty countries, 

we have regional teams dedicated to and specialised in commercial 

relationships with multinational groups. They identify clients’ needs 

and offer customised solutions for protecting their trade receivables. 

Furthermore, our offer is underpinned by a very high level of excellence 

and reliability in all our operating processes. 

WHAT ARE THE REQUIREMENTS OF MAJOR CORPORATE CLIENTS? 

As well as the protection referred to above, multinational groups seek a 

global and consolidated view in real time of all their potential commitments 

relating to customers. We can provide this, thanks to our integrated 

information system that can be accessed from anywhere in the world. 

WHAT ARE THE WORLD AGENCY’S GOALS? 

We aim to strengthen our leadership position with multinational groups. 

And, of course, help our clients achieve profitable growth wherever 

they trade. 


A strategy focused 



With a 24/7 Internet platform for managing insurance policies and 

a new application enabling links between the group’s information systems 

and those of its clients, Euler Hermes is making the most of technological 

innovation to the benefit of its policyholders. 

USING TECHNOLOGY TO IMPROVE 

CLIENT RELATIONSHIPS 

The EOLIS system enables Euler Hermes’ clients 

to manage their credit insurance policies directly 

via the Internet. EOLIS allows risks and credit limits to 

be viewed in real time and the following operations 

to be carried out online: 

• file credit limit requests; 

• declare non-payments; 

• monitor policies, and; 

• access economic data. 

EOLIS is available 24 hours a day, seven days a week 

in 15 languages and recorded around two million 

credit limit requests in 2007. This service is available 

to clients in most European countries, North 

America and Asia. 

93.4% 

of policyholders say they 

are “very satisfied” or “satisfied” 

with EOLIS. 

79% 

of policyholders found 

it “very easy” or “easy” 

to use EOLIS when first 

logging on. 

Information in client 

database: 

- Address search 

- Customer lists 

- Processing of credit 

limit requests 

- Credit limit decisions 

- Overdue reports 

Customer 

SMARTLINK 

Customer 

WSDL 

Information in EH database: 

- Addresses 

- Customer lists 

- Processing of credit limit requests 

- Credit limit decisions 

- Overdue reports 

Euler Hermes 

Online electronic database 

WSDL 

Quick, synchronised 

and secured flows, SSL encrypted 

In 2007, Euler Hermes implemented SmartLink, a new application to facilitate access to 

information and policy management for its most active clients. It was launched in Germany 

and will be extended gradually to all group subsidiaries.

Microsoft 

International 

client HQ 

Advantages for international groups: 

- Transparency for all subsidiaries 

- Optimal reporting 

- Optimal risk management 

WSDL 

® 

In-house 

application 

Customer 

Germany 

China 

Argentina 

CLIENT INTERVIEW 

Rohnny van Calck 

Vice-President Risks & Asset Management 

Volvo Construction Equipment 

WHAT PROMPTED VOLVO TO INSURE ITSELF 

AGAINST THE RISK OF CUSTOMER INSOLVENCY? 

The decision to take out credit insurance resulted from a global review 

of our credit management strategy, including the implementation of a 

comprehensive credit management system. In choosing a credit insurer, 

we were looking not only for classical insurance against customer 

insolvency, but we also wanted a professional partner to help us set up 

a proactive and coherent credit risk management approach. This move 

supports Volvo CE’s profitable growth strategy and secures our financial 

performance. 

WHY DID YOU CHOOSE EULER HERMES? 

What we were looking for is a partnership. A solid 

credit insurance company providing good insurance 

coverage at competitive pricing, offering 

reliable information on customer risk and all this 

in an efficient way. Following an RFP * process, 

Euler Hermes was selected. A year later, we can 

confirm that we are pleased with the performance 

of Euler Hermes. We recently decided to 

renew the contract. 

HOW WOULD YOU DESCRIBE THE RELATIONSHIP BETWEEN VOLVO 

AND EULER HERMES? 

Our relationship has developed on the basis of mutual respect and 

partnership. Each party always tries to understand the other’s needs 

and takes a long-term view. The relationship is managed centrally by 

the Volvo CE head office and Euler Hermes in Belgium. At the same time, 

contacts with the insured entities are frequent and Euler Hermes disposes 

of a network of well-informed experts in the countries we are present. 

We are very appreciative of the commitment and professionalism shown 

by Euler Hermes. 

* Request For Proposal 

“We were looking for a genuine 

partnership with a solid credit 

insurance company. We selected 

Euler Hermes.” 



The strength 

of an international 

organisation

From a solid base in Europe, Euler Hermes is expanding throughout 

the world, often acting as a pioneer in the credit insurance market. 

Its subsidiaries benefit from a strong local foothold as well as the global 

approach of a world leader. 

HELPING TO DEVELOP 

INTERNATIONAL TRADE 

The group’s international strategy is 

based on its determination to help 

clients develop in their domestic 

markets and abroad. With world trade 

growing by between 7% and 10% a year, 

new opportunities are opening up to 

businesses but the risk of non-payment 

is also growing. Thanks to its presence in 

all parts of the world, Euler Hermes can 

offer a customised service combining 

the power of a multinational group and 

local expertise. 

The group has expanded by integrating 

the national leaders in all the main 

credit insurance markets – principally 

Western Europe and the United States – 

and by opening subsidiaries in new markets 

such as Asia, Latin America, Eastern 

Europe, the Middle East and North 

Africa. This strategy has enabled it to 

build up a very dense network, which is 

a major advantage in its field. 

The leader in Europe 

Western Europe is Euler Hermes’ home 

market and accounts for 80% of group 

turnover. The group has consolidated 


The strength 


organisation 

“World trade is growing by between 

7% and 10% a year.” 

In 2007, GDP growth came 

to 2.6% in the eurozone, 

2% in the United States, 

11.5% in China, 8.5% in India 

and 7% in Russia. 

Source : Euler Hermes Economic Outlook, 

Issue 1129, November 2007 

40% 

Euler Hermes’ share of the North 

American credit insurance market. 


its leadership in a market that is growing 

at about the same pace as the economy. 

Euler Hermes offers all its services in 

Europe and added to its debt collection 

activities in 2007. Trends were positive in all 

the group’s main markets in 2007 with 

turnover of €700 million in Germany (+0.3%), 

€410.7 million in France (+7.2%), €247.8 million 

in Italy (+9.8%) and €215.9 million in 

the United Kingdom (+8.6%). 

The credit insurance market is also promising 

in Central and Eastern Europe, where it is 

growing by close to 20% a year. As a pioneer 

in this activity in the region, Euler Hermes 

has acquired significant market share in 

all the main countries, and notably in Poland. 

Strong growth 

in the United States 

Euler Hermes ACI, the oldest credit insurance 

company in the world, is the group’s North 

American subsidiary. It has a 40% share of 

the North American market and generates 

turnover of €147.7 million. The North

American credit insurance market is very 

dynamic with growth of around 10% a year. 

After strengthening its sales network in 

recent years, Euler Hermes focused on developing 

its debt collection activities in 2007 

with the acquisition of United Mercantile 

Agencies. 

Expanding in 

Latin America 

and Asia/Pacific 

In 2007, Euler Hermes opened a subsidiary in Buenos Aires, Argentina, 

following on from those opened in Mexico and Brazil in 2002 and 2003. 

With these three offices, Euler Hermes now covers almost 80% of the Latin 

American economy. The group is recording growth of around 20% a year 

in the region. 

Euler Hermes has invested heavily in the Asia/Pacific region over the 

past three years, setting up new operations in China and India in 2005, 

acquiring local companies in Australia and New Zealand in 2006 and forming 

a subsidiary in Dubai in 2007. This momentum has helped to introduce 

credit insurance to this part of the world. Expanding its network will enable 

Euler Hermes to gain significant market share in regions where credit 

insurance is still relatively unknown but is encountering a growing success. 

EULER HERMES IN LATIN AMERICA 

Breakdown of GDP in Latin America 

Brazil 

36.74% 

Latin American countries 

in which Euler Hermes is present 

Other Latin American countries 

Mexico 

28.90% 

Argentina 

7.33% 

Colombia 

4.68% 

Other countries 

22.35% 


The strength 


organisation 

Euler Hermes’ credit insurance activity is underpinned by unparalleled 

expertise in the analysis and management of non-payment risk for 

trade receivables. This expertise is the basis of the group’s model. 

RISK ANALYSIS – THE CORNERSTONE 

OF THE EULER HERMES BUSINESS MODEL 

To ensure the quality and reliability of its information, 

Euler Hermes has decided to step up its investment 

in strong growth regions, notably Brazil, Russia, India, 

China, Turkey and Singapore. This decision results from 

an international study carried out to identify all opportunities 

An analysis of business risk is the first 

element of added value that the group 

provides to its policyholders. Thanks to its 

operations throughout the world, Euler 

Hermes monitors the economic and financial 

situation of tens of millions of businesses 

and the economic conditions in which they 

operate. More than 500 analysts constantly 

examine the financial statements of companies, 

visit their management and local managers 

and verify the information obtained. This 

research results in a score or “grade” of 1 to 

The best information on emerging markets 


75% 

positive responses 

to client credit limit 

requests in 2007. 

10 being assigned to each company. The 

lower the grade, the lower is the risk 

of insolvency. All Euler Hermes’ subsidiaries 

use the same methodology, thus ensuring 

that grades are homogenous. To ensure 

optimum efficiency, the Euler Hermes 

company located closest to the risk gathers 

the information and handles the credit 

limit request. For instance, the subsidiary 

in Buenos Aires will deal with a credit limit 

request from a European company whose 

customer is based in Argentina. 

to optimise the quality of local information. The study 

prompted Euler Hermes to launch a long-term project, 

known as the “Information Project,” designed to ensure 

the best possible quality of information.

“IRP enables 80% of credit limit requests 

to be handled within less than 48 hours.” 

Macroeconomic conditions are monitored 

by specialised teams based in Paris, London, 

Hamburg and Baltimore (USA). These 

teams assess the risk factors – economic, 

financial or political – for every country in 

the world. The resulting matrix enables a 

score out of a scale of six to be assigned to 

each country. This is the country grade. 

The group’s 500 risk underwriters use this 

microeconomic and macroeconomic data 

to determine the insured credit limit for 

each client’s business transactions. Their 

role is also to communicate with clients and 

explain the decisions taken. 

IRP, a single information 

system 

Euler Hermes has a very sophisticated 

information system, IRP, that groups all the 

information collected on millions of companies 

and enables the underwriting of 

risks. All the group’s analysts have access to 

the system and can therefore make rapid 

and efficient use of the information gath- 

ered anywhere in the world. IRP enables 

83% of credit limit requests to be handled 

within less than 48 hours. 



A client-oriented human 

resources policy 

Euler Hermes’ human resources policy aims to create a strong corporate 

culture, based on shared values, while at the same preserving the diversity 

that makes up the group’s richness. As with every other department, 

the human resources department contributes to improving service to clients. 

MAKING INNOVATION AN INTEGRAL 

PART OF THE GROUP 

Based on its conviction that client 

satisfaction concerns each member of 

its staff, in 2006 Euler Hermes launched 

a major initiative designed to make 

innovation an integral part of the group. 

Known as i2s (“ideas to success”), it 

was designed to encourage innovative 

ideas. SmartLink (see page 20-21), for 

example, was one of the ideas to 

emerge under i2s. In 2007, 328 ideas 

had already been implemented within 

the group.


A client-oriented human 

resources policy 

2,000 

ideas presented by staff 

since the i2s initiative 

was launched in 2006. 

328 

ideas already 

implemented in 2007. 

30 12 – RAPPORT ANNUAL REPORT ANNUEL 2007 

“In 2007, Euler Hermes focused on promoting 

its five leadership values.” 

Our leadership values 

In 2007, Euler Hermes focused on promoting 

the five leadership values it shares with 

Allianz: 

• align strategy and communication; 

• promote a high-performance culture; 

• focus on its clients; 

• develop its employees; 

• build on mutual trust and feedback. 

These leadership values have a double aim. 

A guiding light for the staff, they provide a 

framework for the group’s growth and contribute 

to its sustainability. They also enable all 

of the group’s subsidiaries, regardless of their 

location, to move in the same direction with the 

client always the focal point of any action and 

with innovation as the main driving force. 

Encouraging mobility 

As a multinational in the purest sense of the 

term, Euler Hermes encourages staff 

mobility as a means of reinforcing its corporate 

culture. Moreover, the expansion of its 

network throughout the world opens up 

more opportunities for staff who wish to 

work in a foreign country. To facilitate 

movements within the group, the human 

resources departments of all the subsidiaries 

have put in place a database of staff interested 

in working abroad, whether for several 

months or for several years. 

Emphasis on training 

So as to develop a culture of excellence, Euler 

Hermes favours staff training with multicultural 

seminars, development courses for 

both management and high-potential staff 

and training in the group’s specific businesses. 

In 2007, 25 management staff attended 

training provided by the Allianz Management 

Institute. Our main goal is to give staff the

means to remain the best risk experts in the 

world and become the best ambassadors 

for the group. 

AN EXPATRIATE’S EXPERIENCE 

David Santos 

CEO, Euler Hermes Turkey 

“Managing a team 

with such cultural diversity 

is a real opportunity.” 

After several years in senior management abroad – in Chile, Mexico and 

Belgium – I returned home to the United States in 2004 to join Euler Hermes 

ACI. I joined the sales department, a particularly rich experience in a company 

whose catch line is “Customer FIRST”. Thanks to my previous experience in 

sales and my international experience, I was appointed Chief Executive 

Officer of Euler Hermes in Turkey in 2007. 

Many people from different backgrounds and cultures have contributed to 

the success of our Turkish operations. Managing a 

team of such cultural diversity is a real opportunity. 

Our goal is to combine the experience of a world 

leader with a local offer that corresponds to Turkish 

culture and to the needs of Turkish businesses. 


Euler Hermes has a relationship of trust with its shareholders 

based on dialogue, ethics and transparency. 

DESERVING THE TRUST 

PLACED IN US BY OUR SHAREHOLDERS 

Euler Hermes has committed to its shareholders 

with a constant focus on ethics and 

transparency. The capital allocated to the 

group by its main shareholder, Allianz, and 

by the public is a precious resource that must 

be developed and made profitable in a sustainable 

manner. To this end, the Group Management 

Board and the Supervisory Board and 

its various related committees (Audit 

Committee, Remuneration and Appointments 

Committee, Finance Committee) set ambitious 

objectives for the group and take full 

responsibility for their strategic choices 

focused on dynamic growth. Since the merger 

of Euler and Hermes in 2002, the group has 

consistently exceeded its growth targets. Its 

listing on the stock market ensures a level of 

transparency and visibility that benefits Euler 

250 

230 

210 

190 

170 

150 

130 

110 

Euler Hermes share relative to the SBF 120 index 

2005 to 2007 

Hermes and helps promote credit insurance 

among businesses and business managers 

throughout the world. 

Share price performance 

The share’s performance in 2007 was 

affected by investors’ distrust of financial 

stocks in general. This distrust originated in 

the US sub-prime mortgage crisis when 

banks and financial institutions that had 

issued complex instruments backed by 

sub-prime mortgages were no longer able 

to raise short term refinancing on the 

market. At the same time as this liquidity 

crisis, some banks and institutions were 

confronted with solvency problems as they 

were obliged to write down significant losses 

resulting from sub-prime loans. 

(base 100 at 1 January 2005) 

- EULER HERMES 

- SBF 120 (FR) 

90 

Dec. 04 Apr. 05 Aug. 05 Dec.05 Apr. 06 Aug. 06 Dec. 06 Apr. 07 Aug. 07 Dec. 07 


Although Euler Hermes is involved only in 

insuring the successful outcome of trade 

transactions and has no connection whatsoever 

with insuring sub-prime mortgages, 

the Euler Hermes share price was affected 

throughout this period by the difficult macroeconomic 

conditions and the growing uncertainty 

hanging over future world economic 

growth. 

Euler Hermes’ share price therefore dropped 

from €109.60 on 31 December 2006 to 

€84.77 on 31 December 2007. The share 

price nonetheless shows a rise of 67.2% over 

the past three years. With the support of its 

majority shareholder AGF, a member of the 

Allianz group, and of its minority shareholders, 

Euler Hermes will continue to develop its 

insurance business and services throughout 

Euler Hermes’ share price dropped from 

€109.60 on 31 December 2006 to €84.77 

on 31 December 2007. The share price 

nonetheless shows a rise of 67.2% over 

the past three years.

the world. At the same time, the group intends 

to preserve its margins and profitability thanks 

to a strategy of carefully reasoned development 

and risk taking in the common interest of all 

its partners. 

Shareholder structure 

The number of Euler Hermes shares held 

by AGF remained stable in 2007 at 30,744,048, 

corresponding to 68.24% of the capital and 

70.38% of the voting rights at 31 December 

2007. The public own 28.72% of the shares and 

29.62% of the voting rights. Euler Hermes 

holds 3.04% of the capital in treasury shares. 

Public 

Euler Hermes share price performance 

during 2006 and 2007 (Euronext TM Paris - Compartment A) ISIN code: FR0004254035 

Total trading volume Share price 

Month Number Capital High Low 

of shares (In € millions) (€) (€) 

2007 

January 1,062,344 120,716,911 121.90 110.00 

February 1,121,139 113,379,088 119.40 104.41 

March 1,408,517 112,637,041 108.51 100.30 

April 800,798 120,241,512 114.35 106.01 

May 1,210,648 114,221,102 117.00 107.08 

June 1,133,502 111,710,040 111.99 103.89 

July 1,442,736 115,289,502 113.80 103.89 

August 1,929,509 109,570,054 110,00 98.00 

September 1,453,775 99,064,534 103.61 90.12 

October 1,458,092 98,029,705 99.47 89.30 

November 1,562,703 91,563,961 93.29 78.95 

December 998,919 89,530,740 86.00 80.05 

2006 

January 847,061 69,990,277 87.30 75.20 

February 771,537 69,801,164 95.85 84.10 

March 1,375,598 133,370,467 104.50 88.30 

April 710,016 71,168,810 104.90 95.25 

May 1,864,304 172,262,025 102.00 85.15 

June 1,530,235 128,967,042 91.25 79.20 

July 722,838 61,658,311 88.70 80.20 

August 611,700 55,770,988 96.15 86.50 

September 925,279 85,228,436 96.00 87.85 

October 1,230,648 122,910,728 106.60 92.50 

November 754,998 77,692,120 105.60 99.90 

December 488,096 52,289,363 110.10 101.30 

Shareholder structure of Euler Hermes 

at 31 December 2007 

Shareholder Number % of Number % of 

of shares capital of voting voting 

rights rights 

AGF IART 4 0.00% 4 0.00% 

AGF Vie 3,879,818 8.61% 3,879,818 8.88% 

AGF SA 5,442,444 12.08% 5,442,444 12.46% 

AGF Holding 21,421,782 47.55% 21,421,782 49.04% 

TOTAL AGF 30,744,048 68,24% 30,744,048 70.38% 

Euler Hermes 1,369,746 3.04% 0 0.00% 

(treasury shares) 

Public 12,938,719 28.72% 12,938,719 29.62% 

TOTAL 45,052,513 100.00% 43,682,767 100.00% 

28,72% 3,04% 

68,24% 100% 


Financial statements 

–a summary 

Consolidated 

balance sheet 

at 31 December 2007 

Assets 

(€’000) 


2007 2006 

IFRS IFRS 

Goodwill 115,577 107,374 

Other intangible assets 58,278 42,919 

Investments 3,101,290 3,010,102 

Reinsurers’ share of technical reserves 365,455 411,965 

Other assets 868,843 867,056 

Cash 378,103 334,964 

Total assets 4,887,546 4,774,380 

Shareholders’ equity and liabilities 

(€’000) 


IFRS IFRS 

Shareholders’ equity, group share 2,058,741 1,892,386 

Minority interests 19,179 19,153 

Total shareholders’ equity 2,077,920 1,911,539 

Provisions for risks and charges 127,174 99,715 

Gross non-life technical reserves 1,426,141 1,413,342 

Borrowings 295,746 302,369 

Deferred tax liabilities 365,948 389,251 

Other liabilities 594,617 658,164 

Total shareholders’ equity and liabilities 4,887,546 4,774,380 

The consolidated financial statements, including the balance sheet, income statement and the notes thereto, 

are shown in full in the reference document.

Consolidated income 

statement 

for the year ended 31 December 2007 

(€’000) 


IFRS IFRS 

Earned premiums and fees 1,726,703 1,658,775 

Premium-related revenues 372,745 353,045 

Net investment income 185,159 149,802 

Total income from ordinary activities 2,284,607 2,161,622 

Insurance services expenses - 754,063 -692,668 

Management expenses - 821,743 -791,301 

Net outwards reinsurance expenses - 131,111 -187,742 

Ordinary operating income 577,690 489,911 

Other operating income and expenses 0 0 

Operating income 577,690 489,911 

Financing expenses -12,918 -11,489 

Income from companies accounted for by the equity method 8,277 8,547 

Corporation tax -162,085 -156,734 

Consolidated net income 410,964 330,235 

Minority interests -4,006 -4,181 

Net income, group share 406,958 326,054 

Earnings per share (€) 9.33 7.51 

Diluted earnings per share (€) 9.30 7.45 


Holding Company 

Euler Hermes S.A. 1, rue Euler – 75008 Paris – France 

Tel.: +33 1 4070 5050 

EUROPE AND 

MEDITERRANEAN 

BASIN 

Austria 

Prisma 

Kreditversicherungs-AG 

Himmelpfortgasse 29 

1010 Vienna 

Tel.: +43 501 020-0 

Belgium 

Euler Hermes Credit 

Insurance Belgium S.A. (NV) 

Rue Montoyer, 15 

1000 Brussels 

Tel.: +32 2 289 3111 

Czech Republic 

C ˘ escob Euler Hermes, 

úvĕrová poji˘st’ovna, a.s. 

Molákova 576/11 

186 00 Prague 8 

Tel.: +420 266 109 511 

Denmark 


Kreditforsikring Norden AB 

Amerika Plads 19 

2100 Copenhagen E 

Tel.: +45 88 33 3388 

Estonia 



Eesti Filiaal 

Prita tee 20, T-building 

10127 Tallinn 

Tel.: +372 602 8100 

Finland 


Kreditförsäkring Norden 

AB 

Suomen sivuliike 

Itälahdenkatu 18 A 

00210 Helsinki 

Tel.: +358 10 850 8500 

France 

Euler Hermes SFAC 

1, rue Euler 

75008 Paris 

Tel.: +33 1 4070 5050 

Germany 



Friedensallee 254 

22763 Hamburg 

Tel.: +49 40 8834 0 


Federal Export Credit 

Guarantees 

Friedensallee 254 

22763 Hamburg 

Tel.: +49 40 8834 9192 

Greece 

Euler Hermes Emporiki SA 

109-111 Messogion Ave. 

Politia Business Center, 

Bldg. B 

115 26 Athens 

Tel.: +30 210 69 00 000 

Hungary 

Euler Hermes Magyar 

Hitelbiztosító Zt. 

Kiscelli u. 104 

1037 Budapest 

Tel.: +36 1 453 9000 

Ireland 

Euler Hermes Ireland 

3rd Floor, Mespil Court 

39a Mespil Road 

Dublin 4 

Tel.: +353 1 660 1667 

Italy 

Euler Hermes SIAC S.p.A. 

Via Raffaello Matarazzo, 19 

00139 Rome 

Tel.: +39 06 8700 1 

Latvia 



Latvijas Filiale 

Cesiela 31/8 

LV-1012 Riga 

Tel.: +371 67 895 677 

Lithuania 



Lietuvos Filialas 

Konstitucijos pr. 7.40 

20th Floor 

09308 Vilnius 

Tel.: +370 5 211 3366 

Morocco 

Euler Hermes Acmar 

37, bd Abdelattif Ben 

Kaddour 

20100 Casablanca 

Tel.: +212 22 39 84 12/14/17 

The Netherlands 


Kredietverzekering NV 

NV Interpolis 

Kredietverzekeringen 

Pettelaarpark 20 

5216 PD’s-Hertogenbosch 

Tel.: +31 73 688 9999 

Euler Hermes Interborg NV 

Atlas Office Center 

Hoogoorddreef 5 

Postbus 12473 

1100 AL Amsterdam Z.O. 

Tel.: +31 20 6 96 39 41 

Norway 


Kredittforsikring Norden 

AB 

Holbergsgate 21 

P.O. Box 6875 St. Olavs Plass 

0130 Oslo 

Tel.: +47 23 25 60 00 

Poland 

Euler Hermes Towarzystwo 

Ubezpieczen S.A. 

ul. Domaniewska 50 B 

02-672 Warsaw 

Tel.: +48 22 385 46 55 

Portugal 

COSEC - Companhia de 

Seguro de Créditos, S.A. 

Av. da Republica, nº 58 

1069-057 Lisbon 

Tel.: +351 21 791 3700 

Romania 

Euler Hermes Servicii 

Financiare S.R.L. 

Str. Maltopol, nr. 9 

Sektor 1 

RO-011047 Bucharest 

Tel.: +40 21 206 01 00 

Russia 



Representative Office 

Ozerkovskaya nab. 30 

Moscow, 115 184 

Tel.: +7 495 649 80 08 1001 

Slovakia 

Euler Hermes Servis, s.r.o. 

Plynárenská 1 

82109 Bratislava 

Tel.: +421 2 582 80 911 

Spain 

Euler Hermes Crédito, 

Sucursal en España de 

Euler Hermes Sfac, S.A. 

Paseo de la Castellana, 95 

Planta 14 

Edificio Torre Europa 

28046 Madrid 

Tel.: +34 91 417 77 67 

Sweden 


Kreditförsäkring Norden AB 

Klara Norra Kyrkogata 29 

P.O. Box 729 

10134 Stockholm 

Tel.: +46 8 555 136 00 

Switzerland 



Tödistrasse 65 

8002 Zürich 

Tel.: +41 44 283 65 65 

Turkey 

Euler Hermes Risk Yonetimi 

ve Danismanlik Hizmetleri 

Limited Sirketi 

Dereboyu Sok. Sun Plaza 

No. 24 Kat: 13 Maslak 

34398 Istanbul 

Tel.: +90 212 366 58 80 

United Kingdom 

Euler Hermes UK plc 

1 Canada Square 

London E14 5DX 

Tel.: +44 20 7512 9333 

Euler Hermes Guarantee plc 

Surety House 

Lyons Crescent 

Tonbridge 

Kent TN9 1EN 

Tel.: +44 17 32 77 03 11 

THE AMERICAS 

Argentina 

Euler Hermes Argentina S.A. 

San Martín 550 

C1104AAL Buenos Aires 

Tel.: +54 11 4320 7177 

Brazil 

Euler Hermes Seguros 

de Crédito S.A. 

Alameda Santos, 

2335 - cjs 51/52 

Cerqueira César 

01419-002 

São Paulo 

Tel.: +55 11 3065 2260 

Canada 

Euler Hermes Canada 

CIBC Tower 

1155 Rene-Levesque 

West Blvd., Suite 1702 327 

Montreal Quebec H3B 

Tel.: +1 514 876 9656 

Colombia 

Euler Hermes Colombia 

Carrera 13A No. 29-24 

Torre Colseguros 

Piso 8 

ala Sur Bogota 

Tel.: +57 1 560 0600 

Mexico 

Euler Hermes Seguro 

de Crédito S.A. 

Blvd. Manuel Avila 

Camacho #164, 8° piso 

Col. Lomas de Barrilaco 

Deleg. Miguel Hidalgo 

Mexico DF CP 11010 

Tel.: +52 55 5201 7900 

United States 

Euler Hermes ACI 

800 Red Brook Boulevard 

Owings Mills, MD 21117 

Tel.: +1 410 753 0753 

ASIA PACIFIC, 

MIDDLE EAST 

Australia 

Euler Hermes Trade Credit 

Underwriting Agents Pty Ltd. 

Level 16, 2 Market Street 

Sydney, NSW 2000 

Tel.: +61 2 8258 5108 

China 

Euler Hermes Information 

Consulting (Shanghai) Co., 

Ltd. in Shanghai, PRC 

Room 2505A, 

Jin Mao Tower 

88 Century Boulevard 

Pudong 

Shanghai, 200120 

Tel.: +86 21 5047 4750 

Hong Kong 


Underwriters (HK) Ltd 

Suites 403-11, 4/F 

Cityplaza 4 

14 Taikoo Wan Road 

Island East 

Hong Kong 

Tel.: +852 2867 0061 

India 

Euler Hermes Services 

India Pvt. Ltd. 

101,102 & 103 Timmy 

Arcade, 1st Floor, 

Makawana Road 

Marol , Andheri (E) 

Mumbai 400 059 

Tel.: +91 22 6525 1800-03 

Japan 



Japan Branch Office 

Kyobashi Nisshoku Bldg. 7F 

8-7 Kyobashi, 1-chome, 

Chuo-Ku 

Tokyo 104-0031 

Tel.: +81 3 3538 5403 

New Zealand 

Euler Hermes Trade Credit 

Limited 

Level 1, 152 Fanshawe Street 

Auckland 1010 

Tel.: +649 354 2990 

Singapore 



Singapore Branch Office 

3 Temasek Avenue 

# 03-02 Centennial Tower 

Singapore 039190 

Tel.: +65 6297 8802 

South Korea 

Euler Hermes Underwriters 

Hong Kong Ltd. 

Rm 1411, 14/F, Sayong 

Platinum Bldg. 

156, Cheokseon-dong, 

Chongro-ku 

Seoul 110-052 

Tel.: +82 2 733 8813 

United Arab Emirates 


Insurance 

c/o Alliance Insurance 

Warba Center 4th Floor, 

Office 402 A 

PO Box 183957 

Dubai 

Tel.: +971 4 266 3083

Publisher: Euler Hermes Group Communication – Design and production: (7867), advertising campaign design 

(cover, back and profile pages): Harrison & Wolf – Editorial: D&D Communication, Euler Hermes – Photography: AGF (p. 6), Yves Denoyelle (p. 4, 7), 

M. Barraud / gettyimages ® (p. 22/23, 28/29), Euler Hermes, P. Ginter / gettyimages ® (content page), Emile Luider / Rapho (cover, back and profile pages), 

Jacques Partouche / Studio Didapix (content page), D. Sutherland / gettyimages ® (content page), Symphonie / gettyimages ® (p. 10/11, 16/17) – 

Illustration: Antoine Dagan


1, rue Euler – 75008 Paris – France 

Tel.: + 33 1 4070 5050 – Fax: + 33 1 4070 5017 

www.eulerhermes.com

Annual report 2007 - Euler Hermes

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