Simon Thompson
region. On the positive side unemployment has improved slightly to 7% and interest rates have remained low with the current official cash rate at 3%. The government also changed the tax landscape by increasing GST from 12.5% to 15% and dropped income taxes. Comparatively to many in the northern hemisphere these results may not seem too serious but we have not made the progress hoped for this year, despite world commodity prices being very strong for our dairy markets.
At Lock Finance however we are pleased
to report early signs of the economic activity re-building and our own balance sheet is in growth mode again. We have seen encouraging demand for inventory finance, invoice discounting and traditional factoring products. We hope many readers will visit for the rugby and partake in some true Kiwi hospitality. Please let us know if you are attending. Go the All Blacks!
Simon Thompson CEO
Poland
Bibby Financial Services Poland Bibby Financial Services started its operations in Poland in 2003. It is focused on providing financial services for medium and small enterprises. In 2009 the company reached €206m turnover. Currently providing facilities to 220 clients, 10% share in total number of clients serviced by factors and has a 2.7% share of the factoring market – according to the Polish Factors Association. It offers recourse, non-recourse and export factoring as well as specialist factoring for transport companies. Bibby Financial Services currently operates in Warsaw, Katowice, Poznan and services clients nationally.
86 November/December 2010 Krzysztof Kuniewicz
Bibby Financial Services is growing with the market. In 2010 we have doubled the number of new clients, our turnover has grown by 16% and our financing level is 40% higher in comparison to 2009. We look to close 2010 with record results in the history of our organisation in Poland.
Krzysztof Kuniewicz Managing Director
Portugal Eurofactor Portugal
Despite the current global economic situation, Eurofactor Portugal maintains a growth rate up to two digits, in 2010 we are confident that
Business Money
We closed 2009 with a similar turnover level and number of clients served as in the previous record year for the industry in Poland. These results can be evaluated as a success in the context of difficult economic conditions for the great majority of our clients. Although the Polish economy noted 1.9% GDP growth in 2009 small and medium-sized enterprises, as elsewhere in Europe, felt the painful effects of tough economic conditions. Servicing our clients we had to control our risk level but at the same time we successfully managed to provide finance to companies often rejected by commercial banks due to the difficult economic environment we are operating in. Since the beginning of 2010 we have seen a significant turnover growth in the industry. After the third quarter it reached the level of €7.5bn, a 25% year-on-year increase. It is clearly visible that factoring facilities in Poland have become more and more often the solution for many companies forced to look for new ways of financing. This growth is recognised by all market players and competition for market share is strong. Price not the quality of the service provided is becoming a strong argument in the battle for new clients.
Rui Esteves
activity growth will be bigger than last year, as more companies are searching for other ways of working capital financing than the traditional bank loans. The year of 2010, remained dominated by the recessionary environment that has affected the world economy following the financial crisis that had its beginning in 2007. Portugal is a small and very open economy strongly affected by international economics – positive or negative – and with a big internal constraint that is the public debt that is undermining the ability to grow, with very tight taxes and public expenditure policies and a big challenge to dealing also with a unemployment rate close to 10% in 2010. The factoring industry in Portugal grew up strongly in volume based on public debtors and the building industry, but now the market is facing maturity and the end of this growing cycle. Despite that, 2010 will be a year with a higher growth on the Portuguese factoring market.
In order to succeed all players will try to be more competitive in pricing and explore new products and markets, with a strict control of operational risk management. Being part of Credit Agricole Group helps
Eurofactor Portugal to proceed as the market leader in international business but now we will probably face increased competition on this area.
Eurofactor Portugal has increased the
team to 33 people, with more people in sales and in client management, mainly young and specialised people in factoring business and collection processes, covering operations and clients, sales and marketing, international business, risk management, financial and IT. Our headquarters are located in Lisbon and we have a delegation in Oporto, with
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