a commercial team to support sales in the north of Portugal. For 2011, we all believe that will be the
beginning of economic and financial recovery (perhaps a slow one) as we can now see for the most important countries in Europe and all over the world, who can lead to more international and domestic business in the factoring market.
In a competitive domestic market, we have to be ready to deal with the challenges and take advantage of the opportunities.
Rui Esteves General Manager
Russia National Factoring Company
The Russian factoring market is gradually restoring its growth rate, which is expected at the level of 20-25% for the current year. However, the competition among factors has caused a dramatic decrease of commission rates, and overall revenue is expected to fall by 25-30% compared to 2009. The Russian financial sector is currently suffering from over liquidity, the banks are seeking any opportunity to place money on a short-term period. Consequently, there are factoring offers on the market with commission (APR) slightly above the base rate of Central Bank of Russia!
a turnover of over €18m according to nine month 2010 statistics. The leading international rating agencies Standard & Poor’s and Moody’s also appreciated our efforts, their outlooks for National Factoring Company being revised from “negative” to “stable”. In 2011 we expect a further increase in competition, especially from the side of the new players which have entered the market in 2010 or plan to so in the nearest time. The market players will probably start offering factoring services again to some sectors of the economy which suffered most in 2008- 2009 but are gradually recovering (like steel, automotive industry or consumer electronics). Also higher growth rates are expected for non-recourse factoring, which is currently a low competition sector. In this respect, much depends on the success of the credit insurers, which have recently increased their activity. Corneliu Robu
Deputy Chairman of the Management Board
Slovenia
Prva financna agencija d.o.o. Slovenia The financial and economic crisis has significantly touched construction and commerce sectors this year as a number of big construction and trade companies went insolvent in the Slovenian market. Consequently several SME’s which co-operated with these companies are expected to follow their steps.
Corneliu Robu
In these conditions National Factoring Company has focused on complex factoring solutions, offering tailor-made products with higher added value. For instance, most of the new clients have chosen an innovative product, we have recently launched for the first time in the history of the Russian market – Confirming (variation of reverse factoring). NFC also reaffirmed its reputation as the leading Russian import factor, achieving
Prva financna agencija d.o.o. with its 20 year old tradition has mostly been offering invoice discounting and recourse factoring to Slovene SME’s. Our privately owned company is the only significant player in the country in the field of factoring that is successfully competing with bank divisions or factoring companies owned by banks. The banking environment has significantly changed and has deteriorated in the past two years resulting in companies’ access to credit suffering from the lack of cash availability. Consequently the demand for our services has increased. We prepared on time for the expected consequences of the economic crisis by spreading our portfolio, increasing sales activities, improving monitoring of debtors and implementing new software. We set special attention to strengthening our credit department and giving increased attention on the quality of receivables being factored.
Business Money
Besides counted measures we are much more orientated towards international factoring where we plan to grab the opportunity to increase the turnover as export in Slovenia represents more than 60% of national GDP. 2011 is expected to be a year of appeasement of the agitated last two-three years. We’ll focus on our proven model, i.e. increased sales activities and the maintenance of existing clients offering them tailor-made solutions in the field of account receivable management. With the very experienced and highly professional team we plan to continuously prove ourselves in the market as one of the top factoring companies in the country.
Nada Škoberne Managing Director
Prvi faktor d.o.o. (PF Ljubljana) Prvi faktor d.o.o. (PF Ljubljana) was the first factoring company established in Slovenia in 1991. PF Ljubljana offers recourse and non-recourse factoring to both domestic and international companies. We have a strong presence in the transport, wholesale and retail, food production, civil engineering, rubber and plastic products manufacturing, and metal industries. Since its inception, PF Ljubljana has branched into three daughter companies, Prvi faktor d.o.o., Zagreb (PF Zagreb), Prvi faktor –faktoring d.o.o., Belgrade (PF Belgrade), and Prvi faktor d.o.o., Sarajevo (PF Sarajevo), thus creating Prvi faktor Group (PF Group), one of the largest factoring companies in the region.
Ernest Ribic
The economic crisis has played a large role worldwide in keeping turnover low and domestic demand limited. With value-added investment in the construction industry at it lowest since the beginning of the crisis, PF
November/December 2010 87
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