Ljubljana could have predicted a substandard year. However, the first three quarters of 2010 have shown a 4% increase in turnover when compared to the same time period last year. The modest yet noteworthy increase was due largely to the increase of investment in machinery and equipment within Slovenia which, in turn increased investment in transportation, storage and communications. PF Belgrade and PF Sarajevo have also made significant improvements to their turnover, 34% and 21% respectively, while PF Zagreb experienced a turnover decrease of 15%. However, the total turnover amount for PF Zagreb equals more than that of PF Belgrade and PF Sarajevo combined. In Zagreb, the trend of reducing limits and individuals’ exposure to risk has had a positive influence on the dispersion of credit risk. Unfortunately, difficulties have arisen there largely due to reductions of national investment into infrastructure and a general decrease in consumption.
As a result of the current financial crisis, any significant growth is not expected until 2012 as companies are beginning to reduce factoring activities, causing the market to stagnate. Nevertheless, for the remainder of 2010 and for 2011 as well, the entire Prvi faktor Group will continue to strive for total market penetration with the goal to increase turnover and return on equity group-wide, while at the same time maintaining our position as a leader in the region.
Ernest Ribi General Manager Spain
Eurofactor Hispania S.A. The economic situation in Spain is, apparently, slowly improving. The measures taken by the government have started to make the expected effect and the public debt percentage start to go down.
On the other side, the banking sector remains stable and for the time being their strength to face the coming months is out of the question.
Regarding saving banks, the process
started and pushed by the government forcing them to concentrate is finishing, at least in a first chapter.
But probably the sector will see some other deals in the future, looking for the concentration, looking to improve the strength, looking for more profitability.
88 November/December 2010
Factoring is growing again more than
10%. We must consider that in 2009, a very bad year, the sector reached the same volume as in 2008, around €104m. Considering the general behaviour of the banking system regarding their lending policy, factoring has remained a tool preferred by banks to finance the short-term of, mostly, SMEs. Spain is consolidating the fourth position in the European market, after UK, Italy and France.
otherwise I should not keep on working in factoring.
Josep Sellés Managing Director
Thailand IFS Capital
Josep Sellés Of course, confirming, which represents
the 47% of the total market is also increasing, 11.4%, a little bit more than the traditional factoring, 9.8%.
Regarding Eurofactor Spain, we are
growing 46% at the end of October, which makes us think that this is going to be an excellent year. Also the bottom line is growing as a result of the increase of pricing we introduced months ago.
And the bad debt is also non-existent, as a result of the strong control of risk we started in 2008. And in general and in spite of the figures that are not disclosed, the sensation is that this ratio has increased for most of the companies but not at the same level as in the banking system. The only shadow on our heads is the delay accumulated in some areas of public administration, that creates some problems to all of us in spite of the fact that we talk about sovereign risk, so hardly will become a final loss. But needless to say that the lines of the clients are becoming insufficient as they have no room to enter the newborn invoices because the old ones remain pending. We expect the sector in 2011 to follow the same trend as this year, probably growing at a superior rate of 15%, but unfortunately I’m not really good at predicting the future,
Business Money
After registering a negative growth of 2.3% in 2009 due to the impact of the global economic crisis, the Thai economy rebounded strongly from March of this year on the back of strong exports growth, especially in agriculture, automobile, electrical and electronics. Despite the negative impact of the political riots in May of this year on tourism, the Thai economy is expected to post a strong growth of about 7.7% for 2010. IFS Capital Thailand also witnessed a strong recovery of its factoring business this year following a decline of about 21% in 2009. In 2010, we expect to achieve a total factoring volume of about US$600m or a growth of about 22% from 2009. The company has been able to maintain its leadership position in the factoring business despite the increasing threats of commercial banks, who are now offering factoring as one of the products of banks. IFS Capital Thailand is the largest independent factoring company in Thailand
Ley Yen Tan
with a market of about 15%. It has been operating in Thailand for 20 years and is a subsidiary of the IFS Group of Singapore. On 10 August 2010, it achieved a significant milestone in its history when it was successfully listed on the main board of the Stock Exchange of Thailand. The company has not been active in international factoring but will start to actively promote the Two Factor business from now on. Hopefully, international factoring will account for a
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