2010 was not an easy year, but it was a good year. After the disastrous consequences of the financial crisis for the real economy, which also hit many Austrian companies hard in 2009, the past year was characterised by recovery. Our cautious optimism was confirmed.
In many sectors it will still take some time to again reach the pre-crisis level, but the signs are pointing toward renewed growth. This trend is also illustrated by statistics for 2010, which show a significant reduction in payment default cases compared with 2009. Coface Austria even recorded a decline in net claims below the 2008 level during the past year, which will allow us to again offer our customers broader coverage for their business risks.
As a partner for the Austrian business sector, we have been able to help numerous companies remain on a success course over the past years – in spite of the turbulent economic environment. We want to expand this role as a fellow traveller in difficult terrain during 2011 by continuously improving our offers and services to more exactly meet the individual needs of our customers.
The strengthening of our core expertise will represent a focal point of activities for Coface Austria in 2011. This will include an increased concentration on customers: we are continually expanding our presence in the Austrian provinces and regions because we are convinced that personal advising and support represent the key to shared success. Also included here is a greater concentration on our most important line of business: credit insurance. As the recent crisis has shown, its importance in a globalising economy is growing steadily.
Just as our customers, Coface Austria was also able to successfully utilise the past year. Economic recovery supported double-digit growth in our revenues and earnings for 2010 were better than 2008. This will allow Coface to remain a strong and reliable partner – and a factor to help improve the success and stability of Austrian companies.
Martina Dobringer
Annual Report 2010 Credit Insurance
Annual Financial report of Coface
Austrian Financial Market Authority website
