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CEE company insolvencies on the rise

Various economic conditions, support measures and legal changes have affected insolvency trends in the Central and Eastern Europe region over the last two years.

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War in Ukraine: Many (big) losers, few (real) winners

More than two months after the start of the war in Ukraine, of Russia’s invasion of Ukraine on 24 February, prospects for a rapid resolution of the war seem increasingly unlikely. As sanctions against Russia continue to pile up, a return to the pre-war situation seems illusory, even in the event of an early end to the conflict.

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Gulf countries benefit from higher energy prices, but inflationary pressures are increasing

Oil prices stabilized around $100 - the highest level since 2014 - are unsurprisingly benefiting the Gulf countries. However, rising agricultural commodity prices are putting upward pressure on consumer price inflation.

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Economic consequences of the Russia-Ukraine conflict: Stagflation ahead?

The Russia-Ukraine conflict has triggered turmoil in the financial markets, and drastically increased uncertainty about the recovery of the global economy. Since our last publication, the world has shifted, so have the risks.

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Barometer Q4 2021: The global recovery continues in 2022, but a bumpy road lies ahead

Two years after the onset of the pandemic, the global economy continues to recover, but still faces significant challenges. Download the Coface Q4 2021 Country & Sector Risk Barometer and its press release here.

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Coface FY-2021 results: record net income

Coface FY-2021 results: net income at €223.8m and 100% pay-out ratio.

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Outlook 2022: peering through the jungle of economic news

Coface ventures perilous predictions for 2022 on the world economy and a specific focus on Germany.

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Examining the euro, 20 years on

To mark the 20th anniversary of the euro’s introduction into European wallets, Coface's economic research team has examined the effects that this change has had in macroeconomic terms.

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Coface launches "GlobaLiner", its new service offer designed to better meet the needs of multinational companies.

GlobaLiner supports the development of multinational companies with faster contract issuance and greater control over local insurance policies.

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COFACE BALTICS TOP 50

COFACE BALTICS TOP 50
The number of Lithuanian companies in the latest TOP-50 ranking of the largest companies in the Baltics has increased to 32 (compared to 30 last year), while the number of Estonian companies has remained unchanged at 10 and the number of Latvian companies has decreased from 10 to 8. This is according to the international risk management company Coface, which has analysed companies with a turnover of more than EUR 300 million last year.

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COFACE BALTICS TOP 50

COFACE BALTICS TOP 50
The number of Lithuanian companies in the latest TOP-50 ranking of the largest companies in the Baltics has increased to 32 (compared to 30 last year), while the number of Estonian companies has remained unchanged at 10 and the number of Latvian companies has decreased from 10 to 8. This is according to the international risk management company Coface, which has analysed companies with a turnover of more than EUR 300 million last year.

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COFACE CEE TOP 500

COFACE CEE TOP 500
The 13th CEE Top 500 study provides an insight into the future and summarizes the region’s economic activity for the previous year. Moreover, it describes the condition of the 500 largest companies in CEE by their turnover.

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U.S.Economy: an infrastructure package to support the recovery [#ExpressEco]

In the past 18 months, the US congress authorized more than 25% of GDP in spending to respond to the COVID-19 pandemic

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Coface achieves record net income of €67.7m in the third quarter

Turnover of first nine months: €1,158m, up +7.9% at constant FX and perimeter, and up +8.9% in Q3-2021

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Barometer Q3 2021: Supply chain and inflation headwinds hamper the global recovery

As the Covid-19 situation begins to improve, notably with the implementation of vaccination campaigns, there has been a rebound in consumption, particularly in developed countries. For emerging countries, the economic recovery is benefiting export-oriented countries, but service-dependent economies are lagging behind. Read our in-depth analysis in our latest Country and Sector Risk Barometer.

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Germany Corporate Payment Survey 2021: Learning to live with the pandemic

The 5th edition of Coface’s survey on corporate payment experience in Germany suggests that German companies have acclimatised to the pandemic environment, with more companies offering payment terms and a positive outlook from surveyed companies.

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CofaMove: Coface's app for on-the-go credit risk management

Your business moves fast – and sometimes your life moves even faster! Now you can set the pace with CofaMove, the Coface app for swift credit risk management when you’re on the-go.

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Coface reports first-half net income of €123.2m, confirming an excellent start to the year

Coface reports first-half net income of €123.2m, confirming an excellent start to the year. Turnover: €768m, up 7.4% at constant FX and perimeter.

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Coface Barometer Q2 2021: A two-speed world

18 months after the start of the pandemic, access to vaccination is now the main factor setting the pace of people's daily lives and the global economy. GDP growth forecasts for 2021 have been revised upwards (+5.6%), but this is mainly the result of positive surprises from the United States. These improved growth prospects are reflected in world trade: after a 5% decline in volume last year, Coface forecasts an 11% increase for 2021.

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Focus on remote work : The Risks and Opportunities of Virtual Offshoring

Remote work has emerged as a new norm during the Covid-19 pandemic. This cultural shift could allow companies located in developed countries to hire teleworking talent in emerging countries to reduce their labour costs.

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Germany: More insolvencies in the pipeline, despite significant aid

Insolvencies in Germany dropped significantly in 2020 compared to 2019 - despite the worst recession since 2009.

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Coface Barometer Q1 2021: US leads the global recovery, emerging economies lag behind

More than a year after the start of the pandemic, global economic trends are uneven due to lingering uncertainties around the spread of COVID-19. The acceleration of the vaccination process, as well as its effectiveness, are key to an economic recovery

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Coface records a good start to the year with a net income of €56.4m

Coface records a good start to the year with a net income of €56.4m ; Turnover: €378m, up 4.2% at constant FX and perimeter.

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Fitch raises the outlook for Coface’s ratings to “stable”

The rating agency Fitch, on 20th April 2021, affirmed Coface AA- Insurer Financial Strength (IFS) rating. The agency also removed the Rating Watch Negative. The outlook is now stable.

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Coface report looks at China and Australia’s trade relationship

The China-Australia bilateral relationship deteriorated sharply over 2020, with China imposing trade restrictions on a number of Australian exports. But there are growing concerns that an escalation of bilateral tensions will see China hardening its stance towards Australia.

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United States: Stimulus plan paves the way for record trade deficit

As the world's largest importer, and second largest exporter of manufactured goods, the United States has had a trade deficit since the early 1970s. Using an analysis based on historical estimates of a potential trade balance, Coface estimates that the deficit could grow by 56 billion dollars as a result of the stimulus plan.

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The paradox of corporate insolvencies in Europe: miracle and mirage

In 2020, and even if the real impact of the COVID-19 crisis remains uncertain, the number of insolvencies actually fell in all major European economies. According to our research, the gap between the expected deterioration of the companies’ financial health and the number of insolvencies suggests that there is a high number of “hidden insolvencies” that have been postponed, rather than prevented.

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Coface Barometer Q4 2020 - An uneven recovery

In its latest quarterly Barometer and on the occasion of the publication of the country and sector risk guide, Coface highlights an uneven recovery across countries, sectors of activity and income levels.

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Attend our 25th Country Risk Conference 8-10 february

This year at our Country Risk Conference: 3 round tables to embrace the new business risks in a post-covid world.

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Coface publishes CEE Top 500 companies

In 2020, Coface has launched the 12th edition of the Top 500 companies in Central and Eastern Europe - Coface CEE Top 500.

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9M-2020 Financial Results: Strong balance sheet and positive operational KPIs

Coface releases its 9M-2020 Financial Results: A strong balance sheet and positive operational KPIs allow to launch share buyback programme

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COVID-19, a catalyst for political risks

In addition to our Q3 2020 Country & Sector Risk updates, Coface's Political Risk Index highlights a dual trend: a decrease in the risk of conflict at a global level, but an increase in the risk of political and social fragility.

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German companies have switched to "crisis-mode" and offer less payment terms

German companies want to cash in as early as possible, according to the fourth edition of Coface’s survey on corporate payment experience in Germany, conducted in July and early-August 2020, with 753 participating companies located in Germany.

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Coface reports a positive net income of €11.3m for the second quarter 2020 and continues to implement its strategic plan

Turnover for the first semester: €725m, down 0.6% at constant FX and perimeter:
Client retention and new business achieve record levels, with a positive net production of €33m.
First effects of re-pricing are now visible (+0.2%).
Revenues from services progress by 7%, including information services up by 13%.
Client activities continue to slowdown – a trend expected to continue over the following quarters.

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Post-pandemic production relocation: an opportunity for CEE countries?

Foreign trade and inclusion in supply chains had already increased in recent years, supported by EU membership by most CEE (Central and Eastern European) countries in 2004.

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Global Transport: What does the future hold beyond COVID-19?

The COVID-19 pandemic has triggered a mobility crisis, mainly because of physical distancing requirements and the necessity to avoid confined spaces, to limit the virus’propagation. This has had a disastrous impact on the global transport sector, with air passenger transport being the most affected segment.

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United States: Two-speed business bankruptcies

As the COVID-19 epidemic hits the United States very hard, Coface forecasts in its baseline scenario that the country's GDP will contract by 5.6% in 2020, before rebounding by 3.3% in 2021. Nevertheless, this forecast is threatened by the resurgence of the outbreak in several states, which are already pausing or even reversing the resumption of activity after the extensive lockdown of April.

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Coface finalises the acquisition of GIEK Kredittforsikring AS

Coface announces the closing of the acquisition of GIEK Kredittforsikring AS, a company that manages a short-term export credit insurance portfolio.

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Asia Corporate Payment Survey 2020: COVID-19 will overturn last year’s incipient recovery

After a 2019 that was dominated by trade tensions between the United States and China, Coface has observed an incipent recovery in Asia (excluding China), supported by supply chain shifts and additional liquidity from the US Federal Reserve.

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Are corporate balance sheets in Spain and Italy ready for the COVID-19 shock?

Although the second quarter of 2020 is shaping up to be the most challenging period of the year, there are now good reasons to think that the road to recovery will be long and arduous. Despite immediate tax deferrals, liquidity guarantees, it is likely that many firms will find themselves in difficulty.

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Business insolvencies in Europe: amendments to legal procedures temporarily postpone due dates

Many European countries have temporarily amended the legal framework of default procedures to help companies deal with the crisis, postponing growth of insolvencies in Europe.

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Coface Barometer: From a massive shock to a diversified recovery

Coface forecasts that the recession in 2020 (a 4.4% drop in world GDP) will be stronger than that of 2009. Despite the recovery expected in 2021 (+5.1%) – assuming there is no second wave of the coronavirus pandemic – GDP would remain 2 to 5 points lower in the United States, the eurozone, Japan, and the United Kingdom, when compared to 2019 levels.

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China Payment Survey 2020: Payment delays will increase further because of COVID-19

In the context of weaker activity in China due to the health crisis, Coface’s latest survey on business payments in China shows a deterioration in payment behaviour in 2019.
66% of surveyed companies reported payment delays. The length of payment delays remained stable at 86 days in 2019. Nevertheless, sectors that have been hit the most by lockdown measures will have to delay payments in order to survive in 2020 and the number of corporate insolvencies should increase.

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World Trade: despite a sudden interruption, global value chains still have a bright future

Early 2020 marked by a sudden interruption in world trade, hampered by a global recession and soaring uncertainty

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Coface Baltics warns Latvian residents about fraudsters offering fake loan insurance

Credit risk insurance company Coface Baltics has received information that fraudsters have approached private individuals residing in Latvia on behalf of company’s name by offering them fake insurance and loan services. The company warns residents to be vigilant and precautious as this might be a fraud scheme.

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COVID-19 swings the spotlight back onto emerging countries’debt

While the focus has mainly been on China, Europe and the USA so far, the consequences of the Coronavirus pandemic are likely to be even more severe in emerging countries.

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First quarter shows solid operational performance but is impacted by the initial effects of the COVID-19 crisis

Xavier Durand, Coface CEO, commented: “The coronavirus crisis presents an unprecedented shock for our economies and for the credit insurance industry. First and foremost, I am very proud of our teams’ successful efforts to continue supporting our customers despite the containment measures (...)"

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Can China shield its economy from the impact of COVID-19?

Due to the current coronavirus (COVID-19) pandemic and its impact on the global economy, it is unlikely that China will be able to achieve its 2020 growth target. Coface forecasts a growth rate of 4% for the Chinese economy in 2020.

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Coface Barometer: COVID-19 - heading towards a sudden global surge in business insolvencies

At first, the COVID-19 epidemic in China only affected a limited number of value chains – but it has since turned into a global pandemic. Its repercussions have created a double shock – supply and demand – that is affecting a large number of industries in all over the world.

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COFACE SA: Announcement regarding the dividend

COFACE SA’s Board of Directors met on 1st April 2020 to look at the group’s activity in the current economic environment.

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Fitch places Coface on Rating Watch Negative

The rating agency Fitch has, on 31 March 2020 placed Coface on Rating Watch Negative. This includes Coface’s Insurer Financial Strength (IFS) rating.

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Covid-19, A triple shock for the world economy

In this webinar focusing on the global impact, our Chief Economist Julien Marcilly explain what can already be expected from this health and economic crisis on a global scale.

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Review of the credit insurance sector by Moody's

The rating agency Moody's confirmed Coface’s Insurance Financial Strength (IFS) A2 rating on 27 March 2020. The outlook for this rating has been changed to negative.

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POLAND PAYMENT SURVEY: REDUCED PAYMENT DELAYS, BUT A CHALLENGING OUTLOOK

Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delays have systematically shortened since 2017 - but the impact of the coronavirus epidemic on the Polish economy remains to be seen.

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COFACE CAPITALIZES ON ITS STRATEGIC SUCCESSES AND LAUNCHES BUILD TO LEAD, ITS NEW 2023 STRATEGIC PLAN

Build to Lead will broaden and deepen the business and cultural transformation initiated in Fit to Win. In particular the new plan will: Continue to strengthen risk management and underwriting discipline; Improve service, and commercial and operational efficiency; Invest in select growth initiatives in trade credit insurance as well as in specialty lines; Maintain balance sheet strength.

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FY-2019 RESULTS: RECORD NET INCOME UP 20% AT €146.7M AND PROPOSED DIVIDEND PER SHARE OF €1.0

We have completed our Fit to Win plan with record results, despite a riskier economic environment. Our net income is up by 20%, to €147m. The tangible return on equity comes in at 9.1%, excluding non-recurring items. Record retention and a pick-up in new business boosted growth to 5.9%. Finally, in terms of capital, the French regulator authorised our usage of our internal model to calculate the solvency requirement. Our solvency ratio stands at 190%, up 21 points, which allows us to propose a payment of a dividend of €1.0 per share to the Shareholders Annual General Assembly.

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POLITICAL AND ENVIRONMENTAL RISKS ARE THE MAIN THREATS FACING BUSINESSES IN 2020

As Coface launches the 2020 edition of its Country & Sector Risks Handbook, Chief Economist Julien Marcilly today presents the main threats for the global economy in 2020 at the Coface Country Risk Conference in Paris. The US-China trade agreement will not be enough to rekindle international trade

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TURKEY PAYMENT SURVEY 2019: BETTER PICTURE IN PAYMENT TERMS BUT COMPANIES ARE STILL CAUTIOUS REGARDING ECONOMIC PROSPECTS

Following the economic recession during the second half of 2018, the private sector remains mixed in terms of the economic outlook.

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AM BEST AFFIRMS A (EXCELLENT) RATING TO COFACE NORTH AMERICA INSURANCE COMPANY, WITH STABLE OUTLOOK

Rating agency AM Best, on 17 December 2019, has affirmed Coface North America Insurance Company’s ‘A’ (Excellent) Insurer Financial Strength (IFS) rating, with a stable outlook.

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BUSINESS FAILURES IN FRANCE ARE LESS FREQUENT, BUT OF A LARGER SIZE

While the number of companies facing corporate insolvency has decreased since the beginning of the year, their cost has increased, both financially and in terms of the number of jobs affected. After a difficult first quarter, marked by the repercussions of the “yellow vests” movement, the number of corporate insolvencies since the beginning of the year in France is set to decline for the fourth consecutive year. However, Coface expects a slight rebound in insolvencies in 2020 (+0.9%), mainly due to the expected slowdown in the construction sector, which was largely driven by public works in 2019 in the run-up to the municipal elections.

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THE GLOBAL AUTOMOTIVE INDUSTRY AND ENHANCED REGULATIONS: A VERY STEEP PATH AHEAD

The global auto sector is facing several challenges including enhanced and stricter regulations against environmental risks in the context of a slowdown of the global economy. Car sales are on a downward trend, as uncertainty bites.

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2019 SURVEY ON COMPANY PAYMENTS IN GERMANY: TURN OF THE TIDE

85% of companies report longer payment terms in 2019 vs 2017

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COFACE INTRODUCES CRAFT, A NEW FORECASTING TOOL TO ESTIMATE GROWTH IN THE EUROZONE

Recession or slight decline, CRAFT provides the keys to the slowdown in the major economies of the Eurozone.

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COFACE BAROMETER: GENERAL SLOWDOWN IN THE GLOBAL ECONOMY DESPITE CENTRAL BANKS’ ACTIONS

With business morale being affected by a summer marked by a multiplication of areas of political uncertainty around the world, it seems likely that 2020 will be a year of economic decline.

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AGRI-FOOD SECTOR OUTLOOK: IN A GLOBAL ECONOMY MARKED BY PROTECTIONIST TENSIONS, WHAT DOES THE FUTURE HOLD?

Central to the current trade tensions, notably between the USA and China, the global agri-food sector is impacted by knock on effects, notably via downward trends on the prices of key agri-food commodities, such as soybean. Coface has conducted an in-depth analysis of future trends in this market.

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THE "MADE IN RUSSIA" STRATEGY: A LIMITED INSTRUMENT FOR ECONOMIC DIVERSIFICATION

Faced with fluctuations in hydrocarbon prices and economic sanctions from Western countries, Russia has developed a strategy that favours "Made in Russia" - but the results have remained mixed.

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COFACE BALTICS FILIALAS NAMED ‘NATIONAL WINNER’ IN PRESTIGIOUS EUROPEAN COMPETITION

COFACE BALTICS FILIALAS has been named ‘National Winner’ in the 2019 European Business Awards, one of the world’s largest business competitions.

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Netherlands: What is the secret of Dutch trade?

Rising protectionism in China and the United States, Brexit, contracting world trade... despite all the clouds on the horizon, the Dutch economy remains surprisingly bright.

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Insolvencies in Central and Eastern European Countries (CEE): 2019

The Central and Eastern European region has seen an improvement in economic activity in recent years. In 2017 and 2018, GDP growth in the region rose to 4.6% and 4.3%, respectively, the highest rates since 2008.
This acceleration in the CEE economy was mainly due to the increase in domestic demand, in particular thanks to the significant fall in unemployment that benefited households. At the same time, households also benefited from strong wage growth, which had a direct impact on consumption. Beyond households’ consumption, growth was supported by an increase in public and private investment.
The aforementioned period of favourable macroeconomic environment brought effects on solvency of companies in the CEE region. GDP weighted average insolvencies dropped by 4.2% in 2018, contrary to an increase of proceedings recorded a year prior.

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Coface publishes CEE Top 500 companies

The international credit insurance company presents its eleventh annual study on the biggest 500 companies in Central and Eastern Europe – the Coface CEE Top 500. It ranks businesses by their turnover and additionally analyses further facts such as the number of employees, the framework of the companies, sectors and markets as well as the new Coface company credit assessments. The economic development of the CEE Top 500 is representative of the market trend in the entire region.

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COFACE DELIVERS RECORD FIRST SEMESTER IN RISKIER ECONOMY

Coface delivers record first semester in riskier economy:

Net income up 25% at €78.5m, RoATE[1] at 9.6% and Partial Internal Model submitted

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GCC: tight financial conditions for businesses feed alternative sources of financing

Despite improving economic performances across the Gulf Cooperation Council (GCC), monetary and financial conditions remain tighter compared with before 2015. Access to financing remains one of the key issues for companies, particularly for small- and medium-sized enterprises (SMEs). Loan growth in the region has recovered somewhat thanks to higher oil prices, but it remains below its historical average.

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Asia Corporate Payment Survey 2019: Deteriorating payment trends amid trade war woes

Coface’s 2019 Asia Corporate Payment Survey covered over 3,000 companies in nine economies (Australia, China, Hong Kong, India, Japan, Malaysia, Singapore, Thailand and Taiwan). 63% of companies surveyed stated that they experienced payment delays in 2018. The length of payment delays increased to 88 days on average in 2018, compared to 84 days in 2017. The length of payment delays was highest in China, Malaysia and Singapore; as well as the energy, construction and ICT sectors.

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Natural gas: an oscillation between boom and gloom

The natural gas market is booming and will increase in the medium term, but many factors point to a less promising future.

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Morocco: payment delays are improving but remain too long

Coface's fourth survey on payment terms in Morocco shows a situation that remains worrying despite a slight improvement.

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Corporate insolvencies in France: microenterprises in the trough of the wave

While the yellow vests movement did have a strong impact on corporate insolvencies at the beginning of the year, the decline in mobilization and the resilience of economic growth had a positive impact on the health of French companies in March and April.

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In a global economic slowdown, luxury continues to outperform but faces new challenges

Counterfeiting, e-commerce, Chinese consumers importance, even if it is generally relatively spared by recessions, the luxury market must adapt to a profoundly changing economy if it does not want to lose its exceptional status.

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The turnaround in the industrial cycle hits companies in the chemicals sector in Europe and North America

Signs of a slowing global economy continue to accumulate
2019 - the number of insolvencies will increase in two-thirds of countries (+3% in Western Europe)
The chemical industry in Europe and North America is suffering from fewer opportunities in the automotive sector
Improvements in assessments are concentrated in the Middle East, including Saudi Arabia's upgrade (B)

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COFACE STRENGTHENS ITS MARKET POSITION IN THE ADRIATIC REGION BY ACQUIRING SID - PKZ, THE LEADING CREDIT INSURANCE COMPANY IN SLOVENIA

Coface announces today the acquisition of SID - PKZ, the market leader in credit insurance in Slovenia with a high market share. As Coface has acquired all SID - PKZ shares, the business will operate under the new brand name Coface PKZ. The acquisition supports Coface’s strategy of profitable growth in Central & Eastern Europe region.

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DESPITE FIVE YEARS OF MODINOMICS, INDIA CONTINUES TO BE CONSTRAINED BY ECONOMIC FRAGILITIES

When Narendra Modi ran for Prime Minister in 2014, he pledged to boost the competitiveness of India’s industrial sector to promote growth. Modi will be running for president again in India’s general elections between 11 April and 19 May. The economy is in a better position than it was in 2014, but many of the structural fragilities that Modi inherited continue to afflict India today and a mixed track record in terms of economic reforms has dampened enthusiasm for Modi.

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COFACE LAUNCHES CREDIT-INSURANCE OFFER IN GREECE

Local companies set to benefit from Coface’s expertise in risk prevention and payment protection.

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MEXICO AND BRAZIL TAKING OPPOSITE DIRECTIONS IN TERMS OF ENERGY POLICIES

• 2019 will be marked by high volatility in the global oil market
• Brent crude oil price to average USD 65 in 2019, according to Coface estimates
• In Mexico, the financial stress already faced by Pemex might not be contained
• Brazil oil policy is expected to have positive knock-on effect in the medium term

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CHINA PAYMENT SURVEY 2019: LONGER DELAYS AS GROWTH FALTERS

2018 proved to be a relatively challenging year for China. Growth slowed to 6.6% and is expected to decline further in 2019 (6.2%, according to Coface forecasts). As a result, 59% of the 1500 Chinese companies that participated in Coface’s survey believe the economy will not improve in 2019, the worst since 2003. The situation relating to payment delays also deteriorated. 62% of companies in China experienced payment delays in 2018, with 40% of respondents reporting that they recorded an increase in payment delays, much higher than the 29% registered in 2017.

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POLAND PAYMENT SURVEY 2019: 99% OF COMPANIES EXPERIENCE PAYMENT DELAYS

In 2018, Poland reached a peak in economic recovery with a GDP growth of 5.1%, the highest level of economic expansion since 2011.Despite this positive macroeconomic environment, payment delays appear to be standard practice on the Polish market. Nearly 99% of the Polish companies surveyed by Coface experience payment delays. Only one out of 100 companies reports receiving payments on time.

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TURKISH ECONOMY: DOMESTIC DEMAND STILL WANING BUT EXPORTS FUELLED BY THE LIRA’S DEPRECIATION

• Stagflation becoming a reality, exports are a key-source of revenues for economy, especially in the automotive sector
• Exporters are flexible; government support is vital for exporters to gain new market shares

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FY-2018 RESULTS: NET INCOME UP 47% AT €122.3M AND PAY-OUT OF 100% OF NET INCOME

Turnover: €1,385m, up 4.6% at constant scope and FX
Net loss ratio at 45.1%, an improvement of 6.2ppts; annual net combined ratio at 79.6%
Net income (group share) of €122.3m; of which €24.1m in Q4-2018. Annualised RoATE[2] at 7.7%
Solvency ratio estimated to have risen to ~169%[3], above target range (140%-160%)
Coface continues to actively manage its capital base

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Coface Country Risk Conference 2019 in Paris

Two pitfalls for businesses in 2019: the economic downturn and political risks.
Coface will be sharing its vision of the major trends in the world economy in 2019 with businesses at its annual conference on country and sectoral risks.

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Coface launches new online product Business Finder

Coface continues its innovation strategy expanding its online offer to Business Finder, an interactive online tool that helps clients to easily find new business partners. With this service, Coface enables its clients to select new target groups from the largest database in Central and Eastern Europe (CEE) with 30 million companies.

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French companies in 2019: Rise in insolvencies but higher margins will allow cushioning the impact of slowing global trade

• After two years of improvement, insolvencies are on the rise and this trend should continue in 2019 (forecast of +0.8%)
• This uptrend mainly affects micro-enterprises with revenues of less than EUR 500,000
• The disappointing export performance of French companies is partly due to their choice to increase their margin rate
• This applies to most key export sectors: automotive, pharmaceuticals, aeronautics and agri-food
• But this recovery in margins would be an advantage to cushion the impact of slowing global trade in 2019

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SMEs in China: Monetary easing won’t be sufficient to reduce credit pressure

When considering risk in the Chinese economy, a lot of the discussion has focused on large State-Owned Enterprises (SOEs) or large private conglomerates. However, headwinds impacting Small and Medium Enterprises (SMEs) should not be neglected. SMEs are scrambling to access financial resources to meet their working capital and long-term expansion needs, amidst a looming trade war with the United States and rapidly deteriorating financing conditions. Given their importance in the Chinese economy, it is likely that policymakers will take steps to prevent SMEs from becoming the weak link. Several measures could be helpful: prudent fiscal stimulus, a rational approach to regulating shadow banking, and a shift to more market-based interest rates so as to reward underwriting procedures that allocate adequate risk returns.

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Wind energy industry: production costs will increase under the influence of the trade war and the liquidity squeeze

European wind energy manufacturers are likely to keep leading position for next 10 years

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Halfway through its trade diversification process, the United Arab Emirates is yet to be integrated into international value chains

• Thanks to its strategic location, the United Arab Emirates (UAE) plays a central role in regional exports and re-exports, as demonstrated by its various economic and cooperation agreements with other countries.
• Further involvement in the Belt and Road Initiative[1] represents both a risk and an opportunity for the UAE.
• However, the country is still only halfway through its diversification process, and is yet to be integrated in global value chains.

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Coface and Tradeshift announce strategic partnership

Global credit insurer to make risk indicators available to a network of 1.5 million businesses in 190 countries.

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US protectionism: Significant knock-on effect on trade partners of targeted countries

The net number of protectionist measures currently in place throughout the world is 2.5 times higher than in 2010. In most advanced economies (such as the US, Western Europe, Japan, Canada and Australia) and in many of the large emerging countries (Brazil, Argentina and India), the share of imports impacted by protectionist measures is higher than imports benefitting from favourable measures. Nevertheless, several South East Asian countries (such as Vietnam, the Philippines and Cambodia), as well as Russia and a number of Latin American countries (including Mexico, Columbia and Peru) are not following this trend.

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Country and sector risks worldwide

Some emerging economies become increasingly vulnerable
• Higher oil prices and continued capital outflows from emerging markets mark the third quarter of 2018
• A wave of sectorial downgrades in Turkey and Argentina
• Risks improve in Central Europe and the CIS
• Downgrades for Pakistan and Nicaragua, mainly due to political risks

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CENTRAL AND EASTERN EUROPEAN INSOLVENCIES: THE GOOD TIMES ARE OVER

Despite economic acceleration in the region, insolvencies increased by +6.4% in 2017

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Coface announces CEE Top 500 companies: Household consumption boosts economic activity in CEE

The international credit insurance company Coface presents its tenth annual study on the biggest 500 companies in Central and Eastern Europe – the Coface CEE Top 500. It ranks the businesses by their turnover and additionally analyses further facts such as the number of employees, the framework of the companies, sectors and markets as well as the new Coface company credit assessments. The trend of the CEE Top 500 reflects developments in the region.

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Coface Baltic Top 50 - 2018 Edition

In 2017, the Baltic States benefited from a rebound in external demand. All countries recorded a high growth rate of exports. However, the ongoing increase in household consumption and a revival of investments made domestic demand the main driving force of these economies. The results of the largest companies in the region underline this positive economic development. Overall turnover increased by 9.8%. Net profits likewise developed well, posting a rise of 25.3% for all top 50 companies.

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Development of employee competencies at UAB Coface Baltics Services

Private limited liability company UAB Coface Baltics Services is implementing a project “Development of employee competencies at UAB Coface Baltics Services” No 09.4.3-ESFA-T-846-01-0035 under the measure “Human resources Invest LT+”.

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Coface results for Q1-2017: Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.

Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.

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Coface announces the publication of its 2016 Registration Document

The Registration Document of COFACE SA for 2016 (Document de référence 2016 in French) was filed with the French financial markets authority (Autorité des marchés financiers - AMF) on April 12th 201

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Corporate payments improve in China in 2016 but ultra-long overdues are up under financial stress

A survey on corporate credit risk management, to which 1,017 Chinese companies responded, reveals that corporate payments improved in 2016, with only 68% of the respondent companies experiencing overdue payments in 2016 (...)

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Country and sector risks worldwide - Business confidence is picking up again, despite persistent political risk

Main economic surprise of early 2017: the rise in business confidence is perceptible, but is not yet generating a positive widespread upturn in country and risk assessments.

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Infographics: Sector risk assessments - 1st quarter 2017

12 major sectors assessed worldwid

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Infographics : New political risk index for 159 countries

Conflicts grew by +100% between 2007 and 2015. 2017 likely to pay a heavy price, due to
intensification of armed conflicts

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New Coface Political Risk Index in 159 countries

The widespread rise in the political risk conceals mixed regional dynamics

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RMB depreciation, capital flow measures and new monetary stance: What are the implications for Chinese corporates?

The potential depreciation of the renminbi (RMB), along with the implementation of capital flow measures, are longstanding concerns for China.

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Coface results at 31 December 2016

“The second half of 2016 marks the beginning of the transformation of Coface. We delivered a net profit of €41.5m in the year, successfully closed the transfer of our French State export guarantees activity, and launched our 3-year strategic plan, Fit to Win, the (...)

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First Brazilian Corporate Payment Survey 2016

Payment experience affected by the bleak economic scenario.
75% of interviewed companies received payment extensions requests from their clients;

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2017: A year of political and banking risks for emerging countries

Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.

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Infographics - 2017: An economic upturn in the face of political risk

Four major risks for 2017 but some positives points...

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Poland Payment Survey: Payment delays pervade Polish corporates

Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.

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Coface has transferred French State export guarantees activity to Bpifrance

In line with previous communication, Coface has ceded its State export guarantees activity to the French public investment bank, Bpifrance.

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South Africa’s economy challenged by crises in agriculture and mining, amid fears of an investment downgrade

Concerns over the country’s economic performance have been amplifying, due to its prolonged economic decline since 2011 (...)

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After a series of shocks in 2015 and 2016, Turkey’s economy is coming to the end of its new “Tulip era”

Greater political uncertainty resulting from two parliamentary elections in 2015, drying global liquidity due to the US Federal Reserve’s rate hike process and the weaker Turkish lira, all contributed to dragging down growth.

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Uberisation of French economy: a positive impact on employment but will it last?

Taxi company insolvencies in France increased by nearly 60% in one year, rising from 141 cases in August 2015, to 224 at the end of August 2016 and resulting in the loss of 3.38 jobs on average (...)

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German Economy in 2017: Stable, but not staid

The signs for Germany’s further economic development are promising, with a high level of stability. Coface’s expectations for solid growth therefore come as little surprise.

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Global sector risks in precarious balance

At the end of 2016, global sector trends remained mixed, including in the regions that until now have been relatively spared by the increase in risks. Over the whole year, across 12 sectors evaluated in six regions of the world, nearly half saw their assessments change. There were 23 downgrades for 10 upgrades.

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The first arrow of Abenomics: why is it not working?

Why did the yen depreciation, which occurred during the early success of the first arrow, not boost Japan’s merchandise export volumes?

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Mexico’s Economy: more difficult times ahead

In the 2nd Quarter of 2016, seasonally adjusted activity decelerated to 1.5 %, down from 2.5% y/y reported in the previous period. Industry, which shrank by 1.5% q/q, was the main contributor to this weak result, due to the fall in oil production and challenges faced by manufacturing and construction industries. The services sector also slowed during the period, to a growth rate of 2.4% YoY, down from 3.4% for 1Q2016.

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Rising political risks in developed countries: the sword of Damocles hangs over Europe’s major economies

Periods of economic crisis naturally lead to heightened political uncertainty and this aspect is crucial in assessing country risks

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Infografics - Is political risk a new threat for the global economy?

European political calendar: crucial deadlines

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Further downgrades triggered by the Brexit shock and falling oil revenues

Global growth: stability in developed countries, slight improvements among emerging economies

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Coface welcomes Fitch’s decision to affirm its AA- rating

Fitch Ratings issued, on September 29th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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Latin America: Why are manufacturing exports still lackluster?

Foreign trade is unlikely to be a main contributor to the growth of Latin American economies over the next few years

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Fit to Win plan to transform Coface into the most agile global trade credit partner in the industry, while evolving to a more efficient capital model

Fit to Win 3-year plan financial ambitions

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Moroccan company payments survey 2016

Morocco’s growth rate has slowed in 2016, after recording an increase of close to 4.5% in 2015.

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Poland Insolvency Report: Insolvencies fall amid fair economic growth

Poland’s economy is slowing this year, although the growth rate will remain fair: 3.2% for 2016, following 3.6% in 2015.
Business is benefiting from positive macroeconomic conditions.
Insolvencies and restructuration proceedings fell by over 14%. Coface forecasts further improvements, with the number of proceedings falling in 2016 and 2017.

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The French economy: a temporary pause in growth

Q2 impacted by external shocks
2016 growth forecasts remain positive at 1.6%
Non-financial corporate debt: an upward momentum unique in Europe but far below alert thresholds

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Short-term risk is reduced for the French automotive sector, but profound changes are ahead

The automotive sector has been upgraded to the best risk category
Private buyers are returning to the car market, driving up sales of new vehicles, which are expected to increase by 5.6% in 2016

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Agrofood in North Africa: a strategic sector at nature’s mercy

Several favourable factors are boosting the sector, including rising populations, increasing demand for processed food, higher per capita incomes and improved production capacities. Infrastructures, climate and government strategies are major influencers.

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Coface publishes CEE TOP 500 Companies

Coface publishes CEE TOP 500 Companies
Biggest players benefit from favourable business conditions in CEE

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Pharmaceutical companies in the United States face two opposing scenarios for their business: "optimistic" or "pessimistic”

Despite strong private and public investments, health indicators in the United States are below average compared to the 12 most advanced countries

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The outlook for the us pharmaceuticals

Of all the industrialised nations, the USA has the highestn expenditure for public healthcare but poor results

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New Germany Corporate Payment Survey 2016

Despite the solidity of Germany’s economy, payment delays are still commonplace

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China’s two-speed economy: Sector winners and losers

China’s economy grew by 6.9% in 2015, the slowest expansion pace in 25 years. Growth should continue to slow in 2016 and 2017, and will probably undershoot the government’s average annual growth target of 6.5% - as set out in the five-year plan for 2016-2020.

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H1-2016 results in line with July 4th announcement.

Strategic plan Fit to Win designed to transform Coface into the most agile global trade credit partner in the industry

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Sector assessments revised in 6 global regions

Sector risks are still increasing in emerging markets

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Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

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Coface Insolvency Panorama for Central and Eastern Europe: Less business insolvencies due to favourable economic conditions

The number of insolvencies decreased over the course of 2015 in 9 out of 13 countries, while the GDP-weighted regional insolvency average was -14%.

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United Arab Emirates: A new era of slower growth

High level of diversification does not make the UAE totally immune from the energy prices fall, retail and tourism challenged

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EURO 2016: the final as seen by Coface economists !

How countries have beat the competition

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Noting a higher than expected increase in claims in emerging countries, Coface continues to adapt its risk management policy and foresees a net [...]

...loss ratio of 63% to 66% for full year 2016

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Despite persistent crises, sub-Saharan Africa presents opportunities in 2025 time-frame

Heavily impacted by the Chinese slowdown and the fall in commodity prices, sub-Saharan Africa posted its lowest level of growth since 2008. 15 countries, including several that have been severely impacted by cri-ses, show significant potential in terms of consumer spending. Two sectors offer medium-term opportunities: retail and ICT

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Infografics - Despite persistent crises, Sub-saharan Africa presents opportunities in the 2025 time-frame

15 countries identified as having high potential consumer markets

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World corporate risk reaches peak levels

Forecast world growth for 2016 down by 0.2 points to 2.5%. The average level of global risk corresponds to B, « significant risk ». Increasing numbers of emerging markets included in the "extreme" and "very high" risk categories. Three leading world economies become fragile. China penalises activity in several Asian countries. Europe facing positive dynamics, but political risk driven by the Brexit must be monitored.

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Insolvencies in Northern Europe: Positive trends in the Netherlands, Sweden and Germany

Europe’s improved macroeconomic situation has had favorable effects on businesses in most European countries and led to fewer insolvencies in 2015 in the four Northern

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24 nations warming up for the euro 2016

Country risk assessments of qualified countries: their current form

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No improvement in Asia Pacific corporate payments in 2015

Coface’s annual survey on Asia-Pacific economies questioned 2,793 companies in 8 markets (...)

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Is the French economy definitely taking off?

A number of positive indicators for the French economy appeared between January and April 2016.

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Coface AA- rating affirmed by Fitch

Fitch Ratings issued today, May 20th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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What to expect from Brazil’s perfect storm?

Brazil is in the midst of a perfect storm. The enduring political crisis and deep economic recession, which led to the collapse of confidence indexes, have now been topped by an impeachment trial of President Dilma Rousseff (...)

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Hungary: Private consumption rising but challenges remain for corporates

Hungary is performing well, considering the context of struggling economies globally.

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Coface Q1-2016 results: A tough quarter in a polarized environment

This has been a tough first quarter. Business turnover and profits were lower compared to the same period last year, against the backdrop of a polarized and volatile economic environment.

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Coface and Bpifrance have agreed terms for the transfer of French state export guarantees

Coface and Bpifrance today signed an agreement concluding the transfer of French state export guarantees management from Coface to Bpifrance, in line with the preliminary protocol agreed with the French state on 29 July 2015.

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Coface announces the publication of its 2015 Registration Document

The Registration Document of COFACE SA for 2015 (Document de référence 2015 in French) was filed with the French financial markets authority (Autorité des marchés financiers - AMF) on April 13th, 2016, and registered under the visa number R.16-020.

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Infografics - Steel: faced with global overcapacity

Metals industries, the world's riskiest sector. Over-capacities remain. Outlook: return to normal for 2018.

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Steel overcapacity around the world: risk reaches a high in 2016

Following a long period of increasing demand, driven by China in the 2000s, steel is suffering from weak growth in the global economy.

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Sector risks remain under pressure in the emerging markets

Global growth at half-mast (2.7% projected by Coface for 2016), under the impact of the highly volatility financial markets and continuing low oil prices, is compromising the health of industries analysed by Coface. (...)

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Quarterly update of Coface country risk assessments

The global economy is turning "Japanese": world growth remains low, despite ultra-expansionist monetary policies (...)

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Czech Republic, Poland, Chile, and Thailand closest to a quick upturn in exports

Although the current crisis in emerging countries is surprising in its intensity, with their growth cut in half in five years and increased exposure (...)

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Infografics: companies in emerging countries: is another “Phoenix miracle” possible?

Consult coface new infographics

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Iran: Sharp turn ahead, drive carefully

After five years of sanctions, Iran is finally to rejoin the global community. The return of Iran should have an effect on international growth via the oil channel but, above all, will bring huge changes to Iran itself.

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Infografics: The return of Iran to the global market

Iran: Strengths, weaknesses, opportunities and threats

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Risks for German exports have risen significantly

The greater export risks faced by German companies are hampering growth performance. As Germany has strong trading ties with the Emerging Market and Developing Economies group (EMs), it is highly exposed to the (...)

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China’s role in Latin America is much more than a trade issue

China, on its way to becoming an important financial player for economies with restricted access to international markets, has announced its intention to increase its (...)

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Panorama : Company insolvencies in France

Lessons learned 2015, hope in 2016: situation of companies returning to normal

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Coface 2015 results: net income €126M and proposed dividend stable at €0.48 per share (5)

At the end of 2015, a year marked by a deterioration in the global economic environment, Coface recorded a slight increase in net income (group share), at €126M (€125M in 2014).

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Country risks again under tension in 2016

To be monitored: cheap oil, financial market volatility and the Chinese slowdown in advanceD countries and growing debt of companies in emerging countries

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Infographics : Country risk assessment map - January 2016

160 countries under the magnifying glas

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The Board of Directors of Coface announces the appointment of Xavier Durand as Chief Executive Officer

This appointment will become effective following the Board of Directors’ meeting to be held on 9 February to approve the accounts for fiscal year 2015. Jean-Marc Pillu will continue in his role as Chief Executive Officer of Coface until this date.

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Sector assessments in the world, the persistence of high risks

Marked by the commidities price fall and the slowdown in sales, 2015 requires a greater control over risks

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Infografics : Sector risks - 4th quarter 2015

The temperature of 14 sectors in 3 of the world’s major regions

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Infographics : Globalisation of the wine market

Europe's double positioning and Asia, the world's futur landing consumer

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Brazil: no quick fix for the crisis

Brazil, downgraded to B (significant risk of businesses defaulting) by Coface in September, has been facing a scenario of economic juggling (...)

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Quarterly sector risk assessments update

Energy is more risky than ever, while Information and Communication Technologies is the only sector to receive a positive revision and automobile is adjusting.

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Focus on the future of solar energy in Europe: photovoltaics

Despite the strong domination of Chinese companies and overcapacity in Europe, the European market remains promising in the medium term.

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Launch of TradeLiner: Coface revamps its credit insurance offer for mid-market companies

Aimed at the evolving credit insurance needs of mid-market companies, Coface has modernised its flagship policy, renamed TradeLiner. The move follows on from the experience Coface gained through its first global non-payment protection offer introduced fifteen years ago and is based on its desire to work harder to help protect mid-sized companies operating in the real economy.

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Re-launch of Coface online business information marketplace

Coface, one of the the leading credit insurers and market leader for information in Central Europe, re-launches its online business information marketplace.

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Coface begins 2015 with robust results: increased turnover and profitability in Q1

We begin 2015 with robust results: the Group’s growth and profitability are satisfactory and demonstrate the steadfastness with which the Group is implementing its strategy in a still mixed economic environment. The weaknesses seen in certain sectors across the world are affecting companies’ financial solidity and are an invitation to remain watchful. The Group continues to accompany its customers through sound risk management, securing both their own results and those of Coface.

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Holding a leading position in business information, Coface starts credit-insurance in Israel

Local companies to benefit from Coface’s expertise in prevention and credit risk protection in addition to collection and information services.

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Czech Republic under positive watch (A4)- economy benefits from good prospects in the car industry and household consumption

The Czech Republic is recovering from recessive effects as a result of debt crisis in the Eurozone. The economy regained momentum reaching solid growth of GDP by 2.0% in 2014 and even a higher growth of GDP by 2.5% is forecasted by Coface to be reached this year. The main driver of the Czech economy will be the export of passenger cars as well as the rising consumer consumption.

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Coface posts 2014 results in line with objectives 
and proposes distribution of €0.48 per share

We are pleased to publish full-year results in line with our expectations. Coface has once again demonstrated the pertinence of its profitable growth model this year. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.

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Financial COFACE results 2014 – continuous growth

Coface continues to progress on a path of growth and profitability
· Turnover +1.8% at constant scope and exchange rates
· Client retention rate still high at 91.9% and new contracts production up +8%

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Launch of CofaMove application: CofaNet goes mobile

Coface now offers customers a mobile application providing access anywhere and at any time to the essential features of Cofanet, its online platform for managing credit insurance contracts. The application will be available for download at the Apple App Store and Google Play Store.

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CEE Top 500 2014

“Inflation, recession and decreasing exports” were the buzz words that characterised 2013 for companies in Central and Eastern Europe.
Worldwide economic growth picked up pace but left the CEE countries aside. The eurozone, the region’s major trading partner, remained in recession in 2013 and was the main reason for making the economic environment even more difficult for its neighbours.

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Baltic TOP 50 2014

Coface is publishing its second edition of the Baltic Top 50. The companies are ranked based on their turnover in 2013. Figures for 2013 show the continuing recovery of the Baltic states. The total turnover of the top players in the North increased by 2.2% to EUR 36.2 billion. Whereas net profits fell from 2011 to 2012, companies have now reported a sharp rise of 54.6%.

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Coface continues its expansion in Central Europe by offering credit insurance in Croatia

(Vienna, Zagreb 2013) Coface launches credit insurance from the very first day of Croatia´s accession to the European Union on 1st of July 2013. For the worldwide credit insurance company it is not an unknown country: Since 1998 Coface has been active on this market by offering business information and debt collection services for Croatian and international customers.

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Italy: Company payment practices worsen, reflecting the severity of the recession

The Italian "business model" stuck in a vicious circle.

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Coface bankruptcy report: Insolvencies on the rise throughout Central Europe

After a slight recovery in 2011, countries report a difficult economic environment again. Insolvency figures increased again in CEE in 2012 – except Latvia, Estonia and Ukraine

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The gap between Europe and the rest of the world is widening

Credit risks still high in Europe but the outlook is favourable in Emerging Asia and in North America.

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Antonio Marchitelli joins Coface as new Mediterranean and African Region Manager

Antonio Marchitelli has been appointed Mediterranean and African Region Manager of Coface, effective from March 1st 2013.

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A new identity and a new tagline for Coface

A new brand positioning, symbol of a strong commitment to clients.

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CEE Top 500

The CEE Top 500 is a joint project by the Coface branch offices in Central and Eastern Europe. This ranking covers the largest companies in the region – based on revenues for the 2010 calendar year – and was prepared in 2011 for the third time.

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Coface Lithuania insurance premiums this year increased by 78 percent

From the start of 2011, in less than four months, the insurance premiums of business risk Management Company Coface Lithuania reached 1.9 million litas, i.e. nearly 78 per cent more than during the same period in 2010.

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‘COFACE LIETUVA’: IMPORTANCE OF CREDIT RISK MANAGEMENT TOOLS ARE INCREASING

‘Coface Lietuva’ and Danske bank organized risk management conference named ‘Business world after crisis – are we ready for the new challenges?’

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The French company Coface challenged the U.S. ratings agencies

U.S. rating agencies are numbering their monopoly days. Until the end of this year French insurer Coface is going to start its activity as the first international rating agency in Europe.

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Singapore back to A1 rating Coface positions itself as the first Pan-Asian rating agency

The rating was released in conjunction with the Coface Country Risk Conference 2010 held for the first time in Singapore.

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Coface announces good turnover resistance, a turnaround in its profits and a new credit insurance approach

Support to the insured’s and the economy has resulted in a total guaranteed exposure that has been stable between the end of 2007 and the end of 2009, at €370 billion euros (the only major credit insurer to deliver such stability).

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Coface sees the end of the global credit crisis by easing the outlooks for its country ratings, but continues to pay attention to the threat of bubb...

During its 14th Country Risk Conference, Coface announces some 20 upgrades in country ratings.

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