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05/31/2021
Country risk and economic studies

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05/18/2021
Country risk and economic studies

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. This is largely thanks to public support programmes. However, the early-announced applications for regular insolvency proceedings (Regelinsolvenzverfahren) at courts already increased sharply in February and March, signaling a pending increase in corporate insolvencies in the next months. Coface’s forecasting model shows that up to 4030 insolvencies were prevented by the State-support in 2020, which is now in single parts being withdrawn, and could take place in 2021/22. From a corporate perspective, the crisis is far from over.

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05/12/2021
Product news, Product news

Coface expands its portfolio in Romania and launches Surety Bonds

As a leading player in credit insurance, Coface supports companies with guarantee instruments that help them take part, in safe conditions, in public procurement procedures. The surety bonds offered by Coface represent a viable alternative to the letter of credit and are dedicated to companies involved in public procurement contracts.

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05/06/2021
Country risk and economic studies

Coface Quarterly Barometer: 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. In this context, the prospects for a return to normalcy are both uneven and uncertain across sectors of activity and geography, according to the latest barometer from Coface.

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04/27/2021
Financial news

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
Trade credit insurance growing by 6.1% at constant FX benefiting from stabilising client activity
Client retention close to record highs; positive price effect (+2.9%)
Business Information continues to grow (+9% at constant FX)
Factoring and debt collection down on lower volumes

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04/22/2021
Country risk and economic studies

Coface Romania Analysis: Vulnerability of the business environment in the context of the Covid-19 pandemic

Coface Romania launched an analysis of the business environment in the context of Covid-19 during Country Risk Conference, a business event with tradition, now in its 16th edition, held on April 21. According to the data, 4 out of 10 companies active on the domestic market were already vulnerable before the negative economic impact caused by the Covid-19 pandemic during 2020.

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04/08/2021
Country risk and economic studies

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. Escalating trade tensions - in particular with China - and the COVID-19 pandemic, which disrupted trade flows have affected the trade balance in recent year. The trade deficit has reached a record level of over 900 billion USD in 2020.

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03/23/2021
Country risk and economic studies

The paradox of corporate insolvencies in Europe: miracle and mirage

The economic crisis caused by the COVID-19 pandemic heralded major business failures and insolvencies in France, and across the eurozone as a whole. But, 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 research by Coface, a leading player in credit insurance, 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. This suggest that, in both France and Europe, there is high number of unviable companies whose failure is only a matter of time.

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03/17/2021
Country risk and economic studies

Diversification is one of the many effects of oil price volatility on Middle Eastern and African oil producers


The COVID-19 pandemic’s negative impact on global GDP growth and global trade volumes has caused a sharp drop in oil prices in the spring of 2020. This price drop, even if temporary, has affected Middle Eastern and African oil exporters differently, in line with their national output’s dependence on oil, as well as their fiscal strength and international reserves.

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02/25/2021
Country risk and economic studies

Poland: Payment delays between companies shorten during the pandemic

The year 2020 was marked by the COVID-19 pandemic. In order to mitigate the impact of this difficult economic situation on Polish companies, various liquidity-supporting aid measures were introduced, such as tax and contribution exemptions and deferrals. As a result, despite the extensive economic crisis, payment delays between companies have shortened – however, with these aid measures are to be phased out in 2021, two thirds of companies expect their business activities to deteriorate this year.

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02/17/2021
Country risk and economic studies

Coface Study: Insolvencies in Romania decreased by 13% in 2020 compared to the previous year and are at the minimum of the last decade

The most recent study by Coface Romania shows that in 2020, 5,564 new insolvency proceedings were opened, with -13% below the level registered in the previous year. Last year also reported the minimums of the last decade in terms of payment incidents (only RON 2.2 billion, -29% vs. 2019) and the regeneration ratio (OUT: IN = 1.19) in the business environment. All these positive developments are exceptional, given that they were recorded in a year with the most severe economic contraction of the last decade in the context of the Covid-19 pandemic.

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02/17/2021
Country risk and economic studies

Coface Barometer Q4 2020 - An uneven recovery

As it releases its latest quarterly risk Barometer, and its annual Country & Sector Risk Handbook, Coface, a leader in credit insurance, highlights an uneven recovery across countries, sectors of activity, and income levels. Although the performance of China and other Asian economies is boosting global growth, the main mature economies will not return to their pre-crisis GDP levels this year. This rise in inequality, along with public dissatisfaction with the government's handling of the pandemic in many countries, is conducive to the emergence of more frequent potential protests and violence this year.

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02/11/2021
Corporate news, Corporate news, Financial news

COFACE FY-2020 RESULTS: NET INCOME AT €82.9M AND 100% PAY-OUT RATIO

Turnover: €1,451m, down by -0.6% at constant FX and perimeter

Trade Credit Insurance decreasing by -0.8% at constant scope and FX
Client retention reaches new record levels. New business increasing to €138m
Improving pricing conditions confirmed and lower client activity continues

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02/11/2021
Corporate news, Corporate news

COFACE SA: MOODY'S RAISES THE OUTLOOK FOR COFACE TO “STABLE”

Almost one year since the beginning of the coronavirus pandemic and the associated health and economic crisis, Moody’s has raised the outlook on Coface’s rating to stable.

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02/10/2021
Corporate news, Corporate news

GOVERNANCE EVOLUTION – BERNARDO SANCHEZ INCERA APPOINTED CHAIRMAN OF THE BOARD OF DIRECTORS

Following the change in the shareholder base and the arrival of Arch Capital Group Ltd. (Arch) - (NASDAQ: ACGL) - in Coface's capital, COFACE SA's Board of Directors is evolving. Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.
The transaction between Natixis and Arch for the sale of a stake in Coface's capital, which was announced on 25 February 2020, has received all the necessary approvals for its closing. As a result, Arch now holds 44.8m shares of Coface, representing 29.5% of the company's capital.

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02/01/2021
Country risk and economic studies

Coface Study - Dairy and Cheese Manufacturing Sector: positive evolution of revenues in 2019, with a 5% increase compared to previous year

A new study conducted by Coface Romania on the sector of "Dairy and Cheese Manufacturing” (NACE 1051) indicates a positive evolution of revenues in 2019, which increased with approximately 5% compared to 2018, with a slightly higher profitability. The study aggregated the data of 494 companies that submitted their financial situation for 2019 (as of September 2020) and generated a consolidated turnover of RON 5.4 billion. The weight of the cumulative market share held by the most important 10 players is 66%, which indicates a medium to high degree of concentration.

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01/25/2021
Country risk and economic studies

Coface Study: Retail Sale in Non-specialized Stores Sector – positive evolution of revenues in 2019, with a 10% increase compared to previous year

A new study conducted by Coface Romania on the sector of "Retail sale in non-specialised stores with food, beverages or tobacco predominating” (NACE 4711) indicates a positive evolution of revenues in 2019, which increased with approximately 10% compared to 2018, with a slightly higher profitability. The study aggregated the data of 46.571 companies that submitted their financial situation for 2019 (as of September 2020) and generated a consolidated turnover of RON 79.4 billion. The weight of the cumulative market share held by the most important 10 players is 63%, which indicates a medium to high degree of concentration.

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01/18/2021
Country risk and economic studies

Revenues from the sector of retail with pharmaceutical products in specialized stores increased by 8% in 2019

A new study conducted by Coface Romania on the sector of "Retail with Pharmaceutical Products in Specialized Stores” (NACE 4773) indicates a positive evolution of revenues in 2019, which increased by approximately 8% compared to 2018, with a slightly higher profitability. The study aggregated the data of 3,999 companies that submitted their financial situation for 2019 (as of September 2020) and generated a consolidated turnover of 20.06 billion RON. The weight of the cumulative market share held by the most important 10 players is 33%, which indicates a low degree of concentration.

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11/25/2020
Corporate news, Corporate news

Coface commits to LGBT+ inclusion by signing L’autre cercle’s LGBT+ Commitment Charter

Coface, a world leader in credit insurance, has signed the LGBT+ Commitment Charter of L’autre cercle, an association that promotes greater LGBT+ inclusion in the workplace. This commitment is part of the broader diversity & inclusion policy in place at Coface, who fully assumes its role as a socially responsible company.

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11/24/2020
Country risk and economic studies

How did CEE Top 500 companies perform

The twelfth CEE Top 500 study provides an outlook on the future and summarizes the region’s economic activity of the previous year, showcasing CEE as a region of prosperity. Moreover, it describes the condition of the 500 largest companies in CEE by their turnover

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10/27/2020
Corporate news, Corporate news, Financial news

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

As we continue to navigate an uncertain economic context, this successful quarter will allow us to better weather the challenges ahead. :



Some key highlights:

Client retention and new business are at record levels
Positive net production of €36.9 million
Coface reports €28.5m net income for this third quarter
Improved net cost ratio reflects continued cost controls

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