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1H 2008 results for Polfactor - 1.6 billion PLN turnover
Factoring in Poland broke another record with the turnover up by 104% year on year i.e. 16.1 billion PLN (according to Polish Factors Association data) in 1H 2008.
Polfactor is ranked the third among the factoring companies, members of Polish Factors Association with its turnover of 1.6 billion PLN and over 10% share of the market. The leader of the factoring market in Poland remains ING Commercial Finance with 6.6 billion PLN turnover and 41% share of the market and Pekao Faktoring takes the second place (2.7 billion PLN turnover and over 16% of the market share).
*Eurofactor and Grupa Finansowa Premium – data for the 1Q 2008
** Source Polish Factors Association
Market share of the factoring market in Poland (Polish Factors Association companies, 1H 2008)
Awards for Polfactor SA
Polfactor has been propagating the idea of using Information Bureaus as an effective tool in risk assessement in the factoring sector in Poland. The result of this promotion is a close cooperation with National Debt Register Economic Information Bureau jsc (Krajowy Rejestr Długów Biuro Informacji Gospodarczej SA KRD BIG SA).
In order to run business efficiently the enterprises need information exchange on reliable and unreliable business entities we work with or intend to work with. says Elżbieta Urbańska, President of Polfactor. Polish market and Polish companies are ready to share the information on unreliable business partners in order to minimize the risk of transactions by verifying potential business partners.
The following awards are the result of this co-operation:
- the Wings of KRD were awarded for the first time and Polfactor received it for propagating the idea of using Information Bureaus as an effective tool in risk assessment in Polish factoring industry
- Polfactor has also received a Certificate of Honour confirming that the company is an active member of the programme "Reliable Firm" i.e. propagates transparency and payment reliability in business
2007 factoring volume of Intermarket Bank AG Group companies
Factoring companies of Intermarket Bank AG Group have generated a factoring volume of overall 5 753 million EURO, which accounts for 27% share of factoring market in the following countries in which the Intermarket Bank AG Group companies are present (Austria, Czech Republic, Poland, Hungary, Slovakia, Romania, Slovenia).
According to Group data overall factoring volume in the 7 countries mentioned above reached 21 429 million EURO in 2007, out of which Intermarket Bank AG Group has generated 27% of the total volume. The remaining players on the respective markets account for 73% of the volume.
Intermarket Bank AG Group and its companies on the local markets:
- Intermarket Bank AG, leading factoring company in Austria, factoring volume in 2007 – 3 193 million EURO (60% share of the market), total local market factoring volume estimation – 5 304 million EURO;
- Transfinance a.s., the third factoring company in Czech Republic, company factoring turnover 978 million Euro (19% share of the market), total local market factoring volume in Czech Republic 5 074 million Euro in 2007;
- Polfactor SA, Polska, the third factoring company in Poland (18% market share according to Polish Factors Association), turnover volume 938 million Euro, with the total local market factoring volume of 5 249 million Euro (Polish Factors Association);
- Magyar Factor zRt., the second factor on the Hungarian market (14 % market share), factoring volume 417 million EURO, total local factoring market volume 3 billion Euro in 2007;
- Compania de Factoring IFN SA, the fourth factoring market in Romania (8% of the market share) with the turnover of 116 million EURO; the total market 1 420 million EURO.
- Transfactor Slovakia, the sixth factoring company in Slovakia (6% of the market share), factoring volume 87 million EURO, total local factoring market volume in Slovakia 1,38 billion Euro
- S-Factor, Slovenia, launch of the operations 4Q 2007
| Country | Market volume in milion EURO 2007 | Turnover of IMBy | Market share of the IMB |
|---|---|---|---|
| Austria | 5,304 | 3,193 | 60% |
| Romania | 1,420 | 116 | 8% |
| Poland | 5,249 | 936 | 18% |
| Czech Republic | 5,074 | 978 | 19% |
| Hungary | 3,002 | 417 | 14% |
| Slovakia | 1,379 | 87 | 6% |
| Total Group | 21,429 | 5,726 | 27% |
Intermarket Bank AG Group
Polfactor – objectives for 2008
-,The management objective for 2008 is a 30% volume increase for Polfactor with the same level of profitability ratios as in 2007’ says Elżbieta Urbańska, the President of Polfactor.
The company wants to keep its progress by improving the 2007 result which was closed with a turnover of 3.3 milliard PLN i.e. 15% more than in 2006.
The factoring market in Poland is in progress, its trends are changing, the new competitors launch their activities and the expectations of clients evolve. The client service standards in factoring in Poland meet the new challenges and look to exceed clients expectations. For Polfactor it means developing as aspects as: competence of the employees by trainings and by making the employees a part of the development processes.
Since Polfactor launched its activities on the market, the company remains one of the leading companies in the factoring industry. In order to maintain its high service standards, Polactor builds its competitive advantage by investing in people, decisions taking processes and procedures as well as builing a strong brand on the market.
-‘We strongly believe in a new operational system that Polfactor is working on since autumn 2007. It will be launched in the beginning of 2009.’ says Elżbieta Urbańska. ‘Thanks to this system, Polfactor will offer to their Clients innovative and advanced solutions on the Polish market’
Factoring market in 2008
According to Polish Factors Association, in 2008 Polish factoring industry will note a similar growth as in 2007. Increasing competition will make factoring available to a wider spectrum of small and medium enterprises, with the improved service level and a wider factoring offer.
The following factors will contribute to the development of the factoring industry in Poland:
- A high captal demand among Polish companies
- Barriers in access to financing for small & medium sized companies without sufficient collaterals
- Education of the market on the factoring advantages
Polfactor is one of the leading factoring companies in Poland with BRE Bank and Intermarket Bank AG as the shareholders. Polfactor was founded in 1995. The company is a member of Factors Chain International (FCI) which is a globally operating factoring companies network (212 members worldwide from 61 countries). Polfactor provides services of domestic factoring, export factoring, both recourse and non-recourse as well as import guarantees.
Polfactor with 18% SOM and 3.3 milliard turnover in 2007
Polfactor has been ranked among the first three factoring companies, members of the Polish Factors Association. Polfactor had the market share of 18% with the turnover of 3,3 milliard PLN, with ING Commercial Finance (26% SOM) and Pekao Faktoring (SOM%).
2007 a record year for the factoring industry in Poland
Warsaw, January 15th 2008, Polish Factors Association (the organization that associates 11 major factors operating on the Polish market) has confirmed that the overall turnover of PFA members has reached 18,8 milliard PLN which means 37% growth year to year. PFA estimates that the total turnover of the Polish factoring market has reached 30,7 milliard PLN.