News
Polfactor as an opportunity for new, emerging factors from exotic markets
Polfactor within the Factors Chain International framework helped out the Vietcombank with its first export transaction.
Vietcombank with head office in Hanoi started its factoring operation just in mid of the year 2006 and as a new coming factoring company was in need of support in dealing with its first international transaction. Polfactor being very experienced in dealing with import credit covers was able to meet the Vietnamese factor''s expectations. Within the import credit cover took over 100% risk for polish importer (buying seasonings) what enabled efficient import financing to our country.
21% increase in Polfactor SA after IIIQ of the year 2006
After three quarters of the year 2006, Polfactor SA has achieved the turnover of PLN 2,100 billion which is 21% higher than in the corresponding period in 2005.
The highest dynamics was noted in recourse factoring where the turnover has increased by 25%.
At the same time Polfactor SA purchased 248 314 invoices which is 23% more than in the corresponding period last year.
The current Polfactor''s market share in factoring amounts 22%.
After 9 months of 2006 the balance sheet has increased up to 280.603.000 PLN, i.e. by 34% in comparison with IIIQ of 2005.
Intermarket Group grows in strength
In July 2006 the next joint-stock company of Intermarket Group has jointed the Factors Chain International organization. Compania de Factoring SA is already the fifth joint-stock company belonging the Intermarket Group which is associated in FCI.
Compania de Factoring S.A. is the first specialized factoring company in Romania offering factoring services and receivables financing. Established in 2006 as a joint venture between Intermarket Bank and Banca Transilvania.
Polfactor assessed very good by international partners
The 38th annual meeting of factoring companies associated in Factors Chain International came to the end. During the meeting the outcomes of the yearly FCI service quality ranking were presented. This ranking is based on mutual assessment of factors - associates of FCI. This appraisal is held in the following categories: quality, realization, communication.
Our partners highly appraised the quality of our business. Among 110 participants of the ranking Polfactor has been placed on 19th position which is the best rank among the Polish factors associated in FCI.
We have already been cooperating with 57 factors from all over the world within the scope of granting import guarantees and enabling our clients financing export transactions. Polfactor takes an active part in handling and financing export and import transactions. The turnover growth of Polfactor prooves that exporters are becoming more interested in export factoring. It is worth mentioning that Polfactor is worldwidely recognized as a "high quality" partner and as a result, more and more factoring companies initate cooperation with Poflactor.
Polfactor - showing high efficiency
"Swiat Pieni1dza", the financial supplement to "Rzeczpospolita", has published an article on the factoring market in Poland and the financial results of factoring companies. On the basis of financial results for 2004 and 2005, delivered by six companies, these companies have been assessed from various points of view. The factoring sector itself has been assessed as exhibiting dynamic growth. Another important issue raised in the article is the profitability of factoring companies - Polfactor ranks among companies with the highest ROE factor. Moreover, as the only one among the companies who disclosed their financial results, Polfactor has not increased its costs.
Below an excerpt from the article:
"Last year, profits of factoring companies increased faster than their turnover, which exceeded PLN 14 billion. Representatives of the industry estimate that in the coming years it will grow by 20% annually.
In total, six factoring companies have provided us with data for 2005 and 2004. It follows from the figures that their revenues (these data, as for costs, take account of 5 companies) increased last year by nearly 12%, reaching PLN 125.2 million. Interestingly enough, costs increased at a higher rate than the revenues: by nearly 20%, reaching over PLN 78 million. All companies increased their costs save for Polfactor.
In spite of that, the companies have high profits - almost 1.5 times higher than in 2004 and amounting to PLN 33.6 million. Gross profits of the companies reached PLN 44 million, i.e. increased by 43%. Equity exceeded PLN 200 million (increase by 15%). The companies making profit have fairly high return values. Average return on equity (ROE) exceeds 27%. BZ WBK Faktor and Polfactor have the highest ROEs."
Source: KATARZYNA OSTROWSKA Rzeczpospolita
Press conference of Polish Chain of Factors
On the 12th June his year first press conference of Polish Chain of Factors (PZF) took place.
PZF consists of 10 factoring companies and was established/came into existence on 28th of April this year. Mrs Elżbieta Urba, the Chairman of the Board of Polfactor, was appointed to took up the post of the Chairman of Polish Chain of Factors.
Factoring companies associated in Polish Chain of Factors presented their financial results for first five months of the year 2006. The turnover value of these companies after this period amounted 5,054 mld PLN and was 18% higher than last year in the same time - informed Mrs E. Urba, the Chairman of PZF. The results presented proved that factoring market is characterized/distinguished by high dynamics. During the conference were also presented issues concerning factoring worldwide. Factoring is used in such branches as: food industry, power industry, services, smelting industry and computer industry.
The financial results obtained by Polfactor during first five months of this year were very good. The value of turnover amounted 1,1 mld PLN what sets him on the third place among factoring companies associated in PZF.
ISWI system gets good marks
In order to provide the clients the highest standards of security, Polfactor conducted a security audit of ISWI application. The audit was performed by AVET Information and Network Security Sp. z o.o., which is the most experienced auditing company on the Polish market specialized in security of electronic information and IT systems.
The audit referred to the following areas: remote and local tests of base elements of the system, configuration, source codes, data base structure and external tests of the application. The testing process was conducted according to quality systems PN-EN ISO 9001:2001 and AQUAP 2110.
The results presented in the final report confirmed the highest standard of security. According to the report, both the process of building the system and quality of security measures are proper. Our clients can be sure, that mutually send information are safely stored and used only according to the purpose.
Polfactor unquestionable leader of efficiency ranking
The factoring services have become more and more popular in Poland as factoring products becomes more attractive and the leading companies make their products more flexible. First comparative analysis and attractiveness rankings are being published, which may affect the clients' final choice. The ranking of factoring companies titled FACTOR 2005 prepared by financial portal IOP.pl and "Puls Biznesu" confirmed long-lasting strong position of Polfactor SA vs. its competitors.
Organizational efficiency is a crucial quality for the clients and shareholders as well. Polfactor holding the first place in the efficiency subranking proved to be the leader among the companied related to banks.
The surveyed companies were evaluated according to the following criteria: efficiency, maximum payment term /Polfactor-120 days/, minimum annual turnover /Polfacor-lack of requirements/, a number of local branches /Polfactor-5/, turnover of the company /Polfactor- 2416 mio PLN/. The general ranking placed Polfactor on the second position. The ranking does not include IT solutions used by the factoring companies, where Polfactor is regarded to be the leader. Innovativeness of the IT solutions guarantees the highest standards of services, which base elements are financing, running clearing accounts and monitoring of dues.
Conference in Madrid
On 16-17th March, 2006 annual Receivables Finance International Conference was held in Madrid.
The conference was attended by representatives of financial institutions dealing with receivables financing from all over the world, among them CEO of Polfactor Mrs Elżbieta Urba who introduced specifics of Polish and Central European factoring markets. Topics mentioned in the presentation titled Adapting to Market Dynamics in Central Europe to ensure Continued Rapid Expansion were later intensively continued at round tables.
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Outdo the competitors
In the fourth quarter of 2005 Polfactor SA successfully started implementing an innovative OIES programme (Online Information Exchange Service).
The Online Information Exchange Service improves online communication with customers, improves Polfactor's operational efficiency, and, above all, makes it possible for our customers to manage receivables more efficiently.
Polfactor SA in 2005
Polfactor SA's turnover in 2005 totalled PLN 2,416 billion, which translates into a 9% increase in comparison to 2004. It is one of the leading companies on the factoring market with a 21.4% market share.
An 11% increase in sales was observed on the domestic recourse factoring market. The greatest increase however was observed on the import factoring market - by 35% in comparison to 2004.
Thanks to particular attention to efficiency, especially as regards cost management, Polfactor SA's net profit in 2005 was PLN 7.64 M and the net return on equity (ROE) was 36.2%.
Last year Polfactor SA bought 280,000 invoices, i.e. by 43% more than in 2004.