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Factoring 3 services in 1
Factoring is a sum of three different services: financing receivables, administration and securization of recievables. Despite the fact that Polish companies declare that they know factoring, the service is not a widely used one. Polfactor works to convince the Polish companies that factoring can be the main source of financing. Factoring cannot be directly compared to credit, or to insurance or administration of receivables since it is a sum of all the three elements.
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.
As many as 93% of Polish companies know the term “factoring”
As many as 93% of Polish companies know the term factoring and indicate cash flow improvement as the most common usage for the factoring service. The most popular way to finance the company’s activity in Poland remains the bank (usually by credit line extension).
Clients indicate the following factoring advantages (1) improvement of the payment discipline of their vendors (2) negotiation of better discounts with their suppliers (3) more flexible payment date and last but not least no need to set additional collaterals.
According to Elżbieta Urbańska, the President of Polfactor SA, 2007 will be one of the best year for the Polish factoring industry with the market dynamics reaching 35%.
Data: Research on the Polish companies’ opinion on factoring
IPSOS for Polfactor
Any company, big or small, that produces or sells the products, both in Poland and abroad can use factoring as a financing service. However in order to make factoring efficient, the company has to have a group of regular vendors and accept delayed payment.
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.
Growing role of factoring in Polish external trade
According to the data published yesterday by GUS (Central Statistical Office), Polish external trade (in January – September 2007) has reached 72,8 mld Euro (13.4% increase when compared to 2006) with the import level of 84,7 mld Euro (+16.1%).
Poland’s biggest export partners are Germany (26,1%), Italy (6,6%), France (6,1%), Great Britain (6%) and Czech Republic (5,6%). The principal import partners include Germany (24,1%), Russia (8,7%), China (7%), Italy (6,8%) and France (5,2%).
Polfactor has noted the highest turnover of its export factoring with Great Britain, Austria, Norway, Spain and Estonia (58% share of the total export factoring) while the biggest import transactions have been concluded with Germany, Latvia, Taiwan, France and Greece.
Elżbieta Urbańska, the President of Polfactor, anticipates the further growth of the export factoring due to forecasted growth of the Polish external trade and development of the factoring in global exchange.
20% turnover increase of Polfactor - IIIQ 2007
On the 10th of October, during the press conference of Polish Factor Association (the organization that associates 11 factors operating on the Polish market) the results of the IIIQ 2007 have been announced. Polfactor has been ranked among the first three factoring companies on the market (20% SOM) with the turnover of 2,534.300 thousand zl, behind ING Commercial Finance (24%) and Pekao Faktoring (22%).
For the first half year of 2007 Polfactor SA has been developing faster than factoring market
Turnover value achieved by Polfactor SA in the first half year of 2007 totaled PLN 1,700 billion which is 26% higher than in the corresponding period in 2006. The highest dynamics was noted in non-recourse factoring, almost 40% increase comparing with IH of 2006, and export factoring. Polfactor SA, which is associated in Polish Factors Association, with a 22% market share has currently a stable position among leaders of the factoring market.
The total turnover of the companies associated in Polish Factors Association amounted after 2nd quarter of 2007 PLN 7,808 billion what is 23% more than in corresponding period last year.
New Polfactor branch in Lodz!
In order to provide still more efficient and professional services to our clients Polfactor SA opened another branch in July this year.
You are welcome to visit our new branch office which is under the following address:
Plac Wolności 3
91-415 Łódź
Tel: 042 272 21 91
Fax: 042 272 21 92
Mobile: 0601 225 259.
„Gazela Biznesu 2006” award for Polfactor SA
For onother time Polfactor SA was distinguished with a prestigious title of Gazela Biznesu. During the official gala in Warsaw our company was honoured with the diploma confirming its very good financial results and high position on the market. We are pleased to inform you that Polfactor SA was acknowledged as a reliable, trustworthy and dynamically developing business partner again.
The already 7th edition of the most dynamically developing enterprises’ ranking was organized by economic journal “Puls Biznesu” and Coface Intercredit Poland. The criteria of firms’ assessment were: dynamic and permanent development during three consecutive years and business credibility.
The beginning of the 2007 has already been successful for Polfactor SA. With a secure place on the polish factoring market after 1st quarter of 2007 Polfactor SA has achieved the turnover of PLN 815,025 mio and 21% market share. The turnover obtained in IQ 2007 is 35% higher than in the corresponding period in previous year. The highest dynamics was noted in export factoring where the turnover has increased by 58%. After 3 months of 2007 the profit before taxes has increased by 18% in comparison to IQ 2006 and amounted to PLN 2,500 mio.
The 1st of April, Polfactor celebrated the 12th anniversary
We are one of the oldest factoring companies in Poland. Since 1995 we have participated in the expansion of Polish factoring market and have constantly grown along with it. Ever since our major priority was to be a solid partner for our clients and to provide a satisfying service of a high quality. This priority still motivates us to implement more innovative solutions every day.
Polfactor is perceived as a reliable partner on the market. Our current clients have put trust in our company and still extend the range of the receivables entrusted to us. The numbers below do reflect that fact.
Since the beginning of our activity on the market our company's turnover has been increasing dynamically.
Number of invoices purchased by Polfactor is consistently increasing.
Polfactor SA is a highly valued partner on the market. Since 2005 we have been a member of an exclusive club "Gazele Biznesu" which groups the most dynamically developing companies in Poland.
Polfactor's branch inauguration
We are pleased to inform you that that on 22nd March official opening of Polfactor's branch in Olsztyn took place.
We would like to thank all invited guests, especially the Director of BRE Bank in Olsztyn Mrs Małgorzata Rudnicka for very warm welcome of Polfactor's employees. We hope that this inauguration we'll be the beginning of satisfying and productive cooperation.
The branch in Olsztyn is leaded by Mrs Maria Stobiecka-Jordan who has big experience in banking.
Polfactor's and BRE Bank's employees in Olsztyn.
On the Picture (from right):
Małgorzata Rudnicka - Director of BRE Bank's branch in Olsztyn
Małgorzata Szymańska - Sales and Marketing Director Polfactor SA
Katarzyna Jabłonowska - Vicedirector of BRE Bank's branch in Olsztyn
New Polfactor branch in Olsztyn
Responding to market demands Polfactor opened another, already 6th branch in Poland. Since February you are welcome to use knowledge and experience of our Account Manager in Olsztyn.
Our Account Manager is available under the address and the telephone number below:
ul. Piłsudskiego 44a Str.
10-450 Olsztyn
tel.: (089) 522 03 58
mobile: 0 664 745 627
Press conference of Polish Factors Association
On the 17th January this year press conference of Polish Factors Association (PZF) took place.
On the conference the results of factoring companies associated in Polish Factors Association were presented. The volume of receivables bought by companies clustered in PZF reached PLZ 13.77 billion in 2006 with the increase in the turnover of 22%.
In 2006 associated factoring companies made service for 1 600 customers and purchased 1,4 mio invoices. The dominant branches in which factoring was used as the source of financing were: car accessories and replacement parts, food and beverage, steel distribution.
The financial results obtained by Polfactor SA in 2006 were very good. The turnover value increased by 20% in comparison with the year 2005 and amounted 2 905 mld PLN. These results give Polfactor 21% market share among factoring companies and place it as one of the leaders on the factoring market.
