Italian Factoring Market: An Almost Success Story

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1 Italian Factoring Market: An Almost Success Story Rony Hamaui CEO Mediofactoring Milan February 2009

2 The Italian Market is Large. Turnover 2007 Billion of EUR UK Italy France U,S,A, Germany Spain Japan Netherlands Ireland Sweden Belgium Source: FCI

3 Also in Terms of GDP Turnover/GDP U,S,A, In 2000 it was the number 1 UK Ireland Italy Spain Sweden France Belgium Netherlands G erm any Japan Source: FCI and WB

4 The Great 90 s Turnover Billions of EURO 140 EURO Starts Lending limits New legal framework EU directive on payment delay st Company 1963 The Born of Assifact 3

5 The Recent Stagnation Billion of EUR The incredible growth (invoice discount) Turnover UK Italy U,S,A, France Japan Germany Spain The vigorous growth Source: FCI 4

6 Good Law Makes Good Citizens A specific law regulates the transfer of receivables between professional actors (Law 52/ 1991). By it the factor becomes the owner of title of credits and obtains all the rights connected. The transfer is valid against third parties if there is a prepayment by the factor or the date of assignment is certain. Special rules in case of default of suppliers and debtors are defined. ( FR, ES, DE, UK, US,) The Civil Code (arts ) regulates the other transfer credit. 5

7 Supervision Increase the System Stability There are legal requirements to operate (Consolidated Baking Law, 1993) (= FR, ES; DE; UK, US) Intermediaries entitle to operate shall be registered and are subject to the supervision of the Bank of Italy concerning capital requirement, risk limits, administrative and accounting procedure, internal control, disclosure requirements. 6

8 The Importance of Full Factoring 100 Full factoring Germany With credit insurance (% notification) Netherland Spain UK France Italy Invoice discount It ls considerate a banking product With credit management (% non recourse) 7

9 Is non recourse factor a product for mature markets? 70 Percentage o non recourse to total turnover

10 Larger Firms Use More Non Recourse Contracts 100% Indirect factoring IAS compliant Credit risk 80% 60% 40% 20% 0% 1m-5m 5m-10m 10m-20m 20m-50m 50m-100m 100m-. Volume of sales Recourse Non recourse Source: Bank of Italy

11 The importance of infrastructure Credit information: Bank of Italy, Centrale rischi: exposure over Euro (since 1962) and over Euro (since 2008) Private enterprise, Crif, under Euro Balance sheets are public by law and available in CERVED UK Electronic bill will become mandatory for the suppliers of the public sector since 2009 in accordance with the Italian Law (Decreto Ministeriale of March 2008) and the EU directive (2001/115/CE) 10

12 Payments structure of corporate businesses Cash and Other instrument Cheque Bank Transfer RID &RIA Direct Debit Source: ABI monthly Outlook June

13 The Role of the Public Sector Italy has a very big public sector: last year it has buy goods and services for more than 125 billions Euro The Italian public sector is a very bad payer: the average delay is more than one year Public sector account for almost 1/3 of the factoring debtors. In the south of Italy this percentage is much higher. 12

14 Distribution of Debtors by Sectors September % 29% 54% 1Public sector 2Private firms 3Other Source: Bank of Italy 13

15 The Italian Public Sector pays with long delay Days Average delay EU average 65 days Portugal Italy Spain Belgium France Irland Source: Intrum Justitia European Payment Index UK Netherland Germany Denmark 14

16 Habits of Payments Firms respond to late payment by customers by delaying their payments to their trade creditor (Chittenden and Bragg 1997) Italian private sector usually pay their customers very late (on average 120 days?) Bigger opportunity for factoring 11% of trade credit are factorised 15

17 Italy used to have very long term of payments Contractual Terms of Payments Belgium Netherlan UK Germany Italy France Spain Source: Dan & Bradstreet EU directive (2002) 16

18 Fewer Italian firms now pay late Percent of firms with a delays of payments more than 30 days Italy Spain Belgium Netherland Europe UK Source: Dan & Bradstreet 17

19 Arrears September % 16% 56% 24% On time Till 1 month Till 3 month Other The recent crisis has worsened arrears 18

20 Why a firm use factoring: Benvenuto Gallo (2004) Probability to use factoring = Financial Tension Leverage + Cash Flow Liquidity % of utilisation of credit line + Trespassing + Growth rate + Commercial credit + Commercial credit mismatch + Age of the firm Dimension + Rating Sector (Automobile, electric machine,metal, real estate, ecc 19

21 How much it depends from GDP? %GDP (left scale) Correlation 0.49 %Turnover (right scale)

22 How Much it Depends from Credit Situation? 0,50 0,00-0,50-1,00-1,50-2, %Turnover (right scale) Correlation 0.29 R interbank-r min loans 20,00 15,00 10,00 5,00 0,00-5,00-10,00 The actual credit crisis is positive for the demand of factorin 21

23 The supply Number of players change from 36 (2001) to 34 (2008) Market share of the leader 23% (48% EU 27) Market share 3 biggest 53% (82% EU 27) Source: BI 22

24 The Supply is Dominated by Specialised Financial Companies Controlled by Banks Automobile Electronic Real estate 32,0 13,1 Source: Bank of Italy 54,9 Bank factoring divisions Specialised companies controlled by banks Specialised companies controlled by industrial groups (Indirect factor) In EU: 78.5% (subsidiary of banks); 12.5% (bank division) 9% non-bank-owned Specialised companies are more focus on sophisticated products Specialised companies controlled by bank have less liquidity problems and more information about clients 23

25 Factors Controlled by Industrial Groups (Captive) prefer Non Recourse 100% 80% 60% 40% 20% Non Recourse Recourse 0% Non Captive Captive Source: Bank of Italy

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