Factoring is emerging as a short-term financial solution for business The role of FCI

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1 Factoring is emerging as a short-term financial solution for business The role of FCI Daniela Bonzanini Chairman of Factor Chain International Torino, 10 June

2 Factoring Spreading its Wings!

3 GLOBAL FACTORING VOLUME (IN EURO BILLIONS) International Domestic

4 Comparison to other forms of Trade Finance Factoring, LC & Credit Insurance Comparisons with World Exports (USD Millions) CAGR Cross border factoring 236, , , , , % World factoring 1,835,489 2,190,002 2,611,371 2,814,004 3,078, % Credit insurance 1,122,608 1,257,794 1,495,227 1,538,609 1,630, % Letters or credit (LC) 2,635,125 2,700,700 2,806,965 2,854,918 3,125, % Total world exports 12,177,642 14,850,565 17,816, ,378, % Sources: Factoring figures from FCI. World Factoring includes both domestic and cross border factoring volume Short-term sovereign credit insurance figures only from Berne Union (2013 estimated) The LC figures from ICC/SWIFT study. Swift does not release LC issuance, but in December 2010 its board agreed to carry out a trade snapshot, releasing the number of MT700 commercial standby and guarantee messages, including average invoice size, All figures are estimates based on actual data. Except the 2010 figures which are based on the number of MT700 messages issued in the year and the average invoice size for the month of December only figures are calculated based on the % change in the number of MT700 messages created year on year The world merchandise export figures from the WTO (2013 estimated based on revised projected growth rate of 2.5%)

5 FCI GLOBAL FACTORING STATISTICS 2014 BY REGION All figures given in Euro Billions Americas 9% Africa 1% Australasia 2% Group rate % change Europe 1,354 1, % Asia 25% Asia % Americas % Europe 63% Africa % Australasia % Europe Asia Amsericas Africa Australasia Total 2,208 2,373 +7%

6 * Data from FCI World Factoring Statistics 2014 EUROPE FACTORING STATISTICS in euro billions United Kingdom France Germany Italy Spain Other Total Europe YOY 22% 13% 11% 3% -3% 10% 9,9% 5-Y CAGR 10,7% 8,1% 8,0 % 5,0% 0,0% 7,4% 7,3%

7 * Data from FCI World Factoring Statistics 2014 ASIA FACTORING STATISTICS in euro billions China Japan Taiwan Australia Hong Kong Other Total Asia YOY 7,4% -33,9% -22,4% 5,2% -4,5% 22,2% 2.7% 5-Y CAGR 21,3% -12,3% -3,3% -1,2% 16,4% 26,7% 10,4%

8 * Data from FCI World Factoring Statistics 2014 AMERICAS FACTORING STATISTICS in euro billions USA Brazil Mexico Chile Colombia Other Total Americas YOY 16,6% 0,7% -9,2% -45,0% 27,0% 14,3% 7.8% 5-Y CAGR 0,7% -10,3% 15,1% -3,9% 34,0% 23,3% 1,4%

9 2013 COMPARISON TO LCs AND OPEN ACCOUNT TRADE ,000 in billion USD ,090 2,772 3,125 2, LCs World Factoring Volume Open Account

10 Global Shift to Open Account Trade Finance Revenue pools increase by 80% until 2020 Global trade moves towards open account Revenue pools Bn USD % Open accounts Documentary trade Payments Open accounts mainly driven by increased volume Strong trade growth Importers favor O/A Penetration 22.9 of financing instruments for O/A will slightly increase Spreads will rise slightly as environment in emerging markets is more risky Global imports (Trn USD) % % % 18% % 2020 Open account Documentary trade Note: Only cross border, wholesale streams were accounted for, Documentary trade includes mainly L/C, documentary collection, pre/post-shipment financing and bank to bank financing; open account includes processing and financing Source: SWIFT, EIU, ICC, ITC, BCG Global payments model, BCG case team experience

11 Five Major Influences for Growth of Factoring Small-Medium Sized Enterprise (SMEs) are underfunded Risk of lending is reduced Demand for efficient collection mechanism and protection against bad debt is growing Cross border open account trade on the rise Legal and Regulatory Framework is improving in emerging markets

12 What does International Factoring bring to SMEs? Liquidity Flexibility Seizing the gap left open by banks Better Competitiveness Efficiency and Control Advantages of International Factoring Risk Management Predictability Reducing risk of lending

13 FCI MEMBERSHIP Distribution of membership % Number of members 20 year CAGR % W. Europe 44% 51% 48% 38% 30% 2.9% E. Europe 10% 11% 7% 16% 18% 8.2% N. America 10% 6% 6% 7% 5% 1.2% South/Central America 0 4% 7% 7% 7% 15.8% South Asia 13% 13% 7% 7% 8% 2.2% East Asia (incl Greater China) 19% 11% 19% 20% 25% 6.3% ME/Africa 4% 4% 6% 5% 7% 8.1% Total member numbers %

14 Factors Chain International FCI was built on the foundation of Factoring. Its core mission is to provide: Legal Infrastructure General Rules of International Factoring (GRIF) Communication Network Edifactoring.com Education Global Certificate Program on Open Account Trade Finance Marketing Promotion of Open Account Trade Finance Services Global Statistics - Release of annual global statistics on factoring

15 Association: Membership Benefits Free Consulting Service on International Factoring to every new member for three (3) business days (you only must pay a per diem fee of EUR 500 plus the cost of the consultant s transportation/accommodations) One Free Admission to FCI s E-learning course: Foundation Course on International Factoring (with the agreement that the company will commit to have the same student participate in the Intermediate Course on International Factoring) plus access for all employees to all of FCI s e-learning courses Access to all of FCI s international courses on factoring (five level courses including selling factoring, client risk, fraud, legal, and dispute risk) Promotion conferences paid for by FCI (to promote the service to your clients in your home market) Lobbying/Education free to all key constituents, both within your company and also directed to your regulators/government tax authorities/central bank

16 Factors Chain International Cross Border Correspondent Factoring Network

17 Advantages of International Factoring Advantages to the Seller/Exporter Gain access to comprehensive AR information which is available on-line in real time Improved cash flow through fast collection and remittance Increased sales in foreign markets by offering competitive terms and conditions of payment Protection against credit losses to 100 % (instead of 80%- 90% usually offered by credit insures) Elimination of delays so often encountered in the negotiation of Letters of Credit Access to a flexible source of working capital, in local or invoiced currency, geared to export sales Reduction in administration costs because he is working with one Factor irrespective of the number of countries involved Possible off-balance financing of receivables due to nonrecourse Factoring Advantages to the Buyer/Importer Making purchases with the deferred payment term and, consequently, increase in the purchase volumes. In case of reverse factoring the buyer benefits from the ability to outsource its receivable management and negotiate better terms with its suppliers Increased purchasing power without using existing credit lines Goods can be bought without incurring the delays, complications and cost of opening Letters of Credit The Buyer/Importer must not deal with language difficulties The Buyer/Importer can pay to a local account and may save additional bank charges compared to the payment to an account abroad

18 FCI FACTORING IN AFRICA CONFERENCE ACCRA, GHANA 2014

19 FCI PROMOTION CONFERENCE ON FACTORING DHAKA, BANGLADESH APRIL 2015

20 THANK YOU Daniela Bonzanini Chairman FCI 20

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