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WORLD TRADE: DESPITE A SUDDEN INTERRUPTION, GLOBAL VALUE CHAINS STILL HAVE A BRIGHT FUTURE

Early 2020 marked by a sudden interruption in world trade, hampered by a global recession and soaring uncertainty

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COVID-19 SWINGS THE SPOTLIGHT BACK ONTO EMERGING COUNTRIES’DEBT

Even though their degree of vulnerability to this shock depends on many factors, the initial situation of their public finances is a key issue, as it determines their response capacity to the multitude of economic consequences of this
crisis

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COFACE BAROMETER: COVID-19 - HEADING TOWARDS A SUDDEN GLOBAL SURGE IN BUSINESS INSOLVENCIES

At first, the COVID-19 epidemic in China only affected a limited number of value chains – but it has since turned into a global pandemic.

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BUSINESS FAILURES IN FRANCE ARE LESS FREQUENT, BUT OF A LARGER SIZE

After a difficult first quarter, marked by the repercussions of the “yellow vests” movement, the number of corporate insolvencies since the beginning of the year in France is set to decline for the fourth consecutive year.

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THE GLOBAL AUTOMOTIVE INDUSTRY AND ENHANCED REGULATIONS: A VERY STEEP PATH AHEAD

Hit by increasingly stringent regulations, particularly for environmental purposes, the global automotive industry is facing a downturn and is being forced to reinvent itself.

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EUROZONE ECONOMIC SLOWDOWN: EVIDENCE FROM COFACE’S ACTIVITY INDICATORS

Since the start of 2019, the signals warning of a slowdown in world growth have multiplied

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GCC: TIGHT FINANCIAL CONDITIONS FOR BUSINESSES FEED ALTERNATIVE SOURCES OF FINANCING

Despite improving economic performances across the Gulf Cooperation Council (GCC), monetary and financial conditions remain tighter compared with before 2015. Access to financing remains one of the key issues for companies, particularly for small- and medium-sized enterprises (SMEs). Loan growth in the region has recovered somewhat thanks to higher oil prices, but it remains below its historical average.

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COFACE'S POLITICAL RISKS OVERVIEW: THE TEMPERATURE IS RISING ON THE AFRICAN CONTINENT

With numerous bouts of conflicts, terrorism, and social and political tensions, which show no signs of stopping in the near future, Africa will continue to experience fragility and destabilisation.

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Corporate insolvencies in France: microenterprises in the trough of the wave

While the yellow vests movement did have a strong impact on corporate insolvencies at the beginning of the year, the decline in mobilization and the resilience of economic growth had a positive impact on the health of French companies in March and April.

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From copycat to early bird: Taking stock of China’s 5G ambitions

China coordinated its approach to 5G and some successes are already visible. However, China still relies on imports, especially for high-end products, leaving the sector exposed to protectionist threats. Moreover, the deployment of 5G networks by Chinese companies is perceived as a cybersecurity risk by many recipient countries. The US is banning Huawei equipment and pressing its allies to do the same, which could limit the growth of Chinese 5G in the future (...)

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In a global economic slowdown, luxury continues to outperform but faces new challenges

Counterfeiting, e-commerce, Chinese consumers importance, even if it is generally relatively spared by recessions, the luxury market must adapt to a profoundly changing economy if it does not want to lose its exceptional status.

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Coface delivers a strong first quarter 2019

Net income at €36.4m and RoATE at 9.0%, supported by full impact of Fit to Win plan, portfolio growth and sound underwriting management

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The turnaround in the industrial cycle hits companies in the chemicals sector in Europe and North America

Signs of a slowing global economy continue to accumulate - 2019: the number of insolvencies will increase in two-thirds of countries (+3% in Western Europe) - The chemical industry in Europe and North America is suffering from fewer opportunities in the automotive sector - Improvements in assessments are concentrated in the Middle East, including Saudi Arabia's upgrade (B)

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Central Asia, China, and Russia: a three-way partnership of reason

Located on two branches of the New Silk Road (Belt and Road or B&R), Central Asia is both a trading partner and gateway for China and Europe; Russia’s long-standing influence in the region through expatriate transfers, its military bases, and culture is also of note. For the moment, China and Russia find reasons for rapprochement in their opposition to Western ideas and their fight against the spread of radical Islam. However, the balance of power could soon change as China is the largest provider of funding for corridor development in the region.

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Coface strengthens its market position in the Adriatic region by acquiring SID - PKZ, the leading credit insurance company in Slovenia

Coface announces today the acquisition of SID - PKZ, the market leader in credit insurance in Slovenia with a high market share. As Coface has acquired all SID - PKZ shares, the business will operate under the new brand name Coface PKZ. The acquisition supports Coface’s strategy of profitable growth in Central & Eastern Europe region.

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Despite five years of Modinomics, India continues to be constrained by economic fragilities

When Narendra Modi ran for Prime Minister in 2014, he pledged to boost the competitiveness of India’s industrial sector to promote growth. Modi will be running for president again in India’s general elections between 11 April and 19 May. The economy is in a better position than it was in 2014, but many of the structural fragilities that Modi inherited continue to afflict India today and a mixed track record in terms of economic reforms has dampened enthusiasm for Modi.

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Coface announces the publication of its 2018 Registration Document

The 2018 Registration Document includes the following information: The 2018 Annual financial report; The Report on corporate governance (attached to the management report); The Statutory Auditors’ reports and the news release concerning their fees; The description of the share buyback program; The draft resolutions submitted to the vote of the Combined Shareholders’ Meeting of May 16th 2019; The Non-Financial Performance Statement.

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Mexico and Brazil taking opposite directions in terms of energy policies

2019 will be marked by high volatility in the global oil market - Brent crude oil price to average USD 65 in 2019, according to Coface estimates - In Mexico, the financial stress already faced by Pemex might not be contained - Brazil oil policy is expected to have positive knock-on effect in the medium term

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COFACE SA: Dividend per share at 0.79€, representing 100% of EPS. Nathalie Bricker and Nicolas Moreau are proposed as new directors.

The Board of Directors of Coface SA met on 27th March 2019 and has decided to propose a dividend of €0.79 per share (representing a payout of 100%). Subject to approval of this proposal by the Annual General Meeting on 16th May 2019, the ex-dividend date will be on 22nd May 2019 and the payment date will be on 24th May 2019.
The Board also decided, on the recommendation of the Compensation & Nomination Committee, to propose to the Annual General Meeting of Shareholders, the appointment of two new Board members, Nathalie Bricker (non- independent), CFO of Natixis and Nicolas Moreau (independent).

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Coface launches credit-insurance offer in Greece

Local companies set to benefit from Coface’s expertise in risk prevention and payment protection.

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