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科法斯 2022 年德國企業付款調查：遭受重創的企業面臨新的危機

相比經濟遭受的衝擊，2022年企業付款受到的影響相對較小。然而，從短期來看，企業仍有所忌憚，並對未來非常悲觀。

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What is a Company Profile and Why It Is Important?

When business owners need to conduct background checks on their suppliers, customers, partners, and vendors, they use business information reports. The business information reports come in the form of a Company Profile Report, a Business Profile Report, and a Credit Report. Even though these terms are used interchangeably, they might differ in essence.

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What You Need To Know About Export Credit Insurance

Export credit insurance (ECI) protects your business against losses arising from international trade in case of non-payment by a foreign buyer.

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Coface confirms its excellent start of the year with first-half net income of €144.4m

Coface confirms its excellent start of the year with first-half net income of €144.4m. Annualised return on tangible equity at 15.4%. Turnover for the first half of the year: €895m, up 14.6% at constant FX and perimeter and up 16.5% on a reported basis.

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御法川純接任科法斯日本總經理

科法斯今日宣佈任命御法川純 (Jun Minorikawa) 為科法斯日本分公司總經理，即日起生效。除管理和發展科法斯日本分公司外，御法川純還將負責在全球範圍內進一步拓展日本跨國公司客戶群。

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科法斯 2022 年亞太企業付款調查：逾期付款時間縮短，但亞太企業面臨的信用風險仍在上升

科法斯 2022 亞太企業付款調查（本調查於2021 年 11 月至 2022 年 2 月間進行）分析了亞太地區約 2800 家企業面對又一個疫情年份，付款行為和信用管理實踐的演化。受訪企業涵蓋亞太地區的 9 個市場（澳洲、中國、香港特別行政區、印度、日本、馬來西亞、新加坡、泰國和台灣）和 13 個行業。

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通過衰退來避免停滯性通膨? 全球經濟正處於十字路口

俄烏衝突持續了四個月，我們從中汲取一個教訓 - 這場註定曠日持久的衝突打破了全球地緣經濟平衡。
那些國家及行業前景最好? 那些國家及行業面臨重大困境?
查看科法斯新一季貿易風險報告，了解科法斯經濟預測。

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CEE company insolvencies on the rise

Various economic conditions, support measures and legal changes have affected insolvency trends in the Central and Eastern Europe region over the last two years.

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Coface and Al Rajhi Takaful enter a strategic partnership in credit insurance

Coface and Al Rajhi Takaful, one of the largest financial institutions and insurance company in the Kingdom of Saudi Arabia, have entered into a strategic partnership to distribute credit insurance solutions and help Saudi Companies boost their growth in their domestic and export markets.

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A Guide To Trade Finance And Trade Finance Risks

Trade finance refers to the settlement arrangements used by importers and exporters to mitigate trade risks and ensure the terms and conditions of an underlying contract are met.

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歐洲戰爭對全球行業趨勢的中長期連鎖反應：哪些行業能夠堅韌抗壓？

根據科法斯的研究，所有 13 個行業在中長期內都將繼續受到烏克蘭戰爭的衝擊， 造成直接或者間接的影響。哪些行業能夠堅韌抗壓？ 立即閱讀完整報告！

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科法斯發佈中國企業付款調查報告：供應鏈中斷和原材料價格上漲的風險增加

根據科法斯發佈的《2022 年中國企業付款調查》 ，2021 年的受訪企業中，遭遇逾期付款的企業減少，但逾期時間比前一年延長。平均逾期付款時間從 2020 年的 79 天升至 2021 年的 86 天。在 13 個行業中，有 9 個行業的受訪企業反映逾期付款天數增加，最多的是農產品行業，大幅增加 43 天，其次是木材、運輸和紡織行業。

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烏克蘭戰爭：眾多（大）輸家，極少（真）贏家

自俄羅斯於 2 月 24 日入侵烏克蘭以來，俄烏戰爭迄今已持續逾兩個月，迅速了結戰爭的機會似乎已越來越渺茫。隨著外界針對俄羅斯的制裁持續增加，即使衝突提前結束，恐怕也難以再恢復至戰前局勢。

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科法斯任命 HUGH BURKE為亞太地區首席執行官

科法斯宣佈任命 Hugh Burke 擔任 科法斯亞太地區首席執行官，該任命自 2022 年 4 月 1 日起生效。

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3M-2022 Financial Results: a strong start to the year with a net income of €66.2m

Coface releases its 3M-2022 Financial Results: a strong start to the year with a net income of €66.2m.

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科法斯成立紐西蘭分公司，進一步拓展全球市場

全球信用保險公司科法斯今日宣佈，於 4 月 1 日獲得紐西蘭儲備銀行批准，成立紐西蘭分公司。

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俄烏衝突下的經濟後果：停滯性通膨逼近

俄烏衝突引發了金融市場震盪，並加劇了全球經濟復甦的不確定性。自日前發布季度行業及國家風險更新以來，世界局勢及風險均已出現了變化動盪情勢。

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科法斯2021年第四季度貿易風險報告：2022 年全球經濟將繼續復甦，道阻且長

疫情爆發兩年後，全球經濟繼續復甦，但仍面臨嚴峻挑戰。

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Coface FY-2021 results: record net income

Coface FY-2021 results: net income at €223.8m and 100% pay-out ratio.

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Morocco Corporate Payment Survey 2021: shortened delays but still widespread late payments

According to Coface's 2021 study on the payment behaviour of companies in Morocco, contractual payment terms in the country remain long, reaching an average of 79 days. However, they have improved significantly, with a shorter duration of about 14 days compared to the previous survey conducted in 2019.

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歐元流通二十周年之際，審視歐元各方面的影響

正值歐元引入歐洲金融系統二十周年，科法斯經濟研究團隊從總體經濟角度出發，分析歐元誕生以來產生的影響。

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科法斯推出新產品 "GLOBALINER"，更好地滿足跨國企業需求

GlobaLiner 進一步提高合約簽發速度並完善對本地保單的把控，從而支持跨國公司的發展。

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U.S.Economy: an infrastructure package to support the recovery [#ExpressEco]

In the past 18 months, the US congress authorized more than 25% of GDP in spending to respond to the COVID-19 pandemic

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Coface achieves record net income of €67.7m in the third quarter

Turnover of first nine months: €1,158m, up +7.9% at constant FX and perimeter, and up +8.9% in Q3-2021

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2021年第三季度貿易風險報告：供應鏈中斷及通貨膨脹阻礙全球復甦

隨著新冠肺炎疫情逐漸好轉，特別是疫苗接種的推進，消費出現反彈，在發達經濟體尤為如此。新興經濟體的情況則各有不同：出口導向型國家從中獲益，而依賴服務業的經濟體依然復甦乏力。

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全球零售業恢復至疫情前水準了嗎？

新冠疫情期間，各國實施了保持社交距離、店鋪暫停營業等措施，零售業務受到影響。各國各行業受到影響的程度差別很大。

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後疫情時代，中國作為拉美出口主要市場的地位將持續增強，而美國地位則會下降

根據科法斯的觀察，拉丁美洲出口增長率預計將超過國內需求增長率。事實上，拉美地區的經濟復甦情況應該低於全球平均水準，更具體地說，低於中國和美國的復甦水準。從這個角度看，2021年拉美對中美兩國的出口銷售表現值得期待。相較美國，中國對於拉美地區出口的重要性將持續增強。

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Environmental risk is key to business strategy [#ExpressEco]

Coface’s Country Risk Assessment model now includes an environmental indicator. Our Economist Melina London explains how it works.

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疫情過後的新一輪社會運動：國際貿易恐成犧牲品

防控疫情的限制措施暫時阻止了抗議運動的高漲，但是新的風暴即將來臨。由於社會經濟指標空前惡化，抗議活動將愈演愈烈，首當其衝是新興國家。

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Germany Corporate Payment Survey 2021: Learning to live with the pandemic

The 5th edition of Coface’s survey on corporate payment experience in Germany suggests that German companies have acclimatised to the pandemic environment, with more companies offering payment terms and a positive outlook from surveyed companies.

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UAE: a brighter outlook for 2021 after a difficult 2020

The UAE’s economy was hit by a double shock in 2020: the collapse in oil prices and the COVID-19 pandemic. According to preliminary estimates, the UAE’s economy shrank by 6.1% in 2020. However, the outlook is brighter for 2021. Coface expects growth at 3.1% thanks to a fast vaccination campaign, a sharp recovery of the global economy and the rebound in energy prices.

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Coface strengthens further its leadership team

Coface strengthens further its leadership team and thus is pleased to announce new appointments within its executive committee

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CofaMove: Coface's app for on-the-go credit risk management

Your business moves fast – and sometimes your life moves even faster! Now you can set the pace with CofaMove, the Coface app for swift credit risk management when you’re on the-go.

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Coface announces new appointment of Pamela Woon as Regional Head of Business Information Services, Asia Pacific Region

Coface announces today the appointment of the appointment of Pamela Woon as Regional Head of Business Information Services, Asia Pacific Region, effective July 1, 2021. Based in Singapore, Pamela will report directly to Bhupesh Gupta, CEO of Coface for Asia Pacific Region.

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電動車金屬的繁榮局面能否持續？

電動車製造中，鋰、鈷和銅等金屬材料的使用是當前汽車行業革命的核心。儘管目前電動車市場份額仍然不是很大，但供需失衡導致這些金屬的價格一路走高。在最新的分析報告中，科法斯預計，未來兩年內這些金屬的價格趨勢不會發生重大變化。

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Coface announces new appointment of Christopher Murphy as Regional Head of Mid-Market and Partners, Asia Pacific Region

Coface announces today the appointment of Christopher Murphy as Regional Head of Mid-Market and Partners, Asia Pacific Region, effective August 1, 2021. Based in Hong Kong, Chris will report directly to Hugh Burke, Chief Commercial Officer of Coface for Asia Pacific Region.

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Coface announces new appointment of Yasuyo Arihara as Commercial Director of Coface Global Solutions – Japanese Solutions

Coface announces today the appointment of Yasuyo Arihara as Coface Global Solutions – Japanese Solutions Commercial Director with effect from 1st July 2021. Based in Tokyo, Yasuyo reports directly to Shinkichi Hayashi, Global Head of Japanese Solutions.

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Coface reports first-half net income of €123.2m, confirming an excellent start to the year

Coface reports first-half net income of €123.2m, confirming an excellent start to the year. Turnover: €768m, up 7.4% at constant FX and perimeter.

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科法斯發佈2021 第二季度貿易風險報告：“雙速”世界

新冠疫苗已成為決定人們日常生活和全球經濟復甦腳步的主要因素。雖然 2021 年全球 GDP 增長預期上調至+5.6%。這樣的經濟增長前景在世界貿易中得到了體現，繼 2020 年全球貿易量下降 5% 後，科法斯預測 2021 年將增長 11%。

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遠端工作：虛擬離岸外包的風險和機遇

新冠肺炎疫情期間，遠端工作已成為一種新常態。雖然我們已逐漸走出這場危機，但這種文化的轉變可能促使發達國家的企業以遠端工作方式，雇用新興市場勞動力，以降低勞動力成本。

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2021 亞太企業付款調查：逾期付款趨勢企穩，企業前景向好，但風險和不確定性依然存在

科法斯《2021 亞太企業付款調查》訪問了亞太區 2500 餘家企業在疫情期間的收款經驗和信用管理狀況，並深入探討了研究數據揭示的發展演變規律。受訪企業涵蓋亞太區的 9 個市場（澳洲、中國、香港特別行政區、印度、日本、馬來西亞、新加坡、泰國和台灣）和 13 個行業。

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中國經濟有所復甦，但建築和能源行業仍面臨上升的付款風險

根據科法斯預計，2021年將會出現更多債券違約和企業破產，在2020年信用增長放緩期間積累了較高現金流風險的行業尤為可能。

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德國：儘管得到大量援助，許多企業仍面臨破產

雖然遭遇了 2009 年以來最為嚴重的經濟衰退，但與 2019 年相比，2020 年德國的企業破產率仍有顯著下降。

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科法斯季度貿易風險報告：美國引領全球經濟復甦，新興經濟體步伐滯後

新冠肺炎爆發一年多以來，由於疫情蔓延的不確定性依然存在，全球經濟形勢參差不齊。加快疫苗接種進程以及疫苗的有效性是經濟復甦的關鍵。

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Coface records a good start to the year with a net income of €56.4m

Coface records a good start to the year with a net income of €56.4m ; Turnover: €378m, up 4.2% at constant FX and perimeter.

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Fitch raises the outlook for Coface’s ratings to “stable”

The rating agency Fitch, on 20th April 2021, affirmed Coface AA- Insurer Financial Strength (IFS) rating. The agency also removed the Rating Watch Negative. The outlook is now stable.

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科法斯報告關於中澳貿易關係的看法

2020 年，中澳雙邊關係急劇惡化，中國對澳洲多項出口產品施加正式和非正式貿易限制。但外界越來越擔心的是，隨著中澳雙邊關係緊張局勢的升級，中國將對澳洲採取更為強硬的立場。

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美國：經濟刺激計畫促使美國貿易逆差再創紀錄

作為世界上最大的進口國和第二大製成品出口國，自上世紀 70 年代初以來，美國一直存在貿易逆差。科法斯通過分析歷史上對於潛在貿易差額的估算資料，估計經濟刺激計畫可能導致美國貿易逆差增加 560 億美元。

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歐洲企業破產悖論：奇跡與幻象

儘管新冠疫情的實際影響仍不明確，2020 年歐洲所有主要經濟體的企業破產數量卻均呈現下降趨勢。科Z法斯集團研究發現，企業財務健康狀況的預期惡化與實際企業破產數量之間的差距表明，大量的“隱性破產”被推遲，而未能得到阻止。

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油價波動影響中東和非洲石油生產國經濟多樣化

新冠肺炎疫情對全球 GDP 增長和全球貿易造成負面影響，導致 2020年春季油價大幅下跌。此次油價雖為暫時性下跌，但對中東和非洲石油出口國都造成了不同程度的影響（視國家產出對石油的依賴程度，以及財政實力和國際石油儲備情況而異）。儘管科法斯預期 2021 年油價將達到平均每桶 60 美元，但石油生產國仍將面臨油價波動的挑戰。

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科法斯 2020 年第四季度貿易風險報告 - 不均衡的全球經濟復甦

科法斯發佈最新一季貿易風險報告及 2021 年《國家與行業風險手冊》，指出各個國家、行業及收入階層將經歷不均衡復甦。

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Poland: Payment delays between companies shorten during the pandemic

The year 2020 was marked by the COVID-19 pandemic. In order to mitigate the impact of this difficult economic situation on Polish companies, various liquidity-supporting aid measures were introduced, such as tax and contribution exemptions and deferrals. As a result, despite the extensive economic crisis, payment delays between companies have shortened – however, with these aid measures are to be phased out in 2021, two thirds of companies expect their business activities to deteriorate this year.

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COFACE SA: Moody's raises the outlook for Coface to “stable”

The rating agency Moody’s, on 10th February 2021, has confirmed the financial strength rating (Insurance Financial Strength – IFS) for Coface at A2. The agency has also raised the outlook for Coface, which is now stable.

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Coface FY-2020 results: Net income at €82.9m and 100% pay-out ratio

Coface releases its FY 2020 Financial Results.

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Governance evolution – Bernardo Sanchez Incera appointed Chairman of the Board of Directors

Following the change in the shareholder base and the arrival of Arch Capital Group Ltd. in Coface's capital, COFACE SA's Board of Directors is evolving. Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.

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Attend our 25th Country Risk Conference 8-10 february

This year at our Country Risk Conference: 3 round tables to embrace the new business risks in a post-covid world.

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科法斯宣佈新任亞太區經濟學家

科法斯今天宣佈任命歐韋良(Bernard Aw)先生為亞太區經濟學家，該任命於 2020 年 12 月 1 日生效。

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科法斯簽署 L’autre cercle 宣導的《LGBT+ 憲章》，承諾提高組織內部對 LGBT+ 群體的包容性

科法斯簽署 L'autre cercle 宣導的《LGBT+ 憲章》，該協會致力於提高工作場所對 LGBT+ 群體的包容性。

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9M-2020 Financial Results: Strong balance sheet and positive operational KPIs

Coface releases its 9M-2020 Financial Results : A strong balance sheet and positive operational KPIs allow to launch share buyback programme

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新冠疫情加劇政治風險

《科法斯 2020年第三季度貿易風險報告》發佈的最新科法斯政治風險指數凸顯雙重趨勢：一方面，全球層面的衝突風險水平有所降低，另一方面，政治和社會脆弱風險在個別國家有所上升。

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German companies have switched to “crisis-mode” and offer less payment terms

German companies want to cash in as early as possible, according to the fourth edition of Coface’s survey on corporate payment experience in Germany, conducted in July and early-August 2020, with 753 participating companies located in Germany.

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Coface reports a positive net income of €11.3m for the second quarter 2020 and continues to implement its strategic plan

Turnover for the first semester: €725m, down 0.6% at constant FX and perimeter:
Client retention and new business achieve record levels, with a positive net production of €33m.
First effects of re-pricing are now visible (+0.2%).
Revenues from services progress by 7%, including information services up by 13%.
Client activities continue to slowdown – a trend expected to continue over the following quarters.

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後疫情時代的生產設施遷移：對中東歐國家是否是一種機遇？

大多數中東歐國家在 2004 年加入歐盟 (EU)，其對外貿易和供應鏈參與程度近年來均有提高。

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全球交通運輸：疫情過後將面臨怎樣的未來？

新冠肺炎(COVID-19)疫情引發了流動危機，這主要是由於社會安全距離的要求以及避免密閉空間以限制病毒傳播。這對全球交通運輸行業造成了災難性的影響，其中航空旅客運輸是受影響最大。

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美國：企業破產“雙重天”

疫情肆虐全美，經濟深受重創，科法斯的基準情景預測 2020 年美國經濟萎縮 5.6%，2021 年將回升 3.3%。然而，這一預測恐將發生變化，因為近期已有幾個州的疫情捲土重來，令 4 月份全面封鎖後剛剛重啟的經濟再次熄火，甚至出現倒退。

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Coface finalises the acquisition of GIEK Kredittforsikring AS

Coface announces the closing of the acquisition of GIEK Kredittforsikring AS, a company that manages a short-term export credit insurance portfolio.

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2020 年亞太區企業付款調查：新冠疫情或將澆滅去年以來的經濟復甦勢頭

2019 年中美之間爆發貿易戰之後，隨著供應鏈轉移和聯準會注入額外的流動性，科法斯發現亞洲（中國以外）經濟顯露出復甦態勢 。

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西班牙和義大利的企業是否已做好應對新冠疫情衝擊的準備？

2020 年第二季度有可能迎來前所未有的挑戰，而我們現在有充分的理由認為，經濟復甦之路也將是漫長而艱難的。儘管當前已實行延期收稅、流動性擔保等緩解措施，許多企業仍然難以擺脫困境。

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Coface announces new appointment of Country Manager of Coface Japan

Coface announces today the appointment of Shinkichi Hayashi as Japan Country Manager effective 1 June 2020. Shinkichi will replace Tetsuya Komatsu, who has decided to leave Coface for personal reasons. We would like to sincerely thank Tetsuya for his contributions.

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歐洲企業破產：臨時修改法律程序以延遲破產申請期限

許多歐洲國家臨時修改了有關違約程序的法律框架以應對此次危機，推遲了歐洲企業的破產期限

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科法斯2020年第二季度貿易風險報告 -- 經歷重大衝擊之後的經濟復甦：差異化發展

科法斯預測 2020 年的經濟衰退程度（全球 GDP 下降 4.4%）會比 2009 年更嚴重。在假定不出現第二波冠狀病毒疫情的前提下，2021 年有望實現經濟復甦（增長 5.1%），但與 2019 年相比，美國、歐元區、日本和英國的 GDP 仍將下滑 2-5 個百分點。

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2020中國企業付款調查： 新冠肺炎疫情加劇付款逾期

新冠肺炎疫情嚴重影響經濟活動，科法斯2020年中國企業付款調查顯示，2019年企業付款行為發生惡化，66%受訪企業表示遭遇了逾期付款。2019年，平均信用期限穩定在86天。可以預計，那些因封鎖措施遭受嚴重衝擊的行業，為了維持生存不得不延期付款，有的企業甚至因而倒閉 (...)

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世界貿易形勢：儘管國際貿易受到意外干擾，全球價值鏈的前景依然光明

2020 年初，受到全球經濟衰退和不確定性激增的影響，國際貿易一度接近中斷

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COVID-19 swings the spotlight back onto emerging countries’ debt

While the focus has mainly been on China, Europe and the USA so far, the consequences of the Coronavirus pandemic are likely to be even more severe in emerging countries.

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First quarter shows solid operational performance but is impacted by the initial effects of the COVID-19 crisis

Xavier Durand, Coface CEO, commented: “The coronavirus crisis presents an unprecedented shock for our economies and for the credit insurance industry. First and foremost, I am very proud of our teams’ successful efforts to continue supporting our customers despite the containment measures (...)"

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疫情過後，中國經濟能否獨善其身？

鑒於新冠肺炎疫情的大面積爆發以及對全球經濟的影響，中國恐怕無法實現2020年增長目標。科法斯預計中國2020年經濟增速將降至4.0%。

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科法斯集團立場聲明

有關經濟日報於4月10日刊登「鋼鐵業驚傳法商緊縮銀根」一文， 本公司澄清聲明

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科法斯 2020 年第一季度貿易風險報告：新冠肺炎疫情致全球破產企業激增

新冠肺炎疫情最初在中國爆發，當時只影響個別價值鏈，但如今已經擴展至全球大流行。疫情既打擊行業供應，又打擊市場需求，現已殃及全球大多數行業。

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Fitch places Coface on Rating Watch Negative

The rating agency Fitch has, on 31 March 2020 placed Coface on Rating Watch Negative. This includes Coface’s Insurer Financial Strength (IFS) rating.

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Review of the credit insurance sector by Moody's

The rating agency Moody's confirmed Coface’s Insurance Financial Strength (IFS) A2 rating on 27 March 2020. The outlook for this rating has been changed to negative.

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Poland Payment Survey: reduced payment delays, but a challenging outlook

Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delays have systematically shortened since 2017 – but the impact of the coronavirus outbreak on the Polish economy remains to be seen.

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Coface capitalizes on its strategic successes and launches Build to Lead, its new 2023 strategic plan

Build to Lead will broaden and deepen the business and cultural transformation initiated in Fit to Win. In particular the new plan will: Continue to strengthen risk management and underwriting discipline; Improve service, and commercial and operational efficiency; Invest in select growth initiatives in trade credit insurance as well as in specialty lines; Maintain balance sheet strength.

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COFACE SA: Shareholding evolution

COFACE SA (“COFACE”) acknowledges the announcement made today by Natixis of its sale of 29.5% of the share capital of COFACE to Arch Capital Group Ltd (“Arch”) as well as Arch’s affirmed support of COFACE’s current management and of its new 2023 strategic plan Build to Lead.

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AM Best assigns A (Excellent) rating to Compagnie française d'assurance pour le commerce extérieur and to Coface Re SA

Rating agency AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) to Compagnie française d'assurance pour le commerce extérieur (la Compagnie) and to Coface Re. Both ratings have a stable outlook. The agency has also affirmed the FSR of Coface North America Insurance Company (CNAIC) to A (Excellent). The outlook remains stable.

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政治與環境風險是企業在2020年面臨的主要威脅

科法斯發布2020年版《國家與行業風險手冊》，與此同時，科法斯首席經濟學家Julien Marcilly於2月4日在巴黎召開的科法斯國家風險會議上指出了2020年全球經濟面臨的主要威脅。 中美貿易協議並不足以使國際貿易就此復甦。

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FY-2019 results: Record net income up 20% at €146.7m and proposed dividend per share of €1.0

We have completed our Fit to Win plan with record results, despite a riskier economic environment. Our net income is up by 20%, to €147m. The tangible return on equity comes in at 9.1%, excluding non-recurring items. Record retention and a pick-up in new business boosted growth to 5.9%. Finally, in terms of capital, the French regulator authorised our usage of our internal model to calculate the solvency requirement. Our solvency ratio stands at 190%, up 21 points, which allows us to propose a payment of a dividend of €1.0 per share to the Shareholders Annual General Assembly.

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COFACE SA: Agreement to acquire GIEK Kredittforsikring

COFACE SA announces that it has signed an agreement with the Norwegian ministry of Trade, Industry and Fisheries regarding the acquisition of GIEK Kredittforsikring.

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法國破產企業數量相對較少，但規模更大

雖然面臨破產的企業數量自年初以來有所減少，但從財務狀況和受影響的職位數量方面來看，其成本有所增加。
艱難渡過以“黃背心”運動的影響為標誌的第一季度後，法國破產企業的數量自年初再次下降（連續第四年）。然而，科法斯預計2020年法國破產企業數量會略有反彈（+0.9%），主要歸因於預期建築業發展會減緩，而這很大程度上是由2019年市政選舉前所推動的公共工程延遲。

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全球汽車行業監管加強：前路艱難

全球汽車行業因監管越來越嚴格而備受打擊，尤其是因環保限制，正面臨經濟衰退，因此不得不做出改變。

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Broker Portal, Coface’s new digital interface for its brokers

Coface launches its new portal for brokers, offering a new experience to its partners in the development of their business around the world.

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2019 survey on company payments in Germany: turn of the tide

85% of companies report payment delays in 2019. This is an increase from 2017 by 7 percentage points. According to Coface's 2019 Germany payment survey of 442 companies in, the country is in a phase of change. The pressure on companies from international competition is increasing.

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科法斯推出全新經濟預測工具 CRAFT ，用於估算歐元區增長率

是陷入衰退還是小幅減速？CRAFT可提供歐元區主要經濟體減速狀況的關鍵指標。

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Coface announces new appointment of Country Manager of Coface Indonesia and Philippines

Coface announces today the appointment of Chrisna Sudarma as Indonesia & Philippines Country Manager effective 2 October 2019. Based in Jakarta, Chrisna will report directly to Bhupesh Gupta, CEO of Coface for Asia Pacific

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農副食品行業展望：在貿易保護主義甚囂塵上的全球經濟氛圍中，未來何去何從？

全球農副食品行業身處當前中美貿易衝突漩渦的中心，將受到衝突引發的骨牌效應，尤其是諸如大豆等關鍵農副大宗商品價格下行趨勢所帶來的衝擊。科法斯對這一市場的未來走勢進行深入的分析。

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科法斯第三季度貿易風險評估：儘管央行發力，全球經濟走勢仍普遍下行

今年夏天，全球多個政治領域的不確定性帶來的疊加效應令企業經營信心受挫，以此觀之，2020年很可能是經濟衰退的一年。

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Netherlands: What is the secret of Dutch trade?

Rising protectionism in China and the United States, Brexit, contracting world trade... despite all the clouds on the horizon, the Dutch economy remains surprisingly bright.

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Insolvencies in Central and Eastern Europe: despite an increasingly difficult global economic context, the situation remains positive

The Central and Eastern European region has experienced unparalleled growth in the European Union. However, a slowdown is expected in the coming years.

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科法斯宣布任命新的中國區總經理以及全球解決方案中國區主管

今天，科法斯宣布Benoit Ganzmann擔任中國區總經理以及全球解決方案中國區主管，該任命自7月8日起正式生效。全球解決方案是科法斯的最新舉措，中國區將負責為中國企業及其分公司在全球範圍內提供及時的跟進和服務。

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科法斯最新政治風險報告：非洲大陸衝突加劇

最近在非洲發生的一系列衝突、恐怖主義以及社會政治緊張局勢，短期內未見緩和跡象，非洲將繼續在脆弱與不安定的狀況中煎熬。

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科法斯第二季度貿易風險報告 -貿易緊張局勢再次成全球經濟焦點

中美貿易戰、陷入掙扎的汽車業、新興經濟體增速趨緩…2019年第二季度的局勢凸顯出全球經濟放緩

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亞洲企業付款調查2019：貿易戰的愁雲之下，企業付款趨勢日益惡化

科法斯2019年亞洲企業付款調查涵蓋了該地區內9個經濟體（澳洲、中國、香港、印度、日本、馬來西亞、新加坡、泰國及台灣）超過3000家企業。63%的受訪企業稱其在2018年遭遇過逾期付款。2018年，平均逾期付款天數為88天，相比2017年的84天有所延長。遭遇逾期付款天數最長的是中國、馬來西亞和新加坡；若按行業劃分，則能源、建築和ICT行業位居前列。

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Natural gas: an oscillation between boom and gloom

The natural gas market is booming and will increase in the medium term, but many factors point to a less promising future.

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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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從後發模仿到先發創造：全面衡量中國的5G雄心

中國面向5G調整其發展策略，已經取得了部分成功。但是，在進口尤其是高端產品方面，中國仍依賴海外進口，導致5G技術發展容易受制於外國保護主義措施。此外，中國公司在海外部署的5G網絡，經常被所在國認定為存在網絡風險。美國目前對中國企業華為採取禁令，並迫使其盟國進行同樣操作，這將限制中國5G技術未來的發展(...)

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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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產業循環週期結束對歐洲及北美化工業造成衝擊

全球經濟增速放緩的跡象日益顯著 - 2019年，2/3國家的企業破產數將會增長（西歐為+3%）- 汽車產業的需求減少影響歐洲及北美化工行業 - 風險評級改善的狀況主要集中在中東，包括沙烏地阿拉伯的評級調升（B）

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中亞、中國和俄羅斯：理性的三方合作

中亞位於新絲綢之路（一帶一路）的兩大分支，是中國與歐洲的貿易夥伴及門戶；俄羅斯透過僑匯、建設軍事基地及文化滲透對這一地區長期存在的影響力也值得關注。當前，中國和俄羅斯因共同對抗西方意識形態及打擊極端伊斯蘭教派蔓延，重新走向和解。然而，由於中國是該地區走廊開發計劃最大的資金供應方，權力平衡可能很快有所改變。

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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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“莫迪經濟學”實行5年後，印度經濟仍然脆弱

納蘭德拉•莫迪在2014年競選印度總理時，承諾將提升印度工業的競爭力，以促進經濟增長。印度即將在4月11日和5月19日舉行新一屆大選，而莫迪也將再次上陣爭取連任 (...)

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科法斯在希臘啟動信用保險業務

科法斯在風險預防和企業付款保障的專業知識將助益希臘本地企業。.

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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 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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Coface announces new appointments in Australia and Singapore

Coface announces today the following changes in the country leadership in Australia and Singapore.

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2019中國企業付款調查：隨著經濟增長趨緩，企業還款逾期趨長

2018年對中國經濟是充滿挑戰的一年。經濟成長降至6.6%，且預期會在2019年進一步趨緩（科法斯預測為6.2%）。因此，在1500家受訪中國企業中，有59%認為經濟在2019年難有起色，這是自2003年開展調查以來的最悲觀預期 (...)

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Turkish economy: domestic demand still waning but exports fuelled by the lira’s depreciation

Stagflation becoming a reality, exports are a key-source of revenues for economy, especially in the automotive sector. Exporters are flexible; government support is vital for exporters to gain new market shares

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2019年企業將面臨兩大陷阱：經濟低迷和政治風險

在2018年底，諸如政治風險上升、大宗商品價格大幅波動以及供給限制等一系列困境開始拖累全球經濟成長動能，並為2019年的經濟前景蒙上了一層陰影（2017和2018年經濟成長率3.2%，2019年預計3%）

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FY-2018 results: net income up 47% at €122.3M and pay-out of 100% of net income

Our good 2018 results show the relevance of our Fit to Win strategic plan in a now more volatile economic environment. Our net income of €122 million is up 47% and corresponds to a return on equity close to our average through the cycle objective excluding further capital optimisation actions

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亞洲地區流動性趨緊：2019年未必一片黯淡

在2018年全球流動性收緊的趨勢下，亞洲地區也感受到一定壓力。科法斯指數（衡量資金外流相對脆弱性）顯示，亞洲地區內的差異正在加大 (...)

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French companies in 2019: Rise in insolvencies but higher margins will allow cushioning the impact of slowing global trade

In the third quarter of 2018, after two years of improvement, French companies experienced a reversal of the trend with the number of insolvencies increasing by +2.3% (...)

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中國中小企業：貨幣寬鬆並不足以緩解信用風險壓力

當談及中國經濟的風險，多數討論往往聚焦於大型國有企業（SOEs）或大型私企集團 (...)

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風能行業：在貿易戰和流動性短缺的影響下，生產成本將不斷升高

風能與其他可再生能源自2000年代中期迄今實現了強勁增長(...)

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Halfway through its trade diversification process, the United Arab Emirates is yet to be integrated into international value chains

In the last three decades, the UAE has developed into the second largest and most diversified economy in GCC area through the implementation of specific policy frameworks regarding regulations (...)

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Coface results at 30 September 2018

Coface reports a solid performance confirming the relevance of its strategy and launches additional €15m share buyback programme

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2018年第三季科法斯全球國家及行業風險分析：部分新興經濟體變得更為脆弱

油價走高及新興市場持續遭遇資本外流，標誌著2018年第三季度的趨勢 (...)

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美國的貿易保護主義：已對目標國家的貿易夥伴產生顯著的衝擊效應

不斷抬頭的貿易保護主義對眾多經濟體產生影響，不論是發達還是新興經濟體 (...)

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Coface and Tradeshift announce strategic partnership

Global credit insurer to make risk indicators available to a network of 1.5 million businesses in 190 countries.

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Central & Eastern European insolvencies: The good times are over

Despite economic acceleration in the region, insolvencies increased by +6.4% in 2017 (...)

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Political risks in Asia are on the rise

According to Coface’s Political Risk Index, Asia scored 45% on the latest risk ranking, above the world average of 35% (...)

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Fitch affirms Coface AA- rating, with an outlook ‘stable’

Fitch Ratings affirmed, on August 29th 2018, Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.

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Greece's exit from the international bailout programme: Greek companies are experiencing a revival - more competitive and less indebted

Multiple signs of an economic recovery in Greece. Reforms have helped to clean up public accounts, restore Greece's credibility and strengthen confidence.

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In the first half of 2018, Coface continues to record a solid performance in a gradually normalising risk environment

Net profit of €62.8m and RoATE1 at 7.8%

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France’s loss of market share in Africa benefits several European countries, China and India

While France’s trade balance has remained in surplus, its market share of exports to Africa halved from 11% in 2000, to 5.5% in 2017.

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Coface awarded “Best Credit Insurance brand in France 2018”

Coface France has been recognised as industry leader with the Best Credit Insurance brand France 2018 Award by Global Brands Magazine (...)

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科法斯全球國家及行業風險分析：2018年第二季風險跡象有所抬頭

本季度主要的風險評級調整

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Coface sells its stake in Cofacrédit

Coface announces today that it has ceded to Factofrance (Groupe Crédit Mutuel – CM11) its 36% stake in the capital of Cofacrédit, a factoring company previously jointly owned by the two groups.

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全球金屬行業：2018年價格持續上揚，2019年可能略有下滑

與經濟增長的高度同步性，加上技術轉移的作用，使金屬用量攀升，造成供應短缺，受此影響，自2016年中以來，金屬市場一片向好(...)

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Election season in Latin America: Growing political risks undermine economic activity

The Coface Political Risk Index takes into consideration various risk aspects: (...)

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Western Balkans’ accession to EU membership likely to be completed - supported by the region’s strategic importance

The European Union - Western Balkans Summit will take place in Sofia, Bulgaria, on the 17th of May 2018. This meeting aims to reaffirm the EU’s commitment towards the Western Balkans gaining EU membership. Coface’s economists see the EU accession as likely to happen, particularly as it would counterbalance Russian and Chinese presence in the region.

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非洲：外匯儲備逐步減少 再次崩盤的風險上升

受到原物料價格下跌的影響，大多數非洲國家貨幣在2013到2016年間貶值超過20%

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Coface results for the first quarter 2018:

Net income of €35.5m and RoATE(1) at 8.8%; Fit to Win execution drives profitability in a supportive economic environment

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2018年第一季科法斯全球國家及行業風險分析

歐美經濟成長已達高峰，企業著手應對供給面限制和保護主義風險

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New Mediterranean trade routes will be through the South and East of the region

In the Mediterranean, the recent rise in protectionism is starting to transform the vast network of free trade agreements and reshape intra-Mediterranean trade routes. Two new trends are emerging.

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Central and Eastern Europe: Political risks on the rise but no impact yet on local businesses

With the wave of ongoing elections in countries such as Hungary, Czech Republic, Poland and Slovenia, Central and Eastern Europe is undergoing a major period of change against the background of economic growth that is still strong (...)

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NAFTA renegotiations - could Mexico’s “high-risk” automotive industry deteriorate into a crisis?

Mexico’s automotive industry plays an important role in its economy (...)

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Insolvent or ‘zombies’, distressed companies represent nearly 6% of the total in France

The beginning of the year marked a clear improvement in key business insolvency indicators (...)

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中日兩國亞太區一展經濟雄心 力爭高下

根據科法斯最新一期的經濟聚焦，中國和日本在亞太地區的貿易和投資競爭日益加劇 (...)

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Women to Win, when Coface conjugates with the feminine

The International Women's Day is an opportunity to review the numerous projects carried out within the framework of the Women to Win dedicated to women's leadership, networking and knowledge and experience- sharing (...)

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Full-year results 2017: Coface doubles net income to €83.2m, and activates the capital optimisation lever provided for in its Fit to Win plan

Turnover: €1 354.9m, up 0.3% at constant scope and exchange rates. Net loss ratio 51.4%, improved by 14.1 pts; annual net combined ratio at 86.6%.

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2018科法斯國家風險論壇 -- 2018：維持復甦態勢，但企業面臨過熱風險

法商科法斯集團舉行年度國家風險論壇，向眾多與會企業分享科法斯對2018年全球經濟趨勢的觀點(...)

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Turkey records dynamic growth but is increasingly vulnerable to external factors

Turkey’s economy recorded substantial growth during the first three quarters of 2017, up by 7.4% compared to a year earlier. This was achieved despite the series of shocks which occurred in the country in 2016 (...)

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儘管法國有機食品業充滿活力，但可能為了擴大規模被迫放棄初衷

該行業的強勁成長力道反映出家庭對有機食品的偏愛不斷增長，其規模預計在2017年可超過80億歐元

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“硬”脫歐將嚴重損害英國汽車業的創新能力和競爭力

2016年中，汽車產量的激增頗令人意外，1月到8月，實現銷量102萬輛，與2015年同期相比上升了8.5％，而在2017年，汽車產量下滑了接近2％ (...)

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Germany’s corporate payment survey 2017

The second annual corporate payment survey for Germany carried out by Coface confirms many of the foregone trends. However, some improvements can be seen (...)

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Poland Insolvency Report: Insolvencies and restructuring proceedings still on the rise, despite a robust economy

Insolvencies and restructuration proceedings increased by 14% in the first three quarters of 2017 compared to the same period last year. Most sectors experienced an increase in the number of proceedings.

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中國在南撒哈拉非洲的雄心：仍需努力調整雙邊關係

現今距離首屆中非合作論壇已近20年，但中非關係仍不平衡。在過去10年間，中非間雙邊貿易在出口的驅動下大幅攀升（2016年總額1230億美元），不過出口自2014年開始回落，目前已從最高點回落51%。該地區對中國現在已處於貿易赤字狀態。

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Coface 9M-2017 Results: Net income at €55.0m driven by loss ratio improvement, in line with new guidance

We now see the full impact of the measures taken in the previous quarters within the Fit to Win strategic plan to drive down the loss ratio, in what is a still favourable economic environment. The net profit for the quarter, at €35m, shows significant progress compared to previous quarters.

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全球融資市場概覽：債券市場可發揮其“備胎”效應...

企業債券融資：動盪時期的市場先機?

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2017年第三季科法斯全球國家及行業風險概覽：世界經濟持續回暖，歐洲增長最強

全球經濟增速可能尚未達到最高水平（預計2017及2018年可達2.9%）但不可否認，增長趨勢逐漸樂觀。

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Coface announces CEE Top 500 companies: Automotive & transport sector is the regional leader. Oil & gas continues downturn, losing number one posit...

2016 – a mixed year for CEE. The labour market boomed, while turnover and net profit of the largest companies decreased by -0.6% and -3.1% / CEE Top 500 companies increased their workforces in 2016. Lower regional unemployment rates / Poland (+3.3% in turnover) remains the biggest player, followed by Hungary (-11.5%) and the Czech Republic (-2.2%) / Sectors: automotive industry up (+8.6% in turnover), oil & gas sector down (-5.6%)

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中東歐企業破產情況概覽:

中東歐企業破產情況概覽: 2016年企業破產數減少，但建築業出現衰退 (...)

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基礎設施：拉美發展的「阿基里斯腱」（致命弱點）

地區內基礎設施發展狀況落後。投資率改善狀況不佳 (...)

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Fitch affirms Coface AA- rating, with an outlook ‘stable’

Fitch Ratings affirmed, on September 8th 2017, Coface AA- Insurer Financial Strength (IFS) rating. The outlook is stable.

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Coface appoints Samuel Jesuratnam as Country Manager for Singapore

Coface announces the appointment of Samuel Jesuratnam as Country Manager of Coface in Singapore effective from 1 September.

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Coface appoints Bhavesh Patel as Country Manager for India

Coface announces the appointment of Bhavesh Patel as Country Manager of Coface in India effective from 1 September. Bhavesh succeeds Samuel Jesuratnam who has been appointed as Country Manager of Coface in Singapore.

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“川普經濟學”如何影響拉美經濟？

美國的政局變化給可能實施的貿易政策帶來了不確定性，並導致該地區在金融形勢趨緊時愈加脆弱 (...)

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Coface H1-2017 Results

Operating income up 17.5% and net income at €20.2m
Improving guidance for 2017: net loss ratio 3pts better, at below 58%

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Isabelle Laforgue and Nathalie Lomon join COFACE SA’s Board of Directors

Isabelle Laforgue and Nathalie Lomon join COFACE SA’s Board of Directors

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GCC banks urged to fine-tune liquidity management in order to address new economic cycle - Coface Economic Report

The stagnation of low oil prices is weighing on liquidity conditions across Gulf Cooperation Council (GCC) countries. This is slowing down government fiscal revenues (...)

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亞太區企業貿易信用調查報告2016：極端風險提升

科法斯最新的年度企業貿易信用調查報告涵蓋了亞太地區2795家企業，聚焦8大市場：澳洲、中國大陸、香港、印度、日本、新加坡、台灣和泰國。該調查還對11個行業中的企業貿易信用情況變化進行了跟蹤 (...)

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科法斯全球國家及行業風險綜覽

2017年第二季對歐洲和俄羅斯而言是一個全新的開始，而在行業方面，部分國家的汽車和農產品產業也看到了轉機 (...)

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Sector risk assessments 2nd quarter 2017

12 Major sectors assessed worldwide

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英國脫歐：儘管對市場造成衝擊，但英國對企業仍極具吸引力

自公投以來，企業經營情況仍然穩定，但投資的低迷趨勢已開始顯現。
經濟增長率降低 (2017年為1.4％，2018年則為1.2％) 將導致企業破產增加，分別達到8.7％和8％。

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Infographics - Brexit: despite a series of shocks, british companies remain sound

Mixed resilience, first signs of Brexit during the exit negociations phase but still some positive points...

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Russia is emerging from recession, but the structural constraints risk impeding its mid-term growth

The diversification of the Russian economy, made necessary by a slump in oil prices that is set to last, is coming up against structural constraints that may well have a deleterious effect on its mid-term growth.

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科法斯集團委任宣凱 (Carlos Casanova) 為亞太區經濟師

科法斯集團於5月15日委任宣凱 (Carlos Casanova) 為駐香港亞太區經濟師，此次委任將強化科法斯集團在亞太區的宏觀經濟和貿易風險的研究。

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Coface places digital transformation at the heart of its strategy with launch of new customer portal

Coface’s new customer portal and fully revamped CofaNet online credit insurance contract management tool are being launched today. With the new solutions, customers will benefit from innovative features, unique access, customised content, advanced ergonomics, real time results displays and easier contacts.

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New Coface survey shows optimism among UAE non-oil private companies

Coface, the worldwide leader in trade credit management solutions and risk information services, has published its first-ever Credit Opinion Survey for the UAE region (...)

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Labour shortages in the Central and Eastern Europe region: an opportunity for households but a threat for local companies

Developments in Central and Eastern Europe (CEE) labour markets have been beneficial for households. Rising wages and low inflation, combined with improving consumer confidence, have led to lower unemployment rates and an increase in private consumption.

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Coface digitalizes the customer experience

One of the priorities of Coface’s three-year strategic plan Fit-to-Win is to enhance Client Service.

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Coface results for Q1-2017: Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.

Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.

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科法斯推出全新政治風險指數 ：159個國家的政治風險評估

全球政治風險的加劇影響各地區經濟成長

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2016年中國企業付款狀況有所改善 - 但遭遇超長逾期帳款的企業仍然上升

科法斯於2016年對1017家中國發起企業信用風險管理調查。該調查顯示2016年中國企業付款情況有所改善，只有68％的受訪企業會留存買家逾期付款記錄 (..)

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全球國家與行業貿易風險第一季概覽 - 企業經營風險持續存在，企業經營信心再度回升

企業經營顯著回升，這是2017年初全球經濟的一大驚喜，不過尚不足以全面改善國家與行業貿易風險。

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Infographics : New political risk index for 159 countries

Conflicts grew by +100% between 2007 and 2015. 2017 likely to pay a heavy price, due to intensification of armed conflicts

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Infographics : Sector risk assessments - 1st quarter 2017

12 major sectors assessed worldwide

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人民幣貶值、資本流動措施和新的貨幣立場－這對中國企業有何影響？

人民幣的貶值趨勢，以致近幾個月來實施的資本流動管制措施，都令市場擔憂中國經濟發展。

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Coface results at 31 December 2016

“The second half of 2016 marks the beginning of the transformation of Coface. We delivered a net profit of €41.5m in the year, successfully closed the transfer of our French State export guarantees activity, and launched our 3-year strategic plan, Fit to Win, the (...)

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First Brazilian Corporate Payment Survey 2016

Payment experience affected by the bleak economic scenario.
75% of interviewed companies received payment extensions requests from their clients;

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Coface Group: Executive Committee appointments

As part of the implementation of the three-year strategic Fit-to-Win plan, aimed at positioning Coface as the most agile global credit insurer on the market, changes are to be made to the Group's Executive Committee, effective from 3 April 2017.

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2017年：新興國家政治風險與銀行風險交織的一年

儘管近期經濟勢頭有所回升，但本年度，諸多不確定因素仍然主導全球經濟形勢。

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Poland Payment Survey: Payment delays pervade Polish corporates

Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.

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Infografics - 2017: An economic upturn in the face of political risk

Four major risks for 2017 but some positives points...

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Coface has transferred French State export guarantees activity to Bpifrance

In line with previous communication, Coface has ceded its State export guarantees activity to the French public investment bank, Bpifrance.

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After a series of shocks in 2015 and 2016, Turkey’s economy is coming to the end of its new “Tulip era”

Greater political uncertainty resulting from two parliamentary elections in 2015, drying global liquidity due to the US Federal Reserve’s rate hike process and the weaker Turkish lira, all contributed to dragging down growth.

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South Africa’s economy challenged by crises in agriculture and mining, amid fears of an investment downgrade

Concerns over the country’s economic performance have been amplifying, due to its prolonged economic decline since 2011 (...)

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Uberisation of French economy: a positive impact on employment but will it last?

Taxi company insolvencies in France increased by nearly 60% in one year, rising from 141 cases in August 2015, to 224 at the end of August 2016 and resulting in the loss of 3.38 jobs on average (...)

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全球多行業岌岌可危

2016年底，全球行業的趨勢仍錯綜複雜，有些地區至今仍可在風險增長的大局之下相對獨善其身。縱觀全年，我們對全球6個地區的12個行業進行了評級，其中近半數評級都出現變更。其中：23個降級，升級的僅為10個。

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German Economy in 2017: Stable, but not staid

The signs for Germany’s further economic development are promising, with a high level of stability. Coface’s expectations for solid growth therefore come as little surprise.

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Coface appoints Thiti Musuwan as Country Manager of Coface in Thailand

Reinforcing its commitment to continue to be the leading credit insurance provider of Thailand, Coface is appointing Thiti Musuwan as Country Manager of Coface in Thailand effective from 1 December. Thiti will manage the operations and develop Coface’s credit insurance and credit management services in Thailand.

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Coface appoints Abhay Narkar as Vice President and Head of Single Risk, Financial Institutions & Structured Finance in Asia Pacific Region

As Coface positions its business in the Asia Pacific Region for growth we need to ensure that we are driving global and regional collaboration to deliver our global product and sector expertise to provide smart solutions for our customers, as well as to ensure acceptable and smart risk management. In order to do this, we are strengthening and upgrading our coverage in the important segments consisting of solutions for financial institutions, single risk transactions and structured finance.

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Mexico’s Economy: more difficult times ahead

In the 2nd Quarter of 2016, seasonally adjusted activity decelerated to 1.5 %, down from 2.5% y/y reported in the previous period. Industry, which shrank by 1.5% q/q, was the main contributor to this weak result, due to the fall in oil production and challenges faced by manufacturing and construction industries. The services sector also slowed during the period, to a growth rate of 2.4% YoY, down from 3.4% for 1Q2016.

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安倍經濟學＂第一支箭＂為何失效了?

自2013年初安倍經濟學實行以來，日本央行（BOJ）一直推行大膽的寬鬆貨幣政策，統稱為＂安倍經濟學第一支箭＂。這些措施包括在2013年4月祭出的＂量化及質化寬鬆＂（QQE）2016年1月祭出的”QQE+負利率“以及在2016年9月最新宣布的”QQE+收益率曲線控制。“然而當前，距離”第一支箭“射出已過了三年半，其成效尤其是對日本出口及日元匯率的影響卻日漸衰微。

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Coface results at 30 September 2016: Operating trends in line with Fit to Win

Xavier Durand, CEO of Coface, commented: These results are in line with the trends that we highlighted last September at our Investor Day.

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Franck Marzilli appointed Group Compliance Director of Coface

Effective in December 2016, with the objective of strengthening Coface’s controllership functions in a context of increasing complex and stringent regulations.

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Pierre Bevierre joins Coface as Group Human Resources Director

Pierre Bevierre, who holds a post-graduate degree (DESS) in Human Resources from Paris Dauphine University, is appointed Group Human Resources Director with effect from January 2017.

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Rising Political Risks in Developed Countries: The Sword of Damocles Hangs Over Europe’s Major Economies

Periods of economic crisis naturally lead to heightened political uncertainty and this aspect is crucial in assessing country risks

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英國脫歐和石油收入減少帶來的衝擊將引發進一步下調評級

全球經濟增長：已開發國家穩定，新興經濟體略有改善

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Infographics - Is political risk a new threat for the global economy?

European political calendar: crucial deadlines

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Latin America: Why are manufacturing exports still lackluster?

Foreign trade is unlikely to be a main contributor to the growth of Latin American economies over the next few years..

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Coface welcomes Fitch’s decision to affirm its AA- rating

Fitch Ratings issued, on September 29th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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法國經濟: 成長陷入暫時性停滯

第二季表現受到外部衝擊影響
2016年的增長率預計仍保持在 +1.6%
非金融類企業債務：呈現上升趨勢，在全歐範圍內可謂獨一無二，但遠低於警戒線

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Coface is awarded Best Trade Credit Insurer in Asia Pacific

Coface is awarded ‘Best trade credit insurer in Asia Pacific’ in 2016 by GTR, marking the second time the firm has won this award. GTR is the world’s leading news source, publisher and event organiser for the global trade, commodity, export and supply chain finance industries, with offices in London, Hong Kong and Singapore.

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Fit to Win plan to transform Coface into the most agile global trade credit partner in the industry, while evolving to a more efficient capital model

Fit to Win 3-year plan financial ambitions

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法國汽車行業短期內風險下降，但深層變革即將發生

汽車行業已被上調至低風險類別; 私人買家重返轎車市場促使新車銷售量激增，預計2016年年增長5.6％ (..)

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Moroccan company payments survey 2016

Morocco’s growth rate has slowed in 2016, after recording an increase of close to 4.5% in 2015.

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Poland Insolvency Report: Insolvencies fall amid fair economic growth

Poland’s economy is slowing this year, although the growth rate will remain fair: 3.2% for 2016, following 3.6% in 2015
Business is benefiting from positive macroeconomic conditions
Insolvencies and restructuration proceedings fell by over 14%. Coface forecasts further improvements, with the number of proceedings falling in 2016 and 2017

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Agrofood in North Africa: a strategic sector at nature’s mercy

Several favourable factors are boosting the sector, including rising populations, increasing demand for processed food, higher per capita incomes and improved production capacities. Infrastructures, climate and government strategies are major influencers.

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美國製藥業的前景是“樂觀”還是“悲觀”

儘管私人和公共投資充裕，美國國民健康指標仍低於12個先進國家水平

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New Germany Corporate Payment Survey 2016

Despite the solidity of Germany’s economy, payment delays are still commonplace

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The outlook for the us pharmaceuticals

Of all the industrialised nations, the USA has the highestn expenditure for public healthcare but poor results

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Coface awarded “Asian Credit Insurer of the Year” & Country Award “Digital Insurance Initiative of the Year – Singapore”

Coface won big at the Asian Banking and Finance (ABF) Insurance Asia Awards 2016, receiving double awards with the Regional Award “Asian Credit Insurer of the Year” & Country Award “Digital Insurance Initiative of the Year – Singapore”.

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中國的雙速經濟：行業的最新勝負

中國經濟在2015年增長6.9％，是25年來最慢的增長步伐。預期2016年和2017年增長將繼續放緩，或未能達到中國政府於「十三五」規劃（2016 - 2020年）中設定平均年增長6.5％的目標。

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Coface appoints Hugh Burke as Chief Commercial Officer of Asia Pacific Region

In line with its Asian growth strategy, Coface is appointing Hugh Burke as Chief Commercial Officer of the Asia Pacific Region. He will take up his new role in October 2016.

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H1-2016 results in line with July 4th announcement.

Strategic plan Fit to Win designed to transform Coface into the most agile global trade credit partner in the industry

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科法斯對全球6個地區的行業風險評估進行調整

新興市場行業風險持續攀升

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Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

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Coface Insolvency Panorama for Central and Eastern Europe: Less business insolvencies due to favourable economic conditions

The number of insolvencies decreased over the course of 2015 in 9 out of 13 countries, while the GDP-weighted regional insolvency average was -14%.

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United Arab Emirates: A new era of slower growth

High level of diversification does not make the UAE totally immune from the energy prices fall, retail and tourism challenged (..)

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EURO 2016: the final as seen by Coface economists!

Economic outlook of the two finalists: how countries have beat the competition

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全球企業貿易風險達新高峰

預測2016年全球經濟增長下調0.2個百分點至2.5％; 全球平均貿易風險水平為B級 « 顯著風險 »; 更多新興市場國家風險水平達 “最高風險” 和 “非常高風險” 級別; 全球三大主要經濟體變得疲弱; 部份亞洲國家遭受中國經濟影響，貿易風險惡化; 歐洲經濟穩步增長，但英國脫歐引致的政治風險存隠憂 (..)

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儘管風險持續，撒哈拉以南非洲地區2025年展商機

深受中國經濟放緩和大宗商品價格下跌衝擊，撒哈拉以南非洲地區經濟成長跌至2008年金融海嘯以來最低水平。非洲15國，包括深受金融海嘯衝擊者，在個人消費支出面展現龐大潛力。兩個行業中期展現商機：零售和ICT (..)

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Coface strengthens its risk function with the appointment of Thierry Croiset as Group Risk Director

Thierry Croiset, 56, will join credit insurer Coface as Group Risk Director as of 11 July 2016, reporting directly to Carine Pichon, Chief Finance & Risk Officer.

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Infographics - Despite persistent crises, Sub-saharan Africa presents opportunities in the 2025 time-frame

15 countries identified as having high potential consumer markets

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Insolvencies in Northern Europe: Positive trends in the Netherlands, Sweden and Germany

Europe’s improved macroeconomic situation has had favorable effects on businesses in most European countries and led to fewer insolvencies in 2015 in the four Northern (..)

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Thibault Surer appointed Group Strategy and Business Development Director

Thibault Surer, 54, joins credit insurer Coface as Strategy and Business Development Director of the Group. The department he will head up covers Strategy, Business Development, Marketing & Innovation. Thibault becomes also a member of the Group Management and Executive Committees.

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2016歐洲盃24强 蓄勢待發

根據他們的現有陣容，獲得賽事資格的科法斯國家貿易風險評級

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Coface strengthens organisation in Asia, with the appointment of Bhupesh Gupta as Asia Pacific CEO

In line with its Asian growth strategy, Coface is appointing a seasoned financial services professional, Bhupesh Gupta, to run its Asia Pacific operations.

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法國經濟真的起飛了?

2016年1月至4月期間，許多正面數據反映法國經濟正穩步增長 (,.)

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2015年亞太企業逾期應收帳款問題未見改善

科法斯亞太經濟體年度企業付款調查項目涵蓋來自8個不同市場：澳洲、中國、香港、印度、日本、新加坡、台灣和泰國等共2793家企業，旨在記錄11個行業的企業付款行為轉變。 85%的企業為其買家提供放帳以舒緩買家資金周轉緊張問題。(..)

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Coface AA- rating affirmed by Fitch

Fitch Ratings issued today, May 20th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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What to expect from Brazil’s perfect storm?

Brazil is in the midst of a perfect storm. The enduring political crisis and deep economic recession, which led to the collapse of confidence indexes, have now been topped by an impeachment trial of President Dilma Rousseff (..)

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Hungary: Private consumption rising but challenges remain for corporates

Hungary is performing well, considering the context of struggling economies globally.

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Coface Q1-2016 results: A tough quarter in a polarized environment

This has been a tough first quarter. Business turnover and profits were lower compared to the same period last year, against the backdrop of a polarized and volatile economic environment.

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全球鋼鐵產能過剩：2016年行業風險達高峰

隨著中國在2000年代所驅動的需求逐漸趨緩，全球鋼鐵業成長停滯 (...)

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季度行業風險評估最新資訊 - 新興市場行業風險持續受壓

全球經濟增長放緩（科法斯預計2016年為2.7％），根據科法斯分析，各行業狀況正受動盪的金融市場和持續低油價所影響 (...)

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Infographics - Steel: faced with global overcapacity

Metals industries, the world's riskiest sector. Over-capacities remain. Outlook: return to normal for 2018.

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捷克共和國、波蘭、智利及泰國的出口可望短期內回升

目前新興國家正面臨巨大的經濟危機，這些國家的經濟增長在五年內削減一半，同時面對日益增加的貨幣和債務風險 (...)

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最新科法斯季度國家貿易風險評估

全球經濟逐漸＂日本化＂：儘管已實施超擴張性貨幣政策，全球經濟成長持續低迷 (...)

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Infographics: Companies in emerging countries: is another “Phoenix miracle” possible?

Consult coface new infographics

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中國企業幾無倖免: 80%的企業受逾期帳款影響

經濟增長緩慢，不良貸款增多，人民幣大跌及股票的波動都是中國2016年存在的風險 (...)

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Risks for German exports have risen significantly

The greater export risks faced by German companies are hampering growth performance. As Germany has strong trading ties with the Emerging Market and Developing Economies group (EMs), it is highly exposed to the (...)

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中國對拉丁美洲的作用遠超貿易範疇

儘管在經濟上還未與國際市場完全接軌，但中國正逐漸成為全球金融市場的重要成員；中國已宣布對拉丁美洲地區的投資將增加至 (...)

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Panorama : Company insolvencies in France

Lessons learned 2015, hope in 2016: situation of companies returning to normal

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Coface 2015 results: net income €126M and proposed dividend stable at €0.48 per share (5)

At the end of 2015, a year marked by a deterioration in the global economic environment, Coface recorded a slight increase in net income (group share), at €126M (€125M in 2014).

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2016年國家風險持續惡化

2016年三大風險：經濟成長趨緩、政治局勢緊張及新興國家之企業負債高

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Infographics : Country risk assessment map - January 2016

160 countries under the magnifying glass

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Graham Crozier appointed Chief Executive of Coface in Australia and New Zealand

Graham Crozier is appointed Chief Executive of Coface Branch in Australia, effective from 1st February 2016. He will oversee the business development and the operations of Coface‘s trade credit insurance and services activities in Oceania.

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The Board of Directors of Coface announces the appointment of Xavier Durand as Chief Executive Officer

This appointment will become effective following the Board of Directors’ meeting to be held on 9 February to approve the accounts for fiscal year 2015. Jean-Marc Pillu will continue in his role as Chief Executive Officer of Coface until this date.

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歐洲葡萄酒生產模式正面對挑戰，西班牙尤處於弱勢

• 葡萄酒銷量在歐洲正在下跌，但需求在世界其他地區上升
• 預計到2027年，需求主要由中國和美國帶領
• 60％的葡萄酒生產和接近三分之二的葡萄酒出口源自歐洲
• 三種生產模式共存於歐洲
• 歐洲的風險和機遇 - 中國葡萄酒銷量不斷增加，但來自新世界的競爭正在加劇

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季度行業風險評估最新資訊 - 2015年全球多個行業高風險持續

行業風險評估的最新下調修訂反映出各行業所面臨的嚴峻現實 (...)

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Infographics : Globalisation of the vine market

Europe's double positioning and Asia, the world's futur landing consumer

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Infographics : Sector risks - 4th quarter 2015

The temperature of 14 sectors in 3 of the world’s major regions

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Construction: the Achilles' heel of the French economy

Following a long period of stagnation, construction in Europe is showing signs of recovery. In France it is the only sector, out of the fourteen studied by Coface, to be rated as very high risk (...)

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French companies are starting to benefit from a tenuous recovery, although certain sectors remain at risk

Coface economists estimate a growth of 1.1% for 2015 and 1.4% for 2016. Company insolvencies are down, although the level remains high (...)

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Egypt: slow recovery and structural challenges

Coface forecasts growth of 4.4% for 2015/2016

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科法斯年度環球貿易風險論壇 - 宣佈最新國家及行業貿易風險評估

雖然全球經濟持續復甦，但GDP成長速度已是連續四年不會超過3%（預測2015年將上升2.6%）。先進國家則情況較佳：美國的商業活動在第二季顯著回升（預測2015年將上升2.5%），歐元區的消費支出和投資增加，經濟動力逐漸改善（1.5%）。
據科法斯預測，與2006-2007年13.4%的增長速度相比，2015年中國的經濟增長不太可能超過6.7%，2016年將可能低於6.2%。這主要是技術和資本追趕過程失去動力所造成：眾多行業正蒙受產能過剩及企業債務高築帶來的不利影響，令投資大不如前。科法斯評估，今年必須持續警覺觀察新興國家的國家風險。(...)

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Brazil: no quick fix for the crisis

Brazil, downgraded to B (significant risk of businesses defaulting) by Coface in September, has been facing a scenario of economic juggling (...)

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Results at 30 September: Coface stabilizes results and posts profit of EUR 98 million

Coface once again posts an increase in turnover this quarter. In spite of a difficult economic climate in certain emerging markets, we have managed our loss ratio well by applying our expertise in risk management. In doing so, we are pursuing our path of profitable growth while protecting and supporting that of our clients.

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關注歐洲太陽能源的未來：光電

• 從2006年的快速成長到2011年政府補貼終止，投機泡沫隨之破滅
• 市場受到中國企業強勢逼進
• 歐洲產能過剩
• 然而就中期而言，市場前景依然可期

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Infographics : focus on the future of solar energy in Europe: photovoltaics

Discover our new Infographics focus on the future of the solar energy in Europe

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科法斯第三季行業風險評估

能源業面對前所未有的風險，資訊科技是唯一風險改善行業，汽車業則在調整中。

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Infographics : The temperature of 14 sectors activity in the world

Discover our sector risk infographics on the temperature of 14 sectors activity in the world

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Half year 2015 Insolvency Report: Poland continues on improvement track

Poland’s increased economic activity has already reached the levels required to stabilise the number of company insolvencies.

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Coface is awarded Best Trade Credit Insurer in Asia Pacific

Coface is awarded ‘Best trade credit insurer in Asia Pacific’ by GTR. GTR is the world’s leading news source, publisher and event organiser for the global trade, commodity, export and supply chain finance industries, with offices in London, Hong Kong and Singapore.

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How Gulf Cooperation Council countries (GCC) are dealing with falling oil prices

As oil continues to be a major contributor to economic performance in the GCC, economic diversification is vital for the Gulf countries to ensure continued healthy growth. This has been showcased in Saudi Arabia and the UAE, which are driving sustained GDP growth through significant government investment in non-oil sectors. In the UAE, the food and beverage sector is forecasted to grow by 36% between 2014 and 2019, while KSA’s automotive industry is slated to rise by 5.2% in 2015.

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最新科法斯季度國家風險評估－新興國家正經歷亂流

新興國家正經歷亂流 (...)

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中國經濟增長放緩將會波及整個亞洲?

中國正在尋找更健康且可持續的經濟成長模式，但在此過程中，中國或其鄰國的經濟將難免遭遇陣痛。根據法商科法斯集團預測，與2006-2007年13.4％的增長速度相比，2015年的經濟漲幅不太可能超過6.7％，2016年將可能低於6.2%。主要是技術和資本追趕過程失去動力所造成：許多行業正遭受產能過剩及企業債台高築帶來的不利影響，因此影響了投資 (...)

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Infographics: Chinese slowdown: what risk of contagion for Asian countries?

We are witnessing a shift in the Chinese economic model. Which Asian countries will be the first victims if there is a hard landing? And which will enjoy the greatest immunity?

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拉丁美洲：商品泡沫爆破後的經濟發展

拉丁美洲的增長自2011年開始放緩，在國內基本因素疲弱的情況下，加上2014年下半年出現的週期性惡化，我們已預期2015年有進一步下降趨勢 (...)

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Country risk assessment map - 3rd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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西歐國家企業破產：預計2015年下降7%，但情況各異

西歐國家企業破產情況[1]連續經歷兩個風暴持續惡化。首先是次貸危機，使西歐12國的企業破產數平均攀升11%；隨後的金融海嘯無疑地使企業破產數持續增加－2012年8%及2013年5%。近來情況終露曙光，2014年觀察到該數據平均降幅9%，預測2015年也有7%的降幅。雖然義大利及挪威的企業破產數持續增加，其他10個歐元區國家已可見到改善 (...)

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Infographics: Insolvencies in Western Europe: A downward cycle has started

Infographics : Insolvencies in Western Europe: A downward cycle has started - The economic recovery in the euro zone supports this trend - September 2015

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Coface appoints Yoshihiro Suchi as Country Manager of Coface in Japan

Yoshihiro Suchi has been appointed as Country Manager of Coface in Japan effective from 28 September 2015. Based in Tokyo, Yoshihiro will oversee the business development and the operations of Coface’s trade credit insurance and services activities in Japan.

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Coface appoints Andrew Ross as Regional Head of Coface Global Solutions in Asia Pacific

Andrew Ross has been appointed as Senior Vice President, Regional Head of Coface Global Solutions in Asia Pacific effective from 1 August 2015.

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H1-2015 results: Coface posts a profit of EUR 66 million in spite of an increase in claims in emerging countries

Since the end of last year, at the occasion of our periodic results publications, we have noted weaknesses affecting the macro-economic environment. The first half of this year confirms this trend, and it was marked by an increase in the frequency of claims, in particular in emerging markets. Given this context, we are publishing good quality half-year results. The Group thus confirms the robustness of its business model: product innovation and multi-channel distribution, while controlling risks and costs.

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中東歐汽車行業高度依賴於外國投資 - 但國內需求正積極增長

中歐和東歐地區已經成為全球汽車製造商理想的投資地區。 2014年，東歐出產了360萬輛汽車，相當於歐盟總產量的21％ (...)

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Country risk map - 2nd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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撒哈拉以南非洲: 受金融風暴庇護的三個東非經濟體

儘管撒哈拉以南非洲地區高度依賴由商品價格高企引致增長加速，該區現時必須應付油價下跌的影響。科法斯篩選的45個國家均受到了不同程度的影響，其中三個國家，均具備短期和長期積極增長的元素。他們多樣化經濟，令其一直較不受全球商品價格下調的影響。

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Coface appoints Thomas Yong as Executive Vice President, Chief Commercial Officer, Asia Pacific

Coface appoints Thomas Yong as Executive Vice President, Chief Commercial Officer for Asia Pacific Region with effective 29 June 2015.

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New appointments of Coface Risk Underwriting team in Asia Pacific Region

Coface appoints Victoria Ma as Executive Vice President, Chief Risk Underwriting Officer, Asia Pacific and
Xavier Farcot as Executive Vice President, Regional Risk Underwriting Director of Coface Global Solutions, Asia Pacific

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Infographics : Country risk assessments June 2015

Discover in this new infographic which country risk assessments are upgraded or downgraded by Coface.
In addition: Focus on Sub-Saharan economies - Is the risk of bad economic weather high?

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科法斯季度國家風險評估

中國國家風險調降，受到油價下跌影響的經濟體列為負面觀察

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印度經濟復甦全仰賴莫迪政府?

2015年5月，國際貨幣基金組織點出印度為“全球經濟中的一個亮點”，主要由於新政府結束了過去政治不穩定狀況和更有效實施新政策。科法斯預計，印度的國內生產總值增速將達7.5％。但莫迪的改革對近期增長有多大影響？而經濟的改善是否零風險？

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Turkey Panorama: After a decade of well-implemented reforms and high growth rates, the Turkish economy struggles to maintain the same performance

A Coface Panorama on Turkey forecasts a growth rate of 3.5% this year, still solid but below the potential growth rate estimated at 5% and lower than similar economies

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科法斯中歐和東歐企業破產監測：經濟前景有所改善，但企業仍面臨挑戰

2014年中歐和東歐經濟活動的改善促使企業破產數量維持穩定，區域內出現平均0.5%的輕微下降。

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Business insolvencies in France at the end of April 2015: The numbers continue to slowly improve, at -2.7% on a year

The favourable swing first seen in 2014 continues. The immediate rise in business insolvencies in the first four months was partly due to a catching up after the artificially low year-end data, because of the industrial action within the court system, which has however resurfaced in May.

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歐洲牛奶配額制結束: 新規則

2015年4月1日歐洲牛奶配額制－自1984年起為控制產量過剩而設定的管控工具宣告廢除，將導致所謂的「奶油堆成山，牛奶流成河」。這也是三十年以來市場首次可以獨立決定牛奶產量。法國酪農是否做好了應對準備？廢除牛奶配額制是否有利出口到快速增長的亞洲市場？法國酪農又能否在要求嚴謹的有機產品市場發展？

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Infographics: End of Milk Quotas: a new era for the french dairy sector

The dairy market

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Coface begins 2015 with robust results: increased turnover and profitability in Q1

We begin 2015 with robust results: the Group’s growth and profitability are satisfactory and demonstrate the steadfastness with which the Group is implementing its strategy in a still mixed economic environment.

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亞太地區70％的企業在2014年遭遇買家逾期拖欠：</br>中國、印度、香港和泰國在2015年面臨更多挑戰

科法斯針對亞太經濟體的年度調查報告涵蓋8個國家、2695家企業，70%的受訪企業在2014年經歷買家逾期未付貨款，達3年來的最高水平。因此，37%的受訪者表示逾期未付貨款的金額在2014年有所上升，也較前一年多2%。

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國際油價下跌影響 科法斯更新行業風險評估

近期國際油價下跌，已為全球企業信用風險帶來連鎖反應。科法斯針對14個行業進行風險評估，指出油價重挫下的贏家與輸家，並修正行業上行及下行風險。

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美國汽車業已安然回到高檔?

2007-2009年期間美國經濟受到重創，為挽救美國汽車業，政府需注入800億美元的援助方案，各大車廠需大量裁員，才能令美國汽車業苟延殘喘。經過多年努力，美國汽車製造商正重塑其競爭力，受惠於美國的經濟復甦（預測2015年成長2.9％），寛鬆信貸帶動市場需求，產業活力得以回升，但代價是什麼? 科法斯預測，2015年美國汽車銷售相較於2014年將增加3.8%，但遠低於近年水平。汽車業需要繼續放眼未來，並放手變革以迎接未來的新挑戰。

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New infographics, The US automobile sector : a risky recovery?

Discover the new Coface infographics (April 2015)

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科法斯国家贸易风险和商务环境评估季度更新

科法斯提高两个欧洲经济体的国家贸易风险评级，将巴西列入负面观察名单
将俄罗斯的商务环境降为C级

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將於未來十年內避免 "長期停滯" 風險的五個國家

在全球經濟正式復甦三年多之後，發達國家都在努力掙扎尋求持續增長的道路。市場甚至預期其中一些經濟體會出現增長停滯，這狀況有時被視為不可逆轉的。 但是，並非所有先進國家都面對長期增長停滯這風險，有些國家能在全球復甦不穩定的環境中脫穎而出。究竟經合組織已開發經濟體中哪些國家具備條件可在未來十年可以加速增長？

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Holding a leading position in business information, Coface starts credit-insurance in Israel

Local companies to benefit from Coface’s expertise in prevention and credit risk protection in addition to collection and information services.

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中國企業逾期付款現象嚴重： 2014年80％的企業受到影響

全球領先的信用保險集團科法斯於2014年第四季發起中國企業信用風險管理調查。該調查顯示八成的中國企業在2014年曾有逾期付款紀錄。科法斯預測2015年GDP增長將放緩至7%（2014年的漲幅為7.4%）。由於企業仍舊面臨高槓桿、融資成本高及利潤低（產能過剩所致）的挑戰，預計企業的拖欠狀況在短期內無法取得改善。

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Impact of lower international oil prices on Latin America

Latin America is a major producer of commodities and the recent drop in oil prices is impacting the region’s countries in different ways. Which countries could benefit from lower international quotations - and why are others negatively impacted?

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科法斯集團公佈2014年業績符合預期目標 建議每股配息 €0.48 (1)

我們很高興公佈全年業績符合我們的預期。科法斯今年已經再次肯定了我們針對性的獲利增長模式。我們的創新產品組合，合適的銷售通路，廣泛的國際網絡和審慎的風險管理都促成了我們顯著增長的成果

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土耳其 - 匯率貶值及內需不振影響企業的付款表現

2013年5月美國聯準會主席本•柏南克退出策略的披露，引發了以對發展中國家的金融市場風險認知變化為標誌的新時期。在經常賬戶赤字居高不下，生產大量依賴進口和連續三次大選背景下，土耳其進入了該時期。

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拉美地區 - 太平洋沿岸諸國重見增長

三十年前，拉美地區一直與“獨裁”、“債務危機”和“高通脹”等負面辭彙聯繫在一起。近些年來，該地區已經開始成為經濟增長、新中產階級、貧窮減少、可控的通脹所在。

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2015 科法斯全球國家風險論壇 受制於多重風險，2015年全球經濟復甦將是艱難的 - 中國首被列入A3“負面觀察”名單

全球經濟正在逐步復甦，經濟活動相較於2008年金融危機前的活躍，雖然力道較為和緩。

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法國企業破產數量略見減少

截止十月底，過去十二個月內法國企業破產數量為 63002 家。據科法斯觀察，該數量比去年同期下跌0.9%，落至2010年以來低位，而往年的十月通常形勢慘澹。即使整體環境仍脆弱，家庭消費稍升和部分行業結構調整使得這種情況有輕微好轉。然而，我們注意到違約企業的類型出現了一些變化。預計在2015年，法國企業破產的數量將進一步減少，但減幅有限。

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法國＂低通膨＂現象標誌著經濟增長步伐的改變

在緩慢的通貨膨脹（低通膨）及平緩增長的背景下，法國正處於價格下跌惡性循環的危機之中。法國有沒有可能 逃出上世紀30年代於美國及歐洲部份國家經歷的嚴 重經濟蕭條，而進入如同日本在1990到2010年間的漫長價格和增長低潮的命運？如果可以的話，這對法國經濟和法國企業有何影響？

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科法斯集團連續兩年榮獲「最佳信用保險服務」美譽

科法斯集團連續兩年被CFO Innovation Asia 評為「最佳信用保險服務」公司。CFO Innovation Asia是專為亞洲及中國地區企業的高層財務管理人員而設的網上刊物。

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Coface obtains credit insurance license in Morocco and strengthens its leading position in Africa

Present in Morocco since 2007, Coface has now obtained its license for insurance and reinsurance activities from the regulatory authorities.

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後經濟危機時代，歐洲醫藥企業去向如何？

鑒於對歐洲國家經濟狀況的依賴性，歐洲醫藥產業在 2008 至 2009 年的危機中陷入癱瘓，並在 2011 至 2012 年的主權債務危機中再次陷入困境。由於業績受歐洲各國減少醫療支出影響，醫藥企業正尋求重振，擴大新市場份額並投資少數市場以打破僵局。

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科法斯季度行業風險調查：涵蓋全球三大區域十四個行業

北美化工業、運輸業及紡織服裝從「中度風險」下調至「低風險」
經濟前景看俏及油價下跌 北美行業風險轉趨改善

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Polish insolvencies stop rising - but for how long?

The insolvency statistics for Polish companies reflect an improvement during the first half of 2014. In total 402 companies declared bankruptcy, representing a decrease of 11.5% compared to the same period in 2013.

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科法斯於香港舉辦年度環球貿易風險論壇 預計全球經濟正緩慢增長

科法斯今天在香港舉行每年一度的環球貿易風險論壇，吸引了300多人參加。
來自知名企業包括ANZ，Crédit Agricole CIB，香港總商會，安踏體育用品有限公司及Telos Capital & Risk Management Ltd 的頂尖經濟學家和管理人員在會議上分享了他們對全球主要國家經濟發展的見解，以及對企業風險管理的看法。

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科法斯首次在台舉辦全球國家風險論壇 預測全球經濟正緩慢成長

科法斯首度於台北舉行國家風險論壇，吸引200多位與會者參與。來自知名企包括富邦金控、中華徵信所、及台灣金融研訓院的頂尖經濟學家及高階管理階層，在會議上分享了他們對全球主要國家經濟發展及企業風險管理的看法。

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最新國家風險評估

歐元區經濟現緩慢復甦，新興國家政治和金融仍見動盪

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Results at 30 September 2014: Coface continues to progress on a path of growth and profitability

Coface’s performance is in line with objectives. At the end of these first nine months, the Group has posted satisfactory growth and solid profitability.

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European airlines are among the least profitable in the world: what is the adaptation scenario?

At a time when it appears vital to capture the growth potential in Asia, European airlines are stumbling due to aggressive competition from low cost operators and airlines from the Gulf. Currently, they are among the least profitable in the world. Faced with these new constraints, what changes are conceivable?

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2013年羅馬尼亞曾位居經濟增長前列 - 2014年實行緊縮政策後，是否能夠再接再厲呢?

羅馬尼亞經濟的亮眼表現已使其成為歐洲經濟復甦的主導者之一。2013年，該國GDP增速達3.5%，超出先前預期。這要歸功於農業和工業部門的巨大貢獻，尤其是主提供出口的汽車產業。雖然2014年羅馬尼亞恐怕難以維持這一增長態勢，但前景依舊樂觀。

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企業破產持續上升: 2015年巴西經濟有何展望

企業重組及破產持續攀升
巴西商業活動持續低迷、通膨高於政府預期、銀行利率位全球最高，種種指標顯示巴西的投資者信心仍然低落，低投資率持續惡化。

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科法斯季度行業風險調查：涵蓋全球三大區域十四個行業

2014年第二季歐元區的經濟零成長反映出歐洲經濟復甦疲軟的事實。然而，根據科法斯的預測，2013年GDP成長雖為-0.4%負成長，2014年將轉...

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改革與增長：中國經濟所面臨的挑戰

自今年年初起，中國政府便一直致力於推動多項改革進程，投入不少精力對中國經濟結構進行微調整。由於內需增長緩慢，房地產市場依舊疲軟，加上部分行業的產能過剩問題尚未解決，中國要實現7.5%的經濟增長目標可能性不大。科法斯預計，政策支持力度強於目前的情況下，中國2014年的GDP增速可能為7.4%。

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科法斯集團推出CofaMove應用程式：CofaNet邁向移動新領域

科法斯集團推出全新移動應用程式，讓客戶可以隨時隨地使用Cofanet網上平台的重點功能，管理其信用保險合約。此項應用程式將於蘋果App Store和谷歌 Play Store提供下載。

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科法斯集團委任黃幸為亞太區行政總裁

科法斯集團委任黃幸先生領導亞太區業務運作及加入集團執行委員會，以繼續貫徹集團在亞洲區快速增長的長遠目標。

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科法斯推出香港中小企業信用保險服務: EasyLiner, 一個簡單和創新的網上系統，協助中小企防止壞帳

科法斯開發了一項為中小企業量身定制的信用保險方案，保障範圍全面又方便快捷。 EasyLiner提供優質的保障特別切合中小型企業需要，訂購流程簡單，讓企業可以專注於自己的核心業務。

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塞爾維亞成為科法斯集團第98個提供信用保險服務的市場

科法斯作為全球領先的信用保險公司，正通過與安盛集團（Axa）的合作，拓展集團在塞爾維亞的業務。自此，除了商業信用資訊和逾期帳款追收服務以外，科法斯可為塞爾維亞的企業提供全球性的信用保險服務。

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Results for the first half of 2014: Growth and profitability in line with guidance

Turnover growth of +1.8% on a like-for-like basis
Customer retention rate increased to 92.3% and production of new contracts
up +14%

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Appointments to the Coface Board of Directors

The Combined General Meeting of Shareholders of COFACE SA, which was held on 2 June 2014, appointed four new independent directors with effect from 1 July 2014, for a term of four year

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Coface appoints Nicolas Garcia as Group Commercial Director

In this new position, he also becomes a member of the Group Management Board and the Executive Committee.

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巴西信用評等降至A4 2015年將經濟面臨艱困重整

科法斯認為，由於家庭消費增長趨緩、投資動能匱乏及貿易失衡， 2014年巴西經濟成長將相當程度放緩（預估2014年1.3％，2013年尚有2.5％）；2015年將是巴西的轉捩點，中期展望經濟成長將有所回升。

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Success of the Coface IPO

"During the IPO, we received a warm welcome from investors, who were particularly receptive to us, both in France and abroad. This makes us proud of the work of our teams around the world to build a solid group, which is profitable and has confirmed growth prospects[...]" Jean-Marc PILLU, Coface Chief Executive Officer

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經濟復甦力道強勁 英國信用評等調升至A2

2009年金融海嘯以來，英國由於家庭消費支出及企業投資大幅下降，相比其他歐洲國家受到更嚴峻的經濟衝擊；因此2013年經濟成長率錄得1.8％的佳績令英國經濟復甦的力道顯得格外亮眼。科法斯預測，2014年英國經濟成長率將達到2.7％，與美國相當，並超越德國的2%。

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The Turkish economy - what to expect in 2014

Prior to the forthcoming presidential elections in August 2014, Coface is cautious in its assessment of corporate risks in Turkey. If political tensions rise again, as happened in December and January, investors may flee the country which could result in a fluctuation in Forex markets. Such a situation would negatively impact the corporate sector’s external debt stock, already at a record high.

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科法斯：西歐及新興經濟體風險有所改善

2014 年第一季度全球經濟走勢回暖：據科法斯預測，漲幅將繼 2013 年的 2.6% 之後達到 3% ，並在 2015 年達到 3.3% 。

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科法斯預測2014年西班牙中小企業破產數字將下跌13%，而法國方面則維持穩定

由於西班牙和法國有著相似的商業活動，兩國亦同樣面對令人擔憂的企業破產潮，但其實經過2008 – 2009的金融危機後，兩國的中小企業 已有著不同程度的改變，此次2014年度的企業破產預測將進一步突顯其差異。

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調查顯示亞太地區 2013 年企業逾期付款狀況保持穩定

- 2014 年中國經濟增長放緩令人關注 -

全球領先的信用保險集團科法斯發佈 2013 年第四季亞太地區企業信用風險管理調查報告。 調查顯示，該地區企業的付款狀況普遍保持穩定。澳洲和中國的企業遇到了較多買家逾期付款情況。 2014年中國經濟增速放緩，令人關注對亞太地區其他經濟體可能帶來的影響。

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New Appointments of Coface Commercial Team in Asia Pacific Region

Coface is expanding its commercial organisation in Asia Pacific Region to better serve the multinational clients and bank and financial institutions.

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科法斯季度信用風險調查：涵蓋全球三大地區的十四個行業

北美及歐洲地區行業風險狀況穩定，但亞洲新興市場行業風險令人關注

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亞洲電子產業新規則：活力毋庸置疑，風險有所增加

隨著亞洲成為電子創新的聚焦點，本土公司務必推動生產及研究的國際化。 然而，據科法斯觀察，隨著該地區未付款情況日益增多，產業活力也面臨著新的風險。2013年，將近四分之三的電子及IT行業的企業遇到買方逾期付款情況，其中電子零部件及消費電子經銷領域尤為明顯。

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Insolvencies in Central and Eastern Europe 2013: New peak with 70,000 companies affected

Companies in the CEE region faced a challenging year in 2013: The already weak economic situation deteriorated and household consumption decreased due to fiscal measures designed to tackle rising budget deficits. Access to credit was further constrained in line with reduced supply and demand for new loans.

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科法斯：金磚四國後，十個後起之秀

經過十年的瘋狂快速地成長，金磚四國正在急速地放緩：科法斯預測金磚四國2014年經濟成長平均為3.2%，遠低於這四國過去十年的平均成長。但在此同時，其他新興經濟體正在加速發展，其中的「新崛起十國」正仰賴著良好的製造前景及充裕的資金而積極擴張。

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國家貿易風險與商業環境評估更新 : 美國是貿易風險最低的國家之一，而主要新興經濟體則陷入困境

開發國家的成長正在復甦（在2013年成長1.2%之後，預測2014年可成長1.9%），科法斯將英國與美國的國家風險評級向上修正。

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2013 年度財報

業務發展良好且賠付率有所改善

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調查顯示2013年中國企業應收帳款狀況惡化至近三年新高，八成企業表示被客戶逾期還款

- 雖然2014年處於穩定增長狀態，但中國的金融市場、影子銀行正面臨著更大的壓力 -

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科法斯在哥倫比亞成功獲發信用保險執照

集團現於拉丁美洲9個國家設分公司

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2014中國展望：穩定成長但需注意融資風險與產能過剩問題

2014年中國經濟的發展並不統一，宏觀經濟環境與企業發展環境呈現不同的趨勢。

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2014科法斯國家風險會議:<br>2014年，已開發經濟體風險趨於利好，新興市場大國持續緊張狀態

已開發國家和新興國家在經歷了“後危機時代”的調整後，2014年全球貿易風險開始回歸傳統的發展模式。

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科法斯季度“行業全景報告” - 紡織行業

北美及亞洲市場回暖
紡織行業投入創新，歐洲市場風險趨穩

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科法斯集團獲「最佳信用保險服務」榮譽

科法斯集團被CFO Innovation Asia 評為「最佳信用保險服務」公司。CFO Innovation Asia 是專為亞洲及中國地區的企業部門主管和高層財務管理人員而設的網上刊物。

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中國：經濟、產業、人民幣及貿易全球化的持續改革

中國第十八屆中央委員會第三次全體會議已於11月9日至12日在北京召開。以習近平與李克強為主的中國領導人以此次會議為平台，宣揚其思想及結構性改革藍圖。從中國政府近來發出的訊息及已頒佈的政策，我們相信目前的政策和體制是最能成功將改革成效往前推進。

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科法斯： 2014 年歐元區走出蕭條陰霾、美國加速增長

經歷連三年的經濟緩速增長，科法斯預計 2014 年全球 GDP 增長將會提升至 3.1% （相較於 2013 年的 2.5% ）。增長主要源於歐元區的經濟復甦及美國經濟的大幅度提升。

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科法斯對美國商業風險仍然樂觀，新興國家如巴西和泰國的風險需密切關注

科法斯最新國家貿易風險評估。整體而言，先進國家表現較好，相較令人憂慮的是新興國家。

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科法斯警告：家庭債務水平上升令亞洲新興經濟體風險增加

馬來西亞、韓國、新加坡和泰國：家庭債務貼近美國次按危機水平

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科法斯季度「行業全景報告」

科法斯下調化工業、製藥業和汽車業的行業風險評估等級。

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科法斯擴展全球經濟學家團隊網絡 - 聘任亞太區經濟學家於香港

科法斯集團經濟研究部現於全球主要地區任派經濟專家，加強對地區性經濟的了解以配合集團國際業務發展。

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巴西能否走出經濟困境?

作為一個典型的新興國家，巴西成功地抵禦了2009年經濟危機的考驗。但四年來，屢見不鮮的抗議示威活動顯示其經濟增長模式正邁向失敗。

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日本、 冰島和愛爾蘭等已開發經濟體狀況改善

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