El Barómetro de Prácticas de Pago revela el crecimiento del riesgo de crédito de las exportaciones de Europa del Este.
Europa del Este crecerá en 2016 en el entorno del 1,1%. A pesar del crecimiento de la región, su tejido empresarial afronta un incremento de la morosidad asociada a las exportaciones. Esta es una de las principales conclusiones de Barómetro de Prácticas de Pago difundido por Crédito y Caución, que muestra la preocupación del 20% de las empresas de la región, frente al 16% de Europa occidental, por sus niveles de flujos de caja debido al creciente riesgo de crédito del comercio derivado del retraso en los pagos de los compradores extranjeros.
EY's fifth European Banking Barometer identifies the views of 294 senior European bankers across 11 markets regarding the macro-economic outlook and regulations, and their impact on the banking industry over the next six months.
For further information visit: www.ey.com/ebb
This case study examines what we can discover about circular patterns of movement into and out of the UK for non-EU nationals in Home Office data. This research has shown that people’s travel patterns can be complex and further examination is needed to understand what these patterns mean. The findings from this case study provide important insights that will be key to the successful development of a population and migration statistics system based on administrative data sources.
This case study aims to understand the activity patterns of international migrants in income and benefit data. The slides summarise what research is already published on these activity patterns and illustrate what exploratory research, using linked administrative data sources, can further tell us. The findings from this case study provide important insights which are key to the successful development of a population and migration statistics system based on administrative data sources.
This case study sets out early experimental analysis of linked Higher Education Statistics Agency (HESA) and Home Office Exit Checks data, with the aim of understanding what linking HESA and Home Office Exit Checks data can tell us about departure patterns and length of stay of non-EU students at the local authority level. The findings from this case study provide important insights that will be key to the successful development of a population and migration statistics system based on administrative data sources.
EY's fifth European Banking Barometer identifies the views of 294 senior European bankers across 11 markets regarding the macro-economic outlook and regulations, and their impact on the banking industry over the next six months.
For further information visit: www.ey.com/ebb
This case study examines what we can discover about circular patterns of movement into and out of the UK for non-EU nationals in Home Office data. This research has shown that people’s travel patterns can be complex and further examination is needed to understand what these patterns mean. The findings from this case study provide important insights that will be key to the successful development of a population and migration statistics system based on administrative data sources.
This case study aims to understand the activity patterns of international migrants in income and benefit data. The slides summarise what research is already published on these activity patterns and illustrate what exploratory research, using linked administrative data sources, can further tell us. The findings from this case study provide important insights which are key to the successful development of a population and migration statistics system based on administrative data sources.
This case study sets out early experimental analysis of linked Higher Education Statistics Agency (HESA) and Home Office Exit Checks data, with the aim of understanding what linking HESA and Home Office Exit Checks data can tell us about departure patterns and length of stay of non-EU students at the local authority level. The findings from this case study provide important insights that will be key to the successful development of a population and migration statistics system based on administrative data sources.
This slide pack illustrates the Office for National Statistics’ (ONS) research into developing an alternative approach to producing administrative data-based population stocks and flows.
This case study aims to build on research into international student migration, specifically to understand the activity and impact they have during their stay. The slides summarise what research is already published on the activity of international students. It illustrates what exploratory research, using linked administrative data sources, can tell us about the interactions international students have with the HMRC PAYE system. The findings from this case study provide important insights which are key to the successful development of a population and migration statistics system based on administrative data sources.
Annual Report on the State of Philanthropy - Macedonia 2015Catalyst Balkans
The 2015 Annual Report on Philanthropy in Macedonia was the result of media monitoring (print, broadcast and electronic) of keywords related to domestic philanthropy during the period from January to December 2015.
There are about 50 thousand companies in Poland funded through FDI, which amounts to only 1% of all businesses operating in our market. The number keeps growing because Poland is an attractive marketplace - our economy is considered to be one of the fastest growing economies in the Europe. Have you thought about starting a business in Poland? Not yet? Check how easy it is!
The Hungarian Startups Report 2016 is part of the Visegrad Startup Report, a project conducted by the Aspen Institute CE, that comprises an outlook on the startup ecosystems in the V4 region. Based on the data collected via 4 national surveys, a report is outlining trends, challenges, and possible areas for improvements by comparing the Visegrad countries.
The Hungarian Startups Report 2016 provides an extensive overview and analysis of Hungarian technology startups in 2016. It includes detailed survey results, as well as conclusions and recommendations for advancing the startup ecosystem in Hungary.
Roland berger eurofinas-rb-europeancf_survey2018_publicreportAdam Kuszyk
An interesting study on consumer financial products. Margins, growth rates, competition, changing customer experience. Projection from 2015 to 2018. Soon, edition of 2018 will be available with a projection of 2021. I am glad that I could be a participant in both.
Interesting material about the market of financial consumer products. Margins, profitability, customer behavior, service models. What will matter and what will not.
Crédito y Caución prevé que el crecimiento económico de Europa Oriental se ralentice en 2014. De acuerdo con sus estimaciones, el crecimiento real del PIB será del 1,7% en 2014, frente al 2,0% del pasado año. La principal aseguradora de crédito española considera probable que esto ocasione un incremento de los impagos de las empresas en 2014, aunque partiendo de niveles de insolvencia relativamente moderados
This slide pack illustrates the Office for National Statistics’ (ONS) research into developing an alternative approach to producing administrative data-based population stocks and flows.
This case study aims to build on research into international student migration, specifically to understand the activity and impact they have during their stay. The slides summarise what research is already published on the activity of international students. It illustrates what exploratory research, using linked administrative data sources, can tell us about the interactions international students have with the HMRC PAYE system. The findings from this case study provide important insights which are key to the successful development of a population and migration statistics system based on administrative data sources.
Annual Report on the State of Philanthropy - Macedonia 2015Catalyst Balkans
The 2015 Annual Report on Philanthropy in Macedonia was the result of media monitoring (print, broadcast and electronic) of keywords related to domestic philanthropy during the period from January to December 2015.
There are about 50 thousand companies in Poland funded through FDI, which amounts to only 1% of all businesses operating in our market. The number keeps growing because Poland is an attractive marketplace - our economy is considered to be one of the fastest growing economies in the Europe. Have you thought about starting a business in Poland? Not yet? Check how easy it is!
The Hungarian Startups Report 2016 is part of the Visegrad Startup Report, a project conducted by the Aspen Institute CE, that comprises an outlook on the startup ecosystems in the V4 region. Based on the data collected via 4 national surveys, a report is outlining trends, challenges, and possible areas for improvements by comparing the Visegrad countries.
The Hungarian Startups Report 2016 provides an extensive overview and analysis of Hungarian technology startups in 2016. It includes detailed survey results, as well as conclusions and recommendations for advancing the startup ecosystem in Hungary.
Roland berger eurofinas-rb-europeancf_survey2018_publicreportAdam Kuszyk
An interesting study on consumer financial products. Margins, growth rates, competition, changing customer experience. Projection from 2015 to 2018. Soon, edition of 2018 will be available with a projection of 2021. I am glad that I could be a participant in both.
Interesting material about the market of financial consumer products. Margins, profitability, customer behavior, service models. What will matter and what will not.
Crédito y Caución prevé que el crecimiento económico de Europa Oriental se ralentice en 2014. De acuerdo con sus estimaciones, el crecimiento real del PIB será del 1,7% en 2014, frente al 2,0% del pasado año. La principal aseguradora de crédito española considera probable que esto ocasione un incremento de los impagos de las empresas en 2014, aunque partiendo de niveles de insolvencia relativamente moderados
Barómetro de Prácticas de Pago en la región de Asia Pacífico (Payment practic...Ignacio Jimenez
Las dudas sobre el desempeño económico de China persisten y ha provocado una nueva revisión a la baja de las previsiones de crecimiento del 6,9% de este año al 6,7% en 2016. En este entorno, el Barómetro de Prácticas de Pago en la región de Asia Pacífico distribuido por Crédito y Caución muestra un aumento en los niveles de morosidad en las operaciones B2B en China. Esta evolución puede generar un efecto de reacción en cadena en la liquidez empresarial en varios países y empeora las perspectivas de riesgo de crédito en la región.
Российский обзор экономических преступлений за 2016 годPwC Russia
В этом году в центре внимания нашего исследования находятся три вопроса: программы по соблюдению правил деловой этики и нормативно-правовых требований; противодействие легализации (отмыванию) доходов, полученных преступным путем; и киберпреступления. Помимо конкретных аспектов экономических преступлений, на которых следует сосредоточить особое внимание, в обзоре подчеркивается важность реализации более комплексных и эффективных мер, которые позволяют минимизировать указанные риски.
The World Payments Report 2012 shows a healthy 7.1% gain in non-cash payments volume globally. But volume is only part of the story for the payments market, which is growing and changing in new and exciting ways. Payments continue to grow amidst volatility and increasing regulation, however the payments instrument mix is evolving fast and will never be the same.
Sample Report: Europe Online Payment Methods: Full Year 2014yStats.com
Free Report Samples for our publication "Europe Online Payment Methods: Full Year 2014".
Find the full updated 2021 report available for purchase at: https://ystats.com/shop/europe-online-payment-methods/
Product Brochure with summarized information of our publication "Poland B2C E-Commerce 2017".
Find more here: https://www.ystats.com/market-reports/poland-b2c-e-commerce-market-2017-2/
Product Brochure with summarized information of our publication " Ukraine B2C E-Commerce Market 2019".
Find more here: https://www.ystats.com/market-reports/ukraine-b2c-e-commerce-market-2019/
Product Brochure with summarized information of our publication "Ukraine B2C E-Commerce Market 2019".
Find more here: https://www.ystats.com/market-reports/ukraine-b2c-e-commerce-market-2019/
Product Brochure: Russia B2C E-Commerce Sales Forecasts: 2015 to 2018yStats.com
Product Brochure with summarized information of our publication "Russia B2C E-Commerce Sales Forecasts: 2015 to 2018".
Find more here: https://www.ystats.com/product/russia-b2c-e-commerce-sales-forecast-2015-to-2018/
Sample Report: Global Online Payment Methods: Full Year 2014yStats.com
Free Report Samples for our publication "Global Online Payment Methods: Full Year 2014".
Find the full updated 2021 report available for purchase at: https://ystats.com/shop/global-online-payment-methods-2021-post-covid-19/
Ya hay 265 empresas FinTech en España. En esta actualización se incorpora Insight View (herramienta que nos da información sobre la solvencia y los niveles de riesgo de nuestros clientes) en la vertical de crédito
Economic outlook de Credito y Caucion - Mayo 2017Ignacio Jimenez
Repunte cíclico del comercio global pese a la incertidumbre y la debilidad estructural
El último Economic Outlook difundido por Crédito y Caución muestra una mejora de sus perspectivas económicas mundiales, pero resalta las debilidades estructurales no resueltas y el aumento de la incertidumbre.
Previsión de insolvencias de los mercados avanzadosIgnacio Jimenez
El entorno de insolvencia en la mayoría de los mercados avanzados registrará en 2016 poca o ninguna mejoría.
El informe difundido por Crédito y Caución alerta del agravamiento de las perspectivas de insolvencia en línea con las revisiones a la baja en las previsiones de crecimiento del PIB.
El informe recalca los efectos del Brexit, que influye en la confianza en muchos mercados avanzados y genera volatilidad en el mercado financiero. Tras la decisión del Reino Unido de salir de la Unión Europea, se prevé que sus insolvencias aumenten un 2% en 2016 y un 3% en 2017. La revisión de las previsiones ya está pesando sobre la confianza en muchos otros países de la zona euro, particularmente aquellos con alta exposición al Reino Unido.
Infografia: la gestion del riesgo en españa en numerosIgnacio Jimenez
Infografia que resume el estudio realizado por el IE Business School sobre la gestión de crédito en España con la colaboración de Iberinform y Crédito y Caución.
Plazos medios de pago, impagos significativos, comparación de impagos con la administración pública y entidades privadas.
Estudio gestión del riesgo de crédito - mayo 2016Ignacio Jimenez
Estudio de la Gestión del Riesgo de Crédito en España elaborado por el Observatorio de Cash Management que impulsan Iberinform, Crédito y Caución y el IE Business School
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
2
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Survey objectives
We conduct annual reviews of international corporate pay-ment
practices through a survey called the “Payment Practices
Barometer”. In this report focusing on Western Europe, which is
part of the 2016 edition of the Payment Practices Barometer,
companies from 5 countries (Czech Republic, Hungary,
Poland, Slovakia and Turkey) have been surveyed.
Using a questionnaire, Conclusr Research conducted a net of
1,078 interviews. All interviews were conducted exclusively
for Atradius and Crédito y Caución, without any combination of
topics.
Survey scope
77 Basic population: companies from 5 countries were
monitored (Czech Republic, Hungary, Poland, Slovakia and
Turkey). The appropriate contacts for accounts receivable
management were interviewed.
77 Selection process – Internet survey: companies were
selected and contacted by use of an international Internet
panel. A screening for the appropriate contact and for quota
control was conducted at the beginning of the interview.
77 Sample: N=1,078 people were interviewed in total
(approximately n=200 people per country). In each country a
quota was maintained according to four classes of company
size.
77 Interview: Web-assisted personal interviews (WAPI) of
approximately 15 minutes duration. Interview period:
1st Q 2016.
Survey design for Eastern Europe
Sample overview – Total interviews = 1,078
Country n %
Czech Republic 211 19.6%
Hungary 231 21.4%
Poland 210 19.5%
Slovakia 214 19.9%
Turkey 212 19.7%
Industry n %
Manufacturing 363 33.7%
Wholesale / Retail / Distribution 247 22.9%
Services 468 43.4%
Business size n %
Micro-enterprises 458 42.5%
SMEs (Small/Medium enterprises) 538 22.9%
Large enterprises 82 7.6%
It may occur that the results are a percent more or less than 100% when
calculating the results. This is the consequence of rounding off the results.
Rather than adjusting the outcome so that it totalled 100%, we have chosen
to leave the individual results as they were to allow for the most accurate
representation possible.
3. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
3
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Sales on credit terms
Despite having been brought down by the recessions in Russia
and Ukraine, the 2016 outlook for Eastern Europe is positive.
The regional GDP is forecast to grow 1.1% in 2016, mainly led
by Poland and the Czech Republic. In the countries surveyed
in Eastern Europe (Czech Republic, Hungary, Poland, Slovakia
and Turkey) business conditions are varied and the insolvencies
landscape is mixed. This offers interesting insights into the pay-
ment practices of businesses in the region.
Average total value of B2B sales on credit
As observed in Western Europe, respondents in Eastern Europe
also appear to be more inclined to request payment methods
from business-to-business (B2B) customers which do not ex-
pose them to payment default risks, than to use payment meth-
ods that do expose them to these risks. Although selling on cash
terms may result in lost sales (if the buyer really needs the flexi-
bility of credit terms), most of the respondents in Eastern Europe
seem to prefer this approach, particularly when it comes to for-
eign trade. On average, 57.1% of survey respondents’ domestic
B2B sales and 63.4% of foreign sales were made on a cash bases
(Western Europe: 55.2% and 62.3% respectively). The most con-
servative approach to the use of trade credit in B2B transactions
is shown by Slovakia (26.7% of the B2B sales value was made on
credit). Hungary, in contrast, appears to be the most trade cred-
it friendly country in the region (53.6% of B2B sales value was
made on credit). In the other countries surveyed, the average to-
tal value of B2B sales on credit ranges from 33.9% in Poland to
44.3% in the Czech Republic [ Statistical appendix, p 10 ].
B2B sales on credit in Eastern Europe (%)
Sample: companies interviewed (active in domestic and foreign markets)
Source: Payment Practices Barometer – May 2016
10
20
30
40
50
60
20132012 2014 2015 2016
Domestic Foreign
Uncollectable B2B receivables in Eastern Europe
(% of total value of B2B receivables)
Domestic Foreign
Payment duration in Eastern Europe (avg. days)
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – May 2016
20132012
invoice due date
payment delay
2014 2015 2016
22
39
2525
41
26
34
2727
32
24
33
2525
29
18
31
2121
30
23
31
2323
30
invoice due date
payment delay
40%
37%37%
57%57%
52%52%
46%46%
38%38%
60%60%
43%43%
53%53% 52%52%
43%43%
40
50
Past due B2B receivables in Eastern Europe (avg. %)
41%
31%
45%
36%36%
41%41%
41%
More information in the Statistical appendix
Selling on credit to domestic and export B2B customers
Of all the countries surveyed in Eastern Europe, Turkey shows
the strongest preference for selling on credit to domestic (48.1%
sales on credit) than to foreign B2B customers (32.4%). This
likely reflects the relatively closed nature of the Turkish econ-
omy. A stronger tendency to grant credit terms to domestic
(37.5% of the B2B sales value) than to foreign buyers (30.3%)
is also shown by Polish respondents. This may reflect Poland’s
strong domestic market. Respondents in the other countries
surveyed in Eastern Europe appear to be almost equally likely to
sell on credit terms to domestic or foreign B2B customers. In the
Czech Republic 45.8% of the domestic, and 42.7% of the foreign
B2B sales value was made on credit; in Slovakia, 27.0% domestic
and 26.4% foreign and in Hungary, 54.7% domestic and 52.5%
foreign. Year-on-year fluctuations in the domestic and foreign
credit sales value at country level will be expanded on in the
country reports that form this edition of the Payment Practices
Barometer for Eastern Europe.
Eastern Europe – key survey results
of respondents in Eastern Europe
reported that domestic B2B customers pay
invoices late due to liquidity issues
65%
of respondents in Eastern Europe
reported that domestic B2B customers pay
invoices late due to liquidity issues
65%
4. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
4
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Overdue B2B invoices (%)
85.2% of the respondents in Eastern Europe (Western Europe:
92.4%) experienced late payment of B2B invoices over the past
year. Despite a marked increase in the value of overdue invoices,
late payment from domestic B2B customers occurred marked-
ly less often than one year ago. This may reflect more benign
business conditions than in past years. Foreign customers, in
contrast, paid invoices late almost as frequently as last year. This
resulted in an average of 43% of the total value of B2B invoices
remaining outstanding past the due date (average for Western
Europe: 40.3%). Compared to last year, there was an increase in
both the domestic (up 3.8%) and foreign (up 6.6%) payment de-
fault rates reported by respondents in Eastern Europe. This may
explain why 20.0% of respondents in the region (this percentage
is the highest inTurkeyat 33.0%, followed byPoland at 27.0%) are
concerned about a worsening of DSO over the next 12 months.
This could be mainly a consequence of poorer payment practices
by respondents’ foreign customers than by domestic ones. The
overall picture, however, has to be evaluated in light of the di-
verse payment default rates observed in the countries surveyed
in the region.
Impact of late payment from domestic customers
Despite showing the strongest preference for using trade credit
in domestic B2B transactions, Turkey records the highest domes-
tic payment default rate in Eastern Europe. According to 91.4% of
respondents in the country, an average of 61.1% of the total val-
ue of domestic B2B invoices were paid late (up from 55.2% last
year). These findings are reflected in the 63 days average DSO
reported by Turkish respondents. This is the second highest DSO
observed in the region after that of Poland (71 days) which will be
commented on later in the report.
Slovakia follows with an average of 53.1% of domestic invoices
paid late (up from 47.7% last year), and a DSO averaging 39 days.
This latter may reflect the strong aversion to trade credit shown
by Slovakian respondents. In the Czech Republic, 37.9% of the
value of domestic invoices was paid late, while Hungary had an
almost similar percentage (37.6%). The lowest average total val-
ue of domestic invoices paid late was shown by Hungary (36.6%,
up from 35.5% last year). In this country, late payments were
reported by 87.0% of respondents, which is the second lowest
response rate in the region after that recorded in Hungary (80.1%
of respondents reporting domestic late payment) [ Statistical
appendix, p 13 ].
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – May 2016
U
(
S
S
10
20
30
40
50
Past due B2B receivables in Eastern Europe (avg. %)
Sample: companies interviewed (active in domestic and foreign markets)
Source: Payment Practices Barometer – May 2016
20132012 2014 2015 2016
Domestic Foreign
28%28%
34%34%
23% 22%
41%
31%
45%
29%
36%36%
41%41%
1 in 4 respondents in Eastern Europe
expect a worsening of payment practices
in these industries......
Paper
Industries
Consumer
Durables
Construction
Const.Mtrls
More information in the Statistical appendix
Impact of late payment from foreign customers
Based on our survey results, Turkey is the hardest hit country
by late payment also from export customers. 53.1% of the to-
tal value of Turkish export sales on credit (up from 49.8% last
year) were paid late. This was reported by 85.2% of Turkish re-
spondents. Slovakia follows with an average of 42.9% of export
invoices paid late (up from 37.0% last year). This was reported by
76.5% of Slovakian respondents. In the Czech Republic, 37.2% of
the total value of export invoices was paid late (stable compared
to one year ago), and in Hungary 35.8% (up from nearly 20.0%
last year). At the lower end of the spectrum is Poland, with 31.4%
of the value of export invoices paid late (up from 29.3% last
year), as reported by nearly 83% of respondents. Surprisingly,
Poland is the country recording both the lowest domestic and
foreign payment default rates in Eastern Europe, and has the
highest DSO in the region. This most likely reflects the propor-
tion of export invoices more than 180 days overdue (14.3% of
the foreign receivables’ value). This is nearly three times higher
than that recorded in the other countries surveyed in the re-
gion. More insights into the frequency of late payment and the
total value of past due invoices at local level can be found in the
country reports forming this edition of the Payment Practices
Barometer. See also [ Statistical appendix, p 14 ].
5. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
5
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Payment duration (average days)
As observed in Western Europe, respondents is Eastern Europe
also try to minimize payment risk by keeping the time it takes to
turn credit sales into cash as short as possible (around 30 days
or less from the invoice date). This is the case for the majority
of the countries surveyed, except for Turkey. Here, respondents’
domestic customers enjoy considerably longer terms for settling
invoices than export customers (averaging 43 days domestic,
and 33 days foreign). This seems to reflect a more lenient pay-
ment culture observed on the domestic market in Turkey than in
the other countries surveyed in Eastern Europe.
Payment terms
The average payment terms set by respondents in Eastern
Europe fluctuated widely over the past year. Respondents in
Turkey appear to offer shorter payment terms to both domestic
and foreign customers than one year ago (on average four days
shorter). This is also the case for respondents in the Czech Re-
public, where domestic customers are requested to pay invoices
three days earlier, and foreign customers one week earlier than
last year. In contrast, both domestic and foreign customers of
respondents in Hungary and Slovakia are requested to pay in-
voices, on average, after five days later than one year ago. Sim-
ilarly, export customers of respondents in Poland enjoy more
relaxed payment terms than last year (on average three days
longer). Compared to last year, there was no variation seen in
average domestic payment terms granted by Polish respond-
ents. [ Statistical appendix, p 11 ]
Uncollectable B2B receivables in Eastern Europe
(% of total value of B2B receivables)
Domestic Foreign
Payment duration in Eastern Europe (avg. days)
Sample: companies interviewed (active in domestic and foreign markets)
Source: Payment Practices Barometer – May 2016
20132012
invoice due date
payment delay
2014 2015 2016
22
39
2525
41
26
34
2727
32
24
33
2525
29
18
31
2121
30
23
31
2323
30
invoice due date
payment delay
40%Credit sales 2015
41%
More information in the Statistical appendix
Payment delays
Despite the attempt to offset slow payments by shortening
credit terms, respondents in Turkey have to wait the longest
in Eastern Europe to receive payment on both domestic and
foreign past due invoices (on average 35 days; three days
longer than last year and 13 days longer than the survey aver-
age). Both domestic and foreign B2B customers of Hungarian
respondents, in contrast, appear to settle past due payments
the swiftest (on average within 13 days of the due date; sur-
vey average 22 days). In spite of this, Hungarian respondents
now have to wait, on average, one week longer than last year
to receive payments on past due invoices from export custom-
ers. This is the longest foreign payment delay observed across
the countries surveyed, which suggests a clear worsening of
the payment practices of Hungarian respondents’ export cus-
tomers. In all the other countries surveyed in Eastern Europe,
respondents have to wait an average of around three weeks for
past due invoices to be settled. This payment delay is the same
as that observed in Western Europe.
of respondents in Eastern Europe
reported that domestic B2B customers pay
invoices late due to liquidity issues
65%
of respondents in Eastern Europe had
to delay payments to their own suppliers
due to B2B customers’ late payment
27%
of respondents in Eastern Europe
reported that domestic B2B customers pay
invoices late due to liquidity issues
65%
of respondents in Eastern Europe had
to delay payments to their own suppliers
due to B2B customers’ late payment
27%
6. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
6
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Key payment delay factors
In line with what was observed in Western Europe, respond-
ents in Eastern Europe reported insufficient availability of funds
as the main reason for late payment from both domestic and
foreign B2B customers. 64.4% of respondents (up from nearly
60.0% last year) reported this in respect to late payment of do-
mestic invoices, and nearly 40.0% (stable compared to last year)
in respect to late payment from foreign customers (respondents
in Western Europe: 57.9% domestic and 40.2% foreign). Domesti-
cally, as observed last year, respondents in Hungary appeared to
be the hardest hit by late payment of invoices due to customers’
insufficient funds (75.7% of respondents, down from 78.6% last
year), followed by those in Slovakia (72.8%, down from 73.5% one
year ago). In Poland, the percentage of respondents was 63.5%
(up from 57.6% last year), and in Turkey 66.1% (up from 57.5%
one year ago). Respondents in the Czech Republic, in contrast, re-
ported this reason the least often, however a lot more frequently
than last year (47.0% of respondents, up from 39.2% last year).
Late payment from foreign customers due to liquidity issues is
most acutely felt in Hungary (65.7% of respondents), followed by
Slovakia (54.7%). The least impacted in this respect are respond-
ents in the Czech Republic (24.4%).
Intentional use of outstanding invoices
32.7% of respondents in Eastern Europe (down from 34.8% last
year) said that domestic B2B customers intentionally use out-
standing invoices for financial advantage. This is a more wide-
ly-held belief in Eastern than inWestern Europe, where this reason
was cited by 27.0% of respondents. In Eastern Europe, respond-
ents in the Czech Republic seem to be the most convinced that
domestic customers intentionally pay slowly for their own finan-
cial advantage (46.5%, down from 57.8% last year), followed by
those in Poland (39.6%, up from 37.0% last year). In contrast, the
least convinced about this delay factor are respondents in Hun-
gary (nearly 15%, stable compared to last year). Interestingly, as
observed in Western Europe, intentional slow payment of invoices
forfinancial advantage is more often a concernwith domesticthan
with foreign B2B customers. These latter appear to pay invoices
late very often due to external reasons that are independent of
their creditworthiness, such as the complexity of the cross-border
payment procedure. Czech respondents (36.4%, stable compared
to last year) reported this the most often, followed by respondents
in Turkey (31.3%, up from 28.0% last year). Respondents in Slova-
kia seemed to be the least concerned about this (6.3%, up from
3.6% last year). See [ Statistical appendix, p 15 + 16 ].
Impact of late payment on the supply chain
Late payment of invoices from B2B customers caused 27.2%
of respondents in Eastern Europe (above the 23.7% in Western
Europe) to delay payments to their own suppliers. The most im-
pacted in this respect were respondents in the Czech Republic,
Slovakia and Turkey (around 30.0% each). 18.6% of respondents
in Eastern Europe had to take specific measures to correct cash
flow (same percentage in Western Europe), and 17.2% reported
revenue loss (18.8% of respondents in Western Europe).
This was experienced by the most respondents in Turkey (40.0%
corrected cash flow and 30.0% lost revenues). Interestingly,
slightly more respondents in Eastern Europe (12.0%) than in
Western Europe (9.0%) reported that theydefaulted on payments
to their suppliers, and nearly 11.0% (7.6% in Western Europe) said
their business stopped growing. Again this was of great concern
for respondents in Turkey (around 15% for both kinds of impact).
Protection of business profitability
To protect business profitability from the impact of customers’
late payment, around 44% of respondents in Eastern Europe re-
ported they will not change their current mix of credit manage-
ment tools (respondents in Western Europe: 45.0%). However,
around 25% will check the creditworthiness and payment history
of their customers more often, and will more frequently moni-
tor customers’ credit risk over the next 12 months (respondents
in Western Europe: around 32.0%). Czech respondents (around
35%) seem to be the most likely to increase customers’ credit-
worthiness and payment history checks while Turkish respond-
ents (31.0%) seem to be the most likely to increase credit risk
monitoring. On a country basis, the mix of credit management
tools varies notably and will be expanded on in the various coun-
try reports. Despite the various approaches to credit manage-
ment observed in the surveyed countries, respondents in Eastern
Europe appear to have a uniform perception of the main chal-
lenges to business profitability they will be facing this year. Most
of the respondents in the region consider maintaining adequate
cash flow and cost containment Slovakian respondents being
the most concerned around 25.0%, survey average 17% as well as
falling demand for their products and services (concerning Czech
respondents the most, around 30.0% versus 17% survey average)
to be the main challenges they will be confronted with in 2016.
of respondents in Eastern Europe had
to delay payments to their own suppliers
due to B2B customers’ late payment
of respondents in Eastern Europe
expect an overall worsening in payment
practices (15% expect an improvement)
25%27%
of respondents in Eastern Europe had
to delay payments to their own suppliers
due to B2B customers’ late payment
of respondents in Eastern Europe
expect an overall worsening in payment
practices (15% expect an improvement)
25%
27%
7. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
7
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Uncollectable receivables
On average 1.2% (stable compared to last year, and compared to
1.3% in Western Europe) of the B2B receivables of respondents
in Eastern Europe was written off as uncollectable. In Turkey, the
proportion of uncollectable receivables is nearly twice as high
(2.2%, compared to 2.0% in 2015). In the Czech Republic it is
1.4%, in Poland 1.2%, and in Hungary and Slovakia it is less than
1%. Uncollectable receivables, in Eastern Europe, come mostly
from the construction industry.
Uncollectable B2B receivables in Eastern Europe
(% of total value of B2B receivables)
Sample: companies interviewed (active in domestic and foreign markets)
Source: Payment Practices Barometer – May 2016
1
2
20132012 2014 2015 2016
Domestic Foreign
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – May 2016
20132012
payment delay
2014 2015 2016
22
39
2525
26
34
2727
24
33
2525
18
31
2121
23
31
2323
invoice due date
payment delay
Uncollectable
1.2%
Paid on time
54%
Past due
45%
40%Credit sales
HKKKKJKKKKL
0.8%0.8%
1.2%1.2%1.1%1.1%
0.6%0.6%
2015
41%
More information in the Statistical appendix
Reasons for write-offs of uncollectable receivables
Based on survey responses in Eastern Europe, B2B receivables
were reported to be uncollectable mainly due to the customer
being bankrupt or out of business (54.7% of respondents, down
from 56.6% last year). This compares to 59.3% of respondents
in Western Europe (down from 66.4% last year). Although less
frequent than last year, this reflects the still challenging busi-
ness climate in which businesses operate. 33.0% of respond-
ents (29.0% in Western Europe) reported that write-offs were
due to the failure of collection attempts. For around 20.0% of
respondents in each case, write-offs were due to the fact that
the customer could not be located, the debt was too old, or the
additional costs to pursue the debtors were too high.
of respondents in Eastern Europe
expect an overall worsening in payment
practices (15% expect an improvement)
25%
of respondents in Eastern Europe
expect an overall worsening in payment
practices (15% expect an improvement)
25%
of the total value of B2B invoices in Eastern
Europe remained outstanding past the due
date (average for Western Europe: 40.3%)
43%
of the total value of B2B invoices in Eastern
Europe remained outstanding past the due
date (average for Western Europe: 40.3%)
43%
8. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
8
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Payment practices by industry
Respondents in Eastern Europe granted the most relaxed pay-
ment terms (around 15 days longer than the regional average of
30 days) to B2B customers in the metals sector. The payment
terms extended to B2B customers in the construction materi-
als sector are nearly 10 days more than the regional average.
B2B customers in the services sector enjoyed less lenient terms
(around 10 days shorter than the average for the region).
The largest proportion of past due payments in Eastern Europe
was generated in the construction materials sector (60% of the
total value of B2B receivables were paid late). Late payment from
B2B customers due to liquidity issues was reported to occur
most often in the food and machines sectors (around 60% of re-
spondents). Intentional use of outstanding invoices for financial
advantage was most often reported in respect to the payment
practices of B2B customers in the construction industry (around
40.0% of respondents). The slowest payers are B2B customers in
the construction materials sector, as it took them on average one
month past the due date to settle overdue invoices (compared to
the three weeks survey average).
Uncollectable B2B receivables in Eastern Europe
(% of total value of B2B receivables)
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – May 2016
1
2
20132012 2014 2015 2016
Source: Atradius Payment Practices Barometer – May 2016
Uncollectable
1.2%
Paid on time
54%
Past due
45%
40%Credit sales
HKKKKJKKKKL
10
20
30
40
50
Past due B2B receivables in Eastern Europe (avg. %)
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – May 2016
20132012 2014 2015 2016
Domestic Foreign
28%28%
34%34%
23%
0.8%0.8%
1.2%1.2%1.1%1.1%
0.6%0.6%
22%
41%
31%
45%
29%
36%36%
41%41%
1 in 4 respondents in Eastern Europe
expect a worsening of payment practices
in these industries......
Paper
Industries
Consumer
Durables
Construction
Const.Mtrls
2015
41%
More information in the Statistical appendix
Forecast for 2016
Nearly 60% of the respondents in Eastern Europe expect no sig-
nificant change in the payment practices of B2B customers in
the industries they do business with. However, a slight deterio-
ration is anticipated by around 10%. There are more respondents
expecting a deterioration (25.0%) than an improvement (15.0%).
This is mostly the case for B2B customers in the construction,
construction materials, consumer durables and paper industries.
9. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
9
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Eastern Europe: proportion of total B2B sales made on credit 10
Average payment terms recorded in Eastern Europe (average days) 11
Eastern Europe: percentage of respondents reporting late payment
by B2B customers (domestic and foreign) 12
Eastern Europe: proportion of domestic past due
B2B invoices by payment timing 13
Eastern Europe: proportion of foreign past due
B2B invoices by payment timing 14
Eastern Europe: main reasons for payment delays
by domestic B2B customers 15
Eastern Europe: main reasons for payment delays
by foreign B2B customers 16
Average DSO recorded in Eastern Europe 17
Eastern Europe: expected DSO trend over the next 12 months 18
The greatest challenge to business profitability in 2016 for
respondents in Eastern Europe 19
Statistical appendix
10. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
10
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Czech Republic
44.3
Poland
33.9
Hungary
53.6
Western Europe 41.3%
Slovakia
26.7
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
Eastern Europe: proportion of total B2B sales made on credit (domestic and foreign)
Period:
2016 vs. 2015
20% - 40%
40% - 60%
0% - 20%
60% - 80%
Turkey
40.3
Eastern Europe
39.8
By industry / by business size
Industry Business size
Eastern Europe Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
Domestic 44.5 46.2 39.9 36.7 48.6 40.6
Foreign 36.1 36.4 37.3 26.8 41.2 35.6
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
11. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
11
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Average payment term recorded in Eastern Europe
(average days – domestic and foreign)
percentage average days
Eastern Europe 75.7 17.8 4.32.3 31
Western Europe 75.2 16.2 6.6 2.0 31
Czech Republic 83.9 13.0 1.41.8 26
Poland 79.1 15.3 4.01.6 28
Hungary 79.0 16.7 3.01.3 29
Slovakia 71.4 25.3 2.80.5 34
Turkey 64.8 18.5 10.5 6.2 38
1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
By industry / by business size
Industry Business size
Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
1 to 30 days 68.8% 79.4% 79.4% 83.1% 72.2% 67.1%
31 to 60 days 22.2% 14.4% 15.8% 13.0% 20.1% 22.6%
61 to 90 days 6.4% 4.8% 2.3% 2.3% 4.9% 7.6%
Over 90 days 5.3% 2.9% 4.5% 2.3% 5.4% 5.5%
Avergage days 35 26 28 24 34 37
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
12. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
12
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Eastern Europe: percentage of respondents reporting late payment
by B2B customers (domestic and foreign)
percentage
Eastern Europe
88.6
81.8
Western Europe
92.4
84.6
Hungary
80.1
71.4
Poland
87.0
82.9
Slovakia
91.3
76.5
Turkey
91.4
85.2
Czech Republic
94.6
91.0
Domestic Foreign
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
By industry / by business size:
Industry Business size
Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
Domestic 87.6% 86.4% 90.7% 89.6% 87.1% 94.6%
Foreign 82.4% 79.3% 82.9% 75.0% 83.3% 87.2%
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
13. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
13
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Eastern Europe: proportion of domestic past due B2B invoices by payment timing
percentage Total in %
Eastern Europe 50.8 21.8 11.8 15.6 44.9
Western Europe 46.7 21.8 13.0 18.5 40.3
Poland 42.6 20.5 12.4 24.5 37.1
Hungary 69.1 21.3 4.6 4.9 37.1
Czech Republic 57.1 20.6 10.3 11.9 37.8
Slovakia 50.0 27.0 12.8 10.2 53.0
Turkey 40.6 21.1 15.9 22.4 61.1
1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
By industry / by business size
Industry Business size
Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
1 to 30 days 48.9% 50.1% 52.6% 52.5% 50.5% 43.0%
31 to 60 days 22.5% 21.7% 21.4% 21.7% 22.1% 21.7%
61 to 90 days 13.2% 12.1% 10.1% 12.7% 11.3% 9.7%
Over 90 days 15.4% 16.1% 16.0% 13.1% 16.1% 25.6%
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
14. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
14
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Eastern Europe: proportion of foreign past due B2B invoices by payment timing
percentage Total in %
Eastern Europe 47.8 21.3 11.3 19.6 40.8
Western Europe 43.6 22.2 14.1 20.1 38.3
Poland 39.7 18.4 12.1 29.8 31.5
Hungary 59.4 25.3 8.1 7.2 36.0
Czech Republic 51.3 18.0 8.3 22.3 37.2
Slovakia 57.0 22.2 12.4 8.4 42.8
Turkey 38.4 21.5 13.7 26.4 53.1
1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
By industry / by business size
Industry Business size
Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
1 to 30 days 45.2% 48.0% 50.0% 47.5% 47.8% 47.7%
31 to 60 days 22.3% 16.4% 23.6% 24.4% 20.5% 18.0%
61 to 90 days 11.6% 12.6% 10.0% 5.7% 13.8% 7.3%
Over 90 days 21.0% 23.1% 16.4% 22.4% 17.9% 27.1%
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
15. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
15
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Eastern Europe: main reasons for payment delays by domestic B2B customers
Insufficient
availability of
funds
Dispute
over quality
of goods
delivered
or service
provided
Goods
delivered
or services
provided
do not
correspond
to what was
agreed in the
contract
Complexity of
the payment
procedure
Inefficiencies
of the
banking
system
Incorrect
information
on invoice
Buyer using
outstanding
debts /
invoices as
a form of
financing
Formal
insolvency
of the buyer
(example:
liquidation,
receivership,
bankruptcy)
Invoice was
sent to wrong
person Other
Eastern Europe 64.4% 10.9% 6.9% 13.0% 8.5% 10.5% 32.7% 18.8% 7.5% 0.4%
Western Europe 57.9% 15.5% 11.4% 17.2% 12.5% 11.4% 28.2% 15.8% 7.5% 0.0%
Poland 63.5% 8.2% 7.6% 15.1% 11.3% 12.6% 39.6% 21.4% 5.7% 0.0%
Czech Republic 47.0% 20.2% 6.6% 12.6% 9.3% 12.0% 46.5% 35.5% 10.4% 0.0%
Hungary 75.7% 4.7% 1.4% 10.1% 1.4% 6.1% 14.9% 4.1% 7.4% 2.0%
Slovakia 72.8% 8.6% 4.3% 7.4% 0.6% 5.6% 29.6% 15.4% 8.0% 0.0%
Turkey 66.1% 11.1% 13.3% 18.9% 18.3% 15.0% 30.0% 14.4% 5.6% 0.0%
Industry
Manufacturing 68.8% 17.3% 7.1% 11.7% 6.0% 7.5% 29.7% 17.7% 5.3% 0.4%
Wholesale trade
/ Retail trade /
Distribution
64.9% 7.4% 6.4% 12.4% 8.9% 9.9% 33.2% 17.8% 7.4% 1.0%
Services 61.0% 8.2% 6.9% 14.3% 10.2% 12.9% 34.6% 20.1% 9.1% 0.0%
Business size
Micro enterprise 65.9% 7.4% 4.0% 12.2% 5.7% 7.4% 34.9% 18.5% 5.7% 0.0%
SME (Small/
Medium
enterprise)
63.5% 12.3% 8.0% 12.8% 10.1% 11.1% 31.2% 19.3% 8.2% 0.5%
Large enterprise 62.1% 21.2% 15.2% 18.2% 13.6% 22.7% 30.3% 16.7% 12.1% 1.5%
Sample: all interviewed companies (active in domestic markets) Source: Payment Practices Barometer – May 2016
16. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
16
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Eastern Europe: main reasons for payment delays by foreign B2B customers
Insufficient
availability of
funds
Dispute
over quality
of goods
delivered
or service
provided
Goods
delivered
or services
provided
do not
correspond
to what was
agreed in the
contract
Complexity of
the payment
procedure
Inefficiencies
of the
banking
system
Incorrect
information
on invoice
Buyer using
outstanding
debts /
invoices as
a form of
financing
Formal
insolvency
of the buyer
(example:
liquidation,
receivership,
bankruptcy)
Invoice was
sent to wrong
person Other
Eastern Europe 40.0% 15.3% 11.2% 23.8% 18.0% 13.9% 21.3% 13.9% 9.5% 0.4%
Western Europe 40.2% 17.4% 16.5% 28.0% 23.1% 15.8% 25.7% 12.5% 8.8% 0.0%
Poland 27.5% 9.9% 15.4% 26.4% 19.8% 20.9% 24.2% 17.6% 9.9% 0.0%
Czech Republic 24.2% 26.3% 11.1% 36.4% 15.2% 12.1% 31.3% 17.2% 16.2% 0.0%
Hungary 65.7% 8.6% 0.0% 12.9% 7.1% 5.7% 8.6% 1.4% 5.7% 2.9%
Slovakia 54.7% 13.7% 8.4% 6.3% 3.2% 9.5% 26.3% 14.7% 10.5% 0.0%
Turkey 35.9% 15.6% 16.4% 31.3% 35.9% 18.0% 14.8% 14.8% 5.5% 0.0%
Industry
Manufacturing 45.0% 21.2% 13.2% 21.7% 15.3% 13.2% 24.9% 12.7% 9.0% 0.5%
Wholesale trade
/ Retail trade /
Distribution
43.0% 13.2% 9.7% 22.8% 20.2% 10.5% 19.3% 13.2% 8.8% 0.9%
Services 32.8% 10.6% 10.0% 26.7% 19.4% 16.7% 18.9% 15.6% 10.6% 0.0%
Business size
Micro enterprise 40.5% 4.3% 5.2% 26.7% 12.1% 10.3% 19.8% 11.2% 6.9% 0.0%
SME (Small/
Medium
enterprise)
41.9% 16.2% 11.4% 22.4% 20.1% 11.7% 23.7% 15.9% 9.4% 0.3%
Large enterprise 28.8% 32.2% 22.0% 25.4% 18.6% 32.2% 11.9% 8.5% 15.3% 1.7%
Sample: all interviewed companies (active in domestic markets) Source: Payment Practices Barometer – May 2016
17. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
17
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Average DSO recorded in Eastern Europe
percentage average days
Eastern Europe 51 26 11 12 57
Western Europe 51 29 9 12 48
Slovakia 62 26 8 4 39
Hungary 44 31 16 9
53
Czech Republic 56 23 9 12
55
Turkey 49 24 12 14
63
Poland 46 27 8 19 71
1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
By industry / by business size
Industry Business size
Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
1 to 30 days 50.6% 49.2% 53.4% 55.2% 49.1% 47.8%
31 to 60 days 26.4% 31.8% 22.1% 21.4% 28.4% 32.6%
61 to 90 days 12.1% 11.4% 8.8% 9.0% 12.9% 4.4%
Over 90 days 11.0% 7.6% 15.7% 14.4% 9.6% 15.2%
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
18. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
18
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
Eastern Europe: expected DSO trend over the next 12 months
percentage
Eastern Europe 2.9 18.6 65.9 11.1 1.5
Western Europe 3.9 18.5 63.7 12.4 1.5
Poland 4.3 22.6 58.6 11.8 2.7
Czech Republic 1.0 17.8 66.5 13.2 1.5
Hungary 2.0 12.8 72.8 11.3 1.0
Slovakia 0.5 12.6 82.1 4.2 0.5
Turkey 6.3 26.7 50.5 14.6 1.9
Significant increase Slight increase No change Slight decrease Significant decrease
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
By industry / by business size
Industry Business size
Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
Significant increase 2.37% 2.65% 3.41% 3.67% 2.66% 0.00%
Slight increase 19.58% 19.91% 17.03% 16.14% 19.22% 27.63%
No change 67.36% 63.72% 65.94% 66.26% 67.28% 55.26%
Slight decrease 8.90% 11.50% 12.65% 11.98% 9.41% 17.11%
Significant decrease 1.78% 2.21% 0.97% 1.96% 1.43% 0.00%
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
19. PAYMENT PRACTICES BAROMETER – RESULTS MAY 2016
19
STATISTICALAPPENDIXSURVEYDESIGNSURVEYRESULTS
The greatest challenge to business profitability in 2016
for respondents in Eastern Europe
percentage
Eastern Europe 18 17 16 11 11 8 7 7 6
Western Europe 16 23 18 9 12 5 6 7 5
Turkey 13 12 17 10 9 9 12 11 7
Czech Republic 13 15 29 11 8 6 10 1 8
Hungary 17 15 10 11 15 10 6 9 7
Poland 18 17 13 11 12 9 7 9 5
Slovakia 28 24 11 12 8 7 3 5 3
Maintaining
adequate
cash flow
Cost
containment
Falling demand
for products and
services
Efficiency in
receivables
management
Collection
of
outstanding
invoices
Poor view of
customer’s
portfolio risk
Collection of
outstanding
invoices in
emerging
markets
Bank
lending
restrictions
Increase
in
disputed
invoices
Sample: all interviewed companies (active in domestic and foreign markets) Source: Payment Practices Barometer – May 2016
By industry / by business size
Industry Business size
Manufacturing
Wholesale / Retail /
Distribution
Services Micro-enterprises SMEs Large enterprises
Falling demand for your products and
services
13.2% 19.4% 16.0% 19.4% 13.2% 13.4%
Cost containment 22.0% 12.2% 14.7% 18.8% 15.1% 14.6%
Maintaining adequate cash flow 20.4% 13.4% 18.0% 16.2% 19.0% 18.3%
Efficiency in receivables management 10.5% 9.7% 11.8% 10.7% 10.6% 13.4%
Collection of outstanding invoices 8.5% 12.2% 11.1% 10.5% 10.8% 8.5%
Collection of outstanding invoices in
emerging markets
6.3% 7.7% 8.1% 6.8% 8.0% 7.3%
Bank lending restrictions 6.6% 9.7% 5.8% 6.6% 7.3% 7.3%
Increase in disputed invoices 5.0% 6.1% 6.8% 5.9% 5.6% 9.8%
Poor view of customer's portfolio risk 7.4% 9.7% 7.7% 5.2% 10.6% 7.3%
Sample: all interviewed companies Source: Payment Practices Barometer – May 2016
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