After +9.5% in the first trimester, compared to the same period of the previous year, the growth of factoring operations dwindled in the spring, at +6.8%.
Overall, in the first half of the year, the amount of receivables taken into account
from factoring contracts was €91.6 B, +8.1% in comparison to the first six months of 2011.
Annual variation of production*
* Amount of receivables taken into account from factoring contracts
- Excluding "floor plan" operations and forfaiting – biannual data.
Far from being negligible, particularly in the current economic climate, this rate nevertheless reflects a significant slowdown in activity. This includes a progress rate divided by more than half (+16.9% in the first half of 2011) and which falls below the threshold of 10% for the first time since the 2010 economic rebound that followed the 2009 contraction.
Atypically, in comparison to recent developments, the operations carried out at national level are, in the first half of 2012, increasing more sharply (+8.9% compared to the same period of the previous year, with €75.1 B) than those at an international level (only +1.2% for export, representing almost all with €14.4 B).
The factoring operation consists of a transfer of commercial receivables (invoices) from their holder to a factor (the factoring company). The factor takes over the recovery operation and guarantees successful execution, even in the case of the temporary or permanent failure of the debtor. The factor can settle all or part of the amount of the transferred receivables in advance.
Factoring companies (17 exclusively dedicated to factoring plus an additional 7 conducting joint activities, making a total of 24 companies) are all grouped within the ASF, l’Association française des sociétés financières (association of French financial companies). The ASF includes all specialised credit institutions: 322 companies representing €300 B in assets, nearly 20% of all credit in the private sector economy.