News

2009 results were approved at the general FKB meeting

The general meeting of Factoring KB shareholders took place on 20 April, 2010. The shareholders evaluated year 2009, approved of company economic results and the final accounts and determined profit allocation. They appointed Ernst & Young Audit, s.r.o. as external auditor for 2010.

The total annual turnover of Factoring KB amounted to 12.766 mil CZK in 2009. 271 factoring contracts were concluded and the market share 12,8% was maintained year-on-year. The company made a profit of 28,282 thousand CZK. Detailed information is available in Annual Reports section.

On 25 February 2010, Factoring KB became a partner of a nationwide conference called “Effective Claim Management – How to deal with claims at present?” held by Economia.

This topic was elaborated based on various subjects’ point of view. For example, the Czech Republic Ministry of Justice representative presented the changes in distraint management following the legal regulation modifications. A case study of collecting claims in a large strategy company was presented. Lawyers from reputable companies studied in detail outstanding claims, their prevention and management as well as how to deal with them. Tax consultants also participated at the conference. In their presentations, transactions and claim taxation incidence were analyzed. Our partners from Atradius insurance company focused on recession impact and recession reactions on credit insurance companies, changes in risk management and new conditions applying to their services.

Factoring KB contributed by providing up-to-date views on factoring in real market conditions supported by concrete examples from its business practice. Factoring KB also performed a comparison of factoring products versus credit.

Atradius insurance company

Factoring KB prolonged its cooperation with Atradius Credit Insurance N. V., organizační složka Atradius Group in February 2010. Through this business conjunction, Factoring KB is able to provide a wide range of insurance protection for domestic and foreign claims in times when current financial and economic recession results in aggravated buyer payment habits.

Atradius Group is one of the biggest claim insurance companies in the world having over 80 years of experience. It runs 160 offices within 42 global markets. It started its operations in the Czech Republic in 1998.

Cooperation with Coface insurance company

Factoring KB has been cooperating with a business partner for non-regression factoring; Coface Austria Kreditversicherung AG, organizační složka Česko since mid 2009. Coface provides insurance of all non-regression factoring types in EU countries for Factoring KB clients.

Coface rating includes A+ from Fitch agency; A from Standard & Poor’s and A2 from Moody’s. Coface is a subsidiary of Natixis and it has direct representation in 67 countries where 6,500 employees serve 130,000 clients. More than 45% of global corporations use Coface’s high quality services. It has been operating in the Czech Republic since 1991.