- CREDITI FISCALI
Banca IFIS supports the short-term financial and credit management needs of small- and medium-sized enterprises. This activity falls under short-term trade receivable financing, a market which at 30 September 2013 amounted to 284 billion Euro, down 6% from the prior-year period and 21% from 2008, when the crisis broke out.
At 31 December 2013, the turnover of Italy's factoring market amounted overall to 172 billion Euro, down -2% from the prior year, with 55 billion Euro in receivables outstanding (-5%). The reduction in factored receivables caused also cash advances to fall by -7%.
The data available at national level showed that volumes contracted moderately during 2013. Performance across the main market players was mixed: most of them registered decreasing volumes (Mediofactoring, Unicredit Factoring, Ifitalia, UBI Factor, MPS L&F, Factorict), whereas others, such as GE Capital Finance, Fidis and Emil-Ro Factor, posted sustained growth. Banca IFIS has been ranked seventh in terms of turnover for the last few years, and in 2013 it ranked fourth in terms of outstanding.
In this market, Banca IFIS faces essentially just one competitor, Banca Farmafactoring, except for occasional interventions by other players.
DSOs still greatly vary across regions, but the average payment time for the industry is approximately 230-250 days.
In light of the limited progress on the Italian government's programme to speed up payments from the National Health Service, which was launched in 2013, this market continues to represent an outstanding opportunity for Banca IFIS.