Coface Group

Key figures

H1 2016 Results

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
Net income (group share) down at €26m, of which €3m in Q2
  • Impacted by increased loss ratio, reaching 67% in Q2 in line with July 4th announcement
Turnover at €717m, down 5.7% vs. H1-2015 (-3.4% ex. FX), similar to Q1 trend
  • Price erosion in mature markets combined with the impact of risk measures taken in emerging markets and lower client activity
Net combined ratio at 92.2% (90.8% ex. one-offs[1]) for H1
  • Net loss ratio of 60.8% impacted by higher claims than expected in emerging markets, combined with longer collection times in these regions
  • Net cost ratio is stable at 30.0% excluding one-offs1 (31.4% reported), reflecting continued good cost control
Coface reiterates its expectation of a net loss ratio of 63% to 66% for full-year 2016
Solvency remains strong at 155%[2] allowing to confirm 60% long term pay-out policy; in addition an exceptional dividend of €0.06 per share proposed for 2016
State export guarantees transfer postponed to end-2016 / early-2017, driven by French State legal constraints
  • Exceptional gain of €73.4m before tax to be recorded at effective date of transfer
Fit to Win 2016-2019 strategic plan to position Coface as the most agile global trade credit partner in the industry by continuing to reinforce risk management capabilities in emerging markets, entirely offsetting, through cost savings, the shortfall linked to loss of State guarantees by 2018; driving differentiated profitable growth strategies by market, with the ambition to evolve to a more capital efficient model over the long-term 
Unless otherwise stated, changes are in comparison with results at 30 June 2015
[1]  Restated one-off items at €5.8m: former CEO severance costs (€2.6m) + State guarantees revenues adjustment for 2015 (€2.7m) + others (€0.5m). Others include contingent capital costs, audit and consultant fees. One-off after taxes : €4.9m
[2] Coverage ratio calculated according to Coface’s interpretation of Solvency II standard formula.  See Interim Financial Report (First-Half 2016) for the calculation.
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