-
1-3, rue du Passeur de Boulogne - CS 91000 92861
Issy-les-Moulineaux Cedex 9Tel. : +33 (0)1 57 72 01 50 • Fax : +33
(0)1 57 72 26 41
www.eurofactor.com
The european barometer of SME-SMI
sixth edition / european barometer
BAROMETER2008
concerns and growth trend
-
content
01 Context of the study 03 Structure of the sample
04 1/THE FINANCIAL HEALTH AND ECONOMIC ENVIRONMENT OF SME-SMI
> Outlook for companies in the year ahead in terms of
revenues
and workforce >Outlook for companies in the year ahead in
terms of financial situation and profitability
>Outlook for investment expenditure >The Eurofactor growth
indicator
08 2/THE CONCERNS OF EuROpEAN COMpANIES >Level of confidence
>Main concerns
10 3/RECEIVAbLES MANAgEMENT >payment periods >bad debts
>Collection methods used >Companies charging interest on late
payment >Companies receiving interest on late payment
>Short-term financing requirements >External services used
>Factoring
16 Eurofactor’s locations
-
5barometer2008 11
Context of the study In 1998, Eurofactor introduced a customer
accounts
management barometer, originally just for France but
since 2001 extended to Europe as well. The Eurofactor
barometer is realised by CSA and analysed by the
Economic Studies department of Crédit Agricole SA.
This survey was conducted in October 2007 among
3,000 managers of companies with 5 to 600 employees
in seven European countries (Belgium, France, Germany,
Great Britain, Italy, Portugal and Spain).
BAROMETER2008
-
4 barometer200822
Eurofactor, a subsidiary of Crédit Agricole SA, is France’s
leading factoring company, with 22.1% of market share in 2007; it
forms the first integrated factoring network in Europe.
The Eurofactor Group is thus present in Belgium, France,
Germany, Italy*, Portugal, Spain and the United Kingdom.
Eurofactor is a founder member of the International Factors
Group that has 78 Partners in 49 countries and is a member of
Factor Chain International, an association with 200 specialists
spread throughout 59 countries on all continents.Moreover,
Eurofactor holds a majority share in the French company Clientys,
specialised in outsourced customer account management.
* From 1 April 2008
is a benchmark institution in the field of published
research. Due to the work of its “Opinion” department, it is one
of the
polling institutions, which publishes most extensively in the
consumer
and specialist press. CSA has a dedicated team of consultants in
the
finance area, which has worked for clients in the banking,
insurance and
finance sectors for over 20 years.
The Economic Research Department of Crédit Agricole carries
out
analyses of economics, financial markets, sector trends and the
banking
landscape, by conducting research into relevant data, trend
analysis,
economic monitoring and risk surveillance.
-
5barometer2008 3
* The sample was compiled on the basis of the distribution of
SME-SMI by business sector and payroll size category observed in
each country. In order to ensure that the sample is entirely
representative, a statical adjustment was made to the business
sector and company size criteria. The persons surveyed were,
depending on the company, the Chief Executive Officer, the deputy
Chief Executive Officer or the Financial Director.
3
Structure of the sample> Structure of the corrected* samples
in EuropeIn % France Germany Belgium Spain Italy Portugal Great
Britain
BuSInESS SECToRConstruction and public works 12% 22% 16% 10% 7%
8% 11%Commerce 18% 20% 27% 28% 14% 28% 21%Industry 38% 39% 33% 49%
67% 56% 37%Transport/Services 32% 19% 24% 13% 12% 8% 31%
PAyRoll SIzE 6 to 19 employees 69% 61% 64% 68% 71% 68% 63%20 to
49 employees 20% 24% 24% 23% 20% 21% 22%50 to 500 employees 11% 15%
12% 9% 9% 11% 15%
yEARly TuRnovER Less than 500.000 € 18% 1% 10% 15% 5% 3% 3%500
000 to 1 million € 19% 10% 12% 32% 18% 19% 11%1 to 2 millions € 24%
16% 20% 17% 21% 22% 22%2 to 5 millions € 17% 31% 21% 12% 32% 27%
26%More than 5 millions € 22% 42% 37% 24% 24% 29% 39%GRoSS numBER
807 373 308 300 337 300 502
ToTAl 100 % 100% 100% 100% 100% 100% 100%
> Description of companies’ customer portfolio
The geographic breakdown of the revenues of European SME-SMI
generated from domestic and international customers indicates a low
level of internationalisation. Nevertheless, compared to the other
European countries and because of its small size and its position
at the heart of Europe, Belgium has the highest proportion of
SME-SMI engaging in export activity (22%), particularly towards the
eurozone. The customer base of European SME-SMI mainly comprises
private businesses. The public sector represents on average 15% of
revenues of SME-SMI. The proportion is lower in Portugal, Italy and
Spain (9%, 11% and 12% respectively) and much higher in Great
Britain (22%) and France (20%).
91%
6% 3%
93%
5% 2%
81%
13%
6%
78%
18%
4%
84%
9%
7%
83%
12%
5%
82%
12%
6%
Domestic customers
Eurozone customers
Non-eurozone customers
France BelgiumGermany Spain
Italy Portugal Great Britain
Breakdown into national and international customers by
percentage of revenues.
-
4 barometer2008
France Belgium
2006
2007
5 4
73 73
22 23
2006
2007
5 4
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
9 11
Germany Spain Italy Portugal Great Britain
77 70
13 20
59 62
36 34
7 12
66 61
27 27
7 5
79 80
13 14
6 2
80 82
14 16
5 8
67 65
28 27
Decreased
Unchange
Increase
STARTING FROM THE TOP TO THE BOTTOM
4
France Belgium
2006
2007
4 4
5249
44 47
2006
2007
2 4
2006
2007
10 13
2006
2007
5 6
2006
2007
8 3
2006
2007
4 8
Decreased
Unchange
Increase2006
2007
7 8
56
48
3744
Germany Spain
Italy Portugal Great Britain
61 53
3843
4052
50
34
51 51
44 44
5350
3947
3842
5850
STARTING FROM THE TOP TO THE BOTTOM
1/The financial health and economic environment of SME-SMI
> outlook for companies in the year ahead in terms of
revenues and workforce
Most European SME-SMI expect their revenues to stabi-lise, but
the proportion expecting an increase in revenues has risen. The
disparities evident in previous years have decreased, with most
companies having benefited from the marked improvement in the
European economy in the last two years. • French SME-SMI are
markedly more optimistic than in the previous year, despite the
relatively mediocre perfor-mance of the French economy.
• The number of German and Portuguese business ma-nagers
expecting a rise in their revenues in 2008 has increased sharply. •
Belgian and British SME-SMI are the most optimistic about the trend
in the economic environment in the next 12 months.• By contrast,
Spanish companies are the least optimis-tic, probably due to the
economic slowdown expected starting from 2008. Their 12-month
forecasts have de-teriorated sharply.
Trends in salaried workforce.
Trends in revenues. The years indicated in the graphs refer to
the year of the investigation, e.g. 47% of French companies
surveyed in 2007 expect an improvement in their turnover for
2008.
>
European business managers remain optimistic about the outlook
for their business
-
5barometer2008 5
France Belgium
2006
2007
6 6
58 57
36 37
2006
2007
6 7
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
9 8
Germany Spain Italy Portugal
51 44
40 48
45 40
48 54
2 13
36 48
68
39
14 13
52 49
34 39
6 5
56 45
3850
7 4
35 39
58 56
Great Britain
Decreased
Unchange
Increase
STARTING FROM THE TOP TO THE BOTTOM
1/The financial health and economic environment of SME-SMI
> outlook for companies in the year ahead in terms of
financial situation and profitability
Overall, the optimism reflected in the expectations of growth in
turnover should be weighed against the caution of companies in
hiring new staff.In France, the proportion of companies planning to
increase their workforce remains the same as last year (23%). That
can be explained in particular by the rigidity of the labour market
in France, which leads companies to exercise greater caution in
recruitment. In their quest for productivity gains, they are
leaving employee levels un-changed in order to offset the rapid
rise in wage costs.In Germany, employment is expected to continue
to rise, albeit at a slower rate than in the past. More companies
say they are ready to recruit. Nevertheless, over 70% of companies
now expect no change in employee levels.
In Italy and Portugal, employment is expected to remain stable,
with more than 80% of companies stating they intend to leave
employee levels unchanged.The workforces of Belgian and British
companies are expected to continue to grow at a sustained pace.
>
European companies are optimistic about the trend in their
profitability. Overall, the proportion of companies counting on an
improvement in their profitability in 2008 has increased sharply
compared to last year. The impro-vement in the economy in 2007
enabled them to find new openings. In addition, the new efforts
made since the beginning of 2006 (debt reduction, restructuring)
will enable them to improve their financial health, and that is
reflected in the results of the survey. Finally, although interest
rates rose in 2007, they remained low overall, enabling companies
to continue to benefit from favourable financing conditions.
Although companies in most of the countries concerned report an
improved outlook in terms of profitability, some are more cautious,
even slightly pessimistic.• French companies do not expect any
significant impro-vement in their profitability.• Positive opinions
have also fallen suddenly and sharply in Spain.
Trends in profitability.
>
The proportion of companies expecting an improvement in their
profitability in 2008 has increased sharply
Companies are doubtful that they will be able to increase their
workforce, reflecting a certain degree of caution
-
4 barometer2008
France Belgium
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
Germany Spain Italy Portugal
Decreased
None
Unchange
Increase
65
29 26
33 34
32 35
16 11 11 16
40 3930 31
4 5
25 23
41 41
41 3230
41
47 39
79 11
39 403
16
3739
2
27
7 4227
18 19
6 6
39 40
37 35
25
33
2228
11
12
Great Britain
STARTING FROM THE TOP TO THE BOTTOM
6
> outlook for investment expenditure
The pick-up in the investment cycle has been the main driver of
the recovery under way in the eurozone since the end of 2005. The
Eurofactor Barometer shows that this trend has every chance of
continuing in 2008, albeit at a slower rate. Most companies are
expecting their invest-ment expenditure to remain unchanged in
2008.However, it is expected to remain unchanged at a high level,
since productive investment was particularly strong in 2007 (+4.8%
on average).Furthermore, despite some pressures on production
re-sources in most countries, an increase in the production
capacity for existing goods will not be a reason to in-crease
investment expenditure.On the other hand, companies are expected to
devote the bulk of their expenditure to the modernisation of
existing equipment.
Certain disparities exist between the various European SME-SMI:•
The proportion of German companies planning invest-ments has risen
(41%, +11 points), which is rather pro-mising for growth in the
rest of the eurozone. • In France, the proportion of companies
planning to increase their investments has fallen slightly compared
to the previous year (26% vs 29%). • In the other countries, only
Spanish companies are expecting a slight increase in their
investment expendi-ture (32% vs 41%).• Finally, around one-third of
French, Italian, Spanish and Portuguese companies are planning no
investment in 2008.
>
Most companies expect to increase their investment expenditure
in 2008
-
5barometer2008
France Belgium
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
Germany Spain Italy Portugal
7%
9%
11%
14%
18%17%
18%
25%
24%
13%12%
13%14%
9%
15%
10%
17%
22%
20%
10%
19%
Great Britain
> The Eurofactor growth indicator
The Eurofactor growth indicator has risen in five out of the
seven countries surveyed. Disparities can be seen among the various
countries, however, with the biggest fall being seen in Spain,
whose companies are the only ones that expect their economic and
financial situation to deteriorate in 2008.
The Eurofactor growth indicator reflects the proportion of
companies simultaneously expecting growth in their revenues, an
improvement in their profitability and a rise in their investment
expenditure.
>
The indicator has remained stable since 2005, at an average of
15%
7
1/The financial health and economic environment of SME-SMI
-
4 barometer2008
France BelgiumGermany Spain Italy Portugal
Not very confident
Not at all confident
Fairly confident
Very confident
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
14 15
69 76
14 7 14 16 7 7 116
21 26 26 39 27
5
4 2 1 3 1 1 5 5 9 6 3 1 3 2
62 6365 60 44 50 58 59 43 63 67 48
23 1827 34 45 24
7 8 15 9
24 39
Great Britain
STARTING FROM THE TOP TO THE BOTTOM
8
> level of confidence
Managers of European SME-SMI are on the whole confi-dent with
regard to the economic environment in the short term. However,
major differences exist between Belgium, France and Great Britain,
which are the most confident, and Portugal and Italy (28% and 33%
“not confident” respectively). This should be seen in the context
of the relative caution of business managers referred in the first
part of the survey, which is explained by the increase in the risks
weighing on the global environment since the second half of 2007:
the financial crisis and its consequences for credit conditions,
the surge in oil and agricultural commodity prices, the strength of
the euro etc.
2/The concerns of European companies
>
Companies confident about their economic environment.
Managers of European SME-SMI are confident on the whole
-
5barometer2008 9
The evolution in raw material prices
The evolution in energy prices
The competition from emerging countries
The evolution of labour laws
The evolution of the tax system
The evolution of interest rates in the short term
The evolution of the exchange rate
Others
None
1518
11
11
54 29
4 5
12
4
294
34
4
22
1
6
1310
10
8
7
24
1
5
10
718
14
928
31
11
4
22
1
10
6 3
8 34
22
3
10
326
4
11
2
1010
10
28
7
12
10
2 5
Great Britain
France Germany Belgium
Spain Italy Portugal
> main concerns
The trend in raw material prices is the main concern of Italian,
Portuguese, French and Spanish business managers. The trend in
energy prices, meanwhile, constit-utes a major concern for around
one manager in three in Germany, and one manager in four in Great
Britain and Belgium.On the other hand, exchange rate trends do not
consti-tute a major risk for the competitiveness of exports by
SME-SMI. In the case of companies in the eurozone, this is
explained by the fact that the bulk of their trade is conducted
within the Economic and Monetary Union area or with other European
countries whose currencies are more or less tied to the
euro.Furthermore, European companies remain highly sen- sitive to
competition from emerging countries, princi-pally China and the
Eastern European countries. It is inte-resting to note in certain
cases that these same countries also represent an
opportunity.Finally, as in 2007, European companies plan to
increase their productivity to cope with the competition from
emerging countries.
>
Trends in raw material and energy prices have become the main
concerns of business managers
2/The concerns of european companies
-
4 barometer200810
> Payment periods
> Germany and Great Britain remain the countries with the
shortest payment periods (one and a half months, a slight
improvement compared to the pre-vious year).> In France and
Belgium, companies are paid on ave-rage at 66 and 60 days
respectively. These periods are unchanged compared to the previous
year.> In Spain, average payment periods have been redu-ced from
81 to 73 days.> In Portugal and Italy, payment periods have
remai-ned almost unchanged at 99 and 94 days.Germany therefore
remains the European country with the shortest payment periods,
despite its high level of exports to high-risk countries.
3/Receivables management
>
Payment periods are calculated on the basis of the following
assumptions: theoretical due date + payment delays for the customer
categories in proportion to their breakdown in terms of revenue
percentage.
66 66
45 42
62 60
81
73
93 94 9499
4943
France
2006
tota
l
2007
52 52
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
Germany
Payment delay
Theoretical due date
32 27 43 43 63 61 72 73 56 61 34 30
14 14
1315
19 17
1812
21 21 38 38
1513
Belgium Spain Italy Portugal Great Britain
STARTING FROM THE TOP TO THE BOTTOM
Finally, it should be noted that the payment periods in the
public sector are close to those in the private sector in Great
Britain, Germany, Belgium and France, where major efforts have been
made in this regard. By contrast, they remain 20 days longer in
Spain, Italy and Portugal.
Overall, a European SME-SMI receives payment on average after
two months and one week
-
5barometer2008 11
> Bad debts
Percentage of companies having bad debts(unpaid debts: these are
real debts, i.e. amounts that are definitely not going to be
paid.)
While payment delays have a negative effect on com-panies in
terms of their available cash, the rate of bad debts has a direct
impact on their competitiveness.Three-quarters of European
companies are directly ex-posed, particularly in Italy (81% of
SME-SMI suffered at least one bad debt in 2007), Portugal and
Germany.On average, bad debts represent almost 1% of revenues of
European companies.
It is in France, where the percentage of companies with bad
debts is the lowest (62%),that the average rate of bad debts as a
proportion of revenues is the lowest of all European countries, at
0.7%.
>
Bad debt risks mainly concern European countries
France
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
62%
67%62%
96%
75%72% 70% 68% 70%
75%72%
68%
81% 81% 81%84%
69% 68%
75%
85%
79%
BelgiumGermany Spain Italy Portugal Great Britain
3/Receivables management
-
4 barometer200812
> Collection methods usedWhile close to nine SME-SMI out of
ten in Germany, Belgium and the U.K. begin a debt collection
procedure after expiry of the due payment date, only seven out of
ten SME-SMI in Spain do so.
>
The debt collection process is launched long after the
theoretical due date
In general terms, the debt collection process is usually
launched well beyond the theoretical due date for pay-ment. This is
explained by the desire to maintain inter-company commercial
relations, by the production cycle within the sector concerned and
by the relationship between buyer and seller. This is nevertheless
an in-creased risk factor for non-payment.
Although Spanish companies are slower to initiate the debt
collection process, they are faster in doing so with an average of
28 days of non-payment whereas France takes action after 32 days of
non-payment.
Moreover, over half of Portuguese companies launch queries after
an average of over two months of non-payment. They are followed by
a third of Italian and Belgian SME-SMI. The other countries are
within the European average, around 38 days.
France Portugal
day
s
% day
s
% day
s
% day
s
% day
s
% day
s
% day
s
%
75%
88% 89%
70%
28
4041
32
77%41 83%
50
87%40
BelgiumGermany Spain Italy Great Britain
% of SmE-SmI engaged in a debt collection process.
Average number of days after which a debt collection process is
begun.
Percentage of companies involved in collection methods and
average number of days after which a debt collection process is
begun.
-
5barometer2008
France
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
Portugal
85%
76% 79%
91%
69%
83%90% 87%
80%
100%98%
93% 92%96%
90%
78%
84%90%87%
90%85%
BelgiumGermany Spain Italy Great Britain
13
The charging of interest on late payment varies from country to
country:> In Germany and Belgium, 52% and 34% of compan-ies
respectively charge interest on payment after the due date. > It
is charged far less in Portugal, Great Britain and Italy (26%, 22%
and 21% of companies respectively).> France and Spain have the
lowest proportion of companies charging interest on late payment
(12% and 14% respectively).
> Companies charging interest on late payment
>
The practice of invoicing interest for late payments varies from
1 to 4 according to the country
France
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
Portugal
11%15%
12%
54%
47%
52%
39%36%
34%
25%22% 22%
20%
26%
14%11%
13%
22%25%
21% 21%
BelgiumGermany Spain Italy Great Britain
Charging.
When it is charged, late payment interest is actually received
in the great majority of cases.
> Companies receiving interest on late payment
3/Receivables management
-
4 barometer2008
France Portugal
Remain stable
Increase slightly
Increase greatly
Decrease slightly
Decrease greatly
7%
23% 22% 24% 27% 18% 16%17%
16%
67%
6%4%
4%
19%
59%
15%3%
5%
19%
64%
7%5%
1%
26%
65%
6%3%
4%
15%
75%
5%1%
2%
15%
69%
12%
2%
1%
15%
74%
9%1%
BelgiumGermany Spain Italy Great Britain
STARTING FROM THE TOP TO THE BOTTOM
> Short-term financing requirementsPercentage of companies
expecting their financing requirements to increase.
For 2008 the financing requirements of European SME-SMI are
tending to rise, even though most managers surveyed are opting for
no change. Each country has its own preferred method of financing.
The discount is widely used in Italy (56%) while debt fi-nancing is
preferred in Spain (38%), unlike in Great Britain (8%) where
overdrafts are more commonly used (54%). Germany, Portugal, Belgium
and France lean heavily on the lever of supplier leadtimes.
France
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
2006
2005
2007
Portugal
59%
65% 64%
79%
84% 84%79% 78%
74%
65%
55%
80%74%
86%
52%
81%
69% 69%71%67%
75%
BelgiumGermany Spain Italy Great Britain
14
Percentage of companies using external services.
• Accountant• Law firm• Credit insurance• Subscription to credit
reference agency• Collection company• Bailiffs• Factoring company•
Credit management consultant
> External services used
Two-thirds of companies in the surveyed countries use external
service providers to manage their receivables. A fairly wide range
of services are used, depending on the customary practices in each
country.The situations vary: France and Spain have the lowest level
of outsourcing of receivables management.A decrease is seen in most
countries, except in Germany and Great Britain, where a significant
decrease occurred in 2006 (-12%).
-
5barometer2008
Financing of trade receivables
Cover of bad debt risk
Information on solvency of customers
Collection
Receivables management
37%
27%22% 24%
18%
51%46%
27%
35%
11%
49%
31%
17%
26%
17%
63%57% 55%
60%54%
14%18%17%
35%
45%
38%
51%
45%
57%59%
20%
31%29%31%
45%
France
Portugal
BelgiumGermany Spain
Italy Great Britain
STARTING FROM THE LEFT TO THE RIGHT
15
By contrast, the use of external management services in Portugal
has risen sharply in the last three years, parti-cularly recourse
to law firms (60% of companies).Overall, the main services used are
law firms, followed by accountants and approved management centres
and finally credit insurance companies.
Collection companies are used by one-third of compa-nies in
Germany (31%). In Spain, almost one-quarter of SME-SMI use
bailiffs.Credit insurance is used by one in five European
com-panies, except in Italy, where it is used by only 15% of
SME-SMI.
> Factoring
Factoring arouses clear interest, although the degree of
interest varies depending on the country. Interest is most widely
expressed in Portugal and Spain.
% of companies very or fairly interested in factoring
services.
>
SME-SMI are mainly interested in factoring for its preventive
dimension, i.e. information on customers’ solvency and cover for
bad debts
Average interest scores in Europe:
> Information on solvency: 50%> Cover of bad debts:
41%> Financing of trade receivables: 30%> Collection: 35%>
Receivables management: 25%
3/Receivables management
-
4 barometer200816
Eurofactor’s locations
Belgium> EUROFACTOR SA/NV • Avenue du commerce, 451 000
Brussels - BelgiumTel. : +32 - 2 643 6363Fax : +32 - 2 643
6364www.eurofactor.be
France> EUROFACTOR• 1-3, rue du Passeur de Boulogne - CS
9100092861 Issy-les-Moulineaux Cedex 9 FranceTel. : +33 - (0)1 57
72 01 50Fax : +33 - (0)1 57 72 26 41www.eurofactor.com
> LOCATIONS IN FRANCE :Paris/Issy-les-Moulineaux, Bordeaux,
Clermont-Ferrand, Lille, Lyon, Marseille, Metz, Montpellier, Nancy,
Nantes, Orléans, Rennes, Rouen, Saint-Etienne, Strasbourg,
Toulouse
> CLIENTyS• 9 rue Pagès - 92150 Suresnes+33 - (0)1 42 04 62
99www.clientys.com
Germany> EUROFACTOR AG• Bajuwarenring, 382041 Oberhaching b.
Munich - GermanyTel. : +49 - 89 959095-0Fax : +49 - 89
959095-909www.eurofactor.de
• Regional offices: Bremen, Düsseldorf, Francfort
Italy* > EUROFACTOR ITALIA SpA • Viale Stelvio 70 - 20159
Milano - ItalyTel.: +39 - 02 890 400 00 Fax: +39 - 02 890 400 50
www.eurofactor.it
* From 1 April 2008
Portugal> EUROFACTOR PORTUGAL, Sociedade de factoring SA•
Edificio Omni Avenida Duque d’Avila, 141, 3 DTO1050 - 081 Lisboa -
PortugalTel. : +351 - 21 319 0010Fax : +351 - 21 319
0029www.eurofactor.pt
• Regional office:Porto
Spain> EUROFACTOR HISPANIA SA• Calle Goya, 8 - 3a Planta28001
Madrid - SpainTel. : +34 - 91 781 90 80Fax : +34 - 91 577 55
37www.eurofactor-es.com
• Regional office: Barcelone
united Kingdom> EUROFACTOR (UK) LTD• Bellerive House3,
Muirfield CrescentDocklands, London E14 9SZ United KingdomTel. :
+44 - 20 7517 3000Fax : +44 - 20 7517 3100www.eurofactor.co.uk
• Regional office:Reading
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content
01 Context of the study 03 Structure of the sample
04 1/THE FINANCIAL HEALTH AND ECONOMIC ENVIRONMENT OF SME-SMI
> Outlook for companies in the year ahead in terms of
revenues
and workforce >Outlook for companies in the year ahead in
terms of financial situation and profitability
>Outlook for investment expenditure >The Eurofactor growth
indicator
08 2/THE CONCERNS OF EuROpEAN COMpANIES >Level of confidence
>Main concerns
10 3/RECEIVAbLES MANAgEMENT >payment periods >bad debts
>Collection methods used >Companies charging interest on late
payment >Companies receiving interest on late payment
>Short-term financing requirements >External services used
>Factoring
16 Eurofactor’s locations
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1-3, rue du Passeur de Boulogne - CS 91000 92861
Issy-les-Moulineaux Cedex 9Tel. : +33 (0)1 57 72 01 50 • Fax : +33
(0)1 57 72 26 41
www.eurofactor.com
The european barometer of SME-SMI
sixth edition / european barometer
BAROMETER2008
concerns and growth trend
