Creditreform Germany reported 2011 revenues of Euro 488 million slightly below the 2010 results of Euro 489 million.
Revenue distribution by services sectors were as follows: Business information Euro 263 million versus 2010 revenues of Euro 260 million, up 1%. Receivables management services were Euro 199 million versus Euro 197 million in the prior year, up 1%. Revenues for other services units such as: Creditreform Boniversum GmbH, CPM Creditreform Portfolio Management GmbH, Creditreform Rating AG, IMMO-Check GmbH und microm Micromarketing-Systems und Consult GmbH were Euro 26 million versus Euro 32 million in 2010.
Creditreform worldwide revenues from 22 country operations were Euro 543 million flat from prior year. The Creditreform 2011 consolidated results reflect the current uncertain economic climate in European markets and an increasingly competitive environment.
In conjunction with the announcement of its 2011 results Creditreform gave further insights concerning current volumes of business transactions:
- Business information: 16 million credit reports (flat)
- Consumer credit reports: 22.5 million up from 20.9 million. The current database consists of 79 million German consumers
- Receivables management services handled more than 1,3 million collection cases
- Crefo factoring services: The accounts volume grew by 20% from Euro 955 million to Euro 1.148 billion
The growth in its factoring services can be contributed to the move of small and medium size enterprises to alternative financing, because of the reluctance of the banking system to provide adequate financing for these sectors. The combination of Creditreform business information and receivables management services provide a significant safety net to shelter it from receivables losses and to grow this segment profitably.
Source: Creditreform Press Release
