Despite the recession and the resultant decline in business activity in Germany, Creditreform was able to increase its consolidated world wide revenues to Euro 533 million (2008 Euro 520 million).  Group’s major activities break down as follows:

  • Commercial credit reports: EUR 257 million (2008: Euro 248 million)
  • Receivables management (including factoring): Euro 193 million (2008: EUR 184 million)
  • Creditreform AG services are comprised of: CEG Creditreform Consumer GmbH, Creditreform Rating AG, microm and bedirect): Euro 31 million (2008: Euro 40 million). This followed internal regrouping of IT service-provider Ecofis. On a going concern basis, revenues remained virtually unchanged.
  • Creditreform International revenue grew to Euro 52 million (2008 Euro 48 million)

Commercial report volume increased from 15.5 million (2008 14.9 million) which reflects the hightened risk awareness during the 2009 crisis year. 

Creditreform’s debt collection unit was entrusted with 1.5 million new debt collection cases reflecting an increase in the intensity of working capital management by clients. 

Crefo Factoring lifted the volume of purchased receivables to Euro 782 million (2008 Euro 765 million).  This specialized form of service combines debt collection and factoring is gaining significance in view of the lending restrictions practiced by banks.  SMEs in particular are using this service to obtain much needed liquidity.

Creditreform Rating AG has become the first German rating agency to gain BaFin recognition (German Bank Supervisory) for bank supervisory risk weighting in accordance with the Solvency Regulation and Basel II. 

Crefo WKV (trade credit insurance):  In 2009 Creditreform teamed up with Atradius, one of the leading global credit insurance companies) to offer debt loss insurance geared especially to small and medium sized enterprises.

Creditreform is able to provide 23 Million credit reports on companies located within 24 European Countries (incl. 4 Mio. From Germany, Austria, Switzerland and Luxemburg.   Source: Creditreform Annual Report 2009

BIIA Newsletter September I – 2010 Issue