The years 2008 and 2009 will remain those of the fifth global credit crisis, the most serious since the Second World War. World growth went from 4.2% in 2007 to 2.1% in 2008 and then to -1.9% in 2009, for an unprecedented growth drop of 6 points.
In this context, Coface’s business in 2009 was marked by:
• An increase in turnover of 3.8%.
• Profits that followed the three phases of the crisis: positive in the first three quarters of 2008, then posting losses in the next three quarters, finally showing solid improvement in the second half of 2009 with a positive profit in the fourth quarter of 2009.
• Strong support from its shareholder: two capital increases that strengthened Coface’s financial solidity far beyond what it was before the crisis.
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