New customers offset drop of business
The global economic downturn in 2009 resulted not only in our existing clients experiencing a significant decline in turnover, but also sharp drops in the import business. However, these drops, as well as business lost through the termination of agreements, could almost be offset in the fourth quarter of 2009 due to a combination of a very strong new business and revenues generated from clients acquired in 2008. The growth in turnover resulting from new customers acquired in 2008 and 2009 amounted to EUR 1,059 m. The loss of business as a result of existing clients either cancelling their agreements or filing for insolvency, as well as the lower volume of import turnover, amounted to EUR 1,136 m.
Overall, the turnover of the Deutsche Factoring Bank declined by 1.4 % in 2009, or EUR 77 m, to EUR 5,339 m.
The turnover of the 25 institutes belonging to the Deutsche Factoring Verband (German Factoring Association) that cover some 90 % of the German market posted a decline of some 7.3 % to EUR 96.2 bn in 2009. This figure also included special forms of factoring very similar to insurance, but a service not provided by the Deutsche Factoring Bank.
