《科法斯:2023法国企业付款调查报告(英文版)(13页).pdf》由会员分享,可在线阅读,更多相关《科法斯:2023法国企业付款调查报告(英文版)(13页).pdf(13页珍藏版)》请在三个皮匠报告上搜索。
1、NOVEMBER 20232023 France Payment Survey:Longer and more frequent payment delays,with small companies in the firing lineExecutive summaryThe Coface Corporate Payment Survey which was conducted among 630 businesses last July has demonstrated that offering payment terms to clients is a well-established
2、 practice among businesses:97%of them stated that they do so,irrespective of the sector and the size of the company.However,very small enterprises(VSEs)grant considerably shorter delays,probably owing to a generally tighter cash flow position that does not allow them as much flexibility.The average
3、payment term in France(48 days)is longer than in other European countries where we carried out similar studies,notably Germany;however,it is shorter than time frames granted in Asia.Consequently,despite the relatively long payment terms,at least 82%of companies have recorded late payments by their c
4、lients over the past 12 months.Furthermore,the majority stated that late payments were occurring more frequently,and for longer periods,than last year.An important factor affecting payment delays is the size of the company:70%of Small and Medium and Very Small Enterprises(SMEs and VSEs)reported long
5、er payment delays when they already generally have to deal with longer-than-average payment times.The results are all the more worrying as half of VSEs stated that late payments have a“very important”or“critical”impact on their cash flow.The deterioration in corporate payment habits is echoed in ins
6、olvency numbers,with an undisputed increase observed since the start of the year that has even overshot pre-Covid levels.While 50 percent of companies anticipate that the number of late payments will be stable over the next 12 months,a third of them expect them to occur even more frequently.Irrespec
7、tive of the size of the company,very few respondents expect the number of late payments to decrease.As far as the current risks are concerned,the responses differ markedly depending on whether the company is an exporter or if it operates exclusively on the French market.Survey answers regarding the
8、French market referred more to hiring problems and financing conditions(cost and access).By contrast,exporters are particularly sensitive to risks impinging on global demand,supply chains and commodity prices.Sector-wise,companies in the services industry mostly cited hiring difficulties,whereas the
9、ir peers in the industrial sector more frequently reported problems of commodity costs and supply chain risks.The main risks identified by companies in the construction sector were commodity prices(excluding energy),hiring problems and,naturally enough,the cost of and access to financing.Amid an unc
10、ertain global geopolitical backdrop conducive to nearshoring and friendshoring,12%of companies surveyed reported having already relocated at least some of their activity.The phenomenon is by no means insignificant as the percentage exceeds 20%if one includes companies that are considering making the
11、 move.ALL OTHER COFACE ECONOMIC PUBLICATIONS ARE AVAILABLE ON:https:/ PUBLICATIONSPAYMENT SURVEYBruno De Moura FernandesHead of Macroeconomic Research,based in Paris,France1 PAYMENT TERMS1:A WELL-ENTRENCHED PRACTICE1 Payment terms-period of time between the moment a client purchases a product or a s
12、ervice and the time payment becomes due.2 For the purposes of this survey,VSEs are companies that generate revenue of less than 2 million,while SMEs generate revenue of between 2 million and 50 million.3 Germany Payment Survey 2023:On the way back to the bad old times.12 September 20234 Poland Payme
13、nt Survey 2023:Stock building makes payment delays shorter but only temporarily.22 December 2022 https:/ 5 China Payment Survey 2023:Shorter payment delays but worsening credit conditions in chemicals and wood.23 May 2023 https:/ 6 Asia Payment Survey 2023.3 July 2023 https:/ Company Payment Survey
14、The vast majority of companies we surveyed offer payment terms to their clients irrespective of the sector and the size of the company.While 97%of the respondents surveyed confirmed that they offer payment terms,the percentage exceeds 90%across all sectors.The credit period offered by most responden
15、ts falls between 31 and 60 days(59%),while only 6%of our sample allowed over 3 months.The average timeframe consequently works out to 48 days,which is significantly higher than terms offered in Germany3(32 days)or even in Poland4(46 days),but still much lower than those offered in China5 (81 days)an
16、d the rest of Asia6(66 days).Proof of the widespread nature of this practice in France is that although very small businesses are relatively less inclined to grant payment terms,95%of them in fact do so.However,the payment terms are shorter.For example,35%of them offer payment terms of less than one
17、 month,compared with around 10%for other company sizes(Chart 1).The average payment period offered by VSEs is also significantly shorter:44 days compared with 50 days for SMEs and 51 days for intermediate and large companies.This difference can be attributed to the generally trickier cash position o
18、f VSEs,which does not allow them as much flexibility with regard to payment terms.1-30 days31-60 days61-90 days91-120 days121-150 days151-180 daysmore than 180 days0%10%20%30%40%50%60%70%80%90%100%TotalMid-sized/large companiesSMEVery small companiesChart 1:Payment terms by size of company2Out of th
19、e companies we surveyed,97%offered payment terms to their customers in 2023.VSEs offered shorter payment terms:35%of them requested payment in less than 30 days,versus around 10%for larger companies.BRUNO DE MOURA FERNANDESHead of macroeconomic research based in Paris,FranceNOVEMBER 20232FRANCE PAYM
20、ENT SURVEY 2023PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONS While the majority of companies grant payment terms of between 31 and 60 days in all sectors except tourism and leisure(Chart 2),half of which request to be paid within 30 days,payment terms tend to be shorter in the services sector.The four
21、 sectors offering payment terms of less than 30 days on the most regular basis all belong to the services category.Conversely,the construction sector and the various branches of industry grant significantly longer payment terms.Almost 20%of companies in the automotive sector offer payment terms of m
22、ore than three months.Hence,while average payment terms are relatively balanced across the sectors,they are significantly longer in the construction sector,the textile/clothing and the automotive sector(Chart 3).These practices appear to be specific to the latter two sectors,which are also those wit
23、h the longest average payment periods in Germany.In all sectors,with the exception of financial services,the primary reason proffered for granting payment periods is that is a“customary practice in the sector”.Some 37%of companies granting payment terms put forward this explanation,well ahead of enh
24、ancing the commercial relationship with the customer(19%)and supporting clients in a tight cash situation(16%).A significant share of respondents(11%)also said that the payment period is imposed on them by the client.This situation is relatively more common for very small businesses(15%)and the auto
25、motive sector(18%).Source:Coface Company Payment Survey424343434346464748505Publishing,communication,mediaAgriculture,agri-foodConsulting,business servicesCommerce,trade,distributionEnergyTourism,leisureTransport,logisticsBanking,finance,insuranceTlcoms,ITPaper,woodChemicals,minerals,plas
26、ticsPharmaceuticals,healthcare,biotechMetalsConstruction,real estateTextiles,leather,clothingAutomotiveChart 3:Average payment terms by sector(days)Source:Coface Company Payment Survey1-30 days31-60 days61-90 days91-120 days121-150 days151-180 daysmore than 180 days0%10%20%30%40%50%60%70%80%90%100%P
27、aper,woodMetalsChemicals,minerals,plasticsAutomotiveConstruction,real estateTextiles,leather,clothingTelecoms,ITTransport,logisticsAgriculture,agrifoodEnergyPharmaceuticals,healthcare,biotechCommerce,trade,distributionBanking,finance,insurancePublishing,communications,mediaConsulting,business servic
28、esTourism,leisureChart 2:Payment terms by sectorNOVEMBER 2023FRANCE PAYMENT SURVEY 20233PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONS50%27%5%0%10%20%30%40%50%60%70%80%90%100%Very small companiesSMEMid-sized/large companiesTotalYes,and more often than beforeYes,as often as beforeYes,but less often than
29、 before At least 82%of companies recorded payment delays by their clients over the past 12 months.By way of comparison,late payments are more frequent than in Poland(61%of companies),Germany(76%)and Asia(57%),where payment terms are longer,but delays are less frequent.Some 88%of SMEs experienced pay
30、ment delays,but almost 80%of other companies were also exposed to the trend.Furthermore,the vast majority of VSEs and SMEs reported more frequent payment delays than in 2022(Chart 4).An important factor affecting payment delays is the size of the company:70%of VSEs and SMEs declared that payment del
31、ays had increased,versus“only”53%of intermediate-sized companies and large companies(Chart 5).Proof of a weaker business climate,only a tiny minority among companies surveyed stated that payment delays had shortened or were fewer in number.The deterioration in corporate payment habits is mirrored in
32、 insolvency numbers,with an undisputed increase observed since the start of the year(see Box).Source:Coface Company Payment SurveyChart 4:Percentage of companies reporting payment delays in 2023 and trends in frequency relative to 2022Source:Coface Company Payment SurveyChart 5:Average payment delay
33、s during the past 12 months72%68%53%66%24%27%40%29%4%5%7%5%Very small companiesSMEMid-sized/large companiesTotalIncreaseStableDecrease2 PAYMENT DELAYS7:THE SITUATION IS BECOMING STRAINED7 Payment after due date 82%of respondents declared they have experienced payment delays in 2023.The majority repo
34、rted that delays were increasing and were more frequent than in 2022.NOVEMBER 20234FRANCE PAYMENT SURVEY 2023PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONS0%10%20%30%40%50%60%70%80%90%100%TotalMid-sized/large companiesSMEVery small companiesless than 15 days15-30 days31-60 days61-90 days91-120 days121-
35、150 daysmore than 150 daysSource:Coface Company Payment SurveySource:Coface Company Payment SurveyChart 6:Payment delays by size of companyChart 7:Impact of payment delays on cash flow by size of company0%10%20%30%40%50%60%70%80%90%100%Very smallSMEMid-sized/large0=no impact12345=criticaltwo months.
36、As such,the average payment delay stands at 42 days for VSEs,compared with 38 days for SMEs and“only”26 days for larger companies.The results are all the more worrying as half of VSEs stated that late payments have a“very important”or“critical”impact on their cash flow(Chart 7).The proportion decrea
37、ses in response to the growing size of the company,but a third of SMEs and 13%of intermediate-sized and large companies also cited the very heavy impact on cash flow.While most companies cite payment delays of less than 30 days,a considerable 44%still said that they faced delays of over a month(Char
38、t 6).The average payment delay for France is 38 days and is therefore on average longer than Germany(30 days),but shorter than in Poland(52 days),China(83 days)and Asia(67 days).The size of the company is once again a discriminating factor as 54%of VSEs experienced payment delays of more than a mont
39、h and almost 20%went as far as to cite payment delays of over NOVEMBER 2023FRANCE PAYMENT SURVEY 20235PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONS Although 27%of respondents cited their clients financial difficulties as grounds for late payments,some 41%of them suspect that clients are deliberately h
40、olding back for cash flow management purposes.The reason is even put forward by half of the companies in the construction sector.Although 51%of companies expect payment delays to remain relatively stable over the next 12 months,a third believe that they will become even more frequent(Chart 12).Irres
41、pective of the size of the company,very few respondents expect the number of late payments to decrease.No sector is left unscathed by late payments(Chart 8).Furthermore,the latter are becoming more frequent and lengthier across all sectors(Chart 9).While the majority of surveyed companies reported l
42、ate payments of less than a month for most sectors,around a quarter of them put the delay at over two months in the transport,tourism,corporate services,energy and construction services(Chart 10).On average,the construction sector posts the longest late payments(see Chart 11).As payments three month
43、s past due are rare in the industrial sector,late payments in the manufacturing branches are below the average.Source:Coface Company Payment SurveyChart 8:Percentage of companies reporting payment delays in 2023 and change relative to 20220%10%20%30%40%50%60%70%80%90%100%Agriculture,agri-foodChemica
44、ls,minerals,plasticsAutomotiveEnergyPharmaceuticals,healthcare,biotechTourism,leisurePaper,woodConsulting,business servicesMetalsBanking,finance,insuranceCommerce,trade,distributionTelecoms,ITConstruction,real estateTextiles,leather,clothingPublishing,communications,mediaTransport,logisticsYes,and m
45、ore often than beforeYes,as often as beforeYes,but less often than beforeSource:Coface Company Payment SurveyChart 9:Average payment delays during the past 12 months(%of responses)0%10%20%30%40%50%60%70%80%90%Textiles,leather,clothingChemicals,minerals,plasticsEnergyTransport,logisticsAutomotivePhar
46、maceuticals,healthcare,biotechMetalsCommerce,trade,distributionPaper,woodTelecoms,ITAgriculture,agri-foodBanking,finance,insuranceConsulting,business servicesConstruction,real estatePublishing,communications,mediaTourism,leisureIncreaseDecreaseNOVEMBER 20236FRANCE PAYMENT SURVEY 2023PAYMENT SURVEY C
47、OFACE ECONOMIC PUBLICATIONSSource:Coface Company Payment SurveyChart 11:Average payment delays by sector(days)222729303404242454648Chemicals,minerals,plasticsMetalsAutomotivePharmaceuticals,health,biotechPaper,woodTextiles,leather,clothingCommerce,trade,distributionBanking,finance,insuran
48、ceAgriculture,agri-foodTelecoms,ITTourism,leisureTransport,logisticsPublishing,communications,mediaEnergyConsulting,business servicesConstruction,real estateSource:Coface Company Payment SurveyChart 10:Payment delays by sector 0%10%20%30%40%50%60%70%80%90%100%AutomotiveTextiles,leather,clothingPubli
49、shing,communication,mediaConstruction,real estateTransport,logisticsConsulting,business servicesEnergyTelecoms,ITTourism,leisureChemicals,minerals,plasticsMetalsAgriculture,agri-foodBanking,finance,insuranceCommerce,trade,distributionPharmaceuticals,health,biotechPaper,woodless than 15 days15-30 day
50、s31-60 days61-90 days91-120 days121-150 daysmore than 150 daysSource:Coface Company Payment SurveyChart 12:Expected outlook for payment delays for the next 12 months(%of responses)27%36%34%33%51%50%51%51%7%6%10%7%14%8%5%9%Very small companiesSMEMid-sized/large companiesTotalIncreaseStableDecreaseUnk
51、nownNOVEMBER 2023FRANCE PAYMENT SURVEY 20237PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONSBox:INSOLVENCIES IN FRANCE ARE ON THE RISE After remaining particularly low until mid-2022,the number of corporate insolvencies returned to its pre-Covid level at the end of last year(Chart 1.1).Corporate insolven
52、cies have even regularly exceeded 2019 figures since the start of 2023,namely in March,May,June,July and August.On that score,33,794 insolvencies were recorded over the first 8 months of the year,up 37%on 2022 and 3.5%higher than in 2019.The observation applies to all sectors,which have all more or
53、less returned to their 2019 levels.In terms of business size,insolvencies were driven by entities generating revenue of less than 250,000(+7%compared with the January-July 2019 period).However,the smallest businesses are not the only ones affected:those generating revenue of more than 10 million hav
54、e also recorded significantly more insolvencies than in pre-pandemic times(+13%).This explains why the amount of trade payables impacted by insolvencies 2.6 billion over the first 8 months of the year is so much higher than in 2019(Chart 1.2).Above and beyond the financial cost,the cost in terms of
55、jobs impacted has also reached record proportions,with more than 146,000 jobs lost between January and July.Court-ordered winding-up actions,which account for nearly three-quarters of insolvencies,have increased by 11%relative to the 2019 level.Safeguard procedures continue to stand well above 2019
56、levels,but remain minor in number and account for 3%of all procedures.Over the next few quarters,restrictive financing conditions(in terms of both interest rates and lending criteria)will have a considerable impact on businesses,which will have to cope with persistently limited demand,even as their
57、costs continue to escalate in step with wage growth and repayment of government-guaranteed PGE loans.Under these conditions,business margins and cash flow will come under pressure,and insolvencies will continue to rise to above pre-pandemic levels.20022202300400050006000JFMAMJJ
58、ASONDChart 1.1:Monthly corporate insolvenciesTrade payables(in millions of euros)Jobs(right axis)030,00060,00090,000120,000150,000180,0001,0001,3001,6001,9002,2002,5002,80020002120222023Chart 1.2:Number of jobs and amount of trade payables impacted by insolvencies over the firs
59、t 7 months of the yearSources:Ellisphre,CofaceSources:Ellisphre,CofaceNOVEMBER 20238FRANCE PAYMENT SURVEY 2023PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONS More pessimistic expectations regarding clients payment habits stem from a weaker economic outlook.Most of the companies surveyed expect economic
60、conditions to worsen or,at best,for activity to remain stable in France and worldwide(Chart 13).The sentiment is shared by all companies surveyed irrespective of their size.As is often the case with company surveys,respondents are relatively more optimistic about their own situation.As such,37%expec
61、t their revenue to increase in 2024,while 16%forecast a decline.However,it should be pointed out that while 47%of companies expect to post stable revenues in 2024,the trend will probably go hand in hand with falling profitability against a backdrop of a durable rise in costs and particularly the wag
62、e bill.It therefore hardly comes as a surprise that more VSEs and SMEs expect their cash flow to deteriorate rather than improve in 2024(Chart 14).In spite of the persistently limited growth prospects for France and the European Union in 2024,these two markets remain widely favoured by exporting com
63、panies,which see them as the best opportunities for their business next year(Chart 15).While the other markets usually favoured by French companies such as the Maghreb,the rest of Africa and Switzerland are unsurprisingly well placed,the US is positioned well ahead of the other countries despite the
64、 forecast of a sharp slowdown in the US economy too10.Another result worth noting is that the UK,which is historically one of the main markets for French exports,is lagging,probably as a result of Brexit and the unfavourable economic conditions that the British economy is currently experiencing.Char
65、t 13:Outlook for the French economy and the global economy in 2024 (%of responses)Chart 14:Cash flow outlook in 202415%43%42%10%45%44%ImprovementUnchangedDeteriorationImprovementUnchangedDeteriorationFranceGlobal21%23%25%23%54%53%60%55%24%24%15%23%Very small companiesSMEMid-sized/large companiesTota
66、lImprovementUnchangedDeterioration3 DETERIORATING ECONOMIC OUTLOOK AND MULTIPLE RISKSSource:Coface Company Payment SurveySource:Coface Company Payment Survey10 Coface forecasts US GDP of 2%in 2023 and 0.9%in 2024.NOVEMBER 2023FRANCE PAYMENT SURVEY 20239PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONSSour
67、ce:Coface Company Payment SurveyChart 16:Main risks impacting company activity(up to three possible responses)2%3%7%10%11%19%22%22%28%30%40%42%Slow recovery in ChinaUS/China tensionsWar in UkraineClimate changeCyber risksSupply chain disruptionsAccess to financeRising cost of financeSlowdown in glob
68、al demandHigh energy pricesCommodity prices(excluding energy)Recruitment difficultiesSource:Coface Company Payment Survey*European Free Trade Association(EFTA)has four member countries:Iceland,Liechtenstein,Norway and Switzerland.Chart 15:Most lucrative markets for exporters8 in 2024(up to three pos
69、sible responses)91%2%3%4%4%5%5%5%6%6%8%8%9%9%21%60%72%RussiaMiddle EastAustralia,New ZealandEastern Europe(non-EU)IndiaCanadaSouth AmericaJapanChinaRest of AsiaUnited KingdomMaghrebEFTA*Africa(excluding Maghreb)United StatesOther EU countriesFranceSource:Coface Company Payment SurveyChart 17:Main ri
70、sks impacting the activity of exporting companies and those solely affecting companies operating on the domestic market(up to three possible responses)0%10%20%30%40%50%Slow recovery in ChinaUS/China tensionsWar in UkraineClimate changeCyber risksSupply chain disruptionsAccess to financeRising cost o
71、f financeSlowdown in global demandHigh energy pricesCommodity prices(excluding energy)Recruitment difficultiesTotalExportDomestic8 350 companies stated that exports accounted for at least a part of their activity,i.e.,56%of our sample 9 Wherever several responses are possible,the total number of res
72、ponses is not equal to 100%NOVEMBER 202310FRANCE PAYMENT SURVEY 2023PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONS Despite softer business activity and demand,42%of companies cite recruitment difficulties as their main risk,just ahead of non-energy commodity prices(Chart 16).Over and above the risks ex
73、pected in the current global economic climate,climate change is mentioned by 10%of companies as already one of the main risks to their activity.Unsurprisingly,this risk is particularly relevant to the tourism sector(20%of respondents)and,above all,the agri-food sector(46%of companies).Coming more of
74、 surprise is the relatively little concern shown for the risks posed by China,both in terms of its sluggish economic recovery and geopolitical tensions with the US.This is consistent with the few companies reporting Chinas market as a source of opportunity in 2024 and,above all,the durably low share
75、 of French exports(in 8th place in 2022 with 4%),despite its share of world trade.As far as the current risks are concerned,the responses differ markedly depending on whether the company is an export business or if it operates exclusively on the French market(Chart 17).It comes as no surprise that e
76、xporters are naturally particularly sensitive to risks affecting global demand,supply chains and commodity prices(including energy).Conversely,companies that focus exclusively on the domestic market cite hiring and financing conditions as much bigger problems.This distinguishing factor between expor
77、ters and non-exporters holds true irrespective of company size.Sector-wise,companies in the services industry mostly cited hiring difficulties,whereas their peers in the industrial sphere referred more to commodity costs and supply chain risks.The main risks identified by companies in the constructi
78、on sector were commodity prices(excluding energy),hiring problems and,obviously enough,the cost of and access to financing.Amid an uncertain global geopolitical backdrop conducive to nearshoring11 and friendshoring12,12%of companies surveyed reported having already relocated at least some of their a
79、ctivity.The phenomenon is by no means insignificant as the percentage exceeds 20%if one includes companies for which the move is more or less in the advanced stage of consideration.In many sectors such as automotive,textiles and clothing,metallurgy,chemicals and pharmaceuticals,the percentage even e
80、xceeds 30%(Chart 18).In Germany as well,the automotive and textile/clothing industries are those principally concerned by the intention to relocate,having been among the main players to have shifted their operations abroad over the last few decades.The vast majority of companies that have relocated
81、or intend to relocate part of their activity plan to do so in France(84%of respondents).Spain leads the way(but with only 3%of respondents)as far as other European countries are concerned but no country really stands out as far as a definite trend is concerned.Chart 18:Percentage of companies consid
82、ering relocating at least a part of their activity (%of responses)0%10%20%30%40%Paper,woodEnergyTransport,logisticsConsulting,business servicesTelecoms,ITAgriculture,agri-foodBanking,finance,insuranceChemicals,minerals,plasticsPharmaceuticals,healthcare,biotechMetalsTextiles,leather,clothingAutomoti
83、veAlready doneProject in progressConsideration already well advancedUnder consideration but nothing concreteSource:Coface Company Payment Survey11 Nearshoring-relocation of economic activity to a country that is geographically close12 Friendshoring-relocation of economic activity to a country that i
84、s a geopolitical allyNOVEMBER 2023FRANCE PAYMENT SURVEY 202311PAYMENT SURVEY COFACE ECONOMIC PUBLICATIONS37%14%11%20%6%13%Less than2m2 to5m5 to10m10 to50m50 to100mMore than100mAPPENDIXA TOTAL OF 630COMPANIES PARTICIPATED IN THE PAYMENT SURVEY Source:Coface Company Payment SurveySource:Coface Company
85、 Payment SurveyDomestic and export marketsExportmarket onlyDomesticmarket only44%3%53%7%Agriculture,agri-food5%Publishing,communications,media10%Tlcoms,ITAutomotive 3%13%Commerce,trade,distribution8%MetalsPaper,wood 2%3%Chemicals,minerals,plastics5%Banking,finance,insurance14%Construction,real estat
86、e3%Pharmaceuticals,health,biotechTransport,logistics 2%Energy 2%Tourism,leisure 2%Textiles,leather,clothing1%4%Other15%Consulting,business servicesSource:Coface Company Payment SurveySECTORS OF SURVEYED COMPANIES RELEVANT MARKETSIZE BY TURNOVERNOVEMBER 202312FRANCE PAYMENT SURVEY 2023PAYMENT SURVEY
87、COFACE ECONOMIC PUBLICATIONSCOFACE SA1,place Costes et Bellonte92270 Bois-ColombesFNOVEMBER 2023 Layout:Photo:iStockDISCLAIMERThis document reflects the opinion of Cofaces Economic Research Department,as of the date of its preparation and based on the information available;it may be modified at any
88、time.The information,analyses and opinions contained herein have been prepared on the basis of multiple sources considered reliable and serious;however,Coface does not guarantee the accuracy,completeness or reality of the data contained in this document.The information,analyses and opinions are prov
89、ided for information purposes only and are intended to supplement the information otherwise available to the reader.Coface publishes this document in good faith and on the basis of an obligation of means(understood to be reasonable commercial means)as to the accuracy,completeness and reality of the
90、data.Coface shall not be liable for any damage(direct or indirect)or loss of any kind suffered by the reader as a result of the readers use of the information,analyses and opinions.The reader is therefore solely responsible for the decisions and consequences of the decisions he or she makes on the b
91、asis of this document.This document and the analyses and opinions expressed herein are the exclusive property of Coface;the reader is authorised to consult or reproduce them for internal use only,provided that they are clearly marked with the name“Coface”,that this paragraph is reproduced and that the data is not altered or modified.Any use,extraction,reproduction for public or commercial use is prohibited without Cofaces prior consent.The reader is invited to refer to the legal notices on Cofaces website:https:/