A Coface apresenta os resultados de 2015 de acordo com seus objetivos.
Resultados Coface 2015: lucro líquido de €126M e proposta de dividendos estáveis a €0.48 por ação.
- Crescimento do volume de negócios: 3,4% no escopo atual e taxa de câmbio (+ 1,2% em escopo e taxas de câmbio constantes).
- Índice de sinistralidade líquida de resseguro estabilizado ao longo dos últimos seis meses; índice combinado de custos de 83,1%.
- O lucro líquido (parte do grupo): € 126M para 2015, € 28M no 4T.
- Rentabilidade líquida estável por ação de € 0,80, taxa de distribuição de 60 % do lucro líquido.
- Xavier Durand assume como CEO a partir de 9 de fevereiro.
(A menos que indicado de outra forma, as variações são expressas em comparação com os resultados em 31 de dezembro de 2014; resultados publicados para 2014 foram reformulados para se ter em conta o impacto da IFRIC 21. Os resultados anuais de 2014 atualizados da IFRIC 21 são equivalentes aos que foram publicados em 2014.)
No final de 2015, um ano marcado por uma deterioração no ambiente econômico global, a Coface registou um ligeiro aumento no lucro líquido (parte do grupo) em € 126M ( € 125M em 2014). O volume de negócios do ano cresceu 3,4% ( + 1,2% no escopo constante e taxa de câmbio). Apoiada por mercados emergentes, a sinistralidade líquida de resseguro do grupo se estabilizou ao longo dos últimos seis meses, em 52,5%. A Coface está preparada para o Solvency II, que entrou em vigor em 1 de janeiro de 2016. O índice de capital exigido para a cobertura dos riscos subscritos é de 147% 7, um nível em linha com o apetite de riscos da Coface e com a política de pay-out de dividendos de 60 % do lucro líquido. Com base no seu lucro líquido por ação, estável em € 0,80, o grupo proporá um dividendo de € 0,48 por ação.
Confira mais detalhes no relatório completo abaixo.
KEY FIGURES AS AT 31 DECEMBER 2015The Board of Directors of COFACE SA examined the consolidated financial statements for FY 2015 during its meeting on February 9th 2016. These were subject to review by the Audit Committee. Non-audited financial statements; they are being certified.
TURNOVERIn 2015, Coface’s consolidated turnover was €1 489.5M, up 3.4% compared with 2014 (+1.2% at constant scope and exchange rates). This increase is a consequence of the commercial strategy implemented by the Group, based on product innovation, multi-channel distribution and the strengthening of its sales processes and sales monitoring.
New contract production was lower than in the previous year, which was marked by the signature of some large contracts. Retention of our client portfolio was good, at 88.2%.
The competitive environment and sound profitability of contracts in mature markets weighed on pricing throughout 2015. However, this price pressure remained controlled: the price effect on contracts was stable compared to 30 September 2015, at -2.4%.
Growth in the Group’s turnover was supported by emerging markets. In the United States, the reorganization of the entire country’s agency network explains the contraction in performance. In mature markets, where contracts profitability is higher, competition remained fierce and put pressure on prices.
- Combined ratio
Internal overheads remained under control: excluding exceptional items3 these decreased by 1.8% at constant scope and exchange rates (-0.5% at current scope and exchange rates), a level significantly lower than growth in premiums, which was up 2.0% (+4.7% at constant scope and exchange rates). The distribution costs grew faster than premiums in 2015, due in particular to stronger turnover growth in regions where contracts are commercialized through brokers or partners. The cost ratio net of reinsurance was 30.5% at 31 December 2015, and 29.5% excluding exchange rate effects and exceptional items, an increase of 0.2 points compared with 31 December 2014.
In total, the combined ratio stood at 83.1% at 31 December 2015, up 3.4 points compared with 31 December 2014, reflecting the deterioration in the macro-economic environment over the last year.
- Financial income
- Operating income and net income
On the basis of net income per share of 0.80, a dividend5 of €0.48 euro per share will be proposed for 2015, an amount stable compared with 2014.
FINANCIAL SOLIDITY – SOLVENCY IIAt 31 December 2015, IFRS equity (group share) was €1 760.9M. The change in equity is mainly the result of positive net income of €126.2M offset by the distribution of €75.5M to shareholders and a decrease in re-evaluation reserves of financial assets ready for sale.
Coface is prepared for the new regulatory framework, Solvency II, which came into force on 1 January 2016. In this context, Coface plans to complete its capital management tools and intends to set up a contingent capital line to protect its solvency during extreme case scenario6.
Calculated on the basis of the standard formula, the coverage ratio of required capital to insurance and factoring risk coverage was 147%7, a level in line with the Group’s risk appetite and dividend5 pay-out policy of 60% of net income per share, proposed again this year.
Ratings agencies Fitch and Moody’s reconfirmed the Group’s ratings (IFS) at respectively AA- and A2 (stable outlook), on 17 September and 13 October 2015.
TRANSFER OF PUBLIC GUARANTEES ACTIVITYWork is on-going by Bpifrance to prepare for the transfer of public guarantees activity currently carried out by Coface on behalf of the French State. The transfer is subject to modification of the applicable legislative and regulatory framework8, which will come into effect by decree. Coface will continue to be remunerated by the French State until the transfer of this activity becomes effective, at a date which is not yet known.
OUTLOOKThe current macroeconomic environment is demanding (weak growth in advanced economies, greater risks in emerging markets, and the volatility of financial markets), and no significant change in this situation is anticipated for the year 2016. In the absence of significant rebound in global activity, and taking into account the transfer of the management of the public guarantees activity, the targets of growth and profitability (return on average tangible equity or RoATE) that Coface settled two years ago for the period ending 2016, will not be achieved. However, Coface's business model, its financial strength, and its pay-out ratio of about 60%, are not undermined.
As announced on January 15th 2016, Xavier Durand takes over from Jean-Marc Pillu as CEO of Coface with effect as from today. Xavier Durand, 52, a graduate ofPolytechnique, spent most of his career in GE Capital. Over the last 25 years he has acquired senior-level operational experience in general management of regulated financial services in more than 30 countries.
Commenting on his new appointment, Xavier Durand,CEO of Coface, said:
« I am proud to be at the head of this great company: Coface is a world-wide recognized brand and the Group has in-depth expertise.
My priorities will be the following:
- Risks: our exposure was adjusted between 2014 and 2015, and we will continue to make adjustments for as long as it is necessary; the effects of this will be seen over time.
- Costs: we will study and put in place the structural changes required to improve the Group’s operational efficiency.
- In this context, my mission is also to identify the levers and means to re-boost the Group’s commercial activity.
1 Constant scope and exchange rates. Published results for 2014 have been restated to take into account the impact of IFRIC 21.The annual results 2014restated from IFRIC 21 are equivalent to those published in 2014
2 See annex, "Reconciliation table", for the calculation of operating income excluding restated items. For the calculation of net income (group share), a normalised tax rate has been applied to restated items for fiscal years 2014 and 2015.
3 Internal overheads are restated to exclude an exceptional provision of €3.2M
4 Investment income net of expenses, excluding cost of debt.
5 Distribution subject to approval by the Annual General Meeting of Shareholders on May 19th 2016.
6 Subject to the signature of the agreement regarding the establishment of this contingent capital line
7 Coverage ratio calculated according to Coface’s interpretation of Solvency II standard formula. Preliminary calculation.
8 Finance Law No. 2015-1786, Article 103, from December 29th 2015