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ECONOMIC PUBLICATIONS
PAYMENT
SURVEY
By Grzegorz Sielewicz
Coface Economist,
Central & Eastern Europe
Based in Warsaw, Poland
T
2 h e third e dition of Cofa ce ’s According to our analysis, sales on credit
PAYMENT TERMS survey on payment experiences are made extensively, with all surveyed
in Poland was carried out co m p a n i e s h av i n g w r it te n te r m s a n d
4 in December 2018 with conditions to this end , and 9 9 % of
PAYMENT DELAYS 293 companies participating businesses continue to face payment delays.
i n t h e s t u d y. T h e p ay m e n t In the course of economic acceleration,
6 survey investigated businesses’ payment out standing receivables decrease d in
ECONOMIC b e h a v i o u r, w h i c h m i r r o r s b o t h t h e 2018 but only slightly. Our study shows
EXPECTATIONS short-term economic situation and the that Polish companies experience average
more structural business environment. payment delays of 59.9 days, i.e. nearly
7 2 01 8 s aw a p e a k p e ri o d of e co n o m i c 3 days shorter than encountered in our
APPENDIX
recovery, with GDP growth accelerating previous survey in 2017. The textile-clothing
to 5 .1 % in 2 01 8 – th e h ig h e s t l eve l of sector fares the best, with payment delays
economic expansion since 2011. Such a of “just” 26 days. Similar to our previous
m a cro e co n o m ic e nviro n m e nt cre ate d survey, the longest payment delays were
favo urable conditions for businesses . experienced by transport and construction
Despite the expected slowdown of GDP companies, at nearly 140 and 105 days,
growth, i.e. +3.7% this year according to respectively. Both sectors experienced a
Coface, 52% of companies expect that their slight improvement in this regard compared
profitability is going to rise in the short- to 2017, but a deterioration is nevertheless
term. The textile-clothing, automotive, expected in 2019. The highest increase of
and energy sectors in particular expect payment delay periods was recorded by
an improvement in sales. Conversely, the the retail sector (an increase from 15 to
pharmaceuticals, metals, and construction 44 days).
sectors forecast lower sales in the coming
months. According to our survey, 9 of the
12 sectors anticipate that the amount of
outstanding receivables will decrease over
the following months.
GRZEGORZ SIELEWICZ
Coface Economist,
Central & Eastern Europe
Warsaw, Poland
PAYMENT TERMS1:
1 TRANSPORTATION AND CONSTRUCTION OFFER
THE MOST GENEROUS CREDIT PERIODS
Chart 1:
Average credit periods
• Short credit periods dominate the Polish business
2019 2018 landscape: half of the surveyed companies impose
50.0%
average credit periods of up to 30 days.
0 up to 30 days
49.8%
151 up to 180 days 1.4% • In a sectorial split, the most restrictive sectors
1.5%
(those with a majority of sales on short credit
Above 180 days
1.7% periods of up to 30 days) are textile-clothing
1.9%
(77%), automotive (72%), agri-food (71%), and
Unknown 5.1% energy (71%).
4.5%
0% 10% 20% 30% 40% 50% • Sectors that are the most generous in offering
Source: Coface Payment Survey long average credit periods include transportation
Chart 2:
(58% with credit periods of more than 90 days),
Hypothetical credit periods (days)
metals (54%) and construction (36%). All these
2019 2018 sectors reported a shortening of credit periods
Textile-clothing 25.5 compared to the previous survey. In contrast,
29.2
the biggest extension was reported by the
Energy 30.0
30.0 retail sector.
Automotive 32.7
32.1
• 58% of businesses in Poland expect that credit
Agri-food 36.9
36.9 periods will not change in next six months. This
Retail 37.8 applies principally to small- and medium-sized
18.0
44.3 clients. By contrast, credit periods granted to
Chemicals 48.4 large clients are expected to increase (60% of
47.3 surveyed companies anticipate such an increase
Average 49.4
48.6 – lower than last year, when it reached 65%).
Pharmaceuticals
47.9
ICT 53.5
45.0
58.1
Paper-wood 59.2
67.5
Metals
50%
63.0
84.0
Transportation 87.5
88.4
Construction 95.0
€ OF COMPANIES
0 20 40 60 80 100 request that payments
Source: Coface Payment Survey be made within a month
1 Payment term – the time frame between when a customer purchases a product or service and when the payment is due.
2 Coface Poland Payment Survey 2018: Payment delays mounting amid robust economic growth, March 2018:
http://coface.com/News-Publications/Publications/Poland-Payment-Survey-2018-Payment-delays-mounting-amid-robust-
economic-growth
3 The 2018 Coface Payment Survey - Poland was carried out at the end of 2017; the 2019 edition was carried out at the end of 2018.
FEBRUARY 2019
COFACE ECONOMIC PUBLICATIONS POLAND PAYMENT SURVEY 2019 3
SURVEY
Chart 3:
Average credit periods in sectors
Textile-clothing
Automotive
Energy
Agri-food
Retail
Average
Pharmaceuticals
ICT
Chemicals
Metals
Construction
Paper-wood
Transportation
Chart 4:
Expected developments in credit periods,
by size of companies’ counterparties
90%
80%
80% 75%
70%
60%
60%
50%
40%
30%
22%
20%
18%
20% 20%
Credit periods in
10%
Poland range from
0%
3% 2%
26 days in textile-
Small companies Medium companies Large companies clothing to 88 days
Source: Coface Payment Survey in construction
FEBRUARY 2019
4 COFACE ECONOMIC PUBLICATIONS POLAND PAYMENT SURVEY 2019
SURVEY
2 9 IN 10 COMPANIES EXPERIENCE
PAYMENT DELAYS4
• Payment delays appear to be standard practice • 55% of companies experienced average payment
in the Polish business. Only 1.4% of companies delays of up to 60 days. Delays between 60 and
surveyed declared that they do not have any 150 days were reported by 26%, and long delays
payment delays from their counterparties. of above 150 days were declared by almost 10%5.
Compared to the previous survey, the share of
• Average payment delays reached 59.9 days, long delays has risen: payments made more than
which is nearly 3 days shorter than reported in three months after the original due date were
the previous survey. experienced by nearly 38% of companies, up
from 24% .
Chart 5:
Average payment delays (days)
Textile-clothing
37.1
35.0 Two thirds
Agri-food
37.3 OF TRANSPORT
46.8
39.4
COMPANIES
Paper-wood
38.3 reported payments
Retail
15.0
44.4
€ overdue by more
Pharmaceuticals
46.1 than a half of year
51.9
Metals 53.2
45.0
Automotive 54.3
71.1
Chemicals 57.3
64.6
Average 59.9
62.5
ICT 67.9
47.9
Energy 82.5
85.7
Construction 105.0
115.6
Transportation 139.5
145.9
Chart 6:
Average payment delays in sectors
Agri-food
Textile-clothing
Retail
Pharmaceuticals
ICT
Average
Chemicals
Metals
Automotive
Transportation
Paper-wood
Construction
Energy
4 Payment delay – the period between the payment due date and the date the payment is made.
5 The remaining part (8%) declared themselves unaware of the exact delay of their receivables.
FEBRUARY 2019
COFACE ECONOMIC PUBLICATIONS POLAND PAYMENT SURVEY 2019 5
SURVEY
• On a sectorial split, the longest payment • The level of outstanding receivables is expected
delays were experienced by the transport and to stabilise: 46% of the surveyed companies do
construction sectors, at the average of 139.5 days not expect to see changes in the next six months.
and 105 days, respectively. 7 sectors reported Among the remaining 54%, there are a greater
reduced delays compared to last year, whereas percentage of companies (34%) that expect to
5 sectors saw extensions. The highest increase see a decline in outstanding receivables than
of payment delay periods was recorded by the those who forecast that they will increase (20%).
retail sector (the extension by nearly 30 days). At the same time, 36% anticipate a growing
The shortest delays were reported by the textile- number of payment delays from larger clients,
clothing sector (37.1 days). while 29% expect no change.
• Long payment delays of more than six months • Examining the results by sector, the sectors
account for a sizeable share of companies’ expecting the farthest falls in payment delays
turnovers. However, they have decreased over over the next six months include metals, textile-
last years: these overdue payments represent clothing, and energy. The extension of payment
more than 10% of turnover for 15% of the surveyed delays in the next six months is anticipated within
companies (18% in 2018 and 21% in 2017). the pharmaceuticals sector, but more notably by
the construction and transport sectors. In the
• Due to a lack of payments, companies have had to construction sector, half of companies expect
take action against debtors. Third party services to see increasing payment delays, while 23%
(such as debt collection and external lawyers) anticipate a decrease. In the transport sector,
were the most effective (indicated by 46% of while half of the respondents expect that
companies). Internal resources for monitoring and payment delays will increase, only 11% believe they
debt collection were used by 34% of companies, will decrease.
while arbitration and mediation actions were
practiced relatively rarely (10% of companies).
Chart 7: Chart 8:
Expected developments in outstanding receivables, Most effective actions in the case of non-payment
by size of companies’ counterparties
20%
46%
14%
10%
10% Debt collection
using third
0% party services
Small companies Medium companies Large companies
Chart 9:
Expected changes in the size of outstanding receivables
over the next six months (figures in balance points)
Metals -57.7
Textile-clothing -53.0
Energy -31.0
Agri-food -28.9
Automotive -23.1
Paper-wood -20.4
Retail -18.5 Payment delays in the retail
Average -13.9 sector tripled over
ICT -4.9 the course of one year
Chemicals -3.8
Pharmaceuticals 7.8
Construction 27.3
Transportation 38.9
FEBRUARY 2019
6 COFACE ECONOMIC PUBLICATIONS POLAND PAYMENT SURVEY 2019
SURVEY
3 ECONOMIC EXPECTATIONS
SALES AND PROFITABILITY WILL RISE
52%
Paper-wood Energy
Metals
60%
Strong competition 79%
Textile-clothing Chemicals
40%
Taxes and other fiscal burdens 76%
20%
FEBRUARY 2019
COFACE ECONOMIC PUBLICATIONS POLAND PAYMENT SURVEY 2019 7
SURVEY
APPENDIX
A TOTAL OF
293
COMPANIES PARTICIPATED
IN THE PAYMENT SURVEY
SIZE MAIN
OF COMPANIES BUSINESS
BY TURNOVER ACTIVITY
Micro
companies
Large
4.4% Services Manufacturing
companies Small
31.1% 24.2% companies 33.1% 35.5%
40.3% 31.4%
Medium Trade
companies
Source: Coface Payment Survey Source: Coface Payment Survey
SECTORS
OF SURVEYED COMPANIES
6.1%
4.1% Other 13.0%
Transportation Agri-food
7.5%
Textile-clothing
8.9%
Automotive
9.2%
Retail
8.9%
Chemicals
10.2%
Pharmaceuticals 7.5%
Construction
6.1%
Paper-wood 9.2%
4.4% ICT
Metals 4.8%
Energy
Source: Coface Payment Survey
FEBRUARY 2019
DISCLAIMER
This document reflects the opinion of Coface’s Economic Research Department, as of the date
— Photo: Fotolia
of its preparation and based on the information available; it may be modified at any 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 provided 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 data. Coface shall not be liable for any damage
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