The first effects of the credit crunch were observed by Atradius experts in the fourth quarter of 2007. Maintaining sales momentum forced a systematic extension of payment terms. Recently, we have witnessed an increase in the number of claims related to so-called bad debts – that is, those impossible to settle due to the debtor’s bankruptcy.
– The amount of uncollectible receivables is systematically growing, and entrepreneurs are aware of this. In the future, the terms of cooperation offered by them to contractors will be significantly more restrictive – comments Bartłomiej Szlaz, Regional Director of Atradius Credit Insurance N.V. Polish Branch.
The impact of the financial sector crisis on transport industry companies is indirect. The result of this situation is lower consumer interest in travel and a decline in the number of vehicles sold. It will be much more affected by high oil prices and inflationary factors. Rising capital costs, restrictive financial requirements of banks, and an increase in the number of unsettled payments among customers may tip the scales toward problems with maintaining financial liquidity. In the case of the Polish transport sector, Atradius experts warn that unfavorable conditions could cause an avalanche of bankruptcies. Also significant is the strengthening of the zloty (settlements are mainly in euros) and rising labor costs. The transport industry has been fighting for a long time for the possibility of recovering excise tax on fuel.