THE COMPANY CREATED TO SUPPORT THE GROWTH AND RECOVERY OF ITALIAN COMPANIES
Clessidra Factoring SpA is a financial intermediary pursuant to Art. 106 of the Consolidated Law on Banking which was acquired by Clessidra SGR in November 2020, and in March 2021 became part of the Clessidra Financial Group (in turn part of the Italmobiliare SpA Group). Clessidra Factoring provides companies with services for the disinvestment, management and guarantee of trade receivables, due to customised financial solutions.
The entry of Clessidra Factoring into the Clessidra Financial Group was a business operation with the goal of accessing a market that guarantees positive returns with low risks, with a view to possible complementarity and maximising synergies also with the other companies of the Group.
It provides four main services:
Factoring receivables
This involves financing receivables in Italy or abroad by paying the consideration in advance. Flexible and customisable, Clessidra Factoring's financing follows the development of the turnover of client firms and adapts to their operating cycle. Client firms can obtain financing based on their relative growth rates, without having to incur any further debt.
Receivables management
Clessidra Factoring deals entirely with the management of assigned receivables, issuing payment reminders, recording collections and recovering debts relating to the assigned invoices. To guarantee a high quality standard, Clessidra Factoring provides its clients with a team of experts, specialising in credit management.
Guarantee against client insolvency
In the event of insolvency of the assigned debtors, Clessidra Factoring offers coverage of up to 100% of the invoice amount. Clessidra Factoring clients can thus select their own clients and be able to make quick, reliable business decisions.
Indirect factoring
Also known as reverse factoring, this service allows suppliers to collect receivables due from the debtor company in advance through a specific agreement that Clessidra Factoring has entered into with the debtor. Specifically, this product 'inverts' the traditional factoring process, since it is the debtor who decides to use this tool in order to optimise the management of its purchasing cycle. Indirect factoring is aimed at medium-large industrial or commercial groups, to streamline the management of their purchasing cycles by offering advantageous conditions to their suppliers.
All four services described above can be supplied individually or in different combinations, giving rise to a range of customised products for each client. Due to the high levels of expertise and specialisation of the more than 35 professionals who work for Clessidra Factoring, the needs of client companies can be met by creating customised solutions, adapting the financial products that the Company has in its catalogue.
Clessidra Factoring, which is led by Federico Ghizzoni as Chairman and Gabriele Piccini as CEO, offers its products and services to Italian companies in the B2B segment. Specifically, it targets those companies that are going through a situation of financial difficulty or that are in the process of recovery. The company's registered office is in Milan, its operational headquarters are in Padua and it operates throughout Italy with a series of Area Managers. In the first two years of operation, more than 300 clients were managed, for a total amount of intermediated and factored receivables exceeding 700 million euro out of over 2,000 assigned debtors.
The latest financial year, 2022, closed with a turnover of 459 million euro (85% compared with the previous year), with total receivables amounting to 153 million euro (+79% compared with 2021) and gross loans of 134 million euro, 78% higher than in 2021. Furthermore, the number of active clients almost doubled year-on-year, reaching 230. In 2022, just as in 2021, the trend of growth in profitability also continued: net interest and other income amounted to 9 million euro, up by 67% year-on-year. This resulted in a net profit of 2.4 million euro (+152% on the previous year).
At December 31, 2022, high quality marked the loan portfolio, as there were no positions classified as non-performing, while loans classified as unlikely-to-pay had a gross value of 321 thousand euro, 0.24% of gross exposures overall. The Total Capital Ratio was 14.0%, confirming the good level of capitalisation of the Company in relation to regulatory limits, while the 2022 ROE stood at 15.4%, a significant increase compared with 9.2% in 2021.
Clessidra Factoring's goal for 2023 and for the next few years is to continue developing its core business, especially in the area of distressed loans, becoming the main player in this market segment. The growth in intermediated volumes will be supported by the constant strengthening of the operating structure and the further diversification of funding sources, by activating other funding tools complementary to those in place.