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33,3%33,3%33,3%

32,4%32,4%32,4%

DOMESTIC (BELGIUM)

PERCENTAGE OF RESPONDENTS GRANTING TRADE CREDIT TO PROMOTE GROWTH OF B2B SALES

PERCENTAGE OF RESPONDENTS GRANTING TRADE CREDIT TO PROMOTE GROWTH OF B2B SALES 37,7%37,7%37,7%

PROPORTION OF SALESMADE ON CREDITTO TOTAL B2B SALESOF RESPONDENTS

PROPORTION OF SALESMADE ON CREDITTO TOTAL B2B SALESOF RESPONDENTS 44,9%44,9%44,9%

FOREIGN (EUROPE)

34 DAYSW.EUROPEW.EUROPE32 DAYS

AVERAGE EXTENDED PAYMENT TERMS RECORDED IN BELGIUM

% SALES ON CREDIT?

INTERNATIONAL SURVEY OF B2B PAYMENT BEHAVIOUR

SURVEY RESULTS FOR BELGIUM SPRING 2015

0,9%0,9%DOMESTIC

1,2%1,2%FOREIGN

DOMESTIC UNCOLLECTABLE B2B RECEIVABLESARE MOST OFTEN REPORTED ON SALES TO

CONSTRUCTION CONSUMER DURABLES,BUSINESS AND FINANCIAL SERVICES SECTORS

FOREIGN B2B WRITE OFFS ARE MOST FREQUENTLYATTRIBUTABLE TO B2B CUSTOMERS INCONSTRUCTION FOOD, MACHINES, METALS AND TRANSPORT/LOGISTICS SECTORS

AVERAGE PAYMENT DELAY

AVERAGE PAYMENT TERM RECORDED IN W.EUROPE

OF THE TOTAL VALUE OFDOMESTIC B2B INVOICES

WAS NOT PAID BYTHE DUE DATE

relatively sizeable.-8,5% OF DOMESTIC (turn into collection cases)-9% OF FOREIGN B2B INVOICES (turn into collection cases)

41,7%41,7%41,7%

THE DELINQUENCY FIGURE

OF THE TOTAL VALUE OF DOMESTIC B2B INVOICES WAS NOT PAID BY THE DUE DATE40,2%40,2%40,2%

W. EUROPEBELGIUM

BELGIUMW. EUROPE

OVERDUE BELGIAN AND W.EUROPEAN B2B INVOICES

74,4%74,4%74,4% 66.4%66.4%66.4% 25%25% 21%21%21%

B2B RECEIVABLES

BELGIAN RESPONDENTS Grant their Belgian

debtors an average of 35days from the invoice date to

pay invoices

BELGIAN RESPONDENTSGrant their foreign customers an average of33 days to settle their trade debts

The average domestic payment durationis now 9 days longer than one year ago and

is back at level seen in 2013

KEY PAYMENT DELAY FACTORS

DOMESTIC UNCOLLECTABLE B2B RECEIVABLES

( 51,4%)

( 50%) BELGIUMW. EUROPE( 37,0%)

( 37,3%)

Primary reason for foreign payment delay the percentage of belgian respondents reporting domestic late payment due to the customers financial difficulties fell sharply.Conversely there was a steady decrease in the frequency of foreign payment

Cited insufficient availability of funds (from domestic customers)

UNCOLLECTABLE BECAUSE CUSTOMERWENT BANKRUPT OR OUT OF BUSINESS

CUSTOMERS COULD NOT BE LOCATED

INCREASE = 3% INCREASE = 3%

DECREASE = 4% DECREASE = 4%

WESTERN EUROPE

GERMANY

BELGIUM

GREECE

33

22

34

53

1 - 30 days 31 - 60 days 61 - 90 days over 90 days

75.0 17.1

13.7

26.5

5.3

5.4

1.3

5.9

17.5

2.5

1.3

2.5

14.7

92.1

77.9

42.0

this term increasedby seven days

Average payment terms for foreign customers did not change markedly

(INVOICES UNPAID 90 DAYS + AFTER DUE DATE)

5

6