Corporate | 27 May 2011 07:16
DF Deutsche Forfait AG / Key word(s): Quarter Results
27.05.2011 / 07:16
DF Deutsche Forfait AG confirms figures for the first quarter of 2011
- Positive business development in the first three months
- Highest forfaiting volume since the third quarter of 2008
- Best quarterly result in the past 12 months
Cologne, 27 May 2011 - The year got off to a positive start for DF Deutsche
Forfait AG. Net profit for the period came to EUR 0.6 million - the best
quarterly result in the past 12 months and the forfaiting volume came up to
pre-crisis levels last seen in the third quarter of 2008.
In the first quarter of 2011, DF Group processed transactions to the
nominal value of EUR 195.0 million. This corresponds to an 8% rise in
forfaiting volume compared to EUR 180.7 million in the first three months
of 2010 and an 18% increase on EUR 164.8 million in the fourth quarter of
the previous year. The gross result including financial results, the key
performance figure for success in the forfaiting business, was EUR 3.2
million, slightly down by 7% on EUR 3.5 million in the first quarter of
2010, but considerably up by 28% on EUR 2.5 million in the fourth quarter
of 2010. The forfaiting margin in the reporting period of 1.7% was slightly
below that of the full year 2010 (1.8%), but still exceeded the average
margin in recent years.
Consolidated profit amounted to EUR 0.6 million in the first three months
compared to EUR 1.1 million in the previous year's quarter. Compared to the
fourth quarter of 2010 (EUR 0.1 million), net profit was considerably
higher, a fact that emphasizes the changing trend regarding income
developments. This positive performance originates from a continuing
positive market environment as well as the measures implemented in the
second half of 2010 for improving the sales function.
Marina Attawar, member of the Board of Management of DF Deutsche Forfait
AG: 'The signs are remaining positive for the forfaiting market. Global
trade has recovered considerably and we have adjusted our company to meet
the changing requirements in the market for the purchase and sale of
receivables. This should enable us to increase both forfaiting volume and
profit in the current year.'
In the reporting period, administrative costs went up by EUR 0.2 million to
EUR 2.3 million year-on-year, but fell short of EUR 2.5 million in the
fourth quarter of 2010.
Earnings per share decreased from EUR 0.16 in the first quarter of the
previous year to EUR 0.09.
The balance sheet total dropped by EUR 14.8 million to EUR 114.7 million
compared to the end of 2010, primarily on account of the lower volume of
cash and cash equivalents. Trade receivables went up - as they usually do
during the course of the year - by EUR 6.6 million to EUR 105.8 million.
86% of receivables from forfaiting transactions are secured. Equity came to
EUR 29.9 million on 31 March 2011, EUR 0.7 million up on the figure at the
end of 2010. The equity ratio rose from 23% to 26%.
The Interim Report Q1 2011 can be downloaded at
http://www.dfag.de/index.php?id=172&L=1
About DF Group
The main business activities of DF Group are the purchase and sale of
selected export receivables in emerging markets on a non-recourse basis.
The objective is to sell the acquired receivables at the same time or in
the short term. Forfaiting is an increasingly important tool in export
financing, with volumes rising in line with the continuing advance of
globalization. Creating tradable products from receivables benefits both
exporters and buyers. As well as transferring risk to the buyer, the main
benefit of forfaiting for exporters is the inflow of cash. This relieves
the exporters' credit lines and improves their balance sheet structure. DF
Deutsche Forfait AG structures receivables attractively, so that investors
seek them as a type of investment.
DF Deutsche Forfait AG
Christoph Charpentier
Kattenbug 18 - 24
50667 Cologne
T +49 221 97376-37
F +49 221 97376-60
E investor.relations@dfag.de
http://www.dfag.de
End of Corporate News
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Language: English
Company: DF Deutsche Forfait AG
Kattenbug 18-24
50667 Köln
Deutschland
Phone: +49 (0)221 - 973 76 0
Fax: +49 (0)221 - 973 76 76
E-mail: dfag@dfag.de
Internet: www.dfag.de
ISIN: DE0005488795
WKN: 548879
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
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