Corporate | 12 March 2012 09:45
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DF Deutsche Forfait AG / Key word(s): Preliminary Results
Corporate News Preliminary Results DF Deutsche Forfait AG publishes 2011 preliminary figures – Forfaiting volume rises to EUR 661 million (+2 %) – At EUR 11.8 million, gross result including financial results equals previous year's level – Consolidated loss of EUR 3.9 million down after special expenditure – Positive consolidated result expected for 2012 Cologne, March 12, 2012 – According to preliminary business figures, DF Deutsche Forfait AG recorded a consolidated loss of EUR 3.9 million in financial year 2011 (previous year: consolidated profit of EUR 2.1 million) due to an unexpected loss in an arbitration proceeding. In view of the currently outstanding 6.8 million shares, preliminary earnings per share came to EUR -0.57 compared to EUR 0.31 in 2010. Without the special expenditure, the company would have realized a consolidated net income of EUR 2.3 million, based on the current preliminary figures. The negative result was due to an unexpected loss in an arbitration proceeding referring to receivables – which had been sold to an investor – against an obligor located in Dubai. A French credit insurer refused the indemnification payment. Along with the investor, DF Deutsche Forfait AG called upon the arbitration court which, despite the claimants' lawyers' unanimously positive assessment, ultimately denied the claims. Generally it is not possible to appeal the decision of the arbitration court. As a consequence of the court decision, DF Deutsche Forfait AG agreed on an out-of-court settlement with the investor. The company has also concluded settlements in similar cases and increased risk provisions. In 2011, the forfaiting volume rose slightly to EUR 661 million (previous year: EUR 650 million); the forfaiting margin was on par with the previous year at 1.8 %. The gross result including financial results, the product of margin and volume, also remained virtually unchanged at EUR 11.8 million (previous year: EUR 11.9 million). Jochen Franke, CFO of DF Deutsche Forfait AG: 'The special expenditure ruined the result for 2011. Our measures taken ensure that no further burdens will result from the arbitration proceeding loss. We are convinced that we can return to profit this year and already expect a positive consolidated result in the first quarter.' The full annual report 2011 including the consolidated statements will be published on April 10, 2012. 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
Kattenbug 18 – 24
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| Language: | English | |
| Company: | DF Deutsche Forfait AG | |
| Kattenbug 18-24 | ||
| 50667 Köln | ||
| Germany | ||
| 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 | |
| End of News | DGAP News-Service |
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| 160128 12.03.2012 |