Corporate | 10 April 2012 07:56
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DF Deutsche Forfait AG / Key word(s): Final Results
Press Release DF Deutsche Forfait AG publishes consolidated financial statements for 2011 – Forfaiting volume up 2% to EUR 661 million – Gross result including financial results rises by 2% to EUR 12.1 million – Consolidated net loss of EUR 3.9 million due to one-off expenses – Positive consolidated result forecast for 2012 Cologne, 10 April 2012 – DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) recorded a consolidated net loss in the 2011 financial year for the first time in the history of the Company. The reason for this development were arbitration proceedings that the company unexpectedly lost and that resulted in significant one-off expenses. The consolidated net loss came to EUR 3.9 million (previous year: consolidated profit of EUR 2.1 million). Without these one-off expenses, the Group would have generated a consolidated profit of EUR 2.3 million. The arbitration proceedings pertained to a previously sold receivable from a debtor in Dubai for which a French credit insurer refused to pay compensation. Together with the buyer of the receivable, DF Deutsche Forfait AG applied to the arbitration court, which overturned the claim despite the unanimously positive case assessments of all lawyers acting on the side of the claimants. It is generally not possible to appeal against the ruling of the arbitration court. In view of the ruling, DF Deutsche Forfait AG agreed to settle with the affected investor. In addition, the Company also settled transactions with a similar background and increased its risk provision. Solid development of the forfaiting business The forfaiting business developed steadily in the 2011 financial year. Both gross result including financial results, the key performance figure for success in the forfaiting business, and the forfaiting volume rose slightly by 2% year-on-year to EUR 12.1 million and EUR 661.2 million respectively. The forfaiting margin remained at 1.8%, still clearly above the long-term average. Despite low world trade growth rates in 2011, the forfaiting market developed positively on both purchasing and placement side. Exporters continue to look for financing alternatives such as forfaiting, especially for business transactions in emerging and developing countries. Investor demand has also risen again on the placement side after temporarily declining due to the unsolved Greek debt crisis. DF Groupʼs administrative costs increased by EUR 1.7 million to EUR 10.7 million in the 2011 financial year. Other operating expenses went up by 20% to EUR 6.6 million, mainly on account of a rise in legal and consulting fees. DF Deutsche Forfait AG plans to significantly reduce its costs again in the current year by increasing efficiency and due to a fall in legal fees. The lost arbitration proceedings caused one-off expenses of EUR 7.2 million (previous year: EUR 0.0 million); the risk provision was also increased. The resulting consolidated net loss means that no dividend will be paid for the previous financial year. Earnings per share pursuant to IFRS amounted to EUR -0.58 (previous year: EUR 0.31). Equity ratio remains solid The balance sheet total of DF Deutsche Forfait AG declined by EUR 32.1 million year-on-year to EUR 97.8 million. This primarily originated from trade receivables dropping by EUR 38.7 million on account of the deliberate sale of receivables toward the end of the year. The second largest item on the asset side, cash and cash equivalents, came to EUR 31.6 million at the end of 2011, up on the prior-year figure of EUR 27.9 million. This item includes EUR 4.4 million in cash inflows received before the reporting date, that were only transferred on in 2012. The equity ratio improved from 23% to 25% on account of the reduced balance sheet total. DF Deutsche Forfait AG therefore still has a very comfortable equity base for a company in the financial sector. Outlook
Growth conditions remain good for DF Group. The market environment is positive and the Company is well positioned. The Management forecasts for the forfaiting business in 2012 to improve across all segments, including forfaiting volume and gross result. DF Group expects to generate a clearly positive result again in the current year, including the first quarter.
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
End of Corporate News 10.04.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| 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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