Corporate | 27 November 2012 07:18
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DF Deutsche Forfait AG / Key word(s): Quarter Results/Interim Report
Press release
DF Deutsche Forfait AG increases profit and enters the fund business
– Consolidated profit rises by 14% to EUR 2.1 million – Forfaiting volume on par with previous year at EUR 519 million – Trade finance fund opens up permanent growth opportunities
Cologne, 27 November 2012 − DF Deutsche Forfait AG closed the first nine months of 2012 with consolidated profit of EUR 2.1 million, corresponding to a year-on-year rise of 14%. The Group increased pre-tax profits by 26% to EUR 3.4 million, and earnings per share rose from EUR 0.27 to EUR 0.31. The significant drop in administrative costs and the stable forfaiting business were both behind this profit growth. Jochen Franke, CFO of DF Deutsche Forfait AG: 'The structural improvements with regard to administrative costs have given us additional room to manoeuvre and enable us to invest in further developing our business. We will tap new investor groups and considerably expand our customer base by launching a foreign trade receivables fund in the coming year. DF Group is a pioneer in this new asset class.' DF Group generated a forfaiting volume of EUR 519.0 million in the first nine months (previous year: EUR 524.9 million). The forfaiting margin remained unchanged at the high level of 1.9%. The gross result including financial results, which is the key performance figure for success in the forfaiting business, is EUR 10.1 million, almost on par with the previous year's figure of EUR 10.4 million. Administrative costs decreased by 12% to EUR 6.8 million. The balance sheet total increased by EUR 10.7 million to EUR 108.6 million compared to the end of 2011, primarily as a result of trade receivables climbing by EUR 28.4 million to EUR 89.4 million. The rise in receivables during the year reflects DF Group's typical business developments throughout the financial year. Equity went up by 9% to EUR 26.2 million on account of the positive result. This corresponds to a solid equity ratio of 24%. The company expects a significant consolidated profit for full-year 2012. Plans to launch new trade finance fund in 2013 Declining returns on government bonds issued by countries with top credit ratings are putting investors under enormous pressure with regard to fixed-interest investments. This development has attracted a great interest in foreign trade receivables investments, with their favourable return/risk profile, among new investor groups, including small institutional investors such as family offices. These investors do not have the necessary expert knowledge required to process the direct purchase of individual foreign trade receivables, meaning that a product such as a trade finance fund much better suits their investment criteria. DF Group has hired a highly experienced team to develop these products that took up its duties in the third quarter. The first fund is expected to be launched in the second quarter of 2013. DF Deutsche Forfait AG is using the fund concept to widen its placement range and provide the basis for increasing its forfaiting volume and profits in the long term. The nine-month report September 2012 can be downloaded at 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
End of Corporate News 27.11.2012 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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| 194749 27.11.2012 |