Corporate | 3 April 2013 07:23
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DF Deutsche Forfait AG / Key word(s): Final Results
Press Release DF Deutsche Forfait AG publishes 2012 consolidated financial statements – Improved forfaiting volume and margin – Gross profit including financial results rises by 8% to EUR 13.0 million – Consolidated profit of EUR 2.5 million – First trade finance fund to be launched in 2013
Cologne, 3 April 2013 – DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) gave a positive performance in the 2012 financial year and generated a consolidated profit of EUR 2.5 million. The good business trend is attributable to improved forfaiting business and much lower administrative expenses. Earnings per share amounted to EUR 0.37 in 2012 (2011: EUR -0.58). The Board of Management and the Supervisory Board will propose a dividend of EUR 0.18 to the Annual General Meeting. Improved forfaiting business at reduced costs 2012 saw DF Deutsche Forfait Group handle forfaiting transactions totaling EUR 675 million (2011: EUR 661 million). At 1.9%, the forfaiting margin exceeded the previous year's 1.8%. The overall conditions for forfaiting transactions remain positive. The improved economic outlook – which follows a weak fourth quarter 2012 – and the growing imbalance between credit supply and credit demand in many parts of the economy mean that exporters' financing requirements will remain high. DF Group's positive performance is reflected in gross profit including financial results, which was up by 8% on the previous year to EUR 13.0 million. At the same time, administrative expenses were reduced by an impressive 16.0% to EUR 9.0 million. This was mainly attributable to the fact that other operating expenses declined by EUR 1.4 million to EUR 5.2 million due to lower legal expenses and efficiency gains in the international network. Solid capitalization facilitates entry into funds market At EUR 96.9 million, total assets of DF Deutsche Forfait AG were slightly below he previous year's EUR 97.8 million. This is primarily attributable to a EUR 15.1 million increase in trade receivables to EUR 76.1 million and a drop in liquid funds from EUR 31.6 million to EUR 17.4 million. The previous year's high liquidity was due to several incoming payments intended for transfer which were received shortly before the balance sheet date. The respective counter-item on the liabilities side is trade payables which also declined sharply by EUR 15.5 million to EUR 5.4 million. Equity capital at the end of the year 2012 was up by 11% to EUR 26.6 million, pushing the equity ratio from 25% to 27%. The good consolidated result and the solid equity position will allow DF Group to invest in the ongoing development of its operations. This year, these investments include the planned entry into the funds market. Due to the low interest rates, institutional investors are highly interested in investments offering a flat yield and a higher return than government bonds. Investors who have been unable so far to invest in the attractive asset class of 'trade finance receivables' because they lack the required specific knowledge can now invest in the 'trade finance funds' to be launched by the company. Risk assessment and management of the trade finance funds will be performed by independent investment managers and service providers. The first trade finance fund is expected to be ready for subscription by mid-2013. As the start-up of the funds business will tie up considerable capacities in the first half of 2013, growing profit contributions are not expected before the second half of the year. On balance, the company projects a positive Group result for the year 2013. The 2012 Annual Report of DF Deutsche Forfait AG is available for download from the company's website at http://www.dfag.de/index.php?id=156&L=1 as of today.
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
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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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| 205814 03.04.2013 |