DGAP-News: DF Deutsche Forfait AG publishes consolidated financial statements for 2011
(firmenpresse) - DGAP-News: DF Deutsche Forfait AG / Key word(s): Final Results
DF Deutsche Forfait AG publishes consolidated financial statements for
2011
10.04.2012 / 07:56
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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 Group?s 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.
The annual report 2011 of DF Deutsche Forfait AG is available now on the
company website at http://www.dfag.de/report.html.
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(at)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
Germany
Phone: +49 (0)221 - 973 76 0
Fax: +49 (0)221 - 973 76 76
E-mail: dfag(at)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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