DGAP-News: DF Deutsche Forfait AG publishes 2011 preliminary figures
(firmenpresse) - DGAP-News: DF Deutsche Forfait AG / Key word(s): Preliminary Results
DF Deutsche Forfait AG publishes 2011 preliminary figures
12.03.2012 / 10:02
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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
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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160132 12.03.2012
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