DGAP-News: DF Deutsche Forfait AG publishes 2012 consolidated financial statements
(firmenpresse) - DGAP-News: DF Deutsche Forfait AG / Key word(s): Final Results
DF Deutsche Forfait AG publishes 2012 consolidated financial
statements
03.04.2013 / 07:23
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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
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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03.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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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205814 03.04.2013
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