DGAP-News: H1 2013 sees DF Deutsche Forfait AG lay the basis for future growth
(firmenpresse) - DGAP-News: DF Deutsche Forfait AG / Key word(s): Half Year Results
H1 2013 sees DF Deutsche Forfait AG lay the basis for future growth
30.08.2013 / 07:07
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H1 2013 sees DF Deutsche Forfait AG lay the basis for future growth
- Expanded financing scope for future growth
- Positive consolidated result of EUR 1.0 million
- First placement of trade finance funds expected in Q3
Cologne, 30 August 2013 - The first six months of 2013 saw DF Deutsche
Forfait AG (Prime Standard, ISIN: DE0005488795) take important steps to
accelerate its future growth. The issue of a EUR 30 million corporate bond
(Entry Standard, ISIN: DE000A1R1CC4) as well as additional credit lines
give the company greater scope for growing its business. At the same time,
DF Group launched its asset management activities for trade finance funds,
which means that the company now operates on an even broader basis and
along an extended value chain.
Given the focus on these strategic moves, the consolidated result, at EUR
1.0 million, was below the prior year level of EUR 1.5 million, which had
been expected. This is equivalent to earnings per share of EUR 0.14
(previous year: EUR 0.22). The forfaiting volume amounted to EUR 309.5
million, compared to EUR 351.7 million in H1 2012. The first effects of the
greater financial scope are expected to make themselves felt in the second
half of the year, with the forfaiting volume anticipated to increase
notably. At EUR 6.4 million, the gross result including financial results,
the key performance indicator for success in the forfaiting business, was
almost on a par with the previous year's EUR 6.6 million. This resulted in
a forfaiting margin of 2.3% in the second quarter and of 2.1% in the first
six months of the year. The high margin, which clearly exceeds the
long-term average, underlines the attractive conditions in the forfaiting
market. At EUR 4.9 million, administrative expenses were up by merely 10%
on the previous year in spite of the build-up of the new Asset Management
segment and the pro-rated costs of the bond issue.
Although the growth forecasts for world trade have generally been
corrected, exporters' demand for financing solutions for deliveries of
goods to emerging and developing countries remains high. At the same time,
investors are showing growing interest in the asset class of trade
receivables in view of historically low interest rates. With the new trade
finance funds concept, DF Deutsche Forfait AG has established a second
source of income besides the revenues from the existing forfaiting
business. Management expects the talks between its Dubai-based subsidiary,
Deutsche Kapital Limited, and a number of interested institutional
investors to yield the first placement results before the end of the third
quarter.
Says Frank Hock, CFO of DF Deutsche Forfait AG: 'The expansion of the
financing structure and the increased credit lines mean that the company
strengthened its refinancing base considerably in the second quarter. This
reduces our exposure to short-term market fluctuations and changes in the
lending policies of individual debt capital providers and opens up new
scope for future growth.'
The company continues to project a clearly positive consolidated result for
the full year 2013.
The full report on the first six months of 2013 is available on the
company's website under 'Investor Relations'.
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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30.08.2013 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, DE000A1R1CC4,
WKN: 548879, A1R1CC
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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228242 30.08.2013
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Datum: 30.08.2013 - 07:07 Uhr
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News-ID 292363
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