DGAP-News: DF Deutsche Forfait AG publishes figures for first nine months of 2013
(firmenpresse) - DGAP-News: DF Deutsche Forfait AG / Key word(s): 9-month figures
DF Deutsche Forfait AG publishes figures for first nine months of 2013
28.11.2013 / 07:35
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DF Deutsche Forfait AG publishes figures for first nine months of 2013
- Focus on strategic expansion of the business model
- Business volume and consolidated earnings down from prior year
- Contractual negotiations with renowned investor for first Trade Finance
fund complete
Cologne, November 28, 2013 - DF Deutsche Forfait AG (Prime Standard, ISIN:
DE0005488795) took extensive measures to expand its business portfolio in
the first nine months of 2013. By increasing the activities in its Asset
Management segment, it has extended the placement radius for foreign trade
receivables. At the same time, the DF Group obtained additional financing
by issuing a corporate bond (Entry Standard, ISIN: DE000A1R1CC4) and
securing further lines of credit.
Contrary to initial expectations, the financial figures from the first nine
months do not yet reflect the company's additional flexibility. This was
due to a temporary slowdown in the demand for financing solutions in July
and August, as well as delays in placing the first Trade Finance fund.
Consolidated profit in the first nine months was EUR 1.3 million, well
below the prior year's earnings of EUR 2.1 million. Earnings per share were
thus EUR 0.19 (prior year: EUR 0.31). Business volume was EUR 438 million,
down from EUR 519 million in the first nine months of the prior year. Gross
profit including finance results, the most important factor for the success
of the forfaiting business, was 6% below the prior year at EUR 9.4 million.
This is a margin of 2.1% for the first nine months. The fact that this
margin remains high underscores the appeal of the business model. Due to
investments in the new Asset Management segment and costs for entering the
African market, administrative costs grew 12% year-on-year to EUR 7.6
million.
Expansion to placement opportunities: Key points for the first Trade
Finance fund and an ABS program agreed
In early November, Deutsche Kapital Ltd. (DKL), Dubai, a wholly-owned
subsidiary of the DF Group, concluded negotiations with a renowned bank
that intends to invest client assets under its management in our Trade
Finance fund. The first closing has not taken place, contrary to initial
plans. We expect this to be completed until year-end. The bank has made
the strategic decision to invest part of the client assets under management
in the fixed income segment in the 'trade receivables' asset class. DKL
will manage a separate portfolio for the clients of this bank.
At the end of November, the DF-Group agreed with a renowned partner on the
framework conditions for an ABS program worth an initial EUR 50 million.
The documentation should be completed in the next few weeks, and we expect
an initial draw-down in Q1 2014.
Frank Hock, CFO of DF Deutsche Forfait AG, stated: 'We are pleased that the
contractual negotiations with the bank to assess a transaction in our
new Trade Finance fund have been successfully completed. Now we must
promote the investment along with our new partner and gradually obtain
further investors for the new 'trade receivables' asset class. The
framework conditions are highly promising thanks to the prevailing low
interest rates. The ABS program will expand our placement opportunities
starting in 2014 and give us access to additional investor groups.'
In light of the above conditions, the 2013 earnings will depend on whether
the first closing occurs before year-end. They also depend on the extent to
which we can post earnings from the Trade Finance fund and private
placements of export receivables during the fourth quarter.
The full report on the first nine 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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28.11.2013 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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242047 28.11.2013
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Datum: 28.11.2013 - 07:35 Uhr
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