DGAP-News: DF Deutsche Forfait AG publishes 2010 consolidated financial statements
(firmenpresse) - DGAP-News: DF Deutsche Forfait AG / Key word(s): Final Results
DF Deutsche Forfait AG publishes 2010 consolidated financial
statements
05.04.2011 / 07:32
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DF Deutsche Forfait AG publishes 2010 consolidated financial statements
- Consolidated net income of EUR 2.1 million
- Forfaiting volume increased to EUR 650.1 million
- Proposed dividend of EUR 0.15 per share
Cologne, April 5, 2011 - DF Deutsche Forfait AG (Prime Standard, ISIN:
DE0005488795) has posted consolidated profit of EUR 2.1 million in 2010
(previous year: EUR 3.5 million). This result saw the company confirm the
preliminary figures for 2010 which it announced on March 8.
The consolidated net income is lower than what management had expected for
2010, and two factors were behind this development. For one, the expected
reduction in the forfaiting margin was somewhat larger than planned; in
addition, the increase in the forfaiting volume was not sufficient to
compensate for the drop in this margin.
The forfaiting volume rose in 2010 by 13 % to EUR 650.1 million (previous
year: EUR 575.9 million). The forfaiting margin fell from 2009's record
figure of 2.4 %, influenced by the crisis on the financial market, to 1.8 %
in the past financial year. The gross result including financial results,
the decisive indicator for success in the forfaiting business, fell from
EUR 14 million in the previous year to EUR 11.9 million.
The market for export financing and by extension for forfaiting displayed
clear signs of recovery in 2010. However, the effects of the strong upturn
in exports was delayed because sectors which entail forfaiting, such as
plant construction, did not benefit from the recovery in the economy until
the second half of the year. In addition, DF Group generates a significant
share of its business abroad and export growth in other countries was not
as strong as it was in Germany.
Overall, the market for forfaiting activities displayed a return to
normalcy after the financial crisis. On the purchasing side, competitors
returned to the market, but margins continue to be above the long-term
average. At the same time, demand rose on the placement side, i.e. the
market for selling trade receivables to banks and other investors, which
means that placing risks with a longer maturity was possible once again.
DF Deutsche Forfait AG reacted to these developments as early as in the
second half of 2010 and it put structural and staff-related measures into
place to increase efficiency within its sales organization. These measures
quickly bore fruit - benefits were visible by the end of 2010.
Desipte opening another office in Ghana, in western Africa, DF Group cut
administration costs during the 2010 business year, reducing expenditure by
EUR 0.3 million to EUR 9 million. The cause of this decline was lower staff
costs due to a fall in performance-based remuneration. Earnings before tax
stood at EUR 2.9 million compared to EUR 4.9 million for the previous year.
According to IFRS, earnings per share came in at EUR 0.31 (pre-vious year:
EUR 0.52).
Dividend of EUR 0.15 per share proposed
The Board of Management and Supervisory Board are proposing a dividend
distribution of EUR 0.15 per share to the Annual General Meeting. By
distributing 50 % of consolidated net income, DF Group is continuing the
dividend policy it has been pursuing since its IPO.
Balance sheet extended by greater cash and cash equivalents
The balance sheet total at DF Deutsche Forfait AG grew year-on-year by EUR
18 million to EUR 129.5 million. This resulted largely from the EUR 15.5
million increase in cash and cash equivalents, which came to EUR 27.9
million at the end of the year. This figure includes a receipt of a payment
of EUR 8.8 million shortly before the balance sheet date and was forwarded
only in 2011. Trade receivables at year-end 2010 were up 2 % on the figures
from the end of 2009, to EUR 99.2 million. The temporary increase in
liquidity beyond the balance sheet date caused the equity ratio to fall
slightly, from 26 % to 23 %. This result means that, for a company in the
financial sector, DF Deutsche Forfait AG remains in a comfortable position
regarding its equity base.
Outlook
The forfaiting sector has for the most part by now left the crisis behind.
Competition has been growing on the purchasing side. Competitors, above all
banks, are expanding their business activities and other players on the
market have also returned. Viewed in the long-term, the average margin is
still high, and demand continues to rise on the placement side.
Marina Attawar, member of the Board of Management and responsible for
marketing/sales at DF Deutsche Forfait AG, comments, 'We are confident that
the recovery of the market and the measures we have put into place to
increase the efficiency of our sales division will bear fruit, so we expect
forfaiting volumes to rise and results to improve.'
The DF Deutsche Forfait AG annual report for 2010 is available on the
company's website from today at http://www.dfag.de/206.html?&L=1.
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
Deutschland
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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118407 05.04.2011
Datum: 05.04.2011 - 07:32 Uhr
Sprache: Deutsch
News-ID 33708
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