DGAP-News: DF Deutsche Forfait AG publishes 2011 half-year results
(firmenpresse) - DGAP-News: DF Deutsche Forfait AG / Key word(s): Half Year Results
DF Deutsche Forfait AG publishes 2011 half-year results
30.08.2011 / 07:21
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DF Deutsche Forfait AG publishes 2011 half-year results
- Forfaiting volume of EUR 358.6 million (+7%)
- Gross result including financial results of EUR 6.9 million (+ 10%)
- Volume and earnings plus expected for full year 2011
Cologne, 30 August 2011 - DF Deutsche Forfait AG (ISIN: DE0005488796, Prime
Standard) increased its forfaiting volume by 7% to EUR 358.6 million in the
first half of 2011, generating consolidated profit of EUR 1.4 million
(previous year: EUR 1.6 million). In the second quarter of 2011, the
foreign trade financier generated consolidated profit of EUR 0.7 million,
the best result since the first quarter of 2010 (EUR 1.1 million), although
this was achieved under completely different market conditions. DF Group
thereby confirms the positive earnings trend of recent months.
The gross result including financial results, the most important
performance indicator in the forfaiting business, rose to EUR 6.9 million,
after EUR 6.3 million in the same period last year. The forfeiting margin
was on par with the first half of 2010 at 1.9%, significantly higher than
the long-term average. Administrative costs increased by EUR 0.7 million to
EUR 5.0 million in the reporting period due to the expansion of activity
and one-off effects. Earnings per share amounted to EUR 0.20, after EUR
0.23 in the first half of last year.
The balance sheet total climbed slightly from EUR 129.5 million to EUR
135.5 million compared to the end of 2010, on account of the generally
higher trade receivables during the course of the year and higher cash and
cash equivalents. 86% of receivables from forfaiting transactions are
secured. At EUR 30.4 million, cash and cash equivalents as of 30 June were
up on the figure of EUR 27.9 million at the end of the year. A payment for
transfer of EUR 8.3 million received shortly before the reporting date was
key to the high cash and cash equivalents. Equity came to EUR 29.7 million
on 30 June 2011, up slightly on the figure at the end of 2010, despite the
distribution in May. The equity ratio was a solid 22%.
Jochen Franke, DF Deutsche Forfait AG's CFO: 'The half-year results and the
continuing positive market environment for forfeiting transactions give us
confidence for the second half of the year. Provided that the latest
turbulence on the financial markets will not lead to a new major financial
crisis, the company expects to see significant year-on-year forfeiting
volume and consolidated profit rises in full-year 2011.'
The 2011 half-year report can be downloaded at
http://www.dfag.de/172.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 theirbalance 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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137404 30.08.2011
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Datum: 30.08.2011 - 07:21 Uhr
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News-ID 60276
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