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DF Deutsche Forfait AG — Earnings Release 2009
Nov 24, 2009
115_rns_2009-11-24_d09ec2ba-5947-44cb-b3f2-1ead875e0c5d.html
Earnings Release
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Corporate | 24 November 2009 07:11
DF Deutsche Forfait AG presents nine-month report for 2009
DF Deutsche Forfait AG / Quarter Results
24.11.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
DF Deutsche Forfait AG presents nine-month report for 2009
- Preliminary figures for third quarter confirmed
- Clearly positive result of EUR 2.5 million despite falling volumes
- Margins remain at record level
Cologne, November 24, 2009 - Today, DF Deutsche Forfait AG (ISIN:
DE0005488795) has published its nine-month report for 2009 and confirmed
the preliminary figures announced on November 9. The only minor deviation
from the preliminary figures is a slightly higher forfaiting volume, up EUR
0.6 million to EUR 436.5 million.
Overall, the figures for the first nine months reflect the market shifts
caused by the financial and economic crisis and the resulting risk
prevention policy of DF Deutsche Forfait AG. While above-average conditions
are prevailing on the purchase side, the market is still restricted by the
placement side. After bottoming out in the fourth quarter of 2008, demand
from investors has been continuously recovering since the beginning of the
year, although it is still considerably below pre-crisis levels.
In the third quarter of 2009, DF Deutsche Forfait AG carried out business
transactions totaling EUR 150.6 million, generating a total forfaiting
volume for the first nine months of 2009 of EUR 436.5 million compared to
EUR 730.9 million in the previous year. As in the first half of 2009, the
forfaiting margin achieved during the reporting period remained at a record
level with 2.3%. Thus, the gross result including financial results
decreased much less than volume, falling -17% to EUR 9.9 million.
Group profits totaled EUR 2.5 million (previous year: EUR 4.5 million), and
earnings per share dropped to EUR 0.36, compared to EUR 0.67 in the
previous year.
Jochen Franke, CFO of DF Deutsche Forfait AG: 'The fact that we have
achieved positive Group profits despite a considerably reduced business
volume proves that our business model is crisis-resistant. As long as the
recovery trend on the placement side continues as anticipated, we will pick
up on our expansion strategy again in the coming year.'
Compared to the situation at the end of 2008, the balance sheet total on
September 30, 2009 dropped significantly by EUR 25.1 million to EUR 109.3
million. This was mainly due to active risk management. Trade receivables
were reduced by EUR 13.4 million to EUR 97.1 million. At the same time,
short-term liabilities decreased by EUR 24.6 million to EUR 72.0 million.
The equity ratio rose from 21% at the end of 2008 to 25% on the interim
reporting date. The operative cash flow was markedly positive and amounted
to EUR 11.7 million in the first nine months of 2009, (previous year: EUR
-65.7 million), mainly due to the reduction in trade receivables.
For the 2009 financial year, the company anticipates significantly positive
Group profits, a lower forfaiting volume than in the previous year and a
higher margin.
The nine-month report for 2009 is available at www.dfag.de.
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 [email protected]
http://www.dfag.de
24.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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: [email protected]
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