DF Deutsche Forfait AG — Earnings Release 2010

Nov 22, 2010

News Details

Corporate | 22 November 2010 07:22

DF Deutsche Forfait AG publishes figures for the first nine months of 2010

DF Deutsche Forfait AG / Key word(s): Quarter Results

22.11.2010 07:22

DF Deutsche Forfait AG publishes figures for the first nine months of 2010

• Forfaiting volume up 11% to EUR 485.3 million
• Consolidated profit down 20% to EUR 2.0 million
• Forfaiting market is not yet benefiting from the economic upturn

Cologne, 22 November 2010 - DF Deutsche Forfait AG achieved consolidated
profit of EUR 2.0 million in the first nine months of 2010 (previous year:
EUR 2.5 million). This figure falls short of the original planned value.
The reason for this drop is the rise in forfaiting volume being too low but
the forfaiting margin decreasing as anticipated. The volume of forfaiting
transactions rose by 11% to EUR 485.3 million in the first nine months of
the year, but this was insufficient to compensate for the expected drop of
the forfaiting margin from 2.3% to 1.9%.

The gross result including financial results went down by EUR 0.6 million
to EUR 9.3 million. Administrative expenses came to EUR 6.6 million, the
same level as in the previous year. Earnings per share fell from EUR 0.36
in the previous year's period to EUR 0.30.

The balance sheet total rose by EUR 35.3 million to EUR 146.7 million
compared to the end of 2009, primarily due to trade receivables increasing
during the year. 88% of receivables from forfaiting transactions were
secured. Cash and cash equivalents rose steeply by EUR 19.0 million to EUR
31.3 million. They include a large payment the company received prior to
the reporting date which was transferred afterwards. On 30 September 2010,
equity amounted to EUR 29.2 million, EUR 0.6 million higher than at the end
of 2009. The equity ratio came to a healthy 20%.

Marina Attawar, member of the Board of Management of DF Deutsche Forfait
AG: 'We are dissatisfied with the result of the first nine months of 2010.
The forfaiting business in those markets generally most important to us has
not yet benefited from the upturn to the full extent. The business volume
of some of our sales units also did not meet our expectations. We have
reacted by focusing even more strongly on sales management and marketing.'

The Board of Management still expects consolidated profit in the current
financial year to be clearly positive but to fall considerably below the
April forecast of EUR 4.2 million.

The complete nine-months report September 2010 is now available online 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 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@dfag.de
http://www.dfag.de

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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@dfag.de
Internet: www.dfag.de
ISIN: DE0005488795
WKN: 548879
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in München, Düsseldorf, Berlin, Stuttgart

End of Announcement DGAP News-Service

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