DF Deutsche Forfait AG — Earnings Release 2010

May 27, 2010

News Details

Corporate | 27 May 2010 07:10

DF Deutsche Forfait AG confirming surge in Q1 2010 profits

DF Deutsche Forfait AG / Quarter Results

27.05.2010 07:10

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DF Deutsche Forfait AG confirming surge in Q1 2010 profits

• Consolidated profit up by 41% to EUR 1.1 million
• Forfaiting volume considerably higher at lower margin
• Administrative costs down slightly
• Full year guidance confirmed

Cologne, May 27, 2010 - In the first quarter of 2010, DF Deutsche Forfait
AG generated consolidated net income of EUR 1.1 million (previous year: EUR
0.8 million). This means that the company is now confirming the preliminary
results published one week ago. The fact that the company has recorded a
significant increase by 41% is an indication for its successful return to
its growth track and lends confirmation to the full year forecast for
consolidated net income at EUR 4.2 million (previous year: EUR 3.5
million).

In general, the forfaiting market was driven by signs of recovery in Q1
2010. After last year's market consolidation business continued to be
upbeat on the purchasing side, i.e. the buying of receivables from export
transactions. Demand for financing commercial transactions, especially in
emerging markets and developing countries, is continuing unabated. The
beginning of 2009 saw a slow but sustained recovery set in on the placement
side, which is also lasting in 2010. In the first quarter this in turn was
also recorded in the company's higher forfaiting volume.

Marina Attawar, member of the Deutsche Forfeit AG Board of Management: 'The
problems experienced by southern Euro-countries will most likely increase
our business potential. We have already received the first spate of
enquires. We are however retaining our focus on goods shipments to emerging
markets and developing countries, areas which are the sales markets of the
future for many exporters. As a specialist with long-standing experience we
are currently in great demand.'

In the first three months of the year, the forfaiting volume increased by
33% to EUR 180.7 million. As was the case in the previous year, the UK
accounted for the largest share of business volume at (27%), followed by
the United Arab Emirates (19%).

The gross result including financial results amounted to EUR 3.5 million
compared to EUR 3.2 million in the first quarter of 2009. This puts the
forfaiting margin at 1.9%, falling short of the record figure of 2.4% in
2009, which can mainly be attributed to non-risk-bearing special
transactions delivering below average returns.

In the period under review, administrative costs were reduced by 4% to EUR
2.1 million.

Earnings per share increased from EUR 0.11 in the first quarter of the
previous year to now EUR 0.16.

Compared to the end of 2009, the balance sheet total increased by EUR 16.5
million to EUR 127.9 million, primarily due to higher levels of trade
receivables. The receivables from forfaiting transactions are secured to
91%. Cash and cash equivalents increased slightly by EUR 1.1 million to EUR
13.4 million. Equity on March 31, 2010, reached EUR 29.8 million, beating
the amount disclosed on the reporting date 2009 by EUR 1.2 million. The
equity ratio amounted to sound 23%.

Change on Supervisory Board

The new Supervisory Board was elected at the Annual General Meeting of DF
Deutsche Forfait AG on 20 May 2010. As proposed by management, Dr.
Ludolf-Georg von Wartenberg was newly appointed to the body. He succeeds
Dr. Stefan Immes, who retired from his office effective from the end of the
AGM. Dr. Ludolf-Georg von Wartenberg is the former CEO of the German
Industrial Association (BDI) and a member of numerous boards of trustees as
well as other organizations. The remaining Supervisory Board members were
appointed for another term.

The Interim Report Q1 2010 is available for download at
http://www.dfag.de/index.php?id=172&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

27.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.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 Berlin, Düsseldorf, München, Stuttgart

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