DF Deutsche Forfait AG

Earnings Release • Nov 21, 2011

News Details

Corporate | 21 November 2011 07:14

DF Deutsche Forfait AG increases volume and gross result

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

21.11.2011 / 07:14

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DF Deutsche Forfait AG increases volume and gross result

• Forfaiting volume of EUR 524.9 million (+8%) after nine months
• Gross result including financial results of EUR 10.4 million (+11%)
• Volume and result expected to have increased in full year 2011

Cologne, 21 November 2011 − DF Deutsche Forfait AG (ISIN: DE0005488796,
Prime Standard) continued to expand its business in foreign trade
receivables in the first nine months of 2011. The forfaiting volume rose by
8% to EUR 524.9 million. The gross result including financial results, the
key performance figure for success in the forfaiting business, went up from
EUR 9.3 million in the previous year's period to EUR 10.4 million. Although
consolidated profit was still down by around 10% year-on-year at EUR 1.8
million, the development of quarterly results so far in the current year
indicates that DF Group will increase its consolidated profit for the full
year.

The stable business performance in a difficult market environment
emphasizes the solid position of DF Deutsche Fortfait AG. The sentiment in
the forfaiting market has deteriorated due to the latest distortions in the
financial markets. This reduced the demand for trade receivables on the
part of banks particularly from the euro zone. DF Group however expects the
measures implemented by the EU countries to restore calm in the financial
markets.

At 2.0%, the forfaiting margin in the first nine months remained
significantly above the long-term average and the previous year's level of
1.8%. Administrative costs increased by EUR 1.2 million to EUR 7.7 million
during the reporting period on account of the expansion of capacities and
one-off effects. Earnings per share were EUR 0.27 compared to EUR 0.30 in
the first nine months of the previous year.

The balance sheet total amounted to EUR 127.2 million, slightly less than
at the end of 2010, when it was EUR 129.5 million. Trade receivables went
up - as is the norm during the course of the year - from EUR 99.2 million
to EUR 112.9 million. Receivables from forfaiting transactions are secured
at 80%. As planned, cash and cash equivalents were EUR 12 million on 30
September, less than at the end of 2010. Equity increased by EUR 0.9
million to EUR 30.0 million on the reporting date, despite the dividend
distribution in May, and the equity ratio was a solid 24%.

Jochen Franke, CFO of DF Deutsche Forfait AG: 'The figures for the first
nine months show that we are making solid profit, even in a difficult
market environment. The latest turbulences in the financial markets have
also had a temporary impact on the forfaiting market. As long as these
developments do not end in another serious financial crisis, we continue to
expect the forfaiting volume and consolidated profit in the full year 2011
to rise compared to last year.'
The nine-month report September 2011 can be downloaded at
http://www.dfag.de/172.html.

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

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@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

147088 21.11.2011