DF Deutsche Forfait AG

Earnings Release • May 29, 2013

News Details

Corporate | 29 May 2013 07:22

DF Deutsche Forfait AG closes first quarter with positive result

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

29.05.2013 / 07:22

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Quarterly figures

DF Deutsche Forfait AG closes first quarter with positive result

– Consolidated result of EUR 0.5 million

– Focus on strategic decisions for the future

– Implementation of trade finance funds concept proceeding to plan

Cologne, 29 May 2013 – In the first quarter of 2013, DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) put a clear focus on setting the strategic course for the future. The entry into the funds business and the issue of a EUR 30 million corporate bond (Entry Standard, ISIN: DE000A1R1CC4) will open up new growth opportunities to DF Group in the coming years. Although resources were tied up in the projects, the company reported a positive result of EUR 0.5 million (previous year: EUR 0.7 million) for the first quarter. This represents earnings per share of EUR 0.07 (previous year: EUR 0.11).

As had been expected, the forfaiting volume of EUR 152.4 million was below the previous year’s EUR 190.0 million. The same applies to the gross result including financial results (the key performance indicator for success in the forfaiting business), which was down by EUR 0.4 million to EUR 2.9 million. At 1.9%, the forfaiting margin stayed at the high level of the full year 2012. Administrative expenses, which had already been reduced significantly in the previous year, were down by 4% on the previous year to EUR 2.2 million.

Overall, the environment for forfaiting transactions is still positive. In spite of the existing uncertainty about the future outlook for the world economy, exporters’ demand for financing solutions for deliveries of goods to emerging and developing countries remains high. At the same time, investors are showing growing interest in the asset class of export receivables in view of historically low interest rates. By establishing a subsidiary, Deutsche Kapital Limited, in the Dubai International Financial Center and completing the approval process with the Regulator, the Dubai Financial Services Authority for asset management and the distribution of funds, DF Group has laid the foundation for the launch of trade finance funds in the first quarter of 2013. Deutsche Kapital Limited is in initial discussion with a number of institutional investors which have expressed interest in the trade finance fund space. With the new funds concept, DF Deutsche Forfait AG will establish a second source of income besides the revenues from the existing forfaiting business.

Says Marina Attawar, member of the Board of Management of DF Deutsche Forfait AG: ‘The first months of 2013 showed the way for the future of DF Group. We have not only pushed forward our funds business but also strengthened our funding base by EUR 30 million through the successful issue of a corporate bond. This will enable a sustained increase in our forfaiting volume over the medium term.’

DF Group continues to project a clearly positive consolidated result for the full year 2013.

The full report on the first three months of 2013 is available in the Investor Relations section of the company’s website.

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

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