Earnings Release • Mar 11, 2013
Earnings Release
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Corporate | 11 March 2013 07:34
DF Deutsche Forfait AG reports clearly positive consolidated net income for 2012
DF Deutsche Forfait AG / Key word(s): Preliminary Results
11.03.2013 / 07:34
Corporate News
Preliminary figures
DF Deutsche Forfait AG reports clearly positive consolidated net income for 2012
– Consolidated net income reaches EUR 2.5 million
– Improved forfaiting business leads to higher gross result
– Frank Hock to success Jochen Franke as new Chief Financial Officer
Cologne, 11 March 2013 – DF Deutsche Forfait AG returned to profit in the 2012 financial year. According to preliminary figures, consolidated net income amounted to approx. EUR 2.5 million, which represents a return on equity of 9%. Preliminary earnings per share for the 2012 financial year reached EUR 0.37 (previous year: EUR -0.58 per share) and will allow the company to pay out an attractive dividend. The increased result is attributable to improved forfaiting business. The gross result including financial results, which is the critical performance indicator for the forfaiting business, increased by 8% to EUR 13 million. At the same time, administrative expenses declined sharply by 16% to approx. EUR 9.0 million due to lower legal and personnel expenses.
2012 saw DF Deutsche Forfait Group handle forfaiting transactions totalling EUR 675 million (previous year: EUR 661 million). At 1.9%, the forfaiting margin exceeded the previous year's 1.8%.
Marina Attawar, member of the Board of Management of DF Deutsche Forfait AG: 'We are back in the fast lane and have reached our targets for 2012. Efficiency gains on the cost side, a solid capital basis and positive market conditions mean that the conditions are in place for further volume and profit growth in the coming years. As the economic environment continues to improve, we expect growing financing demand from exporters. Our specialist trade finance solutions will allow us to benefit from the growing imbalance between credit supply and demand.'
The entry in the funds business, which is planned for this year, will work in the same direction. The launch of trade finance funds will give DF Deutsche Forfait AG access to new investor groups and sources of income. Due to the low interest rates, institutional investors are highly interested in investments offering a flat yield and a higher return than government bonds. But most institutional investors lack the knowledge that is required for the purchase, risk assessment and management of individual trade finance receivables. A trade finance fund gives them the opportunity to invest in this attractive asset class. The first fund is scheduled to be available to investors in mid-2013.
Change on the Board of Management
DF Group has also announced a change on the Board of Management. The Supervisory Board has appointed Frank Hock new member of the Board of Management of DF Deutsche Forfait AG. He will take over as Chief Financial Officer from Jochen Franke, who has terminated his contract for personal reasons. Mr Franke will resign from the Board of Management upon adoption of the 2012 financial statements in late March. The Supervisory Board would like to thank Mr Franke for his long-standing and very successful work for the company. Frank Hock has sat on the Supervisory Board of DF Deutsche Forfait AG since 2007 and has been a shareholder of the company for many years. He looks back on 19 years experience in the financial sector and is absolutely familiar with the forfaiting business and with DF Deutsche Forfait AG thanks to his work on the Supervisory Board.
The full consolidated financial statements and the Annual Report for 2012 will be published on 3 April 2013.
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
http://www.dfag.de
End of Corporate News
11.03.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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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: | [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 |
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| 203472 11.03.2013 |
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