DGAP-News: DF Deutsche Forfait AG publishes 2009 consolidated financial statements
(firmenpresse) - DF Deutsche Forfait AG / Final Results
07.04.2010 07:07
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Double-digit return on equity despite the crisis
DF Deutsche Forfait AG publishes 2009 consolidated financial statements
- Preliminary figures for 2009 confirmed
- Distinctly positive consolidated net income of EUR 3.5 million
- Forfaiting margin improved for the sixth year in succession
Cologne, 7 April 2010 - DF Deutsche Forfait AG (Prime Standard, ISIN:
DE0005488795) has posted distinctly positive consolidated net income of EUR
3.5 million for the 2009 financial year (previous year: EUR 5.8 million)
despite the difficult operating conditions. That represents a 12 % return
on equity and underlines the company's crisis-proof business model. DF
Deutsche Forfait AG is therefore confirming the preliminary figures for
2009 that it published on 4 March.
Last year's business policy focused primarily on avoiding risks, as the
forfaiting market was also substantially impacted by the financial market
crisis. On the purchasing side, the squeeze on liquidity experienced by
many exporters and the caution exercised by banks in providing export
financing provided very good market conditions for DF Deutsche Forfait AG.
The low levels of competition meant that the company was able to purchase
receivables at much better rates in 2009 than before the crisis hit. As a
result, the forfaiting margin, which is the ratio between gross result
including financial results and the forfaiting volume, rose for the sixth
year in succession - up from 1.9 % to a new record level of 2.4 %.
Despite the substantial increase in opportunities for purchasing
receivables, the company was very selective in choosing its business in an
effort to keep risks to a minimum in the uncertain macro-economic climate.
Given the difficult market situation on the placement side, this led to a
considerable decline in the forfaiting volume from EUR 826.0 million in
2008 to EUR 575.9 million. However, this was largely offset by the
increased margin.
The gross result including financial results, which is the key figure for
evaluating success in the forfaiting business, came in at EUR 14.0 million,
compared to EUR 16.1 million in the previous year.
Administration costs increased to EUR 9.3 million primarily as a result of
one-off effects. The tax rate on earnings before tax of EUR 4.9 million
(previous year: EUR 8.2 million) was down once again, from 30 % in the
previous year to 28 % in 2009. Earnings per share came in at EUR 0.52
(previous year: EUR 0.85) according to IFRS.
Dividend of EUR 0.26 per share proposed
The Board of Management and Supervisory Board are proposing a dividend
distribution of EUR 0.26 per share to the Annual General Meeting. This
represents a dividend yield of around 5 % based on the XETRA closing price
on 30 December 2009. By distributing 50 % of consolidated net income, DF
Group is continuing the dividend continuity it has been pursuing since its
IPO.
Equity ratio up to 26 %
Trade receivables at year-end 2009 were down 12 % on the figures from the
end of 2008, which led to a 17 % fall in the balance sheet total to EUR
111.4 million. Calculated using the nominal value of the underlying
forfaiting transactions, 89 % of receivables were secured (previous year:
90 %). Cash and cash equivalents declined by EUR 10.3 million to EUR 12.4
million. In the previous year, less cash and cash equivalents could be used
for repaying liabilities, as these were Euro-denominated and were not used
to refinance transactions in US dollars.
The equity ratio was up to 26 % (previous year: 21 %). For a company in the
financial sector, DF Deutsche Forfait AG therefore has a very comfortable
equity base, particularly given the comprehensive securitization of
forfaiting transactions. The company is able to draw on its equity of EUR
26.8 million (after deducting the proposed dividend) as well as a long-term
loan of EUR 10.0 million as long-term refinancing resources.
Outlook
In addition to the upbeat conditions on the purchasing side, the placement
side, in other words the market for selling receivables to banks and other
investors, is now also begin-ning to recover. There has been a tangible
revival in demand, particularly among large banks that withdrew from
trading receivables during the financial market crisis. As a result, DF
Group expects a substantial increase in the forfaiting volume and
consolidated net income for the financial year 2010.
Jochen Franke, CFO of DF Deutsche Forfait AG comments: 'We are shifting our
focus back to growth in 2010, however, we will continue to keep an eye on
the company's risk situation. If the market remains stable, we should be
able to substantially improve earnings.'
The DF Deutsche Forfait AG 2009 annual report is available on the company's
website from today at Investor Relations/ Publications/ Annual Reports.
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(at)dfag.de
http://www.dfag.de
07.04.2010 07:07 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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(at)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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