DF Deutsche Forfait AG increases consolidated profit by 21%

26Nov2008
  • Preliminary figures for the third quarter and profit forecast for 2008 confirmed
  • Free-float increased to 53.4%

DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) has sustained its forecasted growth track, despite difficult market conditions, as disclosed in the nine-months figures for 2008. By the end of September the company has increased its consolidated profit by 21% to EUR 4.5 million compared to the same period in the prior year and in doing so achieved 76% of its annual forecast of EUR 6.0 million. The forfaiting volume amounting to EUR 730.9 million and the
forfaiting margin totalling 1.6% were both at the level of the prior year period. Gross results including financial results improved by EUR 0.4 million to EUR 11.9 million. The Management Board confirms the annual forecast for consolidated profit amounting to EUR 6 million.

Jochen Franke, CFO: “Thanks to our excellent global network, great flexibility and lean cost structure we have achieved success in a noticeable negative market environment. Although we anticipate a fall in forfaiting volumes in the next few months, we also predict rising margins at the same time, compensating this development.”

Due to positive profitability compared to other financial stocks, DF management is assuming that the recent increase in free-float will lead to a tangible improvement in the liquidity of DF shares. As a result of the distribution by Forfait Investment GmbH announced on 27 October 2008, free-float grew substantially to 53.4%. A total of 6.6% of the shares distributed by Forfait Investment GmbH as property dividends went to the Munich based company Dr. Bauer & Co. Vermögensmanagement GmbH. The block ownership consists of the following shareholdings: M.M.Warburg & CO KGaA (20.9%), the Management Board (15.5%) and Forfait Investment GmbH (10.2%). Within the freefloat 9.3% of the shares are held by the Supervisory Board and an additional 0.4% by the Management Board.

The nine-months report 2008 is available for download on https://www.dfag.de/.

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