- Consolidated profit for the first nine months of 2008 up by 20%
- Forecasted 2008 results reached to 75%
- Two offices opened in important international markets
DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) increased its consolidated profit by 20% against the previous year’s period in the first nine months of the financial year 2008, reaching EUR 4.5 million according to provisional figures. This means that it has reached 75% of its EUR 6.0 million full year forecast. In the first nine months of 2008 forfaiting volume nearly reached previous year levels at around EUR 731 million. In spite of the significant increase of insecurity at the financial markets the Management Board still assumes that the full year forecast of EUR 6.0 million will be reached.
The intensification of the financial crisis in recent weeks has led to a tight liquidity position for the banks. This has influenced investors to be more reluctant in purchasing receivables on the forfaiting market. On the purchasing side the market conditions are still very good as exporters are increasingly asking for faster inflow of liquidity. The opening of a new office in Zurich on 1 October 2008 should further strengthen the placement power of the company, which is presently of particular importance. Thus DF Deutsche Forfait significantly improves its access to the Swiss financial market, one of the key markets for forfaiting business. Additionally, on 1 October the company opened a new branch in Sao Paolo, Brasil. The Brasilian market, so far served from the base in Miami, USA, is the largest economy in South America.
The opening of the new offices in Brasil and Switzerland is increasing DF Deutsche Forfait Group’s global footprint to eleven locations. The increased international presence is another step in the company’s growth strategy announced at the IPO in 2007.