- Group result for the first half of the year at previous year's level of EUR 2,0 mil.
- Expected decline in transaction-related income from commissions and forfaiting from EUR 5,1 mil. to EUR 4,4 mil.
- First trading transaction concluded very successfully after interims balance sheet date
Cologne, September 29, 2023 – DF Deutsche Forfait AG (ISIN: DE000A2AA204) today published its interim report as of the balance sheet date June, 30, 2023.
DF Group's consolidated result in the first half of the year was at the previous year's level. DF Group generated a result of EUR 2.0 million as of 30.06.2023 (previous year: EUR 2.0 million), which was generated from a volume of continuing operations totaling EUR 83.1 million (previous year: EUR 72.2 million).
Transaction-related income from commissions and forfaiting declined from EUR 5.1 million to EUR 4.4 million in the first half of the year. The reason for this was the uncertainty of many market participants starting in June 2023 due to the investigations of BaFin at Varengold Bank AG and the associated reluctance in new business. Commission income from marketing services amounted to EUR 4.1 million, while income from the forfaiting business was EUR 0.3 million.
As of the interims balance sheet date, the total transaction-related income as well as the corresponding expenses were significantly influenced by the first trading transaction started before June 30, 2023 and closed after June 30, 2023. In total, this led to a decrease in gross profit to EUR 4.4 million (previous year: EUR 4.9 million). Earnings before taxes amounted to EUR 2.4 million, compared to EUR 3.0 million in the previous year.
Consolidated earnings after taxes were at the level of the previous year at EUR 2.0 million.
"In the first half of 2023, DF Group successfully continued to develop its business despite the incipient uncertainty among our market participants. The decline in commission income was in line with our expectations and we were able to complete our first transaction in the new Trading division and close it with a high six-digit income after the balance sheet date," commented Dr. Behrooz Abdolvand, CEO of DF Deutsche Forfait AG.
Provided that the economic and political environment remains stable in the coming months, especially in the target region, the negative effects of the Ukraine war do not increase and the uncertainty among market participants subsides, DF Group expects another good financial year for 2023, maintaining the forecast of 27 July 2023.
The interim report as of June 30, 2023 of DF Deutsche Forfait AG is available on the company's website at www.dfag.de/en/investor-relations/publications/
DF Group is a specialist in foreign trade finance with a focus on the Middle East and Eastern Europe regions. DF Group focuses on the food, pharmaceutical, healthcare, industrial, energy and infrastructure sectors. With its extensive experience, its strong network and its comprehensive compliance expertise, DF Group offers its customers the right product solution. Since 2023, DF Group has also been acting as an independent trader of agricultural products in the new Trading business area, while complying with the applicable compliance requirements.