euro adhoc: Dresdner Factoring AG
quarterly or semiannual financial statement
/ Dresdner Factoring AG -
Receivables Turnover Well Above Plan
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
31.07.2006
First half-year receivables turnover: EUR65.5 million (49.2% up compared to last years reporting period) First half-year EBIT: EUR172.10k (first half 2005: EUR187.10k) 2nd quarter profit margin: 4.1% (1st quarter: 3.6%) Number of new contracts above plan (+7.7%) Turnover/profit forecast for the whole year confirmed Two new subsidiaries founded: core business strengthened
Dresden, 31 July 2006. Dresdner Factoring AG, one of the leading German providers of factoring services for small to medium-sized companies with annual turnovers of up to EUR5 million, concluded the first half of the year well above plan: the volume of receivables rose to EUR65.5 million, an increase of 49.2% over the first six months of 2005 and 12.6% above plan. At the same time, the profit margin rose to 4.1% in second quarter (first quarter: 3.6%), so that the average margin for the first half of the year was 3.9%. The half-year EBIT came to EUR172.10k, which was a decrease of 8% compared to the same period last year. The reasons for this decrease were the planned costs of our initial public offering and corporate expansion. The Formation of the new sales offices in Berlin-Brandenburg, Baden-Württemberg and North Rhine-Westphalia in the first half of the year was especially successful. The planning target for new contracts was exceeded by 7.7% in the reporting period. Under these circumstances, the management board expects the annual turnover and income to be at the respective target ranges (volume of receivables around EUR140-EUR150 million and EBIT between EUR1,600k and EUR1,800k). By the foundation of two subsidiaries - DF Steuerberaterfactoring GmbH and DF Anwaltsfactoring GmbH, Dresdner Factoring AG is opening up new distribution channels for the future, addressing the specific needs of lawyers and tax advisors. Apart from the factoring business itself with these professional groups, which needs to be handled differently from the factoring business with other professions, because of regulatory reasons, the company believes that lawyers and tax advisors can also become new multipliers for the company's core business. So far, regulatory environment has made it impossible to provide factoring services to these professional groups with legal certainty; however, changes in legislation have been initiated in the meantime. As soon as conditions allow, Dresdner Factoring AG will become active in this new field.
Note: the complete quarterly and half-yearly reports are available for downloading in the Investor Relations section at www.dresdner-factoring.de.
Dresdner Factoring AG Dresdner Factoring AG, with approx. 60 employees and six locations, is already one of the leading factoring providers nationwide in its target segment of small and medium-size companies with receivable turnovers of between EUR250,000 and EUR5 million a year. Dresdner Factoring AG's offers full-service factoring which provides liquidity and security by purchasing receivables (liquidity), insuring the receivables (protection against customer default) and offering a receivables-accounting service including dunning.
This press release constitutes neither an offer to sell nor a solicitation to buy or subscribe for securities. An offer is only made on the basis of a securities prospectus published by the company in connection with this offer and deposited with the Federal Financial Supervisory Authority. Since 13 April 2006, such a securities prospectus has been available free-of-charge on the company's website (www.dresdner-factoring.de), as well as from
? the Listing Board ("Zulassungsstelle") of the Frankfurt Stock Exchange,
? Dresdner Factoring AG and
? Bayerischer Hypo- und Vereinsbank.The information contained herein is intended neither for direct nor
indirect circulation or publication in the United States of America.
The sole purpose of the material provided is to inform; it does not
represent an offer for the sale of securities in the United States of
America. Securities referred to herein are not registered - nor will
they be in the future - pursuant to the provisions of the U.S.
Securities Act of 1933, as amended ("U.S. Securities Act"), or to the
laws of the respective state; they may therefore not be offered or
sold in the United States of America, unless they are offered and
sold pursuant to an exception to the registration requirements of the
U.S. Securities Act or the laws of the respective state, or in the
context of a transaction to which these laws do not apply. Neither
money, nor securities, nor any other form of quid pro quo is
requested. These and other forms of quid pro quo will not be accepted
if sent on the basis of the information contained herein.This press release contains forward-looking statements. These statements reflect the present views, expectations and assumptions of the management of Dresdner Factoring AG and are based on information available to the management at the present time. Forward-looking statements contain no guarantee that future results and developments will materialize; they also involve risks and uncertainties. The actual future results and developments relating to Dresdner Factoring AG can therefore deviate substantially from the expectations and assumptions expressed here due to various factors. These factors include in particular changes in the general economic situation and the company's competitive situation, changes in the financial markets, changes in the law, particularly relating to tax regulations and regulations concerning the basic legal framework governing the factoring business, as well as other factors that can exert an influence on the future results and developments of Dresdner Factoring AG. Dresdner Factoring AG does not assume any obligation to update the statements contained in this press release.
end of announcement euro adhoc 31.07.2006 07:53:57
Further inquiry note:
Pleon GmbH, Dominik Schilling, 00493518430430
Branche: Financial & Business Services
ISIN: DE000DFAG997
WKN: DFAG99
Index: CDAX
Börsen: Frankfurter Wertpapierbörse / regulated dealing/general
standard