DGAP-Adhoc: DF Deutsche Forfait AG projects consolidated

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News Desk 2018

Feb 12, 2014 at 8:45 AM

DGAP-Adhoc: DF Deutsche Forfait AG projects consolidated loss for the fiscal year 2013

DF Deutsche Forfait AG / Key word(s): Preliminary Results 12.02.2014 14:29 Dissemination of an Ad hoc announcement according to Â§ 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- DF Deutsche Forfait AG projects consolidated loss for the fiscal year 2013 - One-time expenses caused by value-added tax repayments and as a result of DF Deutsche Forfait AG being added to US OFAC sanctions list Cologne, 12 February 2014 - On 12 February, DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) decided, for special reasons, to establish a provision for retrospective tax payments for past years of approx. EUR 2.2 million in the context of the preparation of the consolidated financial statements. Due to this and other one-time effects as well as significantly slower-than-expected business in the fourth quarter of 2013, the company is now projecting a consolidated loss after tax of between EUR 3.0 Mio. and EUR 3.3 Mio. The provision for retrospective tax payments has primarily been established in the light of new findings regarding the accrual of value-added tax amounts whose eligibility for offsetting or charging to third parties has not been definitively established. In case these value-added tax amounts cannot be offset or charged to third parties, the retrospective tax payments will be fully recognised in profit/loss. Besides the provisions for the retrospective value-added tax payments, the increased level of trade receivables at the end of the year required higher risk provisions. The increased receivables and the lower earnings are attributable to delays in outplacement. As a result, the forfaiting volume, at EUR 85 Mio., and the margin clearly fell short of the company's expectations in the fourth quarter. The fact that the company has been added to the sanction list of the US Office of Foreign Assets Control (OFAC) retroactively impaired the company's result for 2013, as it became clear yesterday that receivables in the amount of EUR 1.6 million have to be derecognised. OFAC has accused DF Deutsche Forfait AG of having violated the trade sanctions against Iran. DF Group categorically denies these charges and is presently in the process of refuting the allegations. Total one-time expenses amount to approx. EUR 3.8 Mio. Equity capital of approximately EUR 23 million as of 31 December 2013 (after EUR 26.5 million as of 30 September 2013) means that the company is still sufficiently and solidly financed in spite of the anticipated loss. The preliminary consolidated figures for the 2013 financial year will be published as planned on 7 March 2014. DF Deutsche Forfait AG Christoph Charpentier Kattenbug 18 - 24 50667 Cologne T +49 221 97376-37 F +49 221 97376-60 E investor.relations@dfag.de http://www.dfag.de 12.02.2014 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: DF Deutsche Forfait AG Kattenbug 18-24 50667 KÃ¶ln Germany Phone: +49 (0)221 - 973 76 0 Fax: +49 (0)221 - 973 76 76 E-mail: dfag@dfag.de Internet: www.dfag.de ISIN: DE0005488795, DE000A1R1CC4, WKN: 548879, A1R1CC Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, DÃ¼sseldorf, MÃ¼nchen, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------

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