Ad-hoc | 12 February 2014 14:29
DF Deutsche Forfait AG / Key word(s): Preliminary Results
12.02.2014 14:29
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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
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Language: English
Company: DF Deutsche Forfait AG
Kattenbug 18-24
50667 Köln
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, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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