Corporate | 26 March 2014 12:02
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DF Deutsche Forfait AG / Key word(s): Miscellaneous
DF Deutsche Forfait AG postpones publication of 2013 Annual Report – Publication scheduled for the end of April 2014 – Progress made in refuting the OFAC allegations
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Rating downgrade to B- (under review)
Cologne, 26 March 2014 – The Board of Management and the Supervisory Board of DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) have decided to postpone the publication of the consolidated financial statements for the 2013 financial year to the end of April 2014. Publication was originally scheduled for 2 April. The postponement is due to the ongoing process which aims to have the company removed from the sanctions list of the US Office of Foreign Assets Control (OFAC). At this stage, it is impossible to predict how long this process will take and when the company’s business activities will return to the level prior to its listing on the sanctions list. The company’s operational capacity is currently restricted significantly, as no more US dollar transactions are permitted. The company’s EUR transactions are also subject to considerable restrictions. This is why the Management Board of DF Group is currently unable to issue a well-founded statement on the company’s future economic performance such as is required in the forecast report of the financial statements. An extensive investigation conducted by a US law firm in accordance with OFAC requirements shows that no substantial violations of US sanctions law were identified. Furthermore, it is currently verified by the Bundesbank, that the company fully complied with applicable German and EU sanction laws. A report summarising the results of the investigation by the US law firm will be handed over to the OFAC until Thursday together with an application for the company’s delisting. Due to the significant restriction of the company’s operational capacity, the Scope rating agency has downgraded the corporate rating of DF Group from BB+ (under review) to B- (under review).
The exact publication date of the 2013 Annual Report and the resulting new dates of the annual accounts press and analysts conference as well as the Annual General Meeting of the company will be published shortly by way of an announcement pursuant to section 37v (1) sentence 2 of the German Securities Trading Act (WpHG) as well as on the website at www.dfag.de.
About DF Group The main business activities of DF Group are the purchase and sale of selected export receivables in emerging markets on a non-recourse basis. The objective is to sell the acquired receivables at the same time or in the short term. Forfaiting is an increasingly important tool in export financing, with volumes rising in line with the continuing advance of globalization. Creating tradable products from receivables benefits both exporters and buyers. As well as transferring risk to the buyer, the main benefit of forfaiting for exporters is the inflow of cash. This relieves the exporters’ credit lines and improves their balance sheet structure. DF Deutsche Forfait AG structures receivables attractively, so that investors seek them as a type of investment.
DF Deutsche Forfait AG
Kattenbug 18 – 24
End of Corporate News 26.03.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. 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 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 News | DGAP News-Service |
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| 259688 26.03.2014 |