Ad-hoc | 16 October 2014 19:10
DF Deutsche Forfait AG / Key word(s): Legal Matter/Miscellaneous
16.10.2014 19:10
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DF Deutsche Forfait AG removed from OFAC sanctions list
- Investigations have confirmed company's full compliance with EU and US
sanctions law
- Company is allowed to conduct unrestricted US dollar denominated
business again and to restore its former business volume
- Approximately EUR 9,0 million loss incurred in the first nine months of
2014
Cologne, 16 October 2014 - DF Deutsche Forfait AG, Cologne, (Prime
Standard, ISIN: DE0005488795) today was removed from the sanctions list
(SDN list) of the Office of Foreign Assets Control (OFAC). The company was
put on the sanctions list in February 2014 due to alleged violations of
sanctions against Iran. Today's delisting vindicates the company's belief
not to have violated US sanctions law. The delisting coincides with an
agreement between the agency and the company under which the company gives
certain undertakings. In addition, the company has agreed to comply with
specified obligations as well as reporting duties towards the OFAC. The
removal from the OFAC sanctions list did not involve the payment of any
penalty.
In particular, the company has agreed to expand its existing compliance
system in accordance with US sanctions law. The company implemented this
expansion already in March 2014. The company is also willing and able to
fulfil all the other obligations as well as reporting duties.
Following today's removal from the sanctions list, the company is allowed
to conduct unrestricted US-dollar denominated business again. The company
is also allowed to restore its former business volume to its full extent.
The 249-day listing by OFAC resulted in significant constraints on the
operational capabilities of the company, leading to losses of approximately
EUR 9.0 million in the first nine months of 2014. These include EUR 1.5
million in one-time legal and counselling expenses related to the OFAC
listing. According to preliminary figures, the equity capital of the parent
company, DF Deutsche Forfait AG, declined to approximately EUR 2.2 million
at the end of September 2014. The equity capital at Group level cannot be
determined yet, as it is dependent on the Group's 2013 financial
statements, which will be subject to a subsequent audit. Additional losses
are anticipated for the fourth quarter of the year, given that restoring
the business volume following the removal from the sanctions list is
expected to take several months.
The Board of Management will shortly present a concept for the full
restoration of the company's operational capabilities. In particular, the
company is planning various measures to strengthen its equity base and to
safeguard its external borrowing capacity. Both, equity investors and
lenders will have to make a contribution to restructuring.
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
16.10.2014 The DGAP 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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