DF Deutsche Forfait AG / Key word(s): Final Results 26.11.2014 11:14 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ad-hoc announcement pursuant to § 15 WpHG DF Deutsche Forfait AG: "IDW S6 Sanierungsgutachten" report confirms going concern prospects - Much higher preliminary consolidated loss Cologne, 26 November 2014 -DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) today received a report from Andersch AG Wirtschaftsprüfungsgesellschaft which confirms the company's going concern prospects based on the planning calculation. This is the result of the restructuring report ("IDW S6 Sanierungsgutachten") prepared by Andersch AG on behalf of the company. The going concern prospects are based on the restructuring concept developed by the company, which contains various measures which need to be taken to strengthen the debt and equity base. These measures are designed to fully restore the capital base, which has been reduced significantly as a result of the burdens resulting from the OFAC listing, as well as its operational capabilities. Details will today be announced by DF Deutsche Forfait AG in a separate ad-hoc statement. In response to the latest developments, the company has adjusted the consolidated financial statements in such a way that they now show a preliminary consolidated loss of EUR 12.6 million (previous year: pro-forma profit of EUR 2.1 million). Based on the preliminary figures published in March 2014, the company had projected a consolidated loss of only EUR 3.8 million. The much higher consolidated loss is due, on the one hand, to new findings in the course of 2014, which was adversely impacted by the company's listing on the OFAC sanctions list (e.g. massive restrictions in the possibilities to push ahead legal proceedings regarding overdue receivables); on the other hand, it reflects the requirements resulting from the "Sanierungsgutachten" report. More specifically, the difference between the loss now projected and the figures as at March 2014 are due to three effects. First, DF Deutsche Forfait AG decided, in view of the loss history, not to go ahead with the originally planned capitalization of deferred taxes for tax losses carried forward, which is equivalent to a negative effect of EUR 2.9 million. Second, the Board of Management decided to make additional allocations to depreciation and valuation allowances, which had a negative effect of EUR 6.2 million at the bottom line. On the upside, the retroactive payment of value added tax is not recognised as a one-time effect in 2013 but with retroactive effect for the relevant fiscal years from 2007 to 2013; as a result, a pro-rated amount of only EUR 0.2 million is recognised for 2013, instead of the originally planned EUR 2.2 million. For this reason, the consolidated figures for the previous years have been adjusted retroactively and are shown as pro-forma figures. The gross result including financial results, which is the key performance indicator of the Group, amounted to EUR -0.5 million in FY 2013 (pro-forma gross result 2012: EUR 12.9 million). Due to the preliminary consolidated loss, the Group's equity capital declined to EUR 10.2 million as at 31 December 2013 (pro-forma 31 Dec. 2012: EUR 24.5 million). Now that the going concern prospects have been confirmed, the auditors will shortly conclude the supplementary audit of the 2013 consolidated financial statements. The full consolidated financial statements will be published on the company's website at www.dfag.de/investor-relations/publikationen no later than 9 December 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 26.11.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------
DGAP-Adhoc: DF Deutsche Forfait AG: 'IDW S6 Sanierungsgutachten' report confirms going concern prospects
| Source: EQS Group AG