DF Deutsche Forfait AG / Key word(s): Preliminary Results
09.03.2012 11:34
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc announcement pursuant to Section 15 of the German Securities Trading
Act (WpHG)
DF Deutsche Forfait AG realizes losses in 2011
- Non-recurring special expenditure due to unexpected loss of arbitration
proceeding
- Measures for risk limitation cause additional expenditures
- Positive net earnings expected for 2012
Cologne, 09.03.2012 - DF Deutsche Forfait AG expects a negative
consolidated result of EUR 3.9m for FY 2011, due to an unexpected loss in
an arbitration proceeding and expansive measures for risk limitation
relating thereto. Without these non-recurring special expenditures DF
Deutsche Forfait AG would have realized consolidated net earnings of EUR
2.3m (2011: EUR 2.1m), based on the current provisional figures.
The arbitration proceeding referred to receivables - which had been sold to
an investor - against an obligor located in Dubai. However, a French Credit
Insurance Agency, which had insured the deal, denied the indemnification
payment. Along with the investor DF Deutsche Forfait AG referred to the
arbitration court that, although all involved lawyers of the claimants
unanimously assessed the situation as positive, finally denied the claims
of the claimants. Generally it is not possible to appeal the decision of
the arbitration court.
As a consequence of the court decision DF Deutsche Forfait AG agreed on an
out of court settlement with the investor. The company has also concluded
settlements in similar cases. The settlement payments as well as the legal
costs and the increase in provisions for risks have resulted in the
extraordinary loss in 2011. By implementing these measures, DF Deutsche
Forfait AG has assured that there will be no further expenditures in
similar transactions in the future.
Despite the negative results in 2011 DF Deutsche Forfait AG has a strong
equity position of approx. EUR 24m, at the same level as in 2007 after the
company went public. DF Deutsche Forfait AG thus has sufficient own funds
to further expands its forfaiting business. The company expects positive
net earnings for the first quarter as well as for the whole year 2012.
As announced in the financial calendar further provisional figures for the
FY 2011 will be published on 12 March 2012.
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
09.03.2012 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
WKN: 548879
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: DF Deutsche Forfait AG realizes losses in 2011
| Source: EQS Group AG