DGAP-Adhoc: DF Deutsche Forfait AG: 'IDW S6 Sanierungsgutachten' report confirms going concern prospects


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.

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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

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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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