Earnings Release • Feb 10, 2015
Earnings Release
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Corporate | 10 February 2015 18:35
DF Deutsche Forfait AG publishes figures for the first nine months of 2014
DF Deutsche Forfait AG / Key word(s): 9-month figures
2015-02-10 / 18:35
DF Deutsche Forfait AG publishes figures for the first nine months of 2014
– Bondholders invited to participate in the second bondholders’ meeting on 19 February 2015
Köln, 10 February 2015 – DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) posted a consolidated net loss of EUR 11.5 million in the first nine months of 2014 (previous year: consolidated net profit of EUR 1.3 million). This is equivalent to earnings per share of EUR -1.69 (previous year: EUR 0.19). Since its October 2014 delisting from the US OFAC sanctions list, DF Deutsche Forfait AG has been working to restore its operational and financial capabilities. At the operational level, the company has recorded lively demand for forfaiting transactions. While transactions remained below plan in the fourth quarter of 2014, the significantly increased number of concrete inquiries for business testifies to the confidence which customers and business partners continue to place in DF Group.
The first milestones of the company’s financial restructuring have been implemented successfully. At the ordinary Annual General Meeting on 22 January 2015, a large majority of shareholders endorsed a capital increase by up to 6.8 million shares as well as the creation of option rights for the bondholders. The credit commitments given by DF Deutsche Forfait AG’s banks are no longer conditional on subsequent board approval and the banks have announced their willingness to keep in place the approximately EUR 40 million credit line on an unsecured basis. The company and the banks are currently in negotiations about the credit documentation which is envisaged to be completed by early March.
On 19 February 2015, the company will hold the second bondholders’ meeting for holders of the 2013/20 corporate bond (ISIN: DE000A1R1CC4) in Cologne. The bondholders are being asked to follow the shareholders’ and banks’ lead in clearing the way to restoring the company’s operational capacity. Bondholders may choose to be represented by a proxy instead of attending the meeting in person.
Further information and forms to be used for participation are provided at www.dfag.de/investor-relations/anleihe.
The full report on the first nine months of 2014 is available in the Investor Relations section of the company’s website in German only (the publication of the English version is planned for 18 February 2015).
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
Christoph Charpentier
Kattenbug 18 – 24
50667 Cologne
T +49 221 97376-37
F +49 221 97376-60
http://www.dfag.de
2015-02-10 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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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: | [email protected] |
| 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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| 321767 2015-02-10 |
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