• Unqualified audit certificate issued for the separate and consolidated financial statements
  • Documentation of the loan agreements about to be finalized
  • Letters of intent from investors for planned cash and non-cash capital increase

By publishing its consolidated financial statements for the 2014 financial year on Friday, 30 April 2015, DF Deutsche Forfait AG (Prime Standard, ISIN: DE000A14KN88) has laid the basis for the successful implementation of the remaining equity measures forming part of the company's restructuring exercise.

Says Frank Hock, CFO of DF Deutsche Forfait AG: "The audited consolidated financial statements for 2014 and the confirmation of the going concern prospects according to the IDW S6 restructuring report represent another important step towards DF Group's financial restructuring."

DF Group posted a high consolidated net loss of EUR 15.5 million (previous year: EUR -12.6 million) for the past year. The loss was primarily due to the listing of DF Deutsche Forfait AG in the sanctions list of the Office of Foreign Assets Control (OFAC), an agency of the US Treasury. The consolidated gross result including financial results declined from EUR -0.5 million to EUR ‑3.8 million in the 2014 financial year. As a result of the consolidated net loss, DF Deutsche Forfait AG reported negative equity of EUR 5.3 million at the end of 2014 (previous year: positive equity of EUR 10.2 million).

The preparations of the upcoming capital measures are well advanced. A collateralization concept has meanwhile been agreed with the joint representative of the bondholders and the lending banks, securing the approval of all parties involved. The documentation for the granting of loans for the amount of EUR 40 million with a term until 31 December 2016 will be finalized shortly. The swap offer relating to the non-cash capital increase will be published soon. For the non-cash capital increase an amount of up to 3.4 million shares is available from authorized capital. The swap period is scheduled to begin in mid-May. In addition, the company is preparing the planned cash capital increase in the amount of up to EUR 10 million, for which the subscription period is expected to start in mid-June.

Says Frank Hock: "We have received a large number of letters of intent from investors for both of the planned equity measures, making us optimistic that all measures can be concluded by early July and enabling us to underwrite new business as before in the second half of 2015. These letters of intent, which have been received not only from long-standing shareholders of the company but also from many new investors, confirm the confidence they place in our business concept and take into account the substantial progress we made in the restructuring of DF-Group."

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