DF Deutsche Forfait AG
DF Deutsche Forfait AG removed from OFAC sanctions list
DF Deutsche Forfait AG / Key word(s): Legal Matter/Miscellaneous 16.10.2014 19:10 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. --------------------------------------------------------------------------- DF Deutsche Forfait AG removed from OFAC sanctions list - Investigations have confirmed company's full compliance with EU and US sanctions law - Company is allowed to conduct unrestricted US dollar denominated business again and to restore its former business volume - Approximately EUR 9,0 million loss incurred in the first nine months of 2014 Cologne, 16 October 2014 - DF Deutsche Forfait AG, Cologne, (Prime Standard, ISIN: DE0005488795) today was removed from the sanctions list (SDN list) of the Office of Foreign Assets Control (OFAC). The company was put on the sanctions list in February 2014 due to alleged violations of sanctions against Iran. Today's delisting vindicates the company's belief not to have violated US sanctions law. The delisting coincides with an agreement between the agency and the company under which the company gives certain undertakings. In addition, the company has agreed to comply with specified obligations as well as reporting duties towards the OFAC. The removal from the OFAC sanctions list did not involve the payment of any penalty. In particular, the company has agreed to expand its existing compliance system in accordance with US sanctions law. The company implemented this expansion already in March 2014. The company is also willing and able to fulfil all the other obligations as well as reporting duties. Following today's removal from the sanctions list, the company is allowed to conduct unrestricted US-dollar denominated business again. The company is also allowed to restore its former business volume to its full extent. The 249-day listing by OFAC resulted in significant constraints on the operational capabilities of the company, leading to losses of approximately EUR 9.0 million in the first nine months of 2014. These include EUR 1.5 million in one-time legal and counselling expenses related to the OFAC listing. According to preliminary figures, the equity capital of the parent company, DF Deutsche Forfait AG, declined to approximately EUR 2.2 million at the end of September 2014. The equity capital at Group level cannot be determined yet, as it is dependent on the Group's 2013 financial statements, which will be subject to a subsequent audit. Additional losses are anticipated for the fourth quarter of the year, given that restoring the business volume following the removal from the sanctions list is expected to take several months. The Board of Management will shortly present a concept for the full restoration of the company's operational capabilities. In particular, the company is planning various measures to strengthen its equity base and to safeguard its external borrowing capacity. Both, equity investors and lenders will have to make a contribution to restructuring. 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 16.10.2014 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 ---------------------------------------------------------------------------
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