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
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 https://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).