Preliminary unaudited financial figures for 2023 - DF Group holds its own in a difficult market environment

• Business volume increases from EUR 145,8 million to EUR 182,1 million
• Gross profit in line with forecast at EUR 8,4 million
• Earnings before taxes lower than expected at EUR 3,5 million
• Cash and Cash equivalents as at 31.12.2023 amount to EUR 41,9 million

Cologne, March 27, 2024 - DF Deutsche Forfait AG (ISIN: DE000A2AA204) (DF AG) has closed a difficult and challenging financial year 2023 with a positive result according to preliminary unaudited figures.

The preliminary business volume rose to EUR 182.1 million in the financial year 2023 (previous year: EUR 145.8 million). This increase is mainly due to an increase in the volume of product marketing services and the entry into the trading business.

Despite the increase in business volume, it was not possible to match the very good gross profit of EUR 10.6 million achieved in 2022. At EUR 8.4 million, the preliminary gross profit for 2023 is in line with the forecast adjusted in July 2023. The reasons for the lower gross result compared to the previous year were, on the one hand, the months-long blockage of our funds and the overall market uncertainty triggered by Bafin's special audit of a former correspondent bank of two DF companies. On the other hand, the margins in DF Group's core business declined.

According to preliminary unaudited figures, earnings before taxes of EUR 3.5 million are below the figure of EUR 4.7 million forecast in July 2023. This is due to the significant increase in other operating expenses, which mainly include legal fees for the legal dispute resulting from the special audit by BaFin of our correspondent bank as well as significantly higher costs for the stock exchange listing and the audits of the interim and annual financial statements. Interest expenses also increased significantly due to the general interest rate trend.

The preliminary unaudited consolidated net profit for the 2023 financial year amounts to EUR 1.7 million or EUR 0.14 per share (previous year: EUR 5.4 million or EUR 0.45 per share). In addition to the upstream factors, the utilization of deferred taxes in the amount of EUR 1.1 million had to be taken into account due to a change in the earnings and planning calculation triggered by the market uncertainties.

According to preliminary figures, DF AG's cash and cash equivalents amounted to EUR 41.9 million as of 31 December 2023.

"Unfortunately, we were unable to match the good result of 2022 due to external influences on our core business," comments CEO Dr. Behrooz Abdolvand on the preliminary result. "Bafin's special audit of one of our former correspondent banks for foreign trade with Iran led to considerable uncertainty throughout the market in the second half of 2023. As we were only able to free up our credit balances at the correspondent bank, which had been blocked for a long time, shortly before Christmas, they could no longer be used in the 2023 financial year. In terms of business policy, the second half of 2023 was therefore subject to a significant external blockade of our business activities."

As announced, the 2023 Annual Report will be published by April 30, 2024 at the latest.

About DF-Group

DF Group is a specialist in foreign trade finance with a focus on the Middle East and Eastern Europe regions. DF Group focuses on the food, pharmaceutical, healthcare, industrial, renewable energy and infrastructure sectors. With its extensive experience, its strong network and its comprehensive compliance expertise, DF Group offers its customers the right product solution. Since 2023, DF Group has also been acting as an independent trader of agricultural products in the new Trading business area, while complying with the applicable compliance requirements.

Contact Investor Relations / press

DF Deutsche Forfait AG
Guido Janzen
Gustav-Heinemann-Ufer 56, D - 50968 Cologne P +49 221 97376-61
E investor.relations@dfag.de
www.dfag.de