Since the preparation of the monthly balance sheet for July 2014 and the extrapolation of the monthly result for August 2014, the Board of Management of DF Deutsche Forfait AG has noticed that DF Deutsche Forfait AG has incurred a loss in the amount of half the company’s share capital. The company’s separate financial statements, which are prepared in accordance with the German Commercial Code (HGB) form the relevant basis for the calculation of the loss.
The loss has been incurred because the company’s activities have been restricted significantly since its appearance on the sanctions list of the US Office of Foreign Assets Control (OFAC) in early February 2014. The cost reduction measures initiated by the company were insufficient to offset the loss of income. Moreover, the company incurred high one-time consulting expenses in conjunction with the OFAC listing. The Board of Management will immediately convene a shareholders’ meeting for 14 October 2014 in order to announce the loss in the amount of half the share capital in accordance with section 92 (1) of the German Stock Corporation Act (AktG).
DF Deutsche Forfait AG continues to do everything possible to be removed from the sanctions list in order to restore the company’s ability to act as quickly as possible.