DF Deutsche Forfait AG provided consolidated earnings guidance for the year ended December 31, 2013. The company decided, for special reasons, to establish a provision for retrospective tax payments for past years of approximately EUR 2.2 million in the context of the preparation of the consolidated financial statements. Due to this and other one-time effects as well as significantly slower-than-expected business in the fourth quarter of 2013, the company is now projecting a consolidated loss after tax of between EUR 3.0 million and EUR 3.3 million.

The provision for retrospective tax payments has primarily been established in the light of new findings regarding the accrual of value-added tax amounts whose eligibility for offsetting or charging to third parties has not been definitively established. In case these value-added tax amounts cannot be offset or charged to third parties, the retrospective tax payments will be fully recognized in profit/loss. Besides the provisions for the retrospective value-added tax payments, the increased level of trade receivables at the end of the year required higher risk provisions.

The increased receivables and the lower earnings are attributable to delays in outplacement. As a result, the forfeiting volume, at EUR 85 million and the margin clearly fell short of the company's expectations in the fourth quarter. The fact that the company has been added to the sanction list of the US Office of Foreign Assets Control (OFAC) retroactively impaired the company's result for 2013, as it became clear that receivables in the amount of EUR 1.6 million have to be derecognized.

OFAC has accused DF Deutsche Forfait AG of having violated the trade sanctions against Iran. DF Group categorically denies these charges and is presently in the process of refuting the allegations. Total one-time expenses amount to approximately EUR 3.8 million, equity capital of approximately EUR 23 million as of December 31, 2013 (after EUR 26.5 million as of September 30, 2013) means that the company is still sufficiently and solidly financed in spite of the anticipated loss.