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DGAP-News: DF Deutsche Forfait AG / Key word(s): Preliminary Results/Final Results DF Deutsche Forfait AG publishes preliminary 2013 financials

07.03.2014 / 07:50

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DF Deutsche Forfait AG publishes preliminary 2013 financials

- One-time expenses weighing on profitability: Group results at EUR -3.8 million.

- Business volume and margin clearly down on the previous year

- Company is making intensive efforts to be taken off the OFAC list

Cologne, 7 March 2014 - DF Deutsche Forfait AG (Prime Standard, ISIN: DE0005488795) is reporting a negative Group result for the financial year 2013. Based on preliminary figures, the loss amounts to approximately EUR 3.8 million (EUR -0.56 per share). The company's ad hoc press release of 12 February 2014 anticipated a loss between EUR 3.0 and EUR 3.3 million based on information available at the time. In particular, two special effects weighed on the company's profitability, namely the creation of provisions for VAT payments as well as the inclusion of DF Deutsche Forfait AG in the sanction list of the Office of Foreign Assets Control (OFAC), an agency of the US Treasury due to alleged violation of Iran sanctions. The negative earnings impact of these two special effects amounted to approximately EUR 3.8 million.

In addition, the company's performance clearly fell short of the targets set for its operations. The fourth quarter saw the forfaiting volume and margin clearly below expectations due to delays in placing receivables. Reasons for this included the longer processing times for business with new customers in the strategically important African market. The DF Group's business volume for the full year came to EUR 523 million, down 22% on the previous year. Higher refinancing costs resulting from the bond issue and a lower turnover of receivables meant that the margin declined to 1.4% (previous year 1.9%). The company expects that with the realisation of its strategic projects, namely Trade Finance Funds and ABS programme it will increase the turnover rate which will lead to an improvement of the overall margin. The gross result including financial results dropped from the previous year's EUR 13.0 million to EUR 7.2 million. Administrative expenses before one-time expenses amounted to EUR 10.5 million, up 17% on the prior year; contributing factors included the higher costs for the development of the new Asset Management business which is yet to generate earnings. In order to counterbalance the increase in administrative expenses, the company initiated a cost reduction programme in the fourth quarter of 2013. The estimated savings amount to approximately EUR 1.0 million in 2014.

Frank Hock, member of the Board of Management of DF Deutsche Forfait AG, said: "We have clearly missed our 2013 operative targets. Following a good start to the current year, the unexpected inclusion of our company in the OFAC list not only weighed on our 2013 results but also continues to substantially constrain our scope for action. However, we are confident that our intensive talks with the OFAC and the ongoing internal and external examinations will result in these allegations being invalidated so that we can fully focus on our day-to-day business again at the earliest possible point in time. An additional audit by the German Bundesbank will also assist us in the complete elimination of the allegations of sanction infringements."

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PRESS RELEASE: DF Deutsche Forfait AG publishes preliminary 2013 financials

Word Press Blog Unordered List With symbol
http://mlmmarketingblogschool.com/how-to-format-a-list-post How to format an unordered list with all different symbols. This is for a WordPress Blog.

By: Julieanne van Zyl

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Word Press Blog Unordered List With symbol - Video

Written by: Samantha Williams on July 28, 2008.

Derogatory terms are inappropriate, even within the groups they refer to

The N word has received more press over the past few weeks than Angelina Jolie and her troupe of 71 kids an impressive feat, to say the least.

The firestorm began when leaked footage of comments made by the Rev. Jesse Jackson while wearing a hot microphone before a Fox News interview was played on The OReilly Factor.

Initially, OReilly aired a clip of Jackson whispering to a fellow guest that he didnt like how presidential nominee Sen. Barack Obama was speaking down to black people and that he wanted to cut his nuts off.

This was more than enough to set off a media blitz that would include several very public apologies from Jackson, as well as a slew of television appearances.

It was only a few days after the footage aired that OReilly announced Jackson had actually made an even more offensive comment, using the N word, a racial slur that Jackson has been fighting against for years.

A flood of debates inevitably ensued following this announcement that boiled over on July 17, on The Views Hot Topics segment.

Though most media outlets chose to focus on whether or not Jackson knew if the mic was on and why he chose the words he did, the bigger question is if the N word is ever really appropriate.

My answer is no.

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Who can use the N word?

DGAP-News: Manz AG / Key word(s): Miscellaneous Manz AG returns to the TecDAX

06.03.2014 / 15:17

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Manz AG returns to the TecDAX

- Manz AG stock back on the TecDAX as of March 24, 2014

- Sustainable and profitable growth expected in 2014 and beyond

Reutlingen, March 6, 2014 - The shares of Manz AG (M5Z), one of the world's leading high-tech engineering companies with an extensive technology portfolio covering the three strategic divisions of "Display", "Solar" and "Battery", is listed on the TecDAX of the German Stock Exchange as of March 24, 2014. Following the very successful business performance and record revenue in 2013, the company's shares thus return to the league of Germany's 30 largest, Prime Standard listed technology companies in terms of market capitalization and trading volume.

Dieter Manz, CEO and founder of Manz AG, welcomes the company's listing in the index: "We are very pleased about our inclusion in the TecDAX, which we see as clear evidence of the capital market's confidence in our successful corporate strategy. The listing will increase our attractiveness to investors still further." Martin Hipp, CFO of Manz AG, adds: "We see excellent opportunities for Manz AG also in 2014 and beyond. We are convinced that sustainable, profitable company growth, with double-digit EBIT margins in the medium term, is possible."

Company profile:

Manz AG - passion for efficiency

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PRESS RELEASE: Manz AG returns to the TecDAX

DGAP-News: Ekotechnika GmbH / Key word(s): Bond Ekotechnika GmbH rated B (outlook: stable) by Creditreform

06.03.2014 / 16:00

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Ekotechnika GmbH rated B (outlook: stable) by Creditreform

Walldorf, 6 March 2014 - In the context of the annual follow-up rating, Creditreform Rating AG has adjusted the corporate rating of Ekotechnika GmbH to B (outlook: stable) (previously B+). Ekotechnika is the German holding company of the Ekoniva Technika Group, the largest dealer of international agricultural machinery in Russia. The new rating confirms that the Group's creditworthiness remains adequate. The follow-up rating is based on the figures for the past fiscal year 2012/2013 (30 Sept.). In their report, the rating analysts highlight the continued clearly positive revenue trend and the stable earnings quality. Negative aspects include the exchange rate effects weighing on the bottom line and the resulting weak equity capitalisation.

The depreciation of the rouble has both positive and negative effects for Ekotechnika. Agricultural machinery is sold in US dollar prices, which are converted into roubles at the exchange rate on the day of payment. This means that the depreciation of the rouble leads to rising sales revenues. Another positive effect of the depreciation is the reduction in rouble-denominated liabilities and operating expenses incurred in roubles. By contrast, negative effects in the Group's euro balance sheet relate to inventories, whose value declines - similar to rouble-denominated liabilities - because of the weak rouble as well as to euro-denominated liabilities, whose financing costs increase.

Says Wolfgang Blsi, Managing Director of Ekotechnika GmbH: "We are cautiously optimistic for our operating activities in the current year. Orders on hand have shown a positive trend in the first few months, and operating costs are below the prior year level. We now need to cut inventories in order to bring about a sustained reduction in financing costs. This will also reduce our exposure to exchange rates. Russia's agricultural sector continues to offer huge opportunities, and we believe that the current political crisis in Crimea will not affect our business." Contact

About Ekotechnika

Walldorf-based Ekotechnika GmbH is the German holding company of the Ekoniva-Technika Group, the largest distributor of agriculture equipment in Russia. The company's single most important supplier is John Deere & Co., the world's leading manufacturer in this field. In addition, Ekotechnika sells equipment from another 11 market-leading manufacturers. Its main business is in selling new equipment such as tractors but also milking equipment and precision farming technology. In addition, the company sells spare parts and provides service and maintenance. Ekotechnika's founder and main shareholder is Stefan Drr, who has been active in the Russian farming sector since the late eighties and has been instrumental in its modernisation over the past two decades. In 2011 the equipment business was separated from the farming business, which now operates independently under the name Ekosem-Agrar. Operating 12 locations in attractive Russian farming regions, Ekotechnika today employs 625 people and generates sales of EUR 212 million.

Ekotechnika GmbH Johann-Jakob-Astor-Str. 49 69190 Walldorf P: +49 (0) 6227 3 58 59 60 E: presse@ekotechnika.de http://www.ekotechnika.de

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PRESS RELEASE: Ekotechnika GmbH rated B (outlook: stable) by Creditreform