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DF Deutsche Forfait AG Announces Preliminary Financial Results for 2023

DF Deutsche Forfait AG (DF AG) released its preliminary figures for the financial year 2023, revealing a gross result of EUR 8.4 million from a business volume of EUR 182.1 million. This gross result marks a decline from the previous year's EUR 10.6 million, attributed to a series of financial and operational challenges including a blockade of funds and market uncertainties linked to a special audit by Bafin of a former correspondent bank.

The company's earnings before taxes also fell short of projections, reaching EUR 3.5 million against an anticipated EUR 4.7 million. This reduction has been largely due to escalated legal consulting fees, increased costs associated with stock exchange listing, audits, and a rise in interest expenses resulting from the prevailing interest rate environment.

DF AG reported a consolidated net profit of EUR 1.7 million or EUR 0.14 per share for 2023, a significant decrease from the previous year's EUR 5.4 million or EUR 0.45 per share. The downturn is linked to market volatility, shrinking margins, and heightened costs. An utilization of deferred taxes further impacted the firm's financial performance.

Despite these financial challenges, DF AG's cash and cash equivalents stood strong at EUR 41.9 million as of 31 December 2023. The company has scheduled the release of its audited financial statements for the latest by April 30, 2024.

R. H.

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