EQS-News
Preliminary unaudited financial figures for 2023 - DF Group holds its own in a difficult market environment
- Business volume increased to EUR 182.1 million
- Gross profit at EUR 8.4 million as forecasted
- Earnings before taxes lower than expected at EUR 3.5 million
EQS-News: DF Deutsche Forfait AG / Key word(s): Preliminary Results
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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.