CFC Industriebeteiligungen GmbH & Co. KGaA / Final Results/Preliminary Results
27.03.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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CFC Industriebeteiligungen presents preliminary financial figures for 2008
- Group sales doubled to EUR 138 million
- EBITDA grows to roughly EUR 18.9 million
- Positive development of investment portfolio despite difficult market
environment
Dortmund, March 27, 2009
CFC Industriebeteiligungen GmbH & Co. KGaA (ISIN: DE000A0LBKW6), Dortmund,
more than doubled group sales compared to the previous year, according to
preliminary unaudited financial figures, to roughly EUR 138 million in the
past fiscal year (2007: EUR 66.1 million). Annualized group sales were
increased to EUR 175 million (2007: EUR 156 million), in pro forma
consideration of fashion company Rosner KG, taken over at the end of
December, for the whole year. Earnings before interest, taxes, depreciation
and amortization (EBITDA) climbed 22 percent to EUR 18.9 million (2007: EUR
15.5 million), the result from operations (EBIT) of EUR 13.3 million (2007:
EUR 13.1 million) kept up the prior-year level. Due to the first-time
consideration of the portfolio companies over a full reporting period and
the corresponding finance expense, earnings before taxes (EBT) amount to
EUR 9.8 million (2007: EUR 12.2 million). The group net income of EUR 11.0
million, or earnings of EUR 1.70 per share (2007: EUR 13.1 million or EUR
2.225 per share), is close to 60 % above market expectations.
The investment portfolio of CFC continued its positive development in the
past year and was enhanced by two transactions. Particularly noteworthy is
the takeover of fashion company Rosner KG, Ingolstadt, at the end of
December 2008. From these acquisitions, the group net income in 2008
receives profit contributions from first capital consolidation (so-called
'bargain purchases') to the amount of EUR 15.0 million (2007: EUR 18.5
million). Furthermore, with regard to the segment 'Fashion', the trade name
'Hirsch' was acquired and a long-term license for the trade name 'Dinomoda'
was obtained.
In the middle of the past year, CFC sold three portfolio companies to funds
of financial investor Greenpark, Guernsey. The purchase price was EUR 22.54
million, of which an amount of EUR 13.5 million was paid at signing of the
contract. This transaction contributed EUR 7 million to the group net
income in the past fiscal year, which underlines the conservative valuation
of assets by CFC. CFC expects additional funds and profits from this
transaction in the year 2009.
As of the end of the year, the CFC Group had approx. 1,000 employees (2007:
747 employees).
The results are unaudited. The audited financial statements will be
published on April 23.
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Information and Explaination of the Issuer to this News:
Statement by Marcus Linnepe, CEO of CFC Industriebeteiligungen GmbH & Co.
KGaA, on the preliminary figures 2008
'The positive performance of CFC and its investment portfolio in the past
fiscal year is yet another demonstration of the success and sustainability
of our restructuring approach. The numerous changes show effect already,
and our conservative valuation practice for taken over assets has proven
right against the backdrop of prevailing market conditions. We therefore
consider ourselves well prepared for the present fiscal year. We want to
further improve our existing investment portfolio by taking operational
measures, and our liquidity enables us to benefit from the current market
cycle in the shape of further acquisitions.'
Contact:
CFC Industriebeteiligungen GmbH & Co. KGaA
Dr. Frank Nellißen
Chief Financial Officer
Tel: +49 231 222 40 500
eMail: fn@cfc.eu.com
DGAP 27.03.2009
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Language: English
Issuer: CFC Industriebeteiligungen GmbH & Co. KGaA
Westfalendamm 9
44141 Dortmund
Deutschland
Phone: +49 (0)231-22240 500
Fax: +49 (0)231-22240 501
E-mail: info@cfc-eu.com
Internet: www.cfc-eu.com
ISIN: DE000A0LBKW6
WKN: A0LBKW
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: CFC Industriebeteiligungen presents preliminary financial figures for 2008
| Source: EQS Group AG