Ad-hoc | 31 August 2009 09:53
CFC Industriebeteiligungen GmbH & Co. KGaA / Half Year Results/Interim Report
Release of an Ad hoc announcement according to § 15 WpHG, 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 releases interim report on the second quarter
2009 and change to Entry Standard stock listing
- Group sales of EUR 23.3 million
- Group result of EUR - 35.3 million determined by extensive valuation
adjustments in the segment 'Fashion'
- Change decided from regulated market to Entry Standard of Frankfurt
Stock Exchange
Dortmund, August 31, 2009
CFC Industriebeteiligungen GmbH & Co. KGaA (ISIN: DE000A0LBKW6), Dortmund,
released the interim report on the second quarter 2009 today.
The CFC Group generated sales of EUR 23.3 million in the second quarter
(prior-year quarter: EUR 22.9 million). However, considering the comparable
basis of consolidation, sales dropped 13 % due to the effects of the
financial and economic crisis. The result from operations (EBITDA) is
affected considerably by special items in the second quarter. Net assets of
the segment 'Fashion' were written down in the amount of EUR 23.4 million -
not affecting liquidity - in the course of the company's focusing on the
segments 'Electronics' and 'Home & Living'. CFC announced this
reorientation in its ad hoc announcement of July 16, 2009. Furthermore, the
valuation adjustment of Format's property, plant and equipment in the
segment 'Home & Living' resulted in an additional charge on comprehensive
income in the amount of EUR 5.0 million, not liquidity-related as well.
Thus the EBITDA for the second quarter of EUR - 36.8 million (prior-year
quarter: EUR - 1.1 million) is determined by one-off effects in the total
amount of EUR 28.4 million. Due to the big loss, equity fell to EUR 9.0
million in the second quarter. As of the balance sheet date, the group has
cash and cash equivalents of EUR 9.1 million at its disposal, signifying a
EUR 3.0 million increase over the December 31, 2008 level.
As of the end of the quarter the CFC Group had 1,026 employees.
Today the CFC management also resolved the change from the regulated market
(General Standard) to the Entry Standard of the Frankfurt Stock Exchange
and submitted a corresponding application to Deutsche Börse AG. The
substantial advantage of the segment change is a considerably reduced cost
burden due to the company's stock market listing. The inclusion of the
shares in the Entry Standard is expected to be realized within the next
months. The Xetra quotation of the share price and the guarantee of
liquidity continue to be assured by the designated sponsors.
The complete interim report on the second quarter 2009 is available at the
company website (http://www.cfc.eu.com) under 'Investor Relations/Financial
Reports'.
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Information and Explaination of the Issuer to this News:
Marcus Linnepe, CEO of CFC Industriebeteiligungen, summarizes the
development in the second quarter 2009: 'Particularly our holdings in the
segment 'Fashion' were clearly affected in the second quarter 2009 by the
effects of the economic crisis and the corresponding slump in consumer
spending. From the group's vantage we made the assessment that it was not
justifiable to provide for the capital requirements for pre-financing the
business from equity capital as substantial funds would have been tied up
for a long term. We sold the company delmod on July 24, 2009 and are
presently in the process of assessing strategic options for Rosner.
Therefore we made the decision to write down the net assets of the segment
'Fashion' in the financial statements for the second quarter already as a
precaution. We are seizing this impulse for CFC's reorientation towards the
segments 'Electronics' and 'Home & Living' and adapting our corporate
structures accordingly at the same time. Part of this process is the change
to the Entry Standard which reduces the burden on work input and costs due
to the stock market listing considerably. In addition, the Entry Standard
provides for financial reporting according to HGB accounting standards
(German Commercial Code), offering far more significant statements for
restructuring companies with a long-term orientation than IFRS.'
Contact:
CFC Industriebeteiligungen GmbH & Co. KGaA
Dr. Frank Nellißen
Chief Financial Officer
Tel: +49 231 222 40 500
eMail: fn@cfc.eu.com
31.08.2009 Financial News transmitted by DGAP
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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; Freiverkehr in Berlin,
Düsseldorf, Stuttgart
End of News DGAP News-Service
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