- Group sales doubled to EUR 138 million
- EBITDA grows to roughly EUR 18.9 million
- Positive development of investment portfolio despite difficult market environment
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 2.22 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 for 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 to receive additional funds and profits from this transaction in the year 2009.
Marcus Linnepe, CEO of CFC: “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.”
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.
CFC Industriebeteiligungen GmbH & Co. KGaA invests in majority holdings in small- and medium-sized enterprises (SME) exposed to special business situations as well as in business scopes which are no longer of strategic interest for their owners (carve-outs).
As an industrial holding firm CFC actively accompanies its portfolio companies in their strategic and operative development while generating sustainable added value for all parties concerned. The CFC Team commands consolidated knowledge paired with long experience in leading management positions in national and international companies.
CFC stands for “Companion for Companies” and considers itself as a reliable companion for its portfolio companies on their way into the future.
CFC Industriebeteiligungen GmbH & Co. KGaA
Dr. Frank J. Nellissen
Tel: + 49 (0) 231 222 40 500