CFC Industriebeteiligungen GmbH & Co. KGaA (ISIN: DE000A0LBKW6) has completed its effort to focus entirely on its core segments Electronics and Home & Living with companies Berndes, Elcon, and Letron as announced by the ad hoc of July 16, 2009. As a final step, ladies’ apparel manufacturer Rosner was sold to HIC Investitionen und Consulting GmbH, Kerpen, effective today. Confidentiality has been agreed on the purchase price.
The management of CFC decided in favor of this divestment because of the continuing highly disappointing prospects for the fashion industry. Rosner’s revenues for fiscal year 2009 will probably turn out below prior-year sales by a clear double digit percentage and thus significantly below the level targeted upon acquisition once more.
CFC expects no future burdens with regard to finances or balance sheet items whatsoever. In the context of the six-month financial statements, CFC has provided for the risk of probable losses from the exclusion of consolidated companies. Even in the past the investment in Rosner did not use up any financial resources of CFC beyond the token purchase price. CFC is now planning to strengthen its well-defined core segments and develop them by new selected investments.
Marcus Linnepe, CEO of CFC Industriebeteiligungen, explains: “With this transaction we have definitely completed our focusing on our core business. The sale involves no burdens for our company. We are also affirmed in our undertaking to apply accounting according to HGB in the future. For a restructuring holding company such as CFC, HGB as financial reporting standard reflects the risks involved in company takeovers in a much more transparent and conservative way than IFRS do.”
CFC Industriebeteiligungen GmbH & Co. KGaA
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