CFC Industriebeteiligungen AG releases financial figures for fiscal year 2011

• EBITDA for the group with EUR 2.3 mn significantly positive
• Sale of electronics division shall proceed in the near term
• Postponement of the publication date of the annual report of CFC Industriebeteiligungen AG 

 

Today, CFC Industriebeteiligungen AG (ISIN: DE000A0LBKW6), Dortmund, presents the results for fiscal year 2011 and, hence, the audited consolidated financial statements for the group (HGB) for the past business year. As CFC is still in negotiations with various investors, the publication of the annual report has for now been postponed to the end of June. 

CFC is currently in final negotiations with selected investors that are interested in the electronics division. Furthermore, the recently communicated concentration of CFC on the investment Berndes and the acquisition of a significant amount of shares by CEO Marcus Linnepe have drawn the interest of institutional investors, such that CFC now also considers an involvement of investors with regard to the strategic realignment of the group.

In fiscal year 2011CFC generated group sales of EUR 79.3 million. This roughly equals the sales volume of the previous year. The revenue contribution of NewTal Elektronik und Systeme GmbH, consolidated for the first time in 2011, was EUR 10.7 million. Therefore, as far as the remaining portfolio companies are concerned, sales in fiscal year 2011 were about  13 percent lower than in the previous year. The operating result before interest, taxes, depreciation and amortization (EBITDA) was with EUR 2.3 million significantly positive again.

In the past year, the investment Berndes has shown quite a favorable development. The company managed to improve the operating result (EBITDA) by 4.4 million to -1.7 million EUR. Despite the still exceedingly challenging liquidity situation Berndes already recorded business in some previously lost export markets in current business year 2012. According to the company, Berndes has also had a very positive appearance at the trade fair AMBIENTE in Frankfurt.

Elcon, for the first time in a long while, had to face a significant decline in sales in the past fiscal year, thus, revenues for 2011 deceeded those of the previous year by approximately 20%. From an earnings perspective, Elcon was still able to demonstrate its earnings power and, despite the challenging circumstances, managed to achieve an operating profit (EBITDA) of EUR 3.6 million.

In fiscal year 2011, Letron once again showed a positive development. As in the previous year, the company managed to increase sales in the double-digit percentage range and significantly improved EBITDA. The latter was with minus EUR 0.2 million only slightly negative in fiscal year 2011. Furthermore, the sister company NewTal, which represents the latest addition to the CFC group, was able to increase sales by roughly 14% compared to the previous year. The company shows a positive result on the level of net income already in the first year after the takeover by CFC. The EBITDA for the past fiscal year was approximately EUR 0.5 million.

The service company Suconi, which was founded in late 2010, developed satisfactorily in business year 2011. However, the company has not yet arrived at the protected level. Suconi generated revenues of roughly EUR 1.0 million and achieved a negative operating profit (EBITDA) of EUR 0.2 million.

As per December 31st 2011, CFC has a total equity capital of EUR 0.2 million on the group level and total assets in the amount of EUR 50.2 million. In the current business year, a former shareholder has committed himself to convert his receivables against CFC with a book value of roughly EUR 3.8 million -if permissible -into equity, in order to strengthen the equity base. Furthermore, CFC currently also considers the execution of further corporate actions.

In consideration of minority interests in the result of the group, the net income attributable to shareholders of CFC amounts to EUR -3.9 million. This corresponds to a loss per share of EUR 0.47. The Cash flow from operating activities was with EUR 1.9 million negative in 2011 and represented a major challenge of the past fiscal year.

The complete financial figures (German version only) are available for download from the company website (http://www.cfc.eu.com) under Investor Relations/Financial reports.