- Increase in group sales to EUR 138.3 million
- Result from operations significantly improved against 2007
Today CFC Industriebeteiligungen GmbH & Co. KGaA (ISIN: DE000A0LBKW6), Dortmund, released the annual report 2008 and presented the audited consolidated financial statements (IFRS) for the past fiscal year. The business results are slightly higher than announced with the presentation of preliminary figures on March 27, 2009.
In past fiscal year 2008 CFC more than doubled group sales compared to the previous year to roughly EUR 138.3 million (2007: EUR 66.1 million). Annualized group sales climbed to EUR 174 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) gained 30 percent to EUR 18.9 million (2007: EUR 14.5 million), the result from operations (EBIT) of EUR 13.3 million (2007: EUR 12.1 million) has similarly improved by 10 percent against 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 9.9 million (2007: EUR 11.2 million). The group net income of EUR 11.1 million or EUR 1.73 per share (2007: EUR 13.3 million or EUR 2.15 per share) is close to 60 % above market expectations. Because of two acquisitions made last year – fashion company Rosner KG and one other takeover– the group net income 2008 includes profit contributions from capital consolidation (so-called bargain purchases) to the amount of EUR 15.2 million (2007: EUR 19.4 million). Furthermore, CFC sold three of its portfolio companies to funds of financial investor Greenpark, Guernsey, in the middle of last year. This transaction contributed the amount of EUR 7.2 million to the past fiscal year’s group net income.
As of the end of the year, the CFC Group had 1,032 employees (2007: 747 employees).
Marcus Linnepe, CEO of CFC Industriebeteiligungen, summarizes the most important business events of the past fiscal year and offers an outlook for 2009: “For CFC, 2008 was shaped by a positive performance and an expansion of the investment portfolio. This is reflected in significantly improved results from operations of the group. With Greenpark we also found a co-investor in the last year who is convinced of our sustainable investment approach and who documented this conviction with the purchase of 49 % of our then-investment portfolio. In 2009 on the one hand the restructuring effort started at the portfolio companies can be continued on this basis even under this year’s challenging conditions, on the other hand additional acquisitions, for which there are very attractive opportunities at present, can be realized. Takeover options will be examined conservatively and actual acquisitions will be financed without exhausting our liquidity.”
The complete annual report 2008 is downloadable from the company website (http://www.cfc.eu.com) under Investor Relations/Financial reports.
CFC Industriebeteiligungen GmbH & Co. KGaA
Dr. Frank J. Nellissen
Tel: + 49 (0) 231 222 40 511