- Group sales amount to EUR 44.9 million
- Positive result from operations despite the challenging economic environment
- Positive income from sale of interest in subsidiary Berndes
Today CFC Industriebeteiligungen GmbH & Co. KGaA (ISIN: DE000A0LBKW6), Dortmund, released the interim report on the first quarter 2009.
In the first three months of the fiscal year, CFC achieved group sales of roughly EUR 44.9 million (Q1/2008: EUR 41.9 million). The operating result before interest, taxes, depreciation and amortization (EBITDA) of EUR 0.3 million was positive despite increasingly challenging market conditions in the reporting period (Q1/2008: EUR 2.4 million). The result from ordinary operations (EBIT) came to EUR ‐1.3 million (Q1/2008: EUR 1.0 million). The group net result attributable to the stockholders was EUR ‐1.5 million (Q1/2008: EUR 0.0 million). With an equity ratio of 33.1 % as of the balance sheet date, the group had a sound equity base and EUR 10.2 million in cash at its disposal.
In the fiscal year’s first quarter, CFC recorded the successful sale of 49 % of its investment in cookware manufacturer Berndes to funds of the investor Greenpark, Guernsey, for EUR 5.51 million. The valuation had been determined last year within the framework of the overall transaction with Greenpark, to now result in an operational income on group level of EUR 1.3 million.
As of the end of the quarter, the CFC Group had 1,042 employees (Q1/2008: 741 employees).
Marcus Linnepe, CEO of CFC Industriebeteiligungen, sums up the developments of the first quarter 2009: “Our companies could not escape the challenging general market environment, so that we are below the results of last year’s quarter despite the profit we realized from the sale of the Berndes share to Greenpark. However, our measures initiated last year have already come to show effect. We consider this development affirmed as well by the sale of another minority interest to funds of investor Green‐park, which had already invested in other companies of our portfolio in the past year. The proceeds from this transaction have the effect that CFC continues to be very well provided with liquidity, which in the current economic climate represents a considerable competitive advantage for us and our investment portfolio.”
The complete interim report on the first quarter 2009 is available at the company website (http://www.cfc.eu.com) under “Investor Relations/Financial reports”.
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
Tel: +49 (0) 69 719 1280 124