- Group turnover increases to more than EUR 66.1 million.
- EBITDA up to more than EUR 15.5 million.
CFC Industriebeteiligungen GmbH & Co. KGaA (ISIN: DE000A0LBKW6), Dortmund, reports – based on preliminary unaudited figures – record results for annual financials of 2007. Group consolidated turnover grew by 443% to more than EUR 66.1 million compared to EUR 12.2 million in 2006 shortened fiscal year. The operational result before interest, tax, depreciation and amortization (EBITDA) according to IFRS went up to EUR 15.5 million (previous year: EUR 0.6 million). Group profit after tax and minorities reached top mark of EUR 13.7 million or EUR 2.22 per share (previous year: EUR 2.0 million or EUR 0.40 per share) and exceeds market expectations by 56%. Included in this result is a non-recurring positive revaluation in the amount of EUR 0.8 million of the corporate deferred taxes due to changes in the corporate tax law in Germany.
CFC acquired last year four new companies, which increased the annualized turnover by December 31, 2007 to more than EUR 156 million. The annualized group turnover is a good indication of the development in the new financial year. In view of those acquisitions the Group results include gains from the capital consolidation (so-called “Bargain Purchases”) in the amount of EUR 18.5 million. As is customary for the CFC business model, the newly acquired companies usually show negative results in the first year of consolidation. The success of the reorganisation of the subsidiaries is however evident from the Group company Berndes which was already acquired in 2006 and which reports after successful restructuring an EBITDA of EUR 1.8 million.
CFC expects a continuously positive development for the year 2008. The turnover is expected to grow by 10% for the existing portfolio companies in the current fiscal year, incl. additional acquisition it is the target to grow to annualised more than EUR 280 million. The result before interest and taxes (EBIT) shall increase to EUR 18.0 million. Marcus Linnepe, CEO of CFC Industriebeteiligungen is happy about the current development and says „we will further continue with our strategy. CFC has started successfully into the new business year, and we are convinced to achieve the targets.“
CFC Industriebeteiligungen GmbH & Co. KGaA
Dr. Frank J. Nellißen
Tel: + 49 (0) 231 222 40 511