Quarterly Report • Aug 25, 2008
Quarterly Report
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Interim report of CFC Industriebeteiligungen GmbH & Co. KGaA on the second quarter 2008
April 1 - June 30, 2008
in the second quarter of the year 2008, CFC Industriebeteiligungen GmbH & Co. KGaA once again gave proof of the fact that our investment approach and our re-structuring work are considered extremely successful and promising by third parties as well. With the partial sale of our portfolio companies to funds of the English inves-tor Greenpark Capital Ltd., concluded successfully at the end of July, we provided evidence in this quarter for the first time that our investment in companies in "special situations" and our "turnaround" efforts realize high returns even after a short period of time. We have thus topped off the added value chain of an industrial holding company as we have shown that we cannot only acquire and restructure companies but that our commitment leads to high returns through sale as well. We are happy about this result, and we are happy for you in particular.
With a total investment of approx. EUR 1.3 billion of capital, Greenpark Capital Ltd. ranks among the largest and most successful "secondary funds" in Europe. "Secon-dary funds" invest in existing portfolios of other investors and companies, leaving the successful management of the operating business to them. Greenpark was awarded the distinction "Secondary House of the Year" for its successful work at the beginning of this year. We are delighted to have won Greenpark as partner for our investments, too.
The conditions of the sale of a 49 % interest in our portfolio are very attractive for both parties concerned. As reported, the purchase price is EUR 22.54 million, of which an amount of close to EUR 13.5 million was paid at signing of the contract. The remaining amount is payable during 2009. In case of a future profitable exit of the segment "Fashion
Group", currently including the companies delmod interna-tional GmbH & Co. KG and Hirsch Vertriebs GmbH, the agreement provides for a dis-proportionately high share of the exit proceeds to be allocated to CFC Industriebe-teiligungen due to this segment's particularly bright prospects. Furthermore, Green-park provides the amount of EUR 2.5 million as additional financial contribution to the portfolio's growth and development.
With a 51 % interest CFC retains management control over the holding portfolio so that we are able to continue our work. Nothing changes in this respect by the intro-duction of the new "co-partner".
With this transaction we generate 120 % of the total capital invested so far and still keep 51 % of the future success. We can now invest these funds to acquire new companies and repeat our success story in a turning economy.
Apart from the Greenpark transaction, I would like to give you an account of the bu-siness operations of our companies as well. We have continued our restructuring ef-fort of the first quarter intensively. The performance of the operating result was characterized by the typical seasonality, turning out according to schedule with an EBITDA of EUR -1.1 million. Some companies, delmod in particular, continue to show a highly successful development, and we are very satisfied with this quarter's course on the whole.
As far as acquisitions are concerned, our assessment of the general economic devel-opment was proven absolutely right this quarter once again. The number of offers is rising constantly, and we select potential acquisitions according to the same un-changed criteria that we applied last year. We only conclude a transaction if we are convinced of the conditions and the potential for development under our manage-ment to 100 percent. This pattern is confirmed in the second quarter only by the takeover of MEF Möbel-Elemente Franz GmbH, Haiger. MEF is a key supplier to For-mat and is situated right in the Format production plant. By this takeover, the manu-facturing processes of Format can be further optimized, benefiting both companies. MEF generated sales of EUR 2.0 million with 20 employees in the previous year.
In this year's current third quarter we will continue to intensify the operating busi-ness, focusing increasingly on profitable sales and reaching our targets for earnings. In this respect we continue to be comfortable with both forecast and market expec-tations.
At the same time we want to support and expand the existing investment portfolio with new, well-selected acquisitions; we are therefore currently examining new op-portunities for investments intensively.
I thank you sincerely, dear stockholders, business partners, and employees, for your encouragement and the confidence you have in us. Let us all approach this year's next quarter with optimism.
Kind regards,
Marcus Linnepe
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*minorities included
CFC Industriebeteiligungen GmbH & Co. KGaA (CFC) is the parent company of the CFC Group. CFC has direct or indirect interests in all companies of the CFC Group. The company's activities are financed principally with own resources.
The interim consolidated financial statements of CFC are prepared according to the principles of the International Financial Reporting Standards (IFRS), corporation law, and the recognized principles of accounting. The group's interim report has not been subjected to an audit review.
As of June 30, 2008, CFC Industriebeteiligungen has direct or indirect interests in the following companies:
In the second quarter 2008 the following change of the CFC Group's basis of consoli-dation has occurred:
The partial sale of the business interests to Greenpark Funds became effective July 31, 2007 and therefore has no effect on the basis of consolidation as of the second quarter's closing date.
The Supervisory Board of CFC approved the interim report on July 31, 2008 and re-leased it for publication.
- BERNDES Beteiligungs GmbH
Time of acquisition: August 2006 Interest CFC: 70 %
The Berndes Group, headquartered in Arnsberg, is one of the leading manufacturers of cookware, such as pans and pots. Based on a strong trade name, high quality, and a pronounced readiness to invest, the company's products are positioned in the medium and upscale price segments. According to company information, the Berndes Group is Germany's market leader in the segment cast-aluminum cookware. With its approx. 171 employees at the end of the second quarter, the Berndes Group is also one of the largest German manufacturers of sealed pans.
Berndes has maintained its course for growth in the second quarter. Berndes records a sales plus of 25 % (EUR 5.1 million) and even a 67 % increase in the operating result (EBITDA) over the prior-year results. This is even more remarkable in view of the fact that the settlement of a major project was delayed. Orders received are also considerably up from the previous year, justifying expectations for a similar performance in the next quarter.
Berndes will increasingly focus on profitable sales in the next quarter, contributing to another improvement of the result from operations. Contribution margin targets and risk profiles are defined in the project business to safeguard this development. Man-agement has affirmed for the whole fiscal year that Berndes will show considerable growth in sales and even more so in earnings compared to the previous year, contrary to the market trend.
Time of acquisition: May 2007 Interest CFC: 90 %
Format Küchen, headquartered in Haiger, is a manufacturer of highgrade kitchens in the medium price segment. The focus is on individually designed kitchens, making the terms kitchen manufactory or kitchen workshop seem quite adequate. A high level of flexibility with regard to manufacturing enables Format to fulfill virtually every conceivable customer request.
At the beginning of the quarter Format launched an elaborate marketing scheme. Within just a few days, a newly designed website and a new product catalog, the completely redesigned showroom at the factory in Haiger, and the new product line were presented. Since then more than 50 new dealers have been won and 150 show kitchens have been delivered. But the new export sales management took some big steps forward as well. Format acquired a major order for a real estate project in Du-bai, delivering 250 kitchens. Format was also present at the International Furniture Exhibition in Shanghai with its own stand for the first time. The development Format has shown met with great approval in numerous special interest media. The changes are reflected in figures as well. The ambitious sales targets for the quarter were achieved. The earnings, however, are still burdened by the expense for the marketing scheme. The number of employees was 149 at the end of the second quarter.
In an extremely difficult market environment, Format focuses on marketing the new kitchen line and expanding the sales effort both domestic and abroad. Management continues to be convinced of a significant sales increase over the previous year and of breaking even on operations in this year's fourth quarter.
Time of acquisition: May 2008 CFC interest: 100 %
MEF, headquartered in Haiger, is a manufacturer of veneered and plastic-coated pie-ces of furniture and furniture elements, and a key supplier to Format Küchen.
Only the month of June was included in the consolidation period. The result was ne-gative because of adjustments of accounting within the context of the takeover. The number of employees was 22 at the end of the second quarter.
MEF will be further integrated into the manufacturing processes of Format in the third quarter. The acquisition of third-party business for MEF products will be imple-mented in the Format business strategy in order to guarantee timely supply at a high quality level.
Time of acquisition: July 2007 Interest CFC: 100 %
Elcon Systemtechnik, headquartered in Hartmannsdorf, is the leading supplier of optimized network access systems for telecommunication
and cable network providers. Elcon engineers develop network access systems and other electronic components to be produced in Hartmannsdorf - made in Germany - and shipped to 35 markets worldwide.
Elcon continued its prior-quarter performance in the second quarter. Sales fell short of the ambitious targets by 11 %, yet Elcon showed much improved earnings once again (+ EUR 463k). With regard to the sales effort, further investments are made in new employees and their training to safeguard Elcon's future development. Four new employees joined the Elcon marketing staff this quarter. In May Elcon participated in the ANGA Cable Show in Cologne, which is of the utmost importance to the Coax product range. The collaboration with Letron was further optimized and tightened, developing as scheduled. Elcon had 154 employees as of June 30, 2008.
The further course of business of Elcon and the achievement of the ambitious goals are influenced particularly by the development of the telecommunication market and the order behavior of the domestic and international network operators. At present Elcon is involved in important tendering procedures, essential to the performance of sales and earnings. Due to active cost management, Elcon will close this fiscal year with a positive result.
- Letron Electronic GmbH
Time of acquisition: November 2007 Interest CFC: 100 %
Company profile:
Letron Electronic GmbH (formerly: VOGT Electronic Letron GmbH), headquartered in Osterode, is in the business of the development, materialization, and production of electronic planar components and systems.
Positioning Letron outside the mass markets for the production of electronic planar components was continued in the second quarter. The organization was conse-quently tightened even more and employees were trained intensively. Temporary workers were laid off according to the severance scheme, and a second staff meas-ure will be carried out as of the end of July as scheduled. The working capital was reduced further by the cutback of inventories. The cooperation of Elcon and Letron was intensified by the relocation of additional manufacturing steps. The services ren-dered in administration by the Vogt Group were discontinued for the most part. Elcon now performs accounting and IT services for Letron. As of June 30, 2008 Letron had 70 employees.
Letron will push forward the operating business by the cost-optimized cooperation with Elcon in the third quarter. We are confident that we have thus laid the founda-tions for Letron to realize the sustained turnaround in the fourth quarter and to achieve a positive result from operations.
Time of acquisition: December 2007 Interest CFC: 84.8 %
delmod international Bekleidungsindustrie GmbH & Co. Hanse-Kleidung KG (delmod), headquartered in Delmenhorst, is a manufacturer of high-grade ladies' apparel. CFC acquired delmod on December 18, 2007, effective December 31, 2007. delmod is one of Germany's leading textile companies and distributes classic ladies' wear in the medium and upscale price segments with the brands "delmod" and "KIM KARA". In addition to production, delmod provides the entire added value chain from design, quality management, and logistics up to marketing/distribution as well as the company's own outlet stores.
The reorientation of delmod initiated in the first quarter is making good progress. The various measures took effect in the second quarter already. Adjustments to mar-keting procedures, intensified support on the sales floor, and special point-of-sale offers had their share in delmod exceeding its sales target for the second quarter by almost 24 %. The result from operations was significantly ahead of schedule, and positive. The working capital was further reduced in the second quarter, especially by the successful marketing of remnants. The number of employees was 188 as of June 30, 2008. The development of delmod was altogether above expectations and tar-gets significantly. This year delmod will already make a substantial contribution to CFC's result from operations. Since the beginning of April, Hirsch Vertriebs GmbH has been a subsidiary of delmod, developing the new design for the Hirsch Spring/Fall 2009 Collection. As of June 30, 2008 the company had 5 employees.
In the third quarter the delmod and Hirsch collections for spring/summer 2009 will be presented, and first pre-orders will be placed. We are confident that the designs of both brands will find positive market acceptance and that these labels will regain their old strength.
The restructuring measures initiated at the acquired companies in the last fiscal year take effect, to be continued intensively on the basis of our sustained restructuring approach. By the takeover of MEF Möbel-Elemente Franz GmbH as of May 31, 2008, the basis of consolidation was expanded from its definition in the Annual Report 2007. Consequently, there was income from the reversal of negative differences upon the initial consolidation of MEF in the amount of EUR 347,690.40. The first con-solidation of MEF is considered preliminary until the final presentation of an evalua-tion of the company's fixed assets.
The CFC Group generated sales of EUR 64.9 million in the first half-year 2008, EUR 22.9 million thereof in the second quarter. The segment reporting in the notes to the consolidated financial statements illustrates the breakdown of sales with respect to the separate business units (primary segments according to IFRS 8).
Other operating income amounts to EUR 4.6 million, including income of EUR 0.3 million from the reversal of negative differences upon capital consolidation (badwill) of MEF. The amount of EUR 4.3 million is attributable to the property companies' op-erations. EUR 3.2 million thereof were generated in the second quarter.
The entire group's material expense comes to roughly EUR 38.7 million in the first half-year (EUR 17.2 million in the second quarter), corresponding with a rate of about 59.6 % of sales. Personnel expense was EUR 13.2 million (EUR 6.7 million in the second quarter). Other operating expenses amounted to roughly EUR 18.6 mil-lion (EUR 7.7 million in the second quarter).
Consequently, the CFC Group achieved an EBITDA of EUR 1.3 million in the first half-year 2008 (EUR -1.1 million in the second quarter). After depreciation and amortiza-tion, earnings before interest and taxes (EBIT) come to EUR -1.5 million (EUR -2.5 million in the second quarter). As results from operations were generated particularly in those companies in which minorities are involved, a group net loss of EUR 2.8 mil-lion was recorded for the first half-year (EUR -3.2 million in the second quarter). Re-lating to the company's 6.435 million shares, the corresponding earnings are EUR 0.00 per share. In view of seasonal factors, the development of earnings is due to the high percentage of consumer goods offered by the portfolio companies.
The CFC Group's total assets amount to EUR 115.4 million as of June 30, 2008. EUR 62.8 million thereof are attributable to non-current fixed assets (not including other non-current assets) and EUR 51.5 million to current assets. EUR 34.9 million of the fixed assets are represented by intangible assets. This amount is composed of the capitalized trademarks "BERNDES" and "delmod" as well as customer relationships of the acquired companies. The brands are not depreciated on schedule and are subject to an annual impairment review in compliance with IFRS, while the customer rela-tionships are depreciated over their
respective lives (approx. 10 - 16 years) in appli-cation of the straightline method. The remaining fixed assets are essentially com-posed of business property as well as technical equipment and machinery in the total amount of EUR 28.0 million.
Current assets include inventories in the amount of EUR 34.4 million, trade receiv-ables in the amount of EUR 8.0 million, other assets of EUR 4.7 million, and cash and cash equivalents of EUR 4.5 million.
The assets are contrasted by equity of EUR 35.8 million and liabilities in the amount of EUR 79.6 million. Of the latter position, EUR 28.2 million are attributable to non-current liabilities, EUR 51.4 million to current liabilities. A material addition to the cur-rent liabilities on group level was a loan over EUR 3.0 million. All these positions re-sult in the CFC Group's sound equity ratio of over 31 %.
The CFC Group had 113 employees by the end of 2006. 747 people were in the Group's employ by the end of the fiscal year 2007. As of June 30, 2008 the Group has 760 employees.
The business model of CFC Industriebeteiligungen involves opportunities and risks, as does basically any entrepreneurial commitment. It is the goal of the CFC risk management to seize arising opportunities and to identify the material risks and to react to them in the best possible way.
As part of the corporate strategy, the risk policy of CFC is directed at increasing the group value. The respective risk strategy applied implies a continuous and systematic assessment of the risks as well as the opportunities. CFC deliberately takes reason-able, containable, and manageable risks if they raise expectations for an adequate increase in value.
The order of the risks presented in the following carries no statement about their evaluation and does make no claim to be complete. Uncertainties and risks not listed in the following could also have an effect on the company's assets, financial position, and results from operations.
The CFC business model is distinguished to a certain degree by an independence of the economic cycle. In phases of recession, the buying market of CFC improves as more companies are exposed to crisis or cannot attend to their interest payments anymore. In phases of economic upswing, however, the operating business of the holdings usually improves, and restructuring is thus made easier. In addition, during these phases opportunistic exits often open up. It is therefore essential that CFC adapts to the respective economic situation at the right time, e.g. having sufficient liquidity at the company's disposal if there are increasing opportunities for invest-ment in phases of an economic slump.
With regard to deal flow, CFC benefits from the management's network created over many years, including banking institutes' recapitalization departments, M&A consult-ants, auditing firms, etc., sometimes offering objects of acquisition to the company that are not yet available as part of a public selling process. This exclusiveness usu-ally has a positive effect on the purchase price to be paid.
CFC also benefits from its focus on companies in need of rescue as the purchase prices in this segment are often very low because of the pronounced risks and the weak profitability of the objects of acquisition at the time of purchase. If CFC is suc-cessful in rescuing the acquired companies, very high returns on the invested capital can be realized.
The key objective during this phase is to identify the potential of the offered candi-dates, a potential CFC will later be able to mobilize and dynamize.
The restructuring effort starts for CFC even at the beginning of the due diligence, i.e. the examination for an acceptance of the takeover. By the application of "human due diligence", the actual demands and the requirement profile for restructuring the com-pany are defined. Then a suitable "holding manager" is selected from the extensive network of the CFC management, someone who is exactly the right person for the target object based on his or her experience in the industry and/or the specific re-structuring task, to subsequently take over the management or join the management board. Only if this holding manager who provides CFC with the assurance that the restructuring will be successfully pressed ahead with is found, CFC will make an in-vestment.
Furthermore, CFC has its own team of experts experienced in restructuring, giving support to the holdings in restructuring their business operations. During the so-called "movement phase", it is the experts' goal to mobilize the potential identified in the deal phase.
The CFC-typical organization of restructuring, with a locally responsible, experienced "holding manager" and restructuring experts, facilitates a very fast and standardized proceeding in this delicate process of transformation.
Subsequent to successful restructuring, the holdings are either sold (e.g. by trade sale or going public) or held for a longer term. CFC generally strives for medium-term investment periods of three to five years; shorter periods of commitment will rather be an exception as a sustainable turnaround usually takes 18 to 24 months. Only after this phase, the surplus values of the transformation strategy can be com-pletely mobilized. Because CFC is no private equity fund that needs to disinvest the resources invested after a certain amount of time, CFC is able to pursue an invest-ment strategy of optimized returns and to raise the intrinsic group value, which in turn will manifest in the stock price. Therefore no pressure to sell is on CFC, espe-cially not in cases when a complete recapitalization has been carried out.
As CFC is still a rather young company whose holding portfolio is still at the begin-ning stage, losing holdings e.g. due to insolvencies could have grave consequences for the company. This risk is decreasing with an increasing portfolio size and the time period of the holdings' affiliation. The risk is intended to be countered by the ex-tremely thorough selection of holdings carried out by CFC. It is the objective to evaluate the risks brought about by the companies to be acquired early on and as precisely as possible and to take them into consideration in purchase price negotia-tions already. The business development department therefore follows strict target definitions for objects to be looked for.
The dependence of the CFC business model on the personal network of the man-agement and, above all, the general partner's managing director, Marcus Linnepe, is still relatively strong. A possible unforeseen resignation of Mr. Linnepe would have considerable negative consequences for the company.
CFC acquires companies in situations of crisis to be subsequently restructured either by CFC staff or managers recruited from the network. The success of the rescue op-erations is highly dependent on the abilities of the respective individuals. Due to the intended expansion of the portfolio, CFC is therefore reliant on finding suitable em-ployees (e.g. as holding managers) or being able to deploy a sufficient number of individuals recruited from the network. Especially because of last year's good eco-nomic development, it has become more difficult to find suited staff. If they cannot be found, promising investments might
not be made in the end. If CFC picks the wrong person for the job, it might come to delays or complications, or even the fail-ure of the restructuring mission. CFC tries to reduce these risks by intensive commu-nication prior to and during the employment of key personnel.
Because of the young history of CFC, the portfolio companies are still in their very early phases of restructuring. There have therefore been no returns in the shape of recapitalization or exits.
For this reason CFC is currently still principally dependent for its funding on own re-sources to be raised within the framework of capital increases or as borrowed money through financing. In this context there is a very strong dependence on the devel-opment at the capital and credit markets.
An unfavorable stock market environment could under the circumstances make the placing of a capital increase difficult. If at that time liquid assets would be urgently needed by CFC, this could have a negative effect on the company's liquidity situation. According to the circumstances, holdings would have to be sold considerably below purchase price. If a sale could not be realized, the company might even be facing insolvency.
The management tries to prevent this risk from happening by exclusively acquiring companies whose liquidity requirements up to operating profitability can be reliably assessed and funded. The objective of CFC is to reach the holdings' recapitalization capability as fast as possible. On the other hand, various instruments for refinancing and hedging the receivables and inventories such as factoring or credit loss insu-
rance are applied to hedge against cash flow risks and to safeguard group liquidity.
In the second quarter 2008, meetings were held with the responsible management teams and analyses were conducted as determined by the risk management process, resulting in no noteworthy findings with respect to general risks or risks specific to CFC.
| 8 1. C E S E C S A T E A A C E S E E T A S F A C E O N D N D O N O L I D D B L N H O M R H ( I N U R ) 31 , 2 00 |
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| A S S S E T |
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2 7 .9 7 3 .4 7 0 ,9 3 |
2 5 .8 6 9 .9 4 8 ,3 0 |
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| y b l I gi nt et an e a ss s |
3 4 .8 5 4 .1 3 4 ,2 3 |
3 4 .8 9 1 .7 8 0 ,5 3 |
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| al F i i t na nc as se s |
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| al k C pi t st a oc |
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| d d al d- al A i ti ai i pi t on p n c a |
1 2 .2 7 5 .4 2 4 ,5 8 |
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| rof sh gh P i ari i t- t n g r s |
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| M i ri y i t nt st no ere |
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| l ab l N i i i ti nt on -cu rre es |
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| N vi si nt on -cu rre pro on s |
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| e l l ab l F i i i i ti na nc ea se es |
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| t l C ur ren oa ns |
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| l ab l C i i i ti t t ur ren ax es |
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| th f al l ab l O i i i i i ti er na nc es |
,8 8 6 .5 2 7 .7 5 4 |
8 8 5 .3 7 .5 7 4 ,7 |
| th l ab l O i i i ti er es |
0 ,0 0 |
0 ,0 0 |
| e l l ab l F i i i i ti na nc ea se es |
9 9 9 .5 0 7 ,3 6 |
9 6 6 .1 4 3 ,1 6 |
| al nd l ab l T i i i i ti ot t e qu y a es |
1 1 5 .3 6 5 .7 4 3 ,4 4 |
1 1 6 .4 3 3 .1 5 9 ,7 9 |
| H Y 1 2 0 0 8 |
H Y 1 2 0 0 7 |
Q 2 2 0 0 8 |
2 0 0 7 |
|
|---|---|---|---|---|
| i E U R n |
1 / 1- 6 / 3 0 / 2 0 0 8 |
1 / 1- 6 / 3 0 / 2 0 0 7 |
4 / 1- 6 / 3 0 / 2 0 0 8 |
1 / 1- 1 2 / 3 1 / 2 0 0 7 |
| al S es |
.8 8 6 4 5 1 .5 3 |
0 .8 0 2 3 .9 5 2 |
2 2 .9 2 7 .2 6 9 |
6 6 .1 4 1 .4 1 2 |
| h n f sh ed od nd k C s i i ni i i i t an ge go s a w or n pro ce ss nv en or es |
.0 8 2 .2 9 1 4 |
2 1 5 .6 3 9 |
.0 4 1 3 .5 5 4 |
0 1 .7 2 .1 6 3 |
| th O i g i rat er o pe n nc om e |
.6 6 4 2 1 .2 4 |
.3 3 2 .7 7 1 9 |
3 8 6 .5 4 .4 4 |
.8 0 .6 2 2 9 9 5 |
| al M eri at ex pe ns e |
-3 8 .6 8 7 .0 4 3 |
-1 2 .0 0 3 .8 0 8 |
-1 7 .1 6 8 .0 0 8 |
-4 1 .7 8 5 .7 2 4 |
| l P ers on ne ex pe ns e |
-1 3 .2 2 8 .2 6 7 |
-2 .9 8 1 .0 4 2 |
-6 .6 8 5 .0 3 1 |
-1 2 .4 0 6 .3 9 4 |
| of l d d b l D ci ati i i gi rt t t nt et e pre on p ro pe , p an an e qu pm en an an e a ss s y |
-2 .7 7 5 .5 8 6 |
-3 2 0 .4 3 3 |
-1 .3 8 8 .1 0 9 |
-2 .4 2 6 .8 0 8 |
| th O i rat er o pe n g e x pe ns es |
-1 8 .5 7 9 .3 0 5 |
-6 .6 9 0 .2 1 0 |
-7 .7 3 6 .6 2 5 |
-2 0 .9 8 8 .5 0 3 |
| b ef d E ni e i nt st t ar n gs or ere an ax es |
0 .3 -1 .5 6 1 5 |
.8 3 8 1 2 2 .4 |
8 8 0 3 -2 .4 .5 |
3 .0 3 .8 1 6 4 1 |
| F i e i na nc nc om e |
7 5 .6 7 0 |
6 9 .6 2 2 |
4 2 .9 4 2 |
2 5 1 .9 3 0 |
| F i na nc e e pe ns e x |
-1 .4 2 0 .5 1 6 |
-2 5 4 .3 7 6 |
-7 2 5 .6 0 4 |
-1 .1 5 6 .8 4 7 |
| al l F i i t na nc re su |
.8 -1 .3 4 4 4 6 |
8 -1 4 .7 5 4 |
8 -6 2 .6 6 3 |
0 -9 4 .9 1 7 |
| b ef E ni e t ar n gs or ax es |
.8 -2 5 1 .1 6 1 |
8 1 .6 3 7 .6 4 |
-3 .1 7 1 .1 6 5 |
8 1 2 .1 5 .9 2 3 |
| I e t nc om ax |
1 4 5 .0 3 2 |
3 2 .4 7 2 |
1 5 .2 4 9 |
1 .3 6 2 .5 4 2 |
| h rd- h n b ed al T i i pi rt t pa y s are or row ca |
-1 3 .6 2 2 |
0 | 1 3 2 .3 0 4 |
4 8 1 .7 6 6 |
| G i et ro u p n nc om e |
-2 .7 1 9 .7 5 1 |
0 1 .6 7 .1 5 6 |
.0 -3 2 3 .6 1 3 |
.0 0 1 4 3 .2 3 1 |
| M i ri y i t nt st no ere |
8 0 0 6 .5 |
8 -1 1 .1 2 |
3 8 9 0 6 .4 |
0 .3 -2 7 5 7 |
| b ab l y h ol d of th A tri i t ut e t t t o e qu ers e pa ren |
-2 .6 3 9 .2 4 5 |
1 .6 5 9 .0 2 7 |
-2 .6 3 4 .2 0 7 |
1 3 .7 3 2 .8 7 4 |
| sh B i ni as c e ar n gs p er are |
0 | 0 ,2 6 |
0 | 2 ,2 2 |
| ul l y d l ed sh F i i ut ea rn n gs p er are |
0 | 0 ,2 6 |
0 | 2 ,2 2 |
OF CFC INDUSTRIEBETEILIGUNGEN GMBH & CO. KGAA FOR THE PERIOD FROM JANUARY 1 TO JUNE 30, 2008
| 0 0 8 H Y 1 2 |
0 0 H Y 1 2 7 |
|
|---|---|---|
| E U R |
E U R |
|
| h f l f C i cti vi ti rat as ow ro m o pe n g a es |
||
| b ef d E ni e i nt st t ar n gs or ere an ax es |
-1 .5 0 5 .0 1 5 ,2 1 |
1 .8 2 2 .4 3 7 ,8 3 |
| d A j tm t us en s: |
||
| d D ci ati i ti ort e pre on an am za on |
2 .7 7 5 .5 8 5 ,6 1 |
3 2 0 .4 3 3 ,0 7 |
| y l F ei or gn cu rre nc os s |
- | |
| e f d l of f d L / i i i t os s nc om ro m s po sa xe as se s |
-8 8 .7 9 ,7 6 |
|
| th h l O i / er no n-c as nc om e os s |
-8 .9 8 3 ,2 4 4 7 |
-2 .3 3 .0 0 0 ,0 0 1 |
| al R pi et t ur n o n c a |
- | - |
| ub al S t ot |
4 1 6 .7 9 7 ,3 7 |
-1 8 8 .1 2 9 ,1 0 |
| h d C s i vi si nt nt an ge n n on -cu rre an cu rre pro on s |
-8 8 5 .7 9 4 ,5 4 |
-4 3 .0 0 0 ,0 0 |
| h k al C s i i pi t an ge n w or n g c a |
8 8 ,0 -2 .5 2 .3 1 1 |
8 .0 0 0 ,0 0 -3 .2 7 |
| h th d nd l ab l C s i i i i ti t nt t an ge n o er no n-c ur ren an cu rre as se s a es |
,0 -2 5 7 .1 1 3 7 |
0 0 .0 0 0 ,0 0 -1 .9 |
| d I ai e t nc om ax es p |
-6 .6 6 8 ,6 0 7 |
-3 .0 0 0 ,0 0 |
| sh f l f N i cti vi ti et rat ca ow ro m o pe n g a es |
-3 .3 2 2 .0 9 6 ,8 4 |
-5 .4 2 1 .1 2 9 ,1 0 |
| h f l f C i ti cti vi ti as ow ro m nv es n g a es |
||
| n f d l P s-i i t t a ym en ro m as se s po sa s |
8 .7 8 9 ,7 6 |
|
| f of b l nd l d P i si ti i gi i t ut nt et rt t t a ym en s-o or ac qu on an e a ss s a p ro pe y , p an an e qu pm en |
0 0 -3 .5 1 .5 6 ,5 1 |
.0 0 0 ,0 0 -3 7 2 |
| h of l red sh d sh l P i i si ti ( i i ) t urc as e pr ce ac qu on s es s a c qu ca an ca e qu va en s |
0 .0 0 0 ,0 0 -4 5 |
.0 0 0 ,0 0 -1 .3 3 6 |
| sh f l d N i n i ti cti vi ti et ca ow u se nv es n g a es |
-3 6 .9 4 2 .7 1 ,7 5 |
0 8 .0 0 0 ,0 0 -1 .7 |
| h f l f f C i i cti vi ti as ow ro m na nc n g a es |
||
| n f al P s-i pi i t t a ym en ro m ca nc rea se |
0 ,0 0 |
9 .9 4 0 .0 0 0 ,0 0 |
| f f h n l ab l d l d C s i i i i ti i i an ge es an oa ns se or na nc n g pu r po se s u |
4 .1 0 1 .0 0 9 ,4 0 |
1 0 .3 7 7 .0 0 0 ,0 0 |
| I i nt st ere nc om e |
7 4 .3 6 9 ,6 1 |
|
| I nt st ere ex pe ns e |
,8 -1 .1 4 1 .5 7 7 9 |
.0 0 0 ,0 0 -2 5 4 |
| f f nd h h ch F ei t ot or gn cu rre nc y e ec s a er no n-c as an ge s |
0 ,3 6 |
|
| th ad O j tm t er us en s |
0 ,0 6 |
|
| sh f l d n f N i i i cti vi ti et ca ow u se na nc n g a es |
3 .0 3 3 .8 0 1 ,5 3 |
2 0 .0 6 3 .0 0 0 ,0 0 |
| h d sh l N i i i et t nc rea se n c as an ca e qu va en s |
-4 .2 3 1 .0 1 2 ,0 6 |
1 3 .0 0 3 .0 0 0 ,0 0 |
| f h d sh l b od C i gi i eri t t as an ca e qu va en s a e nn n g o p |
8 .7 9 1 .8 5 1 ,7 6 |
5 .5 8 4 .0 0 0 ,0 0 |
| h e d f f E i t xc an ge ra ere nc es |
0 -4 7 .2 6 ,9 2 |
.0 0 0 ,0 0 3 |
| h d sh l C i t as an ca e qu va en s |
8 8 4 .5 1 3 .5 7 ,7 |
8 0 .0 0 0 ,0 0 1 .5 9 |
| k al S pi t t oc ca |
d d al d- A i ti ai i on p n al pi t ca |
th A cc . o er i co m p. nc om e |
d R ai et ne i ea rn n gs |
E i t qu y |
|
|---|---|---|---|---|---|
| b D 3 1 , 2 0 0 6 ec em er |
5 .2 1 2 .5 0 0 ,0 0 |
4 .1 5 0 .0 3 9 ,4 1 |
( 2 1 5 .7 7 9 ,3 8 ) |
2 .0 3 5 .5 2 1 ,3 0 |
1 1 .1 8 2 .2 8 1 ,3 3 |
| ch l d l /- s i i i ci ti nt + an ge n a cc ou n g po es an va ua on |
|||||
| th od nd f al ak cti eri i at st me s a co rre on s o m m es |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
.0 0 7 7 1 3 2 ,5 |
.0 0 7 7 1 3 2 ,5 |
| b ad ed 3 0 0 D 1 , 2 6 ( j ) t ec em er us |
0 0 ,0 0 5 .2 1 2 .5 |
0 .0 3 4 .1 5 9 ,4 1 |
,3 8 ( 2 1 5 .7 7 9 ) |
.8 0 3 ,8 0 2 6 .5 5 |
3 .3 3 ,8 3 1 1 .9 5 1 |
| al b b n k nd C pi i tri i i i t ut a nc rea se y c on on |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| al f C pi i t a nc rea se ro m co m pa n y r es ou rce s |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| al h C pi i i t a nc rea se n c as |
1 .2 2 2 .5 0 0 ,0 0 |
8 .7 1 6 .5 0 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
9 .9 3 9 .0 0 0 ,0 0 |
| d F rai si t un n g c os |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| G i et ro u p n nc om e |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
.0 1 .6 5 9 2 7 ,1 2 |
.0 1 .6 5 9 2 7 ,1 2 |
| sl F ei ati y t or gn cu rre nc ran on |
0 ,0 0 |
0 ,0 0 |
2 .5 7 5 ,9 6 |
0 ,0 0 |
2 .5 7 5 ,9 6 |
| h n b f ol d C s i i i ati an ge as s o co ns on |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| J e 3 0 , 2 0 0 7 un |
6 .4 3 5 .0 0 0 ,0 0 |
1 2 .8 6 6 .5 3 9 ,4 1 |
( 2 1 3 .2 0 3 ,4 2 ) |
4 .4 6 5 .5 8 0 ,9 2 |
2 3 .5 5 3 .9 1 6 ,9 1 |
| b D 3 1 , 2 0 0 7 ec em er |
6 .4 3 5 .0 0 0 ,0 0 |
1 2 .2 7 5 .4 2 4 ,5 8 |
( 3 9 7 .5 1 1 ,0 2 ) |
1 6 .5 3 9 .4 2 7 ,6 3 |
3 4 .8 5 2 .3 4 1 ,1 9 |
| al b b n k nd C pi i tri i i i t ut a nc rea se y c on on |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| al f C pi i t a nc rea se ro m co m pa n y r es ou rce s |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| al h C pi i i t a nc rea se n c as |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| d F rai si t un n g c os |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| G i et ro u p n nc om e |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
-2 .6 3 9 .2 4 4 ,8 4 |
-2 .6 3 9 .2 4 4 ,8 4 |
| sl F ei ati y t or gn cu rre nc ran on |
0 ,0 0 |
0 ,0 0 |
-1 2 5 .2 3 2 ,4 5 |
0 ,0 0 |
-1 2 5 .2 3 2 ,4 5 |
| f h n b ol d C s i i i ati an ge as s o co ns on |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| 0 0 0 8 J e 3 , 2 un |
.0 0 0 ,0 0 6 .4 3 5 |
8 1 2 .2 7 5 .4 2 4 ,5 |
-5 2 2 .7 4 3 ,4 7 |
0 0 8 1 3 .9 .1 2 ,7 9 |
.0 8 .8 0 3 2 7 6 3 ,9 |
| ak M i ri t t no y s e |
th A cc . o er i co m. nc om e |
M i ri t no y i nt st ere |
E i t qu y |
G i t ro u p e qu y |
|
|---|---|---|---|---|---|
| 2 .3 6 5 .8 0 0 ,3 5 |
( 9 2 .4 7 6 ,8 7 ) |
8 8 3 .6 8 7 ,6 1 |
3 .1 5 7 .0 1 1 ,0 9 |
1 4 .3 3 9 .2 9 2 ,4 2 |
|
| 3 5 1 .5 4 0 ,0 0 |
0 ,0 0 |
-2 1 .0 9 7 ,5 0 |
3 3 0 .4 4 2 ,5 0 |
1 .1 0 1 .4 7 5 ,0 0 |
|
| 0 2 .7 1 7 .3 4 ,3 5 |
,8 ( 9 2 .4 7 6 7 ) |
8 0 6 2 .5 9 ,1 1 |
8 3 .4 7 .4 5 3 ,5 9 |
0 1 5 .4 4 .7 6 7 ,4 2 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
9 .9 3 9 .0 0 0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
1 1 .1 2 8 ,4 8 |
1 1 .1 2 8 ,4 8 |
1 .6 7 0 .1 5 5 ,6 0 |
|
| 0 ,0 0 |
.0 1 6 7 ,3 9 |
0 ,0 0 |
.0 1 6 7 ,3 9 |
3 .6 4 3 ,3 5 |
|
| 8 4 2 9 .3 5 ,4 3 |
0 ,0 0 |
0 ,0 0 |
8 4 2 9 .3 5 ,4 3 |
8 4 2 9 .3 5 ,4 3 |
|
| 3 6 .6 9 8 8 .1 4 ,7 |
( 9 0 9 8 ) 1 .4 ,4 |
8 3 8 9 7 .7 1 ,5 |
3 .9 9 .0 0 ,8 9 2 7 |
8 .9 ,8 0 2 7 .4 2 2 4 |
|
| 2 .9 1 1 .7 1 1 ,3 9 |
( 1 7 0 .7 2 0 ,1 5 ) |
1 .1 3 2 .9 4 7 ,1 1 |
3 .8 7 3 .9 3 8 ,3 5 |
3 8 .7 2 6 .2 7 9 ,5 4 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
-8 0 0 6 .5 ,1 7 |
-8 0 0 6 .5 ,1 7 |
,0 -2 .7 1 9 .7 5 1 1 |
|
| 0 ,0 0 |
-6 7 .9 5 3 ,4 2 |
0 ,0 0 |
-6 7 .9 5 3 ,4 2 |
-1 9 3 .1 8 5 ,8 7 |
|
| 3 .7 9 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
3 .7 9 0 ,0 0 |
3 .7 9 0 ,0 0 |
|
| 2 .9 1 5 .5 0 1 ,3 9 |
-2 3 8 .6 7 3 ,5 7 |
1 .0 5 2 .4 4 0 ,9 4 |
3 .7 2 9 .2 6 8 ,7 6 |
3 5 .8 1 7 .1 3 2 ,6 6 |
The condensed interim consolidated financial statements for the period from January 1 to June 30, 2008 have been prepared in accordance with IAS 34: Interim Financial Reporting with the exceptions described in the following paragraph. The interim con-solidated financial statements do therefore not include all the information and state-ments prescribed for consolidated financial statements and should thus be read in conjunction with the consolidated financial statements for the fiscal year ended De-cember 31, 2007.
Differing from IAS 34.20 (b), a comparable presentation of the consolidated income statement of the prior-year quarter has not been provided as the prior-year quarter was not reported as such. However, a corresponding half-year comparison 2007/2008 has been prepared and provided here.
For the preparation of these interim consolidated financial statements, the same ac-counting policies and valuation methods have been adopted as were applied to the preparation of the consolidated financial statements for the fiscal year ended De-cember 31, 2007.
Possible seasonal impact primarily concerns the business performance of the individ-ual holdings. So far as resulting effects are concerned, please refer to the respective reports from the holdings.
In the reporting period there were no events that affected assets, liabilities, equity, result for the period, or cash flows and that were unusual with respect to their na-ture, extent, or frequency.
There were no changes in either nature or extent of estimates compared to previous financial statements.
In the second quarter 2008 the company MEF Möbel-Elemente Franz GmbH was in-cluded in the basis of consolidation.
No exceptional or unusual events have occurred subsequent to the balance sheet date of the interim consolidated financial statements.
The following tables contain information about income and results, assets and liabilities, as well as selected segment information of the CFC Group's business segments for the period January 1 to June 30, 2008.
Please refer to the annual report on the fiscal year 2007 for the determination of business segments.
| E E T E T T E E T G R O U P S G M N I N C O M S A M N |
k C oo wa re |
e & H L i vi om n g |
E M S |
|
|---|---|---|---|---|
| I E U R n |
||||
| al S es n f h sh ed od nd k C s i i ni i i i t an ge go s a w or n pro ce ss nv en or es th O i g i rat er o pe n nc om e al M eri at ex pe ns e l P ers on ne ex pe ns e of l d d b l D ci ati i i gi rt t t nt et e pre on p ro pe y , p an an e qu pm en an an e a ss s th O i rat er o pe n g e x pe ns es |
2 1 .0 8 4 .7 0 9 ,2 0 -3 6 7 .3 0 1 ,8 4 3 .9 3 ,0 9 7 2 7 -1 1 .0 2 8 .0 3 9 ,0 1 -2 .7 6 2 .5 2 1 ,9 4 -5 1 8 .3 0 0 ,8 1 -7 .0 0 1 .7 9 5 ,1 2 |
7 .9 8 7 .3 7 8 ,4 3 -2 7 .8 8 3 ,6 7 .3 ,3 0 7 4 2 1 1 -4 .5 3 9 .9 9 3 ,6 9 -2 .9 1 3 .5 2 7 ,2 2 -5 3 6 .0 4 2 ,5 2 -2 .3 5 2 .8 4 7 ,8 3 |
1 2 .8 0 2 .8 9 7 ,2 7 -3 7 8 .6 8 3 ,2 2 .3 ,8 8 2 1 4 1 4 -7 .5 2 2 .7 8 2 ,5 8 0 8 -3 .1 7 .3 9 ,9 4 -7 6 3 .1 0 0 ,8 5 -2 .1 2 3 .2 9 8 ,8 8 |
|
| ef b d E ni e i nt st t ar n gs or ere an ax es |
1 3 9 .7 2 3 ,5 7 |
-1 .6 4 0 .6 0 5 ,2 0 |
-8 7 8 .0 4 3 ,3 2 |
|
| F i e i na nc nc om e F i na nc e e x pe ns e |
2 9 .3 8 0 ,5 1 0 .8 8 ,8 -4 4 5 3 |
2 6 .0 3 6 ,7 4 .0 8 -5 4 5 9 ,2 5 |
3 .2 0 3 ,7 0 0 -3 6 .7 6 9 ,9 4 |
|
| al l F i i t na nc re su |
-4 1 1 .4 7 8 ,3 2 |
-5 1 9 .0 6 1 ,5 1 |
-3 5 7 .5 6 6 ,2 4 |
|
| b ef E ni e t ar n gs or ax es |
-2 7 1 .7 5 4 ,7 5 |
-2 .1 5 9 .6 6 6 ,7 1 |
-1 .2 3 5 .6 0 9 ,5 6 |
| h F i as on |
al T ot S t e gm en s |
C F C K G aA f al i i st at t na nc em en s |
l d C i ati on so on |
C F C |
|---|---|---|---|---|
| 2 2 .9 1 1 .7 1 1 ,4 7 3 .0 6 4 .9 5 3 ,1 2 0 2 .2 2 .4 1 9 ,4 4 -1 5 .5 9 6 .2 2 8 ,1 9 -4 .3 4 9 .1 1 8 ,6 9 8 -9 5 2 .6 4 6 ,2 -5 .6 7 3 .5 6 9 ,8 3 |
8 6 4 .7 6 .6 9 6 ,3 7 2 .2 9 1 .0 8 4 ,3 9 .8 .0 8 3 9 2 1 ,7 1 -3 8 .6 8 7 .0 4 3 ,4 7 -1 3 .1 3 2 .5 5 7 ,7 9 0 .0 0 -2 .7 7 9 ,4 6 -1 7 .1 5 1 .5 1 1 ,6 6 |
.8 6 4 4 1 ,3 7 0 ,0 0 1 .9 3 7 ,5 3 0 ,0 0 -9 5 .7 0 8 ,7 0 -5 .4 9 5 ,1 5 -6 9 4 .4 0 9 ,2 9 |
0 ,0 0 0 ,0 0 0 ,8 0 7 2 7 .3 7 0 ,0 0 0 ,0 0 0 ,0 0 -7 3 3 .3 8 4 ,8 8 |
.8 6 4 5 1 .5 3 7 ,7 4 2 .2 9 1 .0 8 4 ,3 9 ,0 4 .6 2 1 .2 6 4 4 -3 8 .6 8 7 .0 4 3 ,4 7 -1 3 .2 2 8 .2 6 6 ,4 9 8 -2 .7 7 5 .5 5 ,6 1 -1 8 .5 7 9 .3 0 5 ,8 3 |
| 1 .6 0 7 .5 2 1 ,0 4 0 1 4 .7 4 9 ,5 -3 6 4 .1 0 0 ,7 1 |
-7 7 1 .4 0 3 ,9 1 3 .3 0 7 7 ,4 5 -1 .7 1 0 .8 2 7 ,7 3 |
-7 2 8 .8 3 4 ,2 4 2 .2 4 6 ,1 7 -1 4 9 .5 4 0 ,1 6 |
-6 .0 7 7 ,0 8 3 ,0 5 1 4 3 9 .8 5 1 ,6 5 |
-1 .5 0 6 .3 1 5 ,2 3 3 7 5 .6 6 9 ,6 -1 .4 2 0 .5 1 6 ,2 4 |
| -3 4 9 .3 5 1 ,2 1 8 6 ,8 3 1 .2 5 .1 9 |
-1 .6 3 7 .4 5 7 ,2 8 0 8 .8 6 -2 .4 1 ,1 9 |
-1 4 7 .2 9 3 ,9 9 -8 6 8 3 7 .1 2 ,2 |
4 3 9 .9 0 4 ,6 6 3 3 .8 8 4 2 7 ,5 |
-1 .3 4 4 .8 4 6 ,6 1 .8 6 ,8 -2 5 1 .1 1 4 |
| G R O U P S E G M E N T B A L A N C E S H E E T A S O F J U N E 3 0 , 2 0 0 8 |
k C oo wa re |
e & H L i vi om n g |
E M S |
|---|---|---|---|
| I E n uro |
|||
| A S S S E T |
|||
| N nt t on -cu rre as se s |
1 5 .5 6 6 .3 9 4 ,3 4 |
1 1 .5 9 6 .7 1 7 ,2 2 |
0 1 .4 1 6 .6 1 5 ,2 6 |
| l d P i rt t t ro pe y , p an an e qu pm en |
2 .4 3 4 .3 1 6 ,8 9 |
1 1 .2 9 1 .3 7 1 ,9 4 |
6 .6 6 8 .4 1 1 ,4 5 |
| b l I gi nt et an e a ss s |
3 3 .0 1 .1 2 7 7 ,4 5 |
9 .3 3 3 1 4 ,1 |
3 8 0 3 ,8 .7 4 .2 1 |
| al F i i t na nc as se s |
0 ,0 0 |
7 .6 0 0 ,0 2 |
0 ,0 0 |
| l e h el d f al R i i i t at tm t ea es as na nc nv es en s |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| f al D eri ti i i i tr t va ve na nc ns um en s |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| th O t t er no n-c ur ren as se s |
0 ,0 0 |
8 0 2 7 .4 2 ,1 3 |
0 ,0 0 |
| ef red D t t er ax as se s |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| C t t ur ren as se s |
0 0 2 .5 9 .9 5 4 ,2 1 |
0 8 ,0 6 .3 1 .4 4 2 |
0 0 0 0 7 .6 6 .2 ,3 |
| I i t nv en or es |
.8 ,8 1 2 9 4 .4 4 9 4 |
.0 2 1 1 .4 2 7 ,7 6 |
5 .9 3 5 .3 1 9 ,2 3 |
| rad b l T ei e r ec va es |
.6 3 ,3 0 4 2 .5 5 1 |
0 9 1 .4 2 .4 1 ,4 1 |
.3 1 .2 2 1 1 5 ,2 4 |
| b l R ei I C ec va es |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| th f al nd h O i i t ot t er na nc as se s a er as se s |
.8 0 1 .9 1 9 9 1 ,3 |
4 9 2 .5 2 9 ,6 5 |
8 4 6 .5 5 1 ,1 7 |
| h d sh l C i t as an ca e qu va en s |
1 .0 7 2 .0 6 1 ,7 7 |
2 .3 8 6 .0 3 5 ,2 0 |
1 7 .0 1 4 ,6 6 |
| l ab l e-f l N ai nt et on -cu rre av or -sa e a ss s |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| al T ot t as se s |
3 6 .0 7 6 .3 4 8 ,5 5 |
1 7 .9 0 7 .2 0 1 ,2 4 |
1 8 .0 7 6 .8 1 5 ,5 6 |
| h F i as on |
al T ot S t e gm en s |
C F C K G aA f al i i st at t na nc em en s |
l d C i ati on so on |
C F C |
|---|---|---|---|---|
| 2 5 .9 2 4 .5 9 7 ,2 4 |
6 3 .5 0 4 .3 2 4 ,0 6 |
2 1 .0 5 0 .0 0 1 ,3 9 |
-2 0 .7 2 5 .7 0 7 ,7 5 |
6 3 .8 2 8 .6 1 7 ,7 0 |
| 7 .5 7 8 .9 8 0 ,7 7 |
2 7 .9 7 3 .0 8 1 ,0 5 |
3 8 9 ,8 8 |
2 7 .9 7 3 .4 7 0 ,9 3 |
|
| 0 0 ,0 8 1 7 .6 3 .6 6 |
0 0 3 4 .5 3 .2 3 ,4 7 |
8 2 7 .1 4 ,2 6 |
0 2 9 6 .7 1 9 ,5 |
.8 3 4 5 4 .1 3 4 ,2 3 |
| 2 5 5 ,6 5 |
7 .8 5 5 ,6 7 |
2 1 .0 2 2 .4 2 7 ,2 5 |
-2 1 .0 2 2 .4 2 7 ,2 5 |
7 .8 5 5 ,6 7 |
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 7 1 4 .7 5 4 ,7 4 |
9 9 3 .1 5 6 ,8 7 |
0 ,0 0 |
9 9 3 .1 5 6 ,8 7 |
|
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 1 6 .6 9 0 .5 5 0 ,8 2 |
5 1 .1 7 1 .1 8 9 ,3 5 |
1 .8 6 8 .4 2 6 ,3 6 |
-1 .5 0 2 .4 8 9 ,9 7 |
5 1 .5 3 7 .1 2 5 ,7 4 |
| 1 3 .5 4 2 .2 4 5 ,3 1 |
3 4 .3 8 3 .4 4 2 ,1 4 |
0 ,0 0 |
3 4 .3 8 3 .4 4 2 ,1 4 |
|
| 8 8 .8 8 9 4 ,9 4 |
8 ,8 .1 5 5 .2 4 2 9 |
8 0 ,8 0 .1 6 |
8 -1 7 .3 2 1 ,5 2 |
8 .0 8 7 .9 5 2 ,1 7 |
| 0 ,0 0 |
0 ,0 0 |
9 4 9 .0 7 7 ,8 6 |
-9 4 9 .0 7 7 ,8 6 |
0 ,0 0 |
| 1 .8 8 2 .6 6 5 ,7 3 |
4 .7 8 1 .6 3 7 ,8 5 |
2 7 3 .3 8 4 ,8 0 |
-4 0 0 .0 0 0 ,0 0 |
4 .6 5 5 .0 2 2 ,6 5 |
| 3 ,8 7 5 .7 5 4 4 |
3 .8 0 .8 6 6 5 ,4 7 |
6 3 .8 0 ,9 0 7 2 |
.9 0 9 2 4 ,4 1 |
3 8 8 4 .5 1 .5 7 ,7 |
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| 4 2 .6 1 5 .1 4 8 ,0 6 |
1 1 4 .6 7 5 .5 1 3 ,4 1 |
2 2 .9 1 8 .4 2 7 ,7 5 |
-2 2 .2 2 8 .1 9 7 ,7 2 |
1 1 5 .3 6 5 .7 4 3 ,4 4 |
| G R O U P S E G M E N T B A L A N C E S H E E T A S O F M A R C H 3 1 , 2 0 0 8 |
k C oo wa re |
e & H L i vi om n g |
E M S |
|
|---|---|---|---|---|
| I E U R n |
||||
| A A E Q U I T Y N D L I B I L I T I E S |
||||
| E i t qu y |
1 1 .7 9 6 .8 8 9 ,9 5 |
-3 .7 6 0 .1 3 7 ,9 5 |
3 .3 3 8 .1 9 9 ,9 0 |
|
| l ab l N i i i ti nt on -cu rre es |
4 .8 0 5 .6 7 6 ,9 9 |
1 4 .2 0 0 .8 8 1 ,9 4 |
6 .0 5 6 .3 9 9 ,7 9 |
|
| nd l ob l P si mi si mi i ti tm t en on co m en s a ar ga on s |
6 8 .4 5 9 ,2 5 |
0 ,0 0 |
4 2 7 .9 1 4 ,6 7 |
|
| N vi si nt on -cu rre pro on s |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| e l l ab l F i i i i ti na nc ea se es |
0 .6 3 6 5 1 7 ,9 |
0 ,0 0 |
0 ,0 0 |
|
| ef red l ab l D i i i ti t er ax es |
4 .2 2 6 .5 7 9 ,7 8 |
2 .3 8 2 .2 0 9 ,4 0 |
2 5 6 .8 5 4 ,5 4 |
|
| th t l ab l O i i i ti er no n-c ur ren es |
0 ,0 0 |
.8 8 1 1 1 .6 7 2 ,5 4 |
0 8 5 .3 7 1 .6 3 ,5 |
|
| t l ab l C i i i ti ur ren es |
1 9 .4 7 3 .7 8 1 ,6 1 |
7 .4 6 6 .4 5 7 ,2 5 |
8 .6 8 2 .2 1 5 ,8 7 |
|
| ab l b k L i i i ti t es o an s |
1 .7 8 4 .6 9 7 ,1 9 |
2 .6 9 2 .4 2 9 ,5 9 |
1 6 0 .5 7 3 ,5 6 |
|
| t l C ur ren oa ns |
8 0 6 .4 1 1 .9 6 ,3 |
0 ,0 0 |
0 ,0 0 |
|
| of l C rti t nt ur ren po on n on -cu rre oa ns |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| rad b l T e pa ya es |
3 .4 6 9 .7 8 9 ,2 3 |
3 .1 6 1 .6 9 5 ,7 5 |
3 .4 6 4 .5 4 4 ,9 8 |
|
| d A t va nc e pa ym en s |
3 9 6 .3 8 0 ,3 8 |
0 ,0 0 |
8 3 .0 0 0 1 4 ,1 |
|
| b l P I C a ya es |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| C vi si t ur ren pro on s |
8 0 8 3 .3 1 7 .9 ,3 |
8 1 1 1 .3 9 ,4 5 |
8 8 2 .6 6 .9 5 6 ,7 |
|
| l ab l C i i i ti t t ur ren ax es |
3 2 1 .4 8 2 ,9 7 |
2 5 0 .5 9 1 ,2 9 |
1 6 1 .9 8 0 ,6 6 |
|
| ab l L i i i ti t rtn es o pa ers |
2 3 .8 0 0 ,0 0 |
7 1 .4 0 0 ,0 0 |
4 7 .6 0 0 ,0 0 |
|
| th f al l ab l O i i i i i ti er na nc es |
3 .5 4 4 .1 7 1 ,4 5 |
8 .9 1 .1 7 4 2 ,1 7 |
.3 6 9 1 5 .5 5 5 ,7 |
|
| th l ab l O i i i ti er es |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
|
| e l l ab l F i i i i ti na nc ea se es |
0 2 3 .4 9 3 ,7 1 |
0 ,0 0 |
0 ,0 0 |
|
| al nd l ab l T i i i i ti ot t e qu y a es |
.0 8 3 6 7 6 .3 4 ,5 5 |
0 0 1 7 .9 7 .2 1 ,2 4 |
8 .0 .8 1 7 6 1 5 ,5 6 |
| h F i as on |
al T ot S t e gm en s |
C C aA F K G f al i i st at t na nc em en s |
l d C i ati on so on |
C C F |
|---|---|---|---|---|
| 1 1 .6 8 9 .9 7 8 ,6 2 |
2 3 .0 6 4 .9 3 0 ,5 2 |
1 7 .1 7 1 .8 5 5 ,7 8 |
-4 .4 1 9 .6 5 3 ,6 4 |
3 5 .8 1 7 .1 3 2 ,6 6 |
| 9 1 4 .1 4 1 .5 1 ,7 5 |
3 9 .2 0 0 4 .5 5 ,4 7 |
9 0 ,2 9 5 .1 7 5 .5 |
6 8 9 .3 2 0 8 -1 .1 ,5 |
2 8 9 0 .8 2 0 8 .1 ,1 |
| 2 .5 6 7 .5 1 6 ,3 5 |
.0 .8 0 3 6 3 9 ,2 7 |
0 ,0 0 |
0 ,0 0 |
.0 .8 0 3 6 3 9 ,2 7 |
| 3 .4 4 6 .3 4 8 ,8 0 |
3 .4 4 6 .3 4 8 ,8 0 |
0 ,0 0 |
0 ,0 0 |
3 .4 4 6 .3 4 8 ,8 0 |
| 2 4 3 .3 7 1 ,1 4 |
.0 0 0 7 5 4 9 ,1 |
0 ,0 0 |
0 ,0 0 |
.0 0 0 7 5 4 9 ,1 |
| 3 .9 9 .3 7 7 7 ,5 1 |
0 .8 .0 2 ,2 3 1 4 5 1 |
0 ,0 0 |
.0 0 .2 0 ,2 8 -1 1 4 |
9 .8 3 .8 6 ,9 4 1 5 |
| 3 .9 0 4 .9 7 7 ,9 5 |
2 1 .0 9 5 .2 8 1 ,0 7 |
5 .1 7 5 .5 9 0 ,2 9 |
-1 5 .1 7 9 .1 1 6 ,3 0 |
1 1 .0 9 1 .7 5 5 ,0 6 |
| 1 6 .7 8 3 .5 7 7 ,6 9 |
5 2 .4 0 6 .0 3 2 ,4 2 |
5 7 0 .9 8 1 ,6 8 |
-1 .6 1 9 .2 2 3 ,5 0 |
5 1 .3 5 7 .7 9 0 ,6 0 |
| 8 2 .2 8 9 8 7 .4 ,4 |
2 9 .9 8 9 ,8 2 1 .1 1 |
8 9 ,2 3 |
0 ,0 0 |
2 2 0 .0 9 ,0 1 .1 7 5 |
| 0 ,0 0 |
6 .4 1 1 .9 8 6 ,3 0 |
0 ,0 0 |
-4 9 0 .0 0 0 ,0 0 |
5 .9 2 1 .9 8 6 ,3 0 |
| 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
| 3 .3 5 2 .3 9 7 ,5 0 |
1 3 .4 4 8 .4 2 7 ,4 6 |
4 2 .1 0 5 ,0 8 |
-9 5 2 .4 0 1 ,9 9 |
1 2 .5 3 8 .1 3 0 ,5 5 |
| 0 ,0 0 |
0 8 8 1 .2 9 .3 4 ,4 |
0 ,0 0 |
0 ,0 0 |
0 8 8 1 .2 9 .3 4 ,4 |
| 0 ,0 0 |
0 ,0 0 |
1 7 8 .3 2 1 ,5 1 |
-1 7 8 .3 2 1 ,5 1 |
0 ,0 0 |
| 4 .7 2 2 .1 3 3 ,5 6 |
1 0 .8 2 0 .4 6 9 ,1 7 |
5 4 .4 3 6 ,1 0 |
1 .5 0 0 ,0 0 |
1 0 .8 7 6 .4 0 5 ,2 7 |
| 8 1 3 5 .3 1 ,4 7 |
8 6 9 .3 7 3 ,3 9 |
.0 ,8 1 4 2 3 9 1 |
0 ,0 0 |
.0 0 1 1 1 .4 1 3 ,2 |
| 1 1 .9 0 0 ,0 0 |
1 5 4 .7 0 0 ,0 0 |
0 ,0 0 |
0 ,0 0 |
1 5 4 .7 0 0 ,0 0 |
| 8 .0 2 5 9 5 ,5 2 |
6 .3 7 3 .7 6 4 ,9 3 |
8 1 5 3 .9 9 ,9 5 |
0 ,0 0 |
,8 8 6 .5 2 7 .7 5 4 |
| -1 .5 7 0 ,4 9 |
-1 .5 7 0 ,4 9 |
0 ,0 0 |
0 ,0 0 |
-1 .5 7 0 ,4 9 |
| 7 9 6 .0 1 3 ,6 5 |
9 9 9 .5 0 7 ,3 6 |
0 ,0 0 |
0 ,0 0 |
9 9 9 .5 0 7 ,3 6 |
| 4 2 .6 1 5 .1 4 8 ,0 6 |
1 1 4 .6 7 5 .5 1 3 ,4 1 |
2 2 .9 1 8 .4 2 7 ,7 5 |
-2 2 .2 2 8 .1 9 7 ,7 2 |
1 1 5 .3 6 5 .7 4 3 ,4 4 |
| b l I gi nt et an e a ss s |
( E U R' 0 0 0 ) 6 / 3 0 / 2 0 0 8 |
( E U R' 0 0 0 ) 1 2 / 3 1 / 2 0 0 7 |
|---|---|---|
| rad ark gh T ri t em s rel sh C ati i t us om er on ps of d l S i t wa re an ce ns es d A t va nc e pa ym en s |
8 2 3 .7 1 8 .8 0 0 2 .2 6 0 1 3 |
8 2 3 .5 1 8 9 .1 4 2 .1 1 5 1 2 |
| 3 4 .8 5 4 |
3 4 .8 9 2 |
The trademark rights relating to the brands "Berndes" and "delmod" are intangible assets with indefinite useful lives; insofar they are not subjected to scheduled depre-ciation in accordance with IAS 38. There has been no indication for the requirement of possible unscheduled depreciation. The acquisition costs relating to the brand "Hirsch" amounted to EUR 200k in the reporting period. This purchase price will be increased by a variable price component over the next quarters. As of this financial report's closing date, the variable portion could not be estimated reliably.
The capitalized customer relationships are depreciated according to schedule over approx. 10 - 16 years in application of the straight-line method. In the first half-year 2008 this kind of depreciation came to EUR 0.32 million.
| l d P i rt t t ro pe y , p an an e qu pm en |
( 0 0 0 ) E U R' 6 / 3 0 / 2 0 0 8 |
( 0 0 0 ) E U R' 1 2 / 3 1 / 2 0 0 7 |
|---|---|---|
| nd el d al U t at ev o pe re es e l d d th rd- B ui i i rt n gs o n o wn an pa y pro h l d h T ni i i t ec ca e qu pm en an m ac ne r y th f l f f d O i i ti i i t er ac es , o ce e qu pm en an f ni t ur ure d nd A ti i t tr va nc e pa ym en s a co ns uc on pro ce ss |
9 1 7 1 4 .3 2 6 rt pe y 0 7 .4 3 4 .5 3 0 n 7 7 0 |
8 2 6 .8 1 3 2 5 6 .7 9 2 3 .8 9 0 5 3 7 |
| 2 7 .9 7 3 |
.8 0 2 5 7 |
Inventories as of June 30, 2008 are composed as follows:
| V mö rat or sv er ge n |
( 0 0 0 ) E U R' 6 / 3 0 / 2 0 0 8 |
( 0 0 0 ) E U R' 1 2 / 3 1 / 2 0 0 7 |
|---|---|---|
| al R eri at aw m s k W i or n pro ce ss sh ed od F i ni go s d s f A i i t t va nc e pa ym en or nv en or es |
8 .5 2 8 8 .0 9 7 1 7 .4 9 1 6 2 7 |
7 .5 3 2 5 .1 4 9 8 1 3 .9 3 2 7 5 |
| 3 4 .3 8 3 |
2 6 .9 4 0 |
The allocation of inventories to the separate segments can be gathered from seg-ment reporting.
The allocation of trade receivables to the separate segments can be gathered from segment reporting.
The stock capital of EUR 6,435,000.00 recognized in the balance sheet as of Decem-ber 31, 2007 and consisting of 6,435,000 common bearer shares with a notional value of EUR 1.00 each is paid in entirely.
| E U R' 0 0 0 |
% | |
|---|---|---|
| l G art en era p ne r |
||
| nd l al b C F C I tri e B ei i n V G H et t us gu n ge erw un gs m |
0 | 0 ,0 |
| ed L i mi t art p ne rs |
||
| & el ad b H i E i y P G H C K G aA t art qu ne rs m o. |
5 0 0 |
7 ,7 7 |
| el ad d H i I s L tm t t nv es en |
5 0 0 |
7 ,7 7 |
| h b & aA T i s E i y P G H C K G t art em qu ne rs m o. |
0 0 1 .5 |
2 3 ,3 1 |
| l A A G ti ra |
0 2 4 |
3 3 ,7 |
| l nd & al ark S Q C C s A G i vi i pi M t t et a ua e. a |
3 8 4 |
6 ,8 1 |
| M L i pe arc us nn e |
9 7 1 |
1 5 ,0 9 |
| l rd K H ö au s v on e |
2 5 0 |
3 ,8 9 |
| f l F t ree oa |
2 .0 3 6 |
3 1 ,6 4 |
| 6 .4 3 5 |
0 0 ,0 0 1 |
Other non-current liabilities have increased to EUR 11.1 million as of June 30, 2008 (EUR 9.1 million as of December 31, 2007). The driving force behind this increase is a loan of EUR 3.0 million, taken out in January 2008.
As of June 30, 2008 there were 760 employees within the group.
Disclosures according to Section 160 AktG
In the reporting period from January 1 to June 30, 2008 no reportable transactions involving the company's stock (directors´ dealings) were made.
Subsequent events: sale of portfolio stake and loan to Palace Park Invest-ments Ltd.
Palace Park Investments Ltd., Jersey, acquired a 49 % interest in the holding portfo-lio of CFC Industriebeteiligungen GmbH & Co. KGaA by notarial deed signed on July 31, 2008. The purchase price is EUR 22.54 million, of which an amount of close to EUR 13.5 million was paid at signing of the contract. The remaining amount is pay-able during 2009. In case of a future profitable exit of the segment "Fashion Group", currently including the companies delmod international GmbH & Co. KG and Hirsch Vertriebs GmbH, the agreement provides for a disproportionately high share of the exit proceeds to be allocated to CFC Industriebeteiligungen due to this segment's particularly bright prospects. Palace Park Investments Ltd. is an acquisition vehicle specially established for this transaction. The company is funded by Greenpark Fund-s, Guernsey, specializing in secondary investments, i.e. investments in existing port-folios, advised in this transaction by London based Greenpark Capital Ltd. CFC retains management control over the holdings, thus providing for the companies' consistent development. Consequently, the sold companies remain in the basis of consolidation of CFC. In concluding this transaction, Greenpark has made the commitment to sup-port the continued development and growth of the portfolio companies with an amount of up to EUR 2.5 million in addition to the purchase price. The profit contri-bution before transactionspecific expenses from this partial sale for the fiscal year 2008 comes to approx. EUR 11 million with regard to the holding company and EUR 8 million in the group, due to an elimination of capitalized loss carryforward for tax reasons.
We assure to the best of our knowledge that the consolidated financial statements provide a presentation of the group's assets, financial position and results from op-erations that corresponds to the actual conditions, in accordance with applicable ac-counting standards, and that the group management report presents the course of business including the business result and situation of the group in a way that corresponds to the actual conditions and describes the material risks and opportunities of the group's expected future development.
Dortmund, July 2008
Marcus Linnepe
| P i ci ti i n i s' ti art t pa on nv es or m ee n gs |
|
|---|---|
| f k f A C D V F , F / M ai urt on ere nc e ran n |
A 0 0 8 2 5- 2 7 , 2 st u gu |
| th h rd R i 2 0 0 8 rt e t rt e po on q ua er |
b N 7 , 2 0 0 8 ov em er |
CFC Industriebeteiligungen GmbH & Co. KGaA Dr. Frank J. Nellissen Westfalendamm 9 44141 Dortmund Germany
Phone: + 49 231-22240 500 Fax: + 49 231-22240 7511
[email protected] www.cfc.eu.com
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