euro adhoc: Fortune Management Inc.
Financial Figures/Balance Sheet
Fortune
Management reports profit for the first half of the year
- Significantly improved net profit
- Consolidated turnover lower due to changes in scope of consolidation
- impro
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
30.08.2005
Zug/Switzerland, August 30, 2005 - Fortune Management Inc. (General Standard, ISIN: USU026281027, WKN: A0BLYY) continued its positive trend in the first six months of the year. During the period under review the company realized a turnover of TEUR 1,891.9, which was 34.5% below the turnover of TEUR 2,887.5 recorded in the same period one year ago. The decline in turn over primarily results from the Hospitality segment, which is no longer being consolidated in full.
The net profit for the first half of 2005 amounted to TEUR 66.5, which represents a significant improvement compared to the first six months of the shortened fiscal year 2004 (TEUR 1,879.8). The reversal of restructuring provisions, the elimination of research and development expenses as well as the significant decline in general administrative expenses, which resulted in a markedly improved operating profit despite lower gross profits from turnover, were mainly responsible for the improvement in earnings.
Management expects the favorable trend to continue during the second half of the year. The integration and expansion of the acquired private equity activities and the further development of the Asset Management division will be the focal points of activities in the second half of 2005. Management expects the Private Equity segment to already make a positive contribution in the current fiscal year.
Profile of the Fortune Management Inc.: FORTUNE Management Inc,
Zug/Switzerland, pursues two concurrent consolidation strategies: in
the Asset Management division the acquisition of independent asset
management companies primarily operating in Switzerland, but also
internationally, is in the spotlight; in the Private Equity segment
Fortune focuses on the acquisition of established private equity
managers on a global scale. Both operations work from the same
platform. FORTUNE has subsidiaries in Zug, Zurich, Geneva, Dallas and
Dubai. The company targets the acquisition of a majority share in the
asset management or private equity companies. With the integration
into the group, the acquired companies in both segments are relieved
from as much administrative work ("middle office") as possible. They
continue to operate in the market under their established name.
Neither the customer nor the custodian bank relationships of the
asset managers are changed. The realized economies of scale result in
improved cost ratios. In the Asset Management division the support in
the areas of research as well as portfolio management aims to enhance
the risk-adequate return for the asset managers clients. In the
Private Equity segment the company achieves an increase in volumes
and a broadening of its base.The shares (ISIN: USU 026281027) of the company are listed at the Geregelter Markt [Regulated Market] (General Standard) of the Frankfurt Stock Exchange.
End of ad hoc release
end of announcement euro adhoc 30.08.2005 08:01:15
Further inquiry note:
For further information:
Fortune Management Inc.
Christian Hillermann
Investor Relations Manager
Tel.: +49 40 / 23608-897
Fax: +49 40 / 23608-500
Email: ir@fortune-management.com
Branche: Financial & Business Services
ISIN: USU026281027
WKN: A0BLYY
Index: General Standard, Prime All Share, HDAX, CDAX
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade