euro adhoc: Fortune Management Inc.
Financial Figures/Balance Sheet
Fortune
Management Inc. presents preliminary figures for financial year 2007
/ Preliminary Revenues amounted to TEUR 157,716; preliminary Net Result of -
148,825 TEUR after ...
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
annual report
28.04.2008
Zug/Switzerland, April 28, 2008 - FORTUNE Management Inc. (General Standard, ISIN USU026281027; SIN: A0BLYY) had preliminary revenues of 157,716 TEUR in the financial year 2007 (2006: 47,425 TEUR). The increase in revenues was due to the launch of the two biodiesel plants Neckermann Renewables Wittenberg GmbH and Biodiesel Enns GmbH & Co. KG. The preliminary EBIT after extraordinary charges was -196,281 TEUR (financial year 2006: 20,681 TEUR), resulting in a preliminary result after tax of - 148,825 TEUR (2006: 22,803 TEUR).
The preliminary results were influenced mainly by the biodiesel segment, in particular the revaluation of the biodiesel activities following IAS 36 (Impairment of Assets), which was caused by the significant deterioration in the economic and political environment for biodiesel.
The preliminary total assets on December 31st amounted to 238,613 TEUR (2006: 365,667 TEUR). As a result of the above mentioned factors the preliminary consolidated equity fell to -58,600 TEUR (2006: 89,622 TEUR). The liquid funds of Fortune Management Inc. on December 31st were 23,571 TEUR (2006: 31,002 TEUR). As Fortune Management Inc. is registered under the law of the State of Delaware (US) the company can continue to operate, despite its negative consolidated equity.
Consequently, the Company has launched several restructuring initiatives that target a far reaching reorganisation of the entire group with a view to protecting its profitable assets. With the assistance of the experts of Alvarez & Marsal, several restructuring alternatives have been developed and are currently being negotiated with the different stakeholders of the Company.
Profile of FORTUNE Management Inc.: FORTUNE Management Inc., Zug/Switzerland, is a publicly listed private equity firm. Its two business divisions are Private Equity Management and Principal Investments. Private Equity Management achieves consistent revenues from the management of specialized funds, whereas Principal Investments comprises direct investments (e.g. in bio-diesel manufacturer GATE or in the Swiss asset managers FORTUNE Wealth Management Group AG) with a view to capital gains. FORTUNE Management Inc. has subsidiaries in Zug, Zurich, Geneva, Luxemburg, Würzburg, Vienna and the Bahamas as well as a branch in Dubai. The company´s shares (ISIN: USU 026281027) are listed in the General Standard segment of Frankfurt Stock Exchange (symbol: FMI1) and on the DIFX in Dubai.
end of announcement euro adhoc
Further inquiry note:
FORTUNE Management Inc.
Phone +49 69 9441 8069
IR@fortune-management.com
Bahnhofstrasse 10
P.O. Box 324
CH-6301 Zug
Branche: Financial & Business Services
ISIN: USU026281027
WKN: A0BLYY
Börsen: Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Frankfurt / regulated dealing/general standard