euro adhoc: Fortune Management Inc.
Financial Figures/Balance Sheet /
Operating half year loss of TEUR -5.593, Restructuring according to plan
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
6-month report
29.08.2008
29 August 2008 - In the first half year 2008, Fortune Management Inc. (General Standard, ISIN USU026281027, SIN: A0BLYY) pursued vigorously its restructuring program. Intensive negotiations with all main investors resulted in an agreement for debt relieve. Meanwhile, 99.7% of Bond- and 100% of Loannoteholder have acceded the restructuring.
The - in connection with the restructuring - intended sale of the two principal investments GATE/Biodiesel and Fortune Wealth Management Group Ltd. is for the first time summarized according to IFRS 5 as "Assets held for sale" (consolidated balance sheet) respectively "Discontinued operations" (consolidated income statement and consolidated cash flow) , with the effect that FMI discloses no sales revenues for the first half year 2008.
The consolidated income statement newly classified according to IFRS 5 reports a loss of TEUR 5,593 for the first half year 2008 (30 June 2007: TEUR -6.543), whilst the result of the discontinued operations was of TEUR -6,401 (30 June 2007: TEUR -5.862). The loss for the period after taxes before minorities is of TEUR -27.256 (30 June 2007: TEUR -7.500). The undiluted earnings per share amount to EUR -0.22 (30 June 2007: EUR -0.06).
Cash and cash equivalents on 30 June 2008 amount to TEUR 17,252 (including discontinued operations).
Management intensively pursues the timely implementation of the restructuring agreement, in order to enable the further development of the remaining Fortune Group. First closings within the Fortune Super Equity Managements Funds will be determining for this development.
(End of the Ad hoc Release)
For more information, please refer to the CEO´s Letter to the Shareholders available at www.fortune-management.com com, where also the Company´s half year report will be posted.
Profile of FORTUNE Management Inc.: FORTUNE Management Inc., is a publicly listed private equity firm. Its two business divisions are Private Equity Management and Principal Investments. 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
Contact:
FORTUNE Management Inc.
Phone +49 69 9441 8069
IR@fortune-management.com
c/o Fortune Services Ltd
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