euro adhoc: Fortune Management Inc.
Annual Reports
Fortune
Managements results for the full-year according to plan
- Significant increase in the Asset Management division
- As expected, overall results affected by reorganizations
- Hospitality divi
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
21.03.2005
Fortune Management Inc., Delaware/USA, (General Standard, ISIN USU026281027, WKN; AOBLYY), changed the Group's fiscal year to conform to the calendar year as announced. Thus, the past fiscal year already ended December 31, 2004. For this reason, the figures of the 10 month fiscal year are only comparable with the previous years results to a limited extent.
In the past fiscal year Fortune Management Inc. generated consolidated revenues of EUR 4.7 million (previous year: EUR 6.2 million). In addition to the impact of the shortened fiscal year the decline in revenues resulted from a considerable market downtrend in the Hospitality division. In contrast, the new core division Asset Management was able to further expand revenues and is currently contributing a share of consolidated revenues of more than one third.
As announced, the consolidated operating result pursuant to IFRS declined from EUR 0.6 million in the previous year to EUR -4.2 million in the shortened fiscal year. This corresponds to earnings per share of EUR -0.11 (previous year: EUR 0.03). The reasons for the decline in earnings were mainly extraordinary effects, which resulted from the start-up and the reorganization of the two business segments. Management continues its expansion program in the Asset Management division and to hive off its Hospitality division. In this context, goodwill resulting from acquisitions was mostly written off and thus affected earnings. The amount of liquid funds was further increased through capital measures during the fiscal year and amounted to EUR 4 million at the balance sheet date.
With the measures initiated during the past fiscal year and the amount of liquid funds available the company provided an adequate basis for the further realization of the growth strategy in the core segment Asset Management. Fortune Management Inc. intends to strengthen its standing in the independent asset management market in Switzerland in the current fiscal year and to expand its position through acquisitions.
End of ad-hoc-announcement
Profile: FORTUNE Management Inc., Delaware, focuses on building a network of independent asset management companies, mainly in Switzerland. It aims to acquire majority stakes in such companies. These asset managers are then integrated into the Group, thereby relieving them of as much of their middle office administrative workload as possible. The resulting economies of scale contribute to improving the cost-income ratio. Research and portfolio management support is provided with a view to enhancing risk-adjusted returns for investment clients. The asset managers' relationships with their clients and custodians remain intact, and the firm continues to trade under its established name.
FORTUNE Management Inc. was created from the former ComTelco International Inc. at the end of 2003 following a strategic reorientation. It has subsidiaries in the Swiss cities of Zug, Geneva, and Zurich, as well as in the UK, Belgium, Germany and Dubai. Its stock (ISIN: USU 026281027) is traded on the regulated market (General Standard segment) of the Frankfurt stock exchange.
end of announcement euro adhoc 21.03.2005 17:44:51
Further inquiry note:
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: USU026281100
WKN: AOBMB7
Index: CDAX, HDAX, Prime All Share, General Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade