euro adhoc: Fortune Management Inc.
quarterly or semiannual financial
statement
Fortune Management Inc. - half-year loss of TEUR -10,976 but
positive operating
cash flow (TEUR 5,782).
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
6-month report
29.08.2007
Ad hoc Release
pursuant to § 15 WpHGFortune Management Inc. - half-year loss of TEUR -10,976 but positive operating cash flow (TEUR 5,782).
Zug/Switzerland, 28 August 2007 - In the first half year of 2007, Fortune Management Inc. (General Standard, ISIN USU026281027, SIN: A0BLYY) had to accept a half-year loss (before minority interests) in the amount of TEUR - 10,976 (half-year profit per 30 June 2006: TEUR 11,341). At the same time, however, the cash flow from current operations for the first time showed a positive figure, namely TEUR 5,782 (30 June 2006: negative operating cash flow of TEUR -18,716). The undiluted earnings per share amount to EUR -0.06 (30 June 2006: EUR 0.10).
The revenues of the first half year amounted to TEUR 62,045 (+ 2,864.4%, 30 June 2006: TEUR 2,093). The high increase in revenue is based on the consolidation of the biodiesel activities. Revenues in the amount of TEUR 56,199 (30 June 2006: TEUR 0) is allocable to this business segment. Of the further revenues, TEUR 5,846 is allocable to the Asset Management segment, which could more than double its revenues in comparison to the first half year of 2006 (+179.3%, 30 June 2006: TEUR 2,093).
At present, the Management still assumes that the annual result of 2006 can be exceeded, although the risks of missing this goal have increased in comparison to the first half year of 2007. The achievement of this goal will depend on the time when the first closing of transactions at PEARLs and the Fortune Super Equity Management Funds will take place and when a substantial share in a Principal Investment can be sold. If these results have no bearing on the second half of 2007, the forecast 2007 will have to be adjusted.
Cash and cash equivalents of the Fortune Management Group as at 30 June 2007 amounted to TEUR 25,469. On 17 August 2007, these amounted to TEUR 49,351 (mainly due to implemented financing measures).
(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, where also the Company's half year report will be posted.
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, Rotterdam, 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.
Contact: FORTUNE Management Inc. Hubertus Väth Phone +49 69 9441 8081 IR@fortune-management.com Bahnhofstrasse 10 P.O. Box 324 CH-6301 Zug
end of announcement euro adhoc 29.08.2007 17:47:13
Further inquiry note:
Michael Staab
New Mark Finanzkommunikation
Tel.: +49(0)69 94418097
E-Mail: michael.staab@newmark.de
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