CFI (EPA:CFI) - Financial Year end results as at 11 February 2009
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02/04/2009 08:59
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FINANCIAL YEAR END RESULTS AS AT 11 FEBRUARY 2009
The Board convened on 27 March 2009 to review the Company's activity and approve
the accounts for the financial year which ended exceptionally on 11th February
2009, to enable the Company to elect for the SIIC tax regime as soon as the 12th
February 2009.
The Company reported a net loss of EUR 287,000 which is incomparable to the
Company's previous financial year after tax result of EUR +256,000, which was
based on an 11-and-a-half month period ending on 15th December 2008. Operating
expenses for the period were in excess of financial income, the latter having
dropped to EUR 98, 000 due to the harsh financial environment which saw short
term interest rates fall dramatically at year-end 2008.
Within operating expenses and excluding administration costs, EUR 167, 000 is
attributable to acquisition costs incurred in connection with the purchase of
the 12-cinema theatre property portfolio let to UGC. This investment was
presented in a previous press release dated 19 February 2009.
Key figures in EUR ,000
2009 2008
11/02 15/12
Recurring Operating Profit,
before tax - 287 +257
Exceptional Profit - NS
Net profit, after tax - 287 +256
i.e. per share(EUR) - 0,34 0,30
Net Asset Value 28 219 28 506
i.e. per share (EUR) 33,0 33,38
As at 11 February 2009, total shareholders' equity amounts to EUR 28,2 Million
and Net Asset Value equals total shareholders' equity i.e. EUR 33,0 per share.
The most significant event which occurred during the financial year ending 11th
February 2009 was the signing of a promissory sale agreement, relating to the
acquisition of the above-mentioned cinema portfolio. With conditions precedent
being satisfied, the acquisition closed on 13th February 2009 through the
Company's subsidiary, CFI-I mage. Against this background, CFI has invested its
excess cash through the underwriting of two capital increases of CFI - Image,
totalling EUR 28,1Million.
Taking into account the Company's financial year end results, the Board will not
be recommending the payment of a dividend at the next Shareholders' General
Assembly Meeting, which has been convened on 28th May 2009.
Outlook
With its first acquisition having been closed, the Company will continue to
identify new opportunities, consistent with its invest ment standards.
Investor relation: contact@cfi-france.com - Tel. 33 (1) 40 07 81 03
72, rue du Faubourg Saint-Honoré 75008 Paris / Tél. 01 40 07 81 03 /
Fax. 01 40 07 85 12 / www.cfi-france.com
Société Anonyme au capital de 25 625 720 euros - 542 033 295 R.C.S