EANS-News: C-QUADRAT Investment AG
C-QUADRAT Investment AG reports 2008 results
Wien (euro adhoc) -
Cash flow reaches new record of EUR 6.1 million Commission income in 2008: EUR 28.1 million Operating profit before depreciation and impairment losses (EBITDA) 2008: EUR 0.3 million Profit before tax (EBT) 2008: EUR -3.4 million Reduction in Net result due to depreciation and impairment: EUR -11.6 million Equity ratio: 57.9%
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balance
Vienna/Frankfurt, 21.04.2009. Despite adverse conditions on the equity markets, C-QUADRAT Investment AG generated a positive EBITDA of EUR 0.3 million in fiscal 2008 (2007: EUR 5.3 million). The company´s total income from performance fees fell by almost EUR 5.4 million in 2008 (-92%) to EUR 0.5 million (2007: EUR 5.9 million). Contrary to the prevailing trend in the industry, management fee income remained essentially stable due to increased volume in the Asset Management segment (2008: EUR 19.9 million, 2007: EUR 20.1 million). The company earned total commission income of EUR 28.1 million in 2008 (2007: EUR 40.2 million).
Highest cash flow in the company´s history Consolidated cash flow rose to EUR 6.1 million in fiscal 2008. In a difficult financial year, the C-QUADRAT Group thus achieved the highest cash flow in its history.
The Group divested from its Hedge Funds operations and recognised impairment losses on its investments Due to closure of the Hedge Funds division and impairment losses on its customer bases and on goodwill in respect of investments, the company recognised a total of EUR -12.6 million in depreciation and impairment. The resultant net loss for the year was drawn from tied capital reserves. As at 31.12.2008, the equity and equity ratio of the company were EUR 20.8 million and 57.9%, respectively.
Pre-tax earnings (EBT) were EUR -3.4 million, with net result after depreciation, impairment losses and discontinuation of hedge fund operations amounting to EUR -11.6 million.
By implementing cost-reducing measures and recognising depreciation losses in respect of the customer base in advance, good foundations have been laid for a return in 2009, after the painful losses of 2008, to the positive earnings achieved in previous years. The annual financial statements of C-QUADRAT Investment AG are now available for download at www.c-quadrat.at.
C-QUADRAT- the fund company - is an independent asset manager operating across Europe. Founded in 1991, the company has had is own asset management company with a bank licence since 2003 and has been listed in the Prime Standard of the Frankfurt Stock Exchange since November 2006 and at the Vienna Stock Exchange since May 2008. The C-QUADRAT team has made a name for itself across Europe with its asset management, analysis and investment fund management activities and by devising structured products. Innovative investment strategies for institutional investors round off the product offering. Many banks, insurance companies and financial service providers operating internationally rely on the expertise of C-QUADRAT.
end of announcement euro adhoc
Further inquiry note:
Andreas Wimmer
Member of the Board
C-QUADRAT Investment AG
Stubenring 2
A-1010 Wien
Tel.: +43 1 515 66 316
Mail: a.wimmer@investmentfonds.at
www.c-quadrat.com
Branche: Financial & Business Services
ISIN: AT0000613005
WKN:
Index: Standard Market Auction
Börsen: Börse Frankfurt / official market
Wiener Börse AG / official market