TFG's posts nine months results

Non-recurring expenses associated with the conversion into a public limited company as agreed at the general meeting slightly depressed the nine-month figures of TFG Capital AG & Co KGaA. Overall, the measures necessary - compensation paid to the general partner, amendments to the articles of incorporation and the change in legal form - have thus far resulted in expenses amounting to E0.83m, which were fully settled in the third quarter. As a result, for the first nine months TFG posted a loss in earnings before interest and taxes (EBIT) of E1.14m. In the same period a year earlier, high valuation adjustments to the portfolio of holdings had resulted in a loss of E39.06 million. In terms of earnings before depreciation, interest and taxes (EBDIT), from January through September TFG generated a figure of E4.89m (previous year: E3.41m). Depreciation of financial investments as at the 30 September 2003 reference day amounted to E5.98m (previous year: E42.4m), E5.26m of which was based on KfW loans being taken off the accounts without impacting on profit and loss. Earnings according to DVFA/SG came to -E0.56m, or -E0.05 per share. Non-recurring conversion costs were not taken into account in this context.

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• DACH