euro adhoc: MPC Münchmeyer Petersen Capital AG
Earnings Forecast
Write-down
of investment in HCI Capital AG
Revised earnings guidance for fiscal 2008
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
Company Information
18.11.2008
MPC Münchmeyer Petersen Capital AG, Hamburg, ISIN DE 0005187603, has announced a write-down of its investment in HCI Capital AG, Hamburg. Regarding the current uncertain environment on financial markets as well as the sharp decline in stock prices worldwide, MPC Capital will write-down EUR 80 million of the investment in HCI Capital AG.
MPC Capital AG holds 40.8% (9,791,182 shares) of the shares and the voting rights in HCI Capital AG, which were acquired at a price of EUR 140 million. Accordingly the investment is recognised at a new carrying amount of about EUR 60 million after the write-down in the balance sheet of MPC Capital AG.
Together with the write-down of the investment in HCI Capital AG, the Management Board has announced a revision of its earnings guidance. In view of continued strong uncertainty and reluctance among investors, the Management Board expects to raise equity capital in an amount of EUR 600 million for the full year 2008. The resulting positive net income of about EUR 10 million will be offset by the anticipated negative earnings contribution from HCI Capital AG and the write-down of the investment in HCI Capital AG. The Management Board therefore projects a negative consolidated net income of EUR -70 million for the full year 2008.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Till Gießmann
++49 (0) 40 380224347
t.giessmann@mpc-capital.com
Branche: Financial & Business Services
ISIN: DE0005187603
WKN: 518760
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade
Börse München / free trade
Börse Hamburg / regulated dealing
Original content of: MPC Capital AG, transmitted by news aktuell