Investor Relations
At the end of the first quarter of 2010, KHD Humboldt Wedag International AG [formerly KHD Humboldt Wedag International (Deutschland) AG] moved its listing to the regulated market of the Frankfurt Stock Exchange. This was the culmination of a reorganisation process started at the beginning of 2010 that resulted in the creation of two distinct publicly traded companies from a group which was listed in New York (KHD Humboldt Wedag International Ltd., Canada): (i) a German holding company for all the industrial plant equipment, technology and service business operating under the KHD Humboldt Wedag brand, listed in Frankfurt, and (ii) a mineral royalty company, Terra Nova Royalty Corporation, listed in New York.
For investors, it is important to note that the consolidated results reported for the first quarter of 2010 and the annual report for 2009 of KHD Humboldt Wedag International AG [formerly KHD Humboldt Wedag International (Deutschland) AG] reflect only the German industrial operations of the KHD group and do not include results from the entire group (KHD’s Indian operations being the notable, but not only, exception).
In order to understand the historical performance of the group, some perspective can be gained from the 20-F and 6-K SEC filings made by KHD Humboldt Wedag International Ltd., Canada, up to the first quarter of 2010. These filings include the results from the industrial plant equipment, technology and service business as well as income from the mineral royalty business. Order intake, order backlog, sales and gross profit can all be compared directly* with the ongoing KHD business as the income from the mineral royalty business was reported as a single item below gross profit in the consolidated statements of income. The balance sheet and cash flow however will not be fully comparable.
*Note that KHD disposed of its coal and minerals operations and workshop in Cologne, Germany in October 2009.