DGAP-News: COR&FJA AG: COR&FJA publishes financial report for the first half of 2011
(firmenpresse) - DGAP-News: COR&FJA AG / Key word(s): Half Year Results
COR&FJA AG: COR&FJA publishes financial report for the first half of
2011
16.08.2011 / 09:24
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COR&FJA publishes financial report for the first half of 2011
Turnover up on previous year thanks to equity investments - earnings in
line with expectations - targets for 2011 confirmed
(Leinfelden-Echterdingen, 16 August 2011) - COR&FJA AG (ISIN DE0005130108)
generated aggregate turnover of EUR 59.8 million in the first half of 2011,
representing an increase of almost 3.5 per cent over the corresponding
period last year (30 June 2010: EUR 57.8 million). This growth results from
the first-time consolidation of our equity investments in plenum AG and
Metris GmbH. Adjusted for the effects of these investments on turnover,
turnover as of 30 June would have amounted to EUR 55.0 million - around
five per cent lower than the corresponding figure last year.
Earnings before tax and merger-related amortisation (EBTA) were, as
expected, considerably lower than in the same period last year at EUR -2.5
million (30 June 2010: EUR 1.3 million), as were earnings before interest,
taxes, depreciation and amortisation (EBITDA) at EUR -1.0 million (30 June
2010: EUR 2.5 million). If the earnings contribution from the two
aforementioned equity investments is excluded, EBTA would be EUR -2.2
million and EBITDA would come to EUR -0.8 million. This restrained organic
development of the turnover and earnings figures resulted partly from the
cautious behaviour of COR&FJA's existing customers in the first half of
2011, and partly from the fact that the belated incoming orders from the
previous financial year, like the new orders from the current year, will
impact turnover and income mainly in the second half of 2011.
Outlook for the remainder of the 2011 financial year
As provided for in the company's financial planning, the second half-year -
thanks not least to the numerous sales successes achieved over the past few
months - is going to produce far better turnover and earnings figures than
the first half of the year. COR&FJA therefore still expects to achieve its
budgeted figures for 2011, with turnover of EUR 139.5 million and operating
earnings (EBT - before amortisation of the intangible assets identified in
the course of the merger with COR AG) of EUR 9.2 million.
Recently, for example, COR&FJA received a major order from the ERGO
Insurance Group in the lower double-digit million euro range. This means
that, for the first time, one of the top three life assurance companies on
the German market will be using a standard software solution to handle its
high-volume business processes and place its future-oriented insurance
products. Moreover, in the first half of 2011, the company gained three
prestigious new customers in the international arena: the Dutch company
Cooperatie Dela, the Austrian firm Merkur Versicherung, and Frende
Livsforsikring from Norway.
About COR&FJA
The COR&FJA Group is one of the leading software and consulting companies
for the European financial services industry, focusing on insurance
companies, banks and providers of company pension funds. Its service
spectrum ranges from standard software and the provision of consultancy
services to the assumption of IT operations (application serviceproviding). The COR&FJA Group, which has its head office in
Leinfelden-Echterdingen and offices in Munich, Düsseldorf, Hamburg, Kiel,
Cologne and St. Georgen, as well as subsidiaries in the Netherlands,
Denmark, Austria, Switzerland, Slovakia, Slovenia, the Czech Republic,
Portugal, Spain and the US, currently employs nearly 1,150 staff.
Contact
COR&FJA AG
Corporate Communications
Humboldtstraße 35
70771 Leinfelden-Echterdingen
Tel. +49 711 94958-0
E-mail: presse(at)cor.fja.com
Internet: www.cor.fja.com
End of Corporate News
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Language: English
Company: COR&FJA AG
Humboldtstraße 35
70771 Leinfelden-Echterdingen
Germany
Phone: +49 (0)711 94958-0
Fax: +49 (0)711 94958-49
E-mail: investor.relations(at)cor.fja.com
Internet: www.cor.fja.com
ISIN: DE0005130108
WKN: 513010
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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135800 16.08.2011
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Datum: 16.08.2011 - 09:24 Uhr
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News-ID 46802
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