DGAP-News: COR&FJA AG: COR&FJA publishes its 2009 annual financial statements
(firmenpresse) - COR&FJA AG / Final Results
30.04.2010 17:10
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COR&FJA publishes its 2009 annual financial statements
Turnover was EUR 68.4 million - earnings before tax (EBT), taking one-off
merger-related effects into consideration, was EUR 1.5 million
(Leinfelden-Echterdingen, 30 April 2010) - COR&FJA AG (ISIN DE0005130108)
published its annual financial statements today. According to this, the
company generated an aggregate turnover in 2009 of EUR 68.4 million and
earnings before tax (EBT) amounting to EUR 1.5 million. The EBT takes
one-off merger-related effects like the severance payments to the two
former Management Boards members as well as other merger-related costs
totalling around EUR 2.6 million into consideration. Only turnover and
earnings from the former COR Group for the months of November and December
2009 were included in the annual financial statements.
Development in the 2009 financial year
The COR&FJA Group's turnover increased by 7.5% to EUR 68.4 million
(previous year: EUR 63.6 million) in the financial year ended. The
acquisition of the former COR Group contributed EUR 12.4 million to the
Group's aggregate turnover in the last two months of the year.
Gratifyingly, the additional turnover of EUR 4.8 million was accounted for
primarily by the product-based services: licensing turnover increased by
EUR 2.8 million to EUR 9.0 million and its share of aggregate turnover rose
from 9.8% to 13.1%. Maintenance turnover developed along similar lines,
increasing by EUR 3.7 million to EUR 8.9 million and substantially
improving its proportion of aggregate sales from 8.2% to 13.0%.
Despite the additional turnover from the acquisition of the COR Group,
service revenues and other revenues both decreased by EUR 0.8 million. The
service revenues' proportion of aggregate turnover thereby fell from 80.0%
to 73.1%.
Group turnover in Germany rose by EUR 6.9 million to EUR 51.2 million and
thus increased its proportion of aggregate turnover from 69.6% to 74.8%.
Operating earnings before taxes and amortisation effects from the
first-time consolidation of COR (EBTA) amounted to EUR 2.1 million in the
financial year ended, giving an operating margin of 3.1%. The severance
payments totalling EUR 2.0 million paid out to the departed Management
Board members Michael Junker and Thomas Junold must be taken into account
in this context. Adjusted for this non-recurring effect resulting from the
merger, operating earnings (EBTA) therefore fell by EUR 2.7 million
compared with the previous year.
Earnings per share in the past financial year was EUR 0.04 (EUR 0.21 in
2008). The free cash flow (EBT before depreciation and the activation of
self-developed software, less investment and the change in provisions) was
EUR 2.7 million (previous year: EUR 4.7 million). Liquid funds increased by
EUR 4.0 million and on 31. December 2009 amounted to EUR 22.3 million. As
part of the merger with COR AG Financial Technologies, on the day of the
merger (31.10.2009) EUR 5.9 million of liquid funds were acquired. Equity
ratio increased to EUR 69.1 million (previous year: EUR 26.6 million).
Outlook for the 2010 financial year
COR&FJA AG, as already communicated in February of this year, expects an
aggregate turnover of EUR 123 million for the 2010 financial year and an
operative result before tax and amortisation (EBTA) of EUR 7.5 million.
Amortisation effects that result from the merger of the two companies, COR
and FJA as part of the purchase price allocation, as well as taxes, have
not yet been taken into consideration. Within the framework of the purchase
price allocation, the following intangible assets were identified: software
at EUR 9.6 million, contracts on hand at EUR 3.3 million and customer
relationships at EUR 2.0 million. The resulting deprecation for the year
2010 is EUR 2.9 million and EUR 2.6 million for the year 2011. In both the
years 2012 and 2013, depreciation of these values is EUR 1.1 million. In
the following years, it is constant at EUR 0.6 million annually. The
goodwill resulting from the first-time consolidation amounts to EUR 21.0
million.
About COR&FJA
The COR&FJA Group is one of the leading software and consulting firms for
the European financial services industry, focusing on banks and insurance
companies as well as company pension scheme organisations. The services
range from standard software via consulting through to taking over IT
operations (Application Service Providing). The COR&FJA Group employs
around 1,000 people at locations in Leinfelden-Echterdingen, Munich,
Stuttgart, Düsseldorf, Frankfurt, Hamburg, Kiel and Cologne and has
subsidiaries in the Netherlands, Austria, Switzerland, Slovakia, Slovenia
and the US.
Contact
COR&FJA AG
Corporate Communications
Karlsruher Straße 3
70771 Leinfelden-Echterdingen
Germany
Tel. +49 711 94958-0
E-mail: presse(at)cor.fja.com
Internet: www.cor.fja.com
Contact:
Frank Fahrner
COR&FJA AG
Karlsruher Straße 3
70771 Leinfelden-Echterdingen
phone: +49 711 94958-730
fax: +49 711 94958-8730
E-mail: frank.fahrner(at)cor.fja.com
30.04.2010 17:10 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: COR&FJA AG
Karlsruher Straße 3
70771 Leinfelden-Echterdingen
Deutschland
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 Marktin Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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Datum: 30.04.2010 - 17:10 Uhr
Sprache: Deutsch
News-ID 20077
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