DGAP-News: COR&FJA AG: COR&FJA publishes its figures for 2010
(firmenpresse) - DGAP-News: COR&FJA AG / Key word(s): Final Results
COR&FJA AG: COR&FJA publishes its figures for 2010
29.04.2011 / 10:35
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COR&FJA publishes its figures for 2010
Turnover amounts to EUR 116.2 million - earnings before merger-related
depreciation and amortisation increase sharply to EUR 7.9 million -
earnings per share at EUR 0.16
(Leinfelden-Echterdingen, 29 April 2011) - COR&FJA AG (ISIN DE0005130108)
presented its figures for the last financial year today. They reveal that
in 2010, the company generated aggregate turnover of EUR 116.2 million and
earnings before taxes and merger-related depreciation and amortisation
totalling EUR 7.9 million.
Development in the 2010 financial year
Group turnover amounted to EUR 116.2 million in the last financial year, a
decrease of EUR 1.6 million compared with the pro-forma turnover generated
in the 2009 financial year (EUR 117.8 million). The delays in incoming
orders resulted in a relative decline for product-based turnover in
particular: licence turnover, at EUR 8.9 million, remained at around its
previous year's level (EUR 9.0 million) and accounted for 7.6 per cent of
the Group's aggregate turnover. Maintenance turnover totalled EUR 12.9
million or 11.1 per cent of aggregate turnover, compared with 13.0 per cent
in the previous year. On the other hand, turnover with services totalled
EUR 93.7 million and increased its proportion of aggregate turnover from
73.1 per cent in 2009 to 80.6 per cent in 2010.
Earnings before taxes and before amortisation effects from the first-time
consolidation of the former COR AG Financial Technologies amounted to EUR
7.9 million in 2010, giving an operating margin of 6.8 per cent (previous
year: 3.1 per cent). This figure includes a contribution of EUR 3.2 million
to profits from the acquisition of 24.8 per cent of the shares in B+S
Banksysteme Aktiengesellschaft (B+S). Even if the one-off contributions to
earnings ensuing from the B+S investment in 2010 and the one-off
merger-related effects in 2009 amounting to EUR 2.6 million are excluded,
earnings in 2010 comfortably exceeded those of the 2009 financial year.
Compared with the pro-forma earnings in 2009, in which the merged companies
COR and FJA are included with their entire results for the year,
considerable cost reductions were achieved. The cost of purchased services,
for example, fell by EUR 1.9 million. Personnel expenses decreased by EUR
5.2 million, of which EUR 2.0 million is accounted for proportionately by
severance payments in 2009 resulting from the merger. Other operating
expenses were reduced by EUR 3.4 million; EUR 0.6 million of this sum is
attributable to merger-related costs incurred in 2009.
Earnings per share in 2010 came to EUR 0.16, compared with EUR 0.04 in
2009. Liquid funds amounted to EUR 15.3 million as of 31 December 2010
(previous year: EUR 22.3 million); a positive cash flow of EUR 6.3 million
was offset by costs for the redemption of liabilities amounting to EUR 4.5
million, investments in shareholdings totalling EUR 2.0 million, investment
in property, plant and equipment amounting to EUR 2.5 million and tax
payments totalling EUR 1.5 million. A further outflow of liquidity resulted
from the change of EUR 2.8 million in receivables and liabilities. In
relation to turnover, the average days' sales outstanding (DSO) came to 53
days (in relation to pro-forma turnover in 2009: 73 days).
Outlook for the 2011 financial year
With the last financial year having been characterised primarily by
postponed investment decisions and belated incoming orders, COR&FJA is now
experiencing a pronounced revival on the market and growing interest in its
own solution portfolio. This trend is being helped along considerably by
the planned introduction of new requirements - under the headings Solvency
II and MaRisk - for financial services providers' risk management, as well
as by the reduction in the guaranteed interest rates offered by life
assurance companies. These factors are beneficial because they increase the
pressure on insurance companies and banks to innovate, develop new
financial products and install the IT-related software solutions that such
products require. In addition, COR&FJA is enjoying increasing demand from
abroad, with two renowned customers in the international environment - the
Dutch company Cooperatie Dela and Merkur's subsidiaries in Eastern Europe -
having already been added to the customer base this year.
In view of the current market and selling situation, COR&FJA AG is
confident that it will achieve the targets for the current financial year
2011 that it announced in February. According to these, the company is
anticipating turnover of EUR 124.5 million and operating earnings (EBT)
before merger-related amortisation totalling EUR 9.2 million.
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. The service
spectrum ranges from standard software and provision of consultancy
services to the takeover of IT operations (Application Service Providing).
The COR&FJA Group, which has its head office in Leinfelden-Echterdingen and
offices in Munich, Düsseldorf, Hamburg, Kiel and Cologne, as well as
subsidiaries in the Netherlands, Austria, Switzerland, Slovakia, Slovenia,
Portugal and the US, currently employs nearly 1,000 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
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 Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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122153 29.04.2011
Datum: 29.04.2011 - 10:35 Uhr
Sprache: Deutsch
News-ID 33904
Anzahl Zeichen: 0
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Kategorie:
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