COR&FJA AG / Quarter Results
12.11.2009
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COR&FJA AG posts a good third quarter in 2009
Revenues up by 9.4 per cent to EUR 16.3 million - EBIT of EUR -0.7 million
due to Board of Directors severance payments and merger costs
(Munich/ Leinfelden-Echterdingen, 12 November 2009) - COR&FJA AG (ISIN
DE0005130108) can look back on a good third quarter of 2009, despite the
noticeable reluctance to invest shown by the insurance industry in Germany
and abroad. Revenues totalled EUR 16.3 million, an increase of 9.4 per cent
over the same quarter last year. In addition, the company won the top-ten
insurance company SIGNAL IDUNA as a new customer.
Interest in the company's solution portfolio was again very buoyant in the
third quarter and arouses expectations of further contracts in the major
project and/or licensing segments.
The merger of COR AG Financial Technologies and FJA AG was completed
successfully on 19 October 2009 when the merger was entered in the
commercial register and the company's name was changed to COR&FJA AG. No
figures from the former COR Group have yet been incorporated into the
nine-months report that has now been published, however.
Overview: third quarter of 2009
At EUR 16.3 million, revenues were 9.4 per cent above their level in the
corresponding quarter last year (EUR 14.9 million) and resulted in
annualised revenues per employee of EUR 136,000 (Q3 2008: EUR 126,000). A
particularly gratifying trend was shown by licensing revenues, which
increased by 329 per cent from their previous year's level to
EUR 3.56 million. Earnings before interest and taxes (EBIT) were slightly
negative at EUR -0.7 million (Q3 2008: EUR 1.3 million). This figure
includes the payment obligations arising from the termination of the
contracts of the two previous Board members Michael Junker and Thomas
Junold, as well as other merger costs incurred which amounted to
EUR 2.6 million. If the one-off effects resulting from the merger are
excluded, the operating result in the third quarter of 2009 would have been
approximately EUR 1.9 million. Consolidated earnings totalled EUR -1.1
million (Q3 2008: EUR 0.9 million), resulting in earnings per share of EUR
-0.05 (Q3 2008: EUR 0.04).
Overview 1st - 3rd quarter 2009
Despite the pleasing revenue trend in the third quarter, the declines in
revenue incurred in the first two quarters could not be compensated for
entirely. The total revenues of EUR 43.3 million in the first nine months
of 2009 were 6.0 per cent below the previous year's comparative figure.
This can be attributed primarily to the difficult general economic
conditions which, also in the primary COR&FJA customer environment in both
the German and international insurance sectors, led to noticeable
reluctance to invest and postponements of investment respectively in the
early part of the year. EBIT totalled EUR -0.9 million (Q3 2008: EUR 4.0
million) in the nine-month period.
The equity ratio remained solid at 53.3 per cent as of 30 September 2009
(30 September 2008: 58 per cent). The same applies to the net cash position
amounting to EUR 11.7 million (30 September 2008: EUR 16.3 million) and the
liquid funds totalling EUR 14.4 million (as of 30 September 2008: EUR 20.2
million). The days' sales outstanding (DSO) amounted to 78 (as of 30
September 2008: 60 days). 475 (previous year: 473) staff were employed in
the COR&FJA Group as of 30 September 2009.
Development of business, outlook
In view of the overall economic situation and the merger-related
integration of management capacities, business has developed satisfactorily
in 2009. Although - against the backdrop of the still unforeseeable effects
of the merger on the balance sheet and earnings - no forecasts can yet be
issued regarding COR&FJA AG's revenues and earnings for the year as a
whole, the orders situation remains positive. The revenue basis secured for
the current financial year - consisting of recognised revenues, order
backlog and weighted incoming orders with a probability of more than 80 per
cent - was EUR 57.7 (previous year: EUR 61.7) million as per the end of
September.
The range of solutions enhanced by the merger, moreover, is opening up new
selling opportunities for the COR&FJA Group. Despite the still difficult
overall economic environment, COR&FJA is currently involved in a number of
promising offer negotiations in Germany and abroad. This applies
particularly to the life assurance and property insurance product segments,
in which the market has now been provided with a unique product in the
COR&FJA Insurance Suite and in which new business is expected in the months
to come.
About COR&FJA
The COR&FJA Group is one of the leading software and consulting firms for
the European financial services industry, focusing on insurance companies,
banks and company pension scheme organisations. The range of services
extends from standard software via consultancy services through to taking
over IT operations (Application Service Providing). The COR&FJA Group
employs around 1,000 people at locations in Munich,
Leinfelden-Echterdingen, Stuttgart, Düsseldorf, Frankfurt, Hamburg, Kiel
and Cologne, and has subsidiaries in Austria, Switzerland, Slovakia,
Slovenia, the Netherlands and the US.
Contact
COR&FJA AG
Corporate Communications
Karlsruher StraÃe 3
70771 Leinfelden-Echterdingen
Tel. +49 711 94958-0
E-mail: presse@cor.fja.com
Internet: www.cor.fja.com
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Language: English
Company: COR&FJA AG
ElsenheimerstraÃe 65
80687 München
Deutschland
Phone: +49 (0)89 769 01-0
Fax: +49 (0)89 769 88-13
E-mail: investor.relations@fja.com
Internet: www.fja.com
ISIN: DE0005130108
WKN: 513010
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-News: COR&FJA AG posts a good third quarter in 2009
| Source: EQS Group AG