FJH AG / Final Results
27.03.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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FJH: Trend reversal successfully completed in 2007
- Turnover in 2007: EUR 61.3 million (up +7.8% on the previous year)
- EBIT for 2007 at EUR 5.3 million; EBIT margin 8.6% (EBIT in previous
year: EUR -4.9 million)
- Forecast for 2008: Turnover EUR 64 million to EUR 68 million; EBIT
margin clearly over 10%
Munich, 27 March 2008 In its meeting today, the Supervisory Board of FJH
AG (ISIN DE0005130108) recognised and approved the annual financial
statements of the Group and of FJH AG. Turnover and results confirmed the
positive development of the previous financial year.
Overview of the fourth quarter of 2007
During the fourth quarter, turnover rose year-on-year from EUR 14.9 million
to EUR 16.0 million (up 6.9%). Annualised turnover per employee increased
from EUR 123 thousand to a current level of EUR 137 thousand. EBIT reached
EUR 1.4 million (previous year: EUR -4.2 million). Due to one-time effects,
in particular the capitalisation of loss carryforwards in the case of the
US subsidiary, almost EUR 1.0 million deferred tax assets accrued in the
fourth quarter. As a result, earnings after tax amounted to EUR 2.3 million
(previous year: EUR -0.8 million), resulting in earnings per share of EUR
0.11 (fourth quarter of 2006: EUR -0.04).
Overview of the 2007 financial year
At EUR 61.3 million, Group turnover in the last financial year was 7.8%
higher than in the previous year (EUR 56.9 million). EBIT reached EUR 5.3
million (previous year: EUR -4.9 million), which is equivalent to an EBIT
margin of 8.6% of turnover. The after tax result which was positively
impacted by deferred tax assets amounted to EUR 5.3 million in the 2007
financial year (previous year: EUR -1.9 million), which is equivalent to
earnings per share of EUR 0.25 (2006: EUR -0.10). Operating cash flow was
EUR 2.9 million for 2007. Cash and cash equivalents amounted to EUR 18.9
million at the end of December 2007.
The equity ratio rose during the course of the year to 56%. In connection
with the sound net cash position (EUR +14.1 million), the Group has
comfortable financial reserves. The number of staff employed as at 31
December 2007 was 467 (previous year: 498 or -6%).
Business performance
The good level of incoming orders of the recent quarters remained into the
fourth quarter, meaning turnover in the upper range of the guidance was
achieved.
The large order from Heidelberger Leben was particularly pleasing
considering the strengthened internationalisation of the FJH Group which is
a strategic objective. Interesting prospects for the international
implementation of the FJA Life Factory ® arise from the fact that the
company belongs to the HBOS Group. Together with the acquisition of the new
customer, Provinzial Rheinland Lebensversicherung AG, at the beginning of
the financial year, the increasing appeal of the FJA Life Factory ® as
releasable standard software is being demonstrated.
Business development at the subsidiary FJA-US in 2007 is an important
component of the targeted internationalisation. FJA-US lifted turnover in
the American and Australian market beyond expectations, improving
year-on-year by 39%.
The trend towards replacement of old systems continues, allowing increasing
order potential for our migration business division.
In addition to the greater willingness to use release-enabled standard
software, a strong trend has been noted across the entire German-speaking
area towards a fundamental modernisation of life insurance products to
products nearer to the capital market and guarantee concepts which have a
positive effect on the business possibilities for the actuary and policy
administration business divisions. This leads the FJH AG Executive Board to
the assumption that in the 2008 financial year, a significant negative
impact in the investment behaviour of the insurance industry as a result of
the current financial crisis is not to be expected.
Outlook:
On the basis of this assessment and a secured turnover basis (order backlog
and orders with a probability of over 80%) of EUR 41 million at the
beginning of the year (previous year: EUR 37 million), total revenue of
between EUR 64 million and EUR 68 million is expected for the current year.
Measured against external turnover, the EBIT margin is expected to be
clearly above 10%.
About FJH:
FJH AG is a leading consultancy and software company for the insurance and
pensions market. Under its brand name FJA the FJH Group offers a broad
range of software solutions to support insurance companies and pension
providers in all key areas and issues. Products include policy
administration systems, process and document management software and
point-of-service solutions through to systems for asset liability
management and corporate management.
FJH has longstanding business relations with around half of all life
insurers in Germany for whom it has successfully implemented numerous major
projects over the last 26 years; its clients also include renowned health
and non-life insurers. Globally, FJHs software is used for 26 countries on
five continents, including the USA and Australia and a number of Eastern
European countries.
Currently, the FJH Group employs around 450 people at its head office in
Munich, its German offices in Hamburg, Cologne and Stuttgart and its
subsidiaries in Switzerland, Austria, the USA and Slovenia.
The Company was founded in 1980 and has been listed on the Frankfurt Stock
Exchange since February 2000. FJH AG was included in the Prime Standardindex in January 2003.
For further information please contact:
Dorothea Kurtz, FJH AG, Elsenheimerstraße 65, 80687 München, Germany
Tel. 00 49 (0)89 769 01 7002, Fax 00 49 (0)89 769 01 606,
E-mail: dorothea.kurtz@fjh.com
DGAP 27.03.2008
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Language: English
Issuer: FJH AG
Elsenheimerstraße 65
80687 München
Deutschland
Phone: +49 (0)89 769 01-0
Fax: +49 (0)89 769 88-13
E-mail: investor.relations@fjh.com
Internet: www.fjh.com
ISIN: DE0005130108
WKN: 513010
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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DGAP-News: FJH AG: Trend reversal successfully completed in 2007
| Source: EQS Group AG