COR&FJA AG / Key word(s): Final Results/Results Forecast
30.04.2013 13:08
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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COR&FJA publishes earnings for 2012: EBITDA at -9.1 million euros and thus
significantly below previous expectations
(30 April 2013 in Leinfelden-Echterdingen) - Today COR&FJA AG published the
Group Financial Report for the 2012 financial year. According to this
report the company's earnings before interest, taxes, depreciation and
amortisation (EBITDA) totalled -9.1 million euros, putting them
significantly below the expectations previously communicated, which foresaw
a range from 3.5 to 6.0 million euros. On the other hand, aggregate
turnover in 2012 was 136.7 million euros, only slightly short of the
planned figures between 138.0 and 143.0 million euros.
There were several reasons that were decisive factors for this poor result:
an ongoing major project in the Insurance segment, which had to be
terminated unexpectedly, imposed one-off costs of about 6.0 million euros
and contributed considerably to writedowns of receivables amounting to a
total of 8.7 million euros. In addition, at 10.1 million euros the sum of
amortisation was significantly higher than the amount previously planned.
Within the scope of the impairment tests carried out, the valuation of the
goodwill acquired was assessed at the end of the year for recoverability.
The result of this evaluation was that part of the goodwill of the
subsidiary plenum AG in the amount of 1.3 million euros as well as parts of
the goodwill of the subsidiary Wagner & Kunz Aktuare AG in the amount of
0.3 million euros had to be amortized. Furthermore, there was an unplanned
depreciation of the entire goodwill for the subsidiary COR&FJA Metris GmbH
in the amount of 3.4 million euros.
Generally, the company believes, however, that it will experience a sound
and positive economic development both this year and in the years to come.
Decisive factors that contribute towards this include the stable ongoing
business from existing customers, the overall positive market situation for
COR&FJA and, not least, the successful start within the Group of the
programme for reducing costs. For the current financial year 2013, the
company expects an aggregate turnover of approx. 139.0 million euros and
earnings before interest, taxes, depreciation and amortisation (EBITDA) of
approx. 5.0 million euros.
Issuing party:
COR&FJA AG
Investor Relations
HumboldtstraÃe 35, 70771 Leinfelden-Echterdingen
Tel. +49 711 94958-0
E-mail: investor.relationsâ@âcor.âfja.com
Internet: www.cor.fja.com
WKN 513010, ISIN DE0005130108
Stock exchange centres: regulated market in Frankfurt (Prime Standard);
open market in Berlin, Düsseldorf, Hamburg, Stuttgart
30.04.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: COR&FJA AG
HumboldtstraÃe 35
70771 Leinfelden-Echterdingen
Germany
Phone: +49 (0)711 94958-0
Fax: +49 (0)711 94958-49
E-mail: investor.relations@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 Announcement DGAP News-Service
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DGAP-Adhoc: COR&FJA AG: COR&FJA publishes earnings for 2012: EBITDA at -9.1 million euros and thus significantly below previous expectations
| Source: EQS Group AG