DGAP-News: COR&FJA AG: COR&FJA publishes nine-months report for 2013

| Source: EQS Group AG
DGAP-News: COR&FJA AG / Key word(s): Quarter Results
COR&FJA AG: COR&FJA publishes nine-months report for 2013

28.11.2013 / 09:23


COR&FJA publishes nine-months report for 2013 

(Leinfelden-Echterdingen, 28 November 2013) - In the first nine months of
the 2013 financial year, COR&FJA AG generated aggregate turnover of 95.1
million euros (30 September 2012: 101.6 million euros) and earnings before
interest, taxes, depreciation of property, plant and equipment and
amortisation of intangible assets (EBITDA) of -5.7 million euros (30
September 2012: -1.1 million euros).

Cash flow from operating activity developed positively, increasing sharply
compared with the corresponding period last year to 10.3 million euros (30
September 2012: -5.3 million euros). At the end of the third quarter in
2013, COR&FJA's workforce comprised 1,118 employees in total (30 September
2012: 1,210 employees).

From an overall perspective, the company's economic development in the
reporting period fell considerably short of expectations. The key factors
contributing to this development have been the persistently subdued volume
of business with existing customers and longer preliminary stages for new
acquisitions, which are a consequence of the general market situation. In
addition, quite a number of employees are currently being retrained for
jobs in other areas due to the company's strategic reorientation and it is
therefore not possible to invoice this work.

In conjunction with the one-off expenses reported through profit and loss
that resulted from the sale of the subsidiary COR&FJA Banking Solutions
GmbH in the financial year 2013, a further reduction in the earnings
forecast for the current year had to be announced just a few days ago.

This reveals that earnings before interest, taxes, depreciation of
property, plant and equipment and amortisation of intangible assets
(EBITDA) are now expected to more or less break even, while the forecast
for aggregate turnover in 2013 has been adjusted to 133.0 million euros.
Subject to the occurrence of the conditions precedent, the sale of COR&FJA
Banking Solutions GmbH will nevertheless lead in total to a considerable
deconsolidation sum that is likely to be realised in 2014.

Despite the recent change in the forecast, COR&FJA is cautiously
optimistic about the current financial year and about the company's further
development. This is because the sale of its Banking segment will enable
COR&FJA to virtually complete its previously announced strategic corporate
reorientation. In Europe, the company is henceforth going to concentrate on
its core business of developing and marketing standard software solutions
for life insurance companies. In the past, COR&FJA has achieved its
greatest successes and generated a large part of its outstanding reputation
with customers in this business segment.

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. Its service
spectrum ranges from standard software and the provision of consultancy
services to the handling of IT operations (i.e. application service
providing). The COR&FJA Group has its head office in
Leinfelden-Echterdingen and offices in Munich, Aachen, Düsseldorf,
Frankfurt, Hamburg, Kiel, Cologne and St. Georgen, as well as subsidiaries
in the Netherlands, Denmark, Austria, Switzerland, Slovakia, Slovenia,
Poland, the Czech Republic, Portugal, Spain and the USA. It currently
employs a workforce of nearly 1,100.


Corporate Communications 
Humboldtstraße 35 
70771 Leinfelden-Echterdingen, Germany 
Tel. +49 711 94958-0 
E-mail: presse@cor.fja.com 
Internet: www.cor.fja.com 

End of Corporate News


28.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                                               
Company:     COR&FJA AG                                            
             Humboldtstraße 35                                     
             70771 Leinfelden-Echterdingen                         
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,  
End of News    DGAP News-Service  
242078 28.11.2013