COR AG Financial Technologies
COR AG Insurance Technologies: COR AG is revising its budgeted figures for 2008 upwards by a significant margin
COR AG Insurance Technologies / Forecast/Results Forecast Release 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. ---------------------------------------------------------------------- COR AG is revising its budgeted figures for 2008 upwards by a significant margin (Leinfelden-Echterdingen, 13 August 2008) – COR AG has acquired Alldata Systems GmbH with effect as of 1 July 2008. As a result of this acquisition, the company is anticipating considerably higher sales and profit figures for the current financial year. For COR Alldata Systems GmbH, sales of EUR 9.0 million and earnings before tax (EBT) of EUR 1.0 million are expected for the second half of 2008. In line with the accounting guidelines, however, the profits from the contracts on hand and existing customer relationships as of 30 June 2008 will not be allocated to the consolidated operating earnings of COR but are to be offset against the purchase price for the company (purchase price allocation pursuant to IFRS 3) and written off over the term of their realisation. The write-off on the discounted profits arising from contracts on hand and customer relationships as of 30 June 2008 is estimated by COR to be approx. EUR 0.4 million before income tax for the remainder of the 2008 financial year. As a result of the acquisition and the favourable development of business, COR is revising its forecast for sales in the current financial year upwards to EUR 60.0 million and for EBT to EUR 6.7 million. Compared to the 2007 financial year, this thus represents an increase in sales and profits of well over 40 per cent. Issuing party: COR AG Insurance Technologies Karlsruher Straße 3 70771 Leinfelden-Echterdingen WKN 508320, ISIN DE0005083208; WKN A0SFQR, ISIN DE000A0SFQR9 Stock exchange centres: Regulated market in Frankfurt (Prime Standard); Open market in Berlin, Düsseldorf, Hamburg, Stuttgart Contact: COR AG Insurance Technologies Investor relations Karlsruher Straße 3 70771 Leinfelden-Echterdingen Tel.: +49 711 94958-0 E-mail: ir@corag.de Internet: http://www.corag.de 13.08.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: COR AG Insurance Technologies Karlsruher Straße 3 70771 Leinfelden-Echterdingen Deutschland Phone: +49(0)711-94958-0 Fax: +49-(0)711-94958-49 E-mail: ir@corag.de Internet: www.corag.de ISIN: DE0005083208 WKN: 508320 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Stuttgart, Hamburg, Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------
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