Curalogic A/S
Annual report 2008
Curalogic A/S / Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Announcement no. 02/2009 To the NASDAQ OMX Copenhagen Copenhagen, March 31, 2009 Annual report 2008 At the Company's Extraordinary General Meeting held on December 11, 2008, it was resolved to commence solvent liquidation of Curalogic A/S. The Company expects to hold a General Meeting on April 23, 2009, at which the approval of the Company's Annual Report for the financial year 2008 and approval of the liquidation financial statements as at March 20, 2009 will be on the agenda. Financial performance in the 2008 financial year Curalogic recorded an operating loss (EBIT) of DKK 20.4 million in the year ended December 31, 2008 compared to an operating loss of DKK 208.3 million in 2007. The operating loss was DKK 8.4 million higher than the forecast made in the Q3 interim report in November 2008. This was due to the fact that the Company recognized a number of costs in the financial statements for 2008 as a result of the fact that, after the forecast was made, the Company has commenced solvent liquidation. The main reason for the variation in operating loss compared to 2007 was that the development activities within the Company were closed down by the turn of the year 2007/2008. The Company's cash amounted to DKK 282.3 million as of December 31, 2008 compared to DKK 329.9 million as of December 31, 2007. Outlook for the financial year 2009 The Liquidator expects that a resolution to liquidate the Company can be finally adopted at the General Meeting to be held on April 23, 2009. The liquidation is expected to take place with March 20, 2009 as the effective date for accounting purposes. The liquidation proceeds are expected to amount to approximately DKK 4.75 per share of DKK 0.50 nominal value each, which is in accordance with the preliminary estimate made in the Company's latest announcement dated March 25, 2009. The expected liquidation proceeds will appear from the liquidation financial statements as at March 20, 2009 which is expected to be sent out with the notice for the General Meeting. Copenhagen, March 31, 2009 Curalogic A/S in liquidation For additional information, please contact: Tomas Haagen Jensen, Attorney at Law, Liquidator Tel +45 33 41 41 92 Helle Busck Fensvig, EVP, CFO Tel +45 99 99 24 03 This announcement contains forward-looking statements regarding the Company's future financial development and performance and other statements which are not historical facts. Such statements are made on the basis of assumptions and expectations which, to the best of the Company's knowledge and belief, are reasonable, at this time, but may prove to be erroneous in the future. News Source: NASDAQ OMX 31.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Curalogic A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0060040756 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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