COR AG Financial Technologies
COR AG Financial Technologies: Results for the financial year 2008
COR AG Financial Technologies / Final Results 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. ---------------------------------------------------------------------- Results for the financial year 2008 Turnover increases by 42.4% to EUR 58.8 million - Earnings before tax (EBT) rise by 42.5% to EUR 6.7 million (Leinfelden-Echterdingen, 21 April 2009) - COR AG Financial Technologies achieved turnover of EUR 58.8 million in the financial year 2008. This means that sales were EUR 17.5 million higher than the previous year's EUR 41.3 million. Due to the extension of its service offerings with the addition of mortgage banks (COR-PARIS) and private banks (MBS open), the increase in turnover in the Packaged Software segment in 2008 was particularly high at 58.8%, taking it to EUR 45.9 million. As a result, this segment accounted for 78.0% of total turnover as per 31 December 2008. The extension of the service range to include the business areas private and mortgage banks led to growth of 152.5% in revenues from service agreements, taking the figure to EUR 11.7 million. Successful canvassing for new clients in the banking environment resulted in license revenues doubling from EUR 3.9 million to EUR 7.8 million. Earnings before income tax (EBT) increased by EUR 2.2 million to EUR 6.7 million, which corresponds to a percentage return on sales of 11.4%. In the last financial year, the annual net profit rose by EUR 1.4 million to EUR 5.5 million. This results in earnings per share of EUR 0.46 (2007: EUR 0.33 per share) on the basis of a weighted share portfolio of 12.0 million shares. This result more or less corresponds to the forecast for the financial year 2008, which was last raised in August 2008 (turnover: EUR 60.0 million, EBT: EUR 6.7 million). For the financial year 2009, COR plans to again achieve growth well above market average with an expected turnover of EUR 70.0 million and earnings before income tax of EUR 7.0 million. About COR COR AG Financial Technologies is one of the leading software and consulting firms for the European financial services industry, focusing on banks and insurance companies as well as company pension scheme organisations. Its service spectrum encompasses specialist and technical consulting services, a broad spectrum of standard software products, and the assumption of IT operations (Application Service Providing). COR has its headquarters in Leinfelden-Echterdingen, near Stuttgart, and employs more than 500 people at 13 locations in Germany, the Netherlands, Switzerland and Slovakia. On 11 March 2009 the Supervisory Board and Management Board of COR AG announced that COR AG and FJA AG had agreed to aim for a merger of the two companies in the form of a merger of equals. Taking the excellent market position of the merged company in the German banking and insurance sector as a starting point, the objectives of this merger of equals are to extend the company's market position to foreign markets and to improve its profitability by means of synergies. On 30 March 2009, COR announced the acquisition of 51% of the shares in Uniserv Outsourcing B.V. in the Netherlands. As a result of this acquisition, COR has gained the life insurance company DBV Levensverzekeringsmaatschappij N.V. as an important reference client for the management of large volumes of existing contracts in the outsourcing field and, at the same time, has succeeded in entering the Dutch market. Contact COR AG Financial Technologies Corporate Communications Karlsruher Straße 3, 70771 Leinfelden-Echterdingen Tel. +49 711 94958-0 E-mail: info@corag.de Internet: http://www.corag.de 21.04.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: COR AG Financial 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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