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9:54 | 13.08.2008
DJ DGAP-Adhoc: COR AG Insurance Technologies: COR AG is revising its budgeted figures for 2008 upwards by a significant margin
DJ DGAP-Adhoc: 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
13.08.2008
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.
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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
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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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(END) Dow Jones Newswires August 13, 2008 03:54 ET (07:54 GMT) |
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