COR&FJA publishes financial report for the first quarter of 2013

Turnover and earnings are in line with expectations / targets for the current year are confirmed

(PresseBox) ( Leinfelden-Echterdingen, )
COR&FJA AG (ISIN DE0005130108) published its financial report for the first quarter of 2013 today. It reveals that as at the reporting date, 31 March 2013, the company generated aggregate turnover of 30.5 million euros. Although this is lower than the figure in the corresponding period last year (31 March 2012: 35.3 million euros), it is in conformity with the annual plan for 2013, which takes account of the traditionally restrained market environment in the first three months of a financial year.

In this context, the company's earnings before interest, taxes, depreciation of property, plant and equipment and amortisation of intangible assets (EBITDA) generated as at 31 March 2013 are also basically in line with expectations at -4.8 million euros. The pronounced divergence from the first quarter last year (31 March 2012: -30,000 euros) resulted not only from the lower aggregate turnover, but also from the considerable financial strains caused by a number of severance payments - which will, however, be compensated for during the further course of the year due to the savings associated with them - as well as the non-recurring costs of the first restructuring measures at our subsidiary COR&FJA Metris GmbH.

Cash flow from operating activity was gratifyingly high at 5.3 million euros, almost double the figure attained in the corresponding quarter last year. As at the end of the first quarter of 2013, COR&FJA had 1,161 employees on its overall payroll.

Given the current market and sales situation, COR&FJA is assuming that it will be able to meet the targets it has communicated for the ongoing financial year 2013 with aggregate turnover of approximately 139.0 million euros and earnings before interest, taxes, depreciation of property, plant and equipment and amortisation of intangible assets (EBITDA) of around 5.0 million euros.
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