COR&FJA reduces earnings forecast for the financial year 2013

COR&FJA AG is again reducing its earnings forecast for the current financial year. Instead of the 3.0 million euros that had previously been anticipated for earnings before interest, taxes, depreciation of property, plant and equipment, and amortisation of intangible assets (EBITDA), the company's EBITDA is now expected to more or less break even in 2013. Furthermore, the forecast for aggregate turnover in 2013 has been adjusted from its previous 135.0 million euros to 133.0 million euros.

Chiefly attributable to the change in the forecast is the fact that the sale of the company's subsidiary COR&FJA Banking Solutions GmbH (ad-hoc announcement by COR&FJA AG on 14 November 2013) has led to one-off expenses measured through profit and loss in the 2013 financial year. These had not previously been included in the plans. The generally subdued market situation is also having a negative effect on turnover.

In view of the ongoing cost-cutting programme, as well as the strategic realignment which has almost been completed, COR&FJA is assuming that with the transitional year of 2013 behind it, the company will show a healthy economic trend from 2014 onwards.

The company is going to publish the group financial report for the first nine months of the current year on 28 November 2013.