Report by the Management Board

Transcription

1 First-Half Report 2009

2 COR First-Half Report Report by the Management Board Dear shareholders, customers, business associates and colleagues, Just a few days ago, the annual general meetings of COR and FJA approved the merger agreement between COR AG Financial Technologies and FJA AG as per the draft agreement of 8 June 2009 with a large majority. This represents a highly significant stage on the way to the merger s entry in the commercial register and lays the foundation for the two companies integration process. Over the next few weeks and months we are going to establish COR & FJA AG as one of the leading standard software companies for the entire European financial services sector. The company will be an attractive, successful key player for customers, investtors and employees alike, one that will offer a broad spectrum of standard software, application service providing and consulting services for insurance companies, banks and company pension institutions. The acquisition of Alldata Systems in 2008 is showing its first positive results. In the second quarter of 2009 a specialist financier was won as the first customer for the core banking standard solution MBS open under the umbrella of COR. This order s project volume is in the medium seven-figure range. The objective of the project, which was begun this July, is to handle the customer s financing operations and, with a view to the future, its deposit and investment business by means of MBS open. The first stage is scheduled to enter the production phase as of 1 July 2010, while maintenance and operation have a term of five years. With the system having been enhanced and developed continuously, MBS open is already the number two on the German market in the private and retail banking segment with 15 renowned customers on its books. Leinfelden-Echterdingen, August 2009 COR AG Financial Technologies Ulrich Wörner Milenko Radic Volker Weimer Chairman of the Member of the Member of the Management Board Management Board Management Board

3 COR First-Half Report BALANCE SHEET / TEUR Intangible assets 14,579 14,781 Property, plant and equipment 1,708 1,500 Shares in group undertakings Other investments 7,855 4,019 Deferred taxes 1,759 1,883 Non-current assets 26,400 22,682 POC receivables 1,140 1,424 Trade receivables 9,545 10,342 Receivables from affiliated companies Financial assets Income tax refund claims Other assets 1,058 2,154 Cash and cash equivalents 10,603 16,051 Current assets 23,659 31,285 = Assets 50,059 53,967 = Subscribed capital 7,906 7,906 Capital reserve 32,820 32,761 Reserve for currency translation -6-5 Reserve for available-for-sale securities Net loss for the year -8,838-7,094 Equity 32,120 33,365 Minority interests 3 4 Convertible bonds Provisions for pensions 4,246 4,069 Financial liabilities 1,096 1,096 Non-current liabilities 5,357 5,185 Income tax liabilities 1,232 1,737 Other current provisions POC liabilities Trade payables 1,832 2,099 Financial liabilities Amounts owed to affiliated companies Other current liabilities 8,582 10,235 Current liabilities 12,579 15,413 Liabilities 50,059 53,967 =

4 COR First-Half Report PROFIT AND LOSS STATEMENT / TEUR Turnover 30,456 24,536 Other operating income Total operating performance 30,697 24,772 = Cost of purchased services -7,777-5,196 Wages and salaries -16,375-11,822 Social security contributions and expenses -3,032-1,849 Personnel expenses -19,407-13,671 Depreciation and amortisation Other operating expenses -4,385-3,035 Operating earnings -1,544 2,409 = Financial income Financial expenses Financial results Earnings before income taxes -1,597 2,524 = Income taxes Other Taxes -2-1 Net income for the year -1,744 1,955 = Of which: Shares held by the parent company -1,744 1,893 Minority interests 0 62 Number of shares 12,047 12,028 Earnings per share (undiluted)

5 COR First-Half Report PROFIT AND LOSS STATEMENT / TEUR Turnover 15,721 12,225 Other operating income Total operating performance 15,865 12,377 = Cost of purchased services -3,681-2,828 Wages and salaries -8,291-6,001 Social security contributions and expenses -1, Personnel expenses -9,771-6,932 Depreciation and amortisation Other operating expenses -1,926-1,459 Operating earnings = Financial income Financial expenses Financial results Earnings before income taxes 38 1,053 = Income taxes Other Taxes -2-1 Net income for the year =

6 COR First-Half Report CASH FLOW STATEMENT / TEUR Earnings before tax -1,597 2,524 Adjustment for reconciliation to payment flow from operating activity Operating result before the change in net current assets ,950 = Decrease/ increase in assets and increase/ decrease in liabilities ,323 Cash flow from operating activity -1, Cash flow from investment activity -4, , = Cash flow from financing activity Increase/ decrease in liquid funds -5, Liquid funds at the beginning of the financial year 16,051 12,370 Liquid funds as per 30 June 10,603 12,681 = CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY / TEUR Subscribed capital Capital reserve Reserve for available-forsale securities Reserve for currency translation Loss carryforward Minorities Total As of 31 December ,906 32, , ,369 Expenses for issuance of stock options Unrealised profits from available-for-sale financial assets Foreign currency differences -2-2 Profit for the period -1, ,744 As of 30 June ,906 32, , ,124

7 COR First-Half Report Notes Accounting and valuation principles The accounting and valuation principles applied in this first-half report 2009 correspond to those applied in the annual financial statements as of 31 December These interim financial statements were neither checked by a certified accountant nor subjected to an auditor s review. SEGMENTAL REPORT / TEUR Turnover EBT Packaged Software 25, Consulting 3, Application Service Providing 1, Unattributed items -1,610 Total 30,456-1,597 =

8 COR First-Half Report Packaged Software COR-Insurance Suite COR-Life COR-P&C The COR-Insurance Suite provides a full spectrum of solutions for all segments of the insurance industry. It is composed of modular COR products and products from highly innovative COR partners such as msg and innovas which can, as and when required, naturally be combined in a customised solution or implemented individually. Modern SOA (service-oriented architecture) technologies, largely JAVA-based, are utilised. Established third-party systems, such as SAP software for bookkeeping, payment transactions and commission accounting, are integrated optionally. COR-Life has been installed at numerous life assurance companies and other service providers offering company pensions, making it the standard solution for portfolio management systems on the German market. The platform-independent system has been realised with thin-client technology. COR-Life s customer compatibility and multilinguality mean that it can be used in large multinationals. Users benefit from functional enhancements through regular release updates. COR-Life can be adapted to customer-specific requirements at short notice on the basis of standardised methods. The installation of the strategic new product in the life assurance segment at the Dutch insurance company DBV Levensverzekeringsmaatschappij N.V., Zeist, onto the latest version of the standard software COR-Life has now been completed successfully. The contract administration activities have been outsourced to the COR subsidiary Uniserv Outsourcing B.V., Lelystad, in the Netherlands. The installation of COR-Life at the Swiss insurance company Schweizerische Mobiliar Lebensversicherungs-Gesellschaft (Swiss Mobiliar) made it possible to achieve another partial step along the road to completing the GoMobiLife project: following the successful migration of almost 40,000 more policies, some 150,000 contracts in all (unit-linked, whole life and invalidity contracts, and savings products) are now being administered in COR-Life. The overall project is scheduled for completion this autumn. COR-P&C is a back-office system for non-life insurance, and therefore a significant component in the completion of the COR-Insurance Suite. It was developed as a standardised software product; as such, it combines the advantages of individual and standard software because it can be tailored to meet customers requirements and costs. Thanks to its modular structure, COR-P&C makes it possible for users to structure their processes actively, offer new products and services quickly and thereby react promptly to changing conditions and markets. In this way, moreover, integration into standard products via existing interfaces (e.g. SAP FI-CO, SAP FS-CD, msg.produktdesigner) is made far simpler. As a cross-segment solution for all composite insurance products, COR-P&C will in future contain not only policy management, but also the claims system. The policy combines all of the components involved, thereby constituting the basis for the entire scheduled processing of, for example, debt collection, reclassification, dynamisation and updating. The responsible clerk can carry out all the transactions in the product s life cycle, from new business to contract alterations and finally the expiry/ termination of the contract, directly in the dialog window. While this is being done, the system automatically distributes the actions into the appropriate business processes, the partner or commission management and/ or the collection and disbursement system. COR-P&C has a modern, J2EE-based, service-oriented architecture (SOA) that most competitors systems lack. In the current release, the residential buildings, accident, motor vehicle, house contents, third-party liability, legal protection and travel insurance are implemented successfully. At the moment, intensive work is being done on

9 COR First-Half Report COR-Provision COR-Merica COR-Office COR-PARIS the extension of the transactions covered and the further optimisation of the interfaces. COR-Provision is a modern standard software product for the cross-divisional calculation and assessment of commissions. It depicts companies individual agreements and regulatory frameworks as well as different calculation parameters and payout modalities. This release-enabled product has modern J2EE-based software architecture and offers the full historicisation of all commission data (rules and formulas) in the interests of auditing accuracy. The joint project with the COR partner innovas GmbH at INTER Polska S.A., Warsaw, a subsidiary of the Mannheim-based INTER Versicherungen Group, is proceeding according to plan. INTER Polska is going to install COR-Provision as its management solution for calculating commissions in early COR-Merica is a sophisticated risk assessment system for the medical assessment of individual proposals for personal insurance. The main risks assessed are medical risks, occupational risks and risks involved in leisure activities. The software encompasses the new business process (Merica Front-End, proposal recording with integrated tariff calculator), as part of that the proposal and risk assessment area (Merica Underwriting), and finally the structuring of the policies themselves. At the point of sale (POS), COR-Merica achieves a final and binding risk assessment including the ascertainment of obstacles and exclusions. After COR, together with its partner Hannover Rückversicherung AG, had won Hamburg-based Neue Leben Lebensversicherung AG at the beginning of the year as a pilot customer for the development of a tele-underwriting solution for specific insurance products, with the productive installation the first sizeable milestone was reached in the second quarter of The insurance products are being sold through Hamburger Sparkasse, Germany s largest savings bank. In June 2009, as part of the two projects at Union Krankenversicherung AG (UKV) and Versicherungskammer Bayern (VKB), COR-Merica was integrated into the field sales system S-UKV. This means that in the future, COR-Merica will be deployed in all the savings banks throughout Germany. With COR-Merica having been installed successfully at the Danish insurance company letpension last autumn, COR is expecting further successful acquisitions in Scandinavia in the near future. COR-Office is a standard product that helps companies to fulfil statutory requirements and obligations with regard to the correct electronic recording, distribution, case handling, archiving and retrievability of documents, data and business processes. COR- Office can be used both as an intelligent front office for case handling in conjunction with the leading archive and document management systems, and together with appropriate enterprise content management solutions. In the second quarter of 2009 too, the main focus of activity was on the expansion of existing customer business in Germany and abroad. In cooperation with international partners, the international sales activities were continued in the environment of the leading archive and document management systems (DMS). Thanks to COR-PARIS, COR is now the leader on the German market in the field of standard solutions for mortgage lending institutions portfolio management systems. The system covers the entire value chain of a mortgage lending institution in the domestic and international environments from customer and contract management to sales, payment transactions, reporting and finally accounting. The system can additionally be used in the international environment thanks to its multilinguality, multi-currency capacity and customer capability. COR-PARIS makes lean corporate

10 COR First-Half Report MBS open organisation possible with its efficient business process optimisation and full integration into all departments and divisions. Its open component architecture and modern processing method via a user portal permit the quick and successful adaptation of the software to the prevailing market conditions and changing legal frameworks. In the second quarter of 2009, COR launched new sales activities as part of its planned internationalisation. These involved, among other things, highly promising product presentations at prospective customers premises, especially in the Benelux countries. Last year, COR had already initiated the implementation of the new module COR- Pfandbrief for automatic cover calculation and the maintenance of an electronic cover register as part of its planned creation of modules for diverse aspects of COR-PARIS. Given that mortgage bonds have gained significantly in attractiveness during the current crisis on the financial markets, COR successfully demonstrated that it is possible to react extremely quickly to current market developments and/ or new requirements. Degussa Bank GmbH, Frankfurt, has now opted for the installation of COR-Pfandbrief as its first customer. The solution deployed there has now successfully entered the production phase. MBS open is a full core banking standard solution with multi-client capability and an integrated web interface for banks with different business models which has an excellent and established market position. Having been continuously enhanced, MBS open is already the number two on the German market with 15 well-known customers in the private and retail banking segments. Thanks to the MBS-specific system platform and the modular structuring of the specialist application elements, the current requirements of service-oriented architecture (SOA) are met in full. Quality assurance was and is provided by GDB, a subsidiary of the German banks testing organisation Prüfungsverband deutscher Banken e.v. COR has now acquired a specialist financing institution as another new customer for MBS open, COR Alldata Systems standard solution for core banking. The project volume is in the medium seven-figure range. The objective of the project, which was launched this July, is to handle the customer s financing operations and, with a view to the future, its deposit and investment business by means of MBS open. The first stage is scheduled to enter the production phase as of 1 July 2010, while maintenance and operation have a term of five years. Other current developments include intensive development work for the provision of the SEPA direct debit service and the so-called reporting model in the withholding tax area. COR will provide its customers with these two functions in the third quarter of In addition, COR is already integrating all of the necessary alterations concerning the planned reorganisation of the monthly balance sheet statistics (BISTA) into its own MBS open applications (more detailed classification of existing positions, conversion from net to gross reporting, new statistics on credit sales/ securitisation). The same applies to the implementation of the 7th amendment to the German Banking Act (KWG) (EU Large Exposures Regulation), probably at the end of This spring, following on from last year s European Banking & Insurance Fair (E.B.I.F.), COR had launched a promotional campaign for MBS open. More than 30 meetings have now been held at potential customers premises in connection with this, resulting in highly promising discussions.

11 COR First-Half Report Consulting Insurance Consulting ICIS Consulting Bank Consulting In the Consulting business segment, COR supports its customers individually and independently of their products within the framework of process management, business consulting, actuarial advice and the integration of new software systems, beginning with the decision on implementing the information technology and ending with the commencement of regular operations in the company. To supplement this, COR advises its customers, within the framework of IT management consulting, on the development of effective and efficient IT service lifecycle management. All the staff in this business segment are experts from the financial sector and possess extensive specialist and technical know-how. COR thus offers an advisory service that gives equal consideration to specialist and IT-related subjects and therefore contributes to the comprehensive increase in value-added within the company. The consultants at COR help the insurance companies to improve their market positions with their sector and solution competence, specifically by elaborating and implementing integrated service offerings from preliminary study to analysis and ultimately realisation on the basis of practical, methodical principles. The special focal points of this advice are the requirements and processes in the fields of life insurance/ company pensions, remuneration systems/ commissions, and actuarial issues. In the insurance consulting segment, the orders position was again stable in the second quarter of 2009 and almost all existing customers contracts were extended without any budget reductions. At Allianz, the order in the German Accounting Law Modernisation Act (Bilanzrechtsmodernisierungsgesetz BilMoG) area was extended and a consultant is supporting that company s operational organisation during the installation of the Allianz Business System (ABS), especially with regard to the topic of order processes in life assurance. At the moment, COR is working on the completion of the process model for the life assurance segment. The objective is to describe the customer-side IT processes prototypically and then integrate them into consulting operations as a standardised procedure. The consulting for the portfolio management system ICIS was again successful in the second quarter of In providing this service, COR advises and supports numerous customers, including Vorsorge Lebensversicherung AG/Vorsorge Luxemburg Lebensversicherung S.A., SV SparkassenVersicherung and Lippische Landesbrandversicherung, in the field of ICIS implementation and adaptation. The project at inverso GmbH, the IT subsidiary of Versicherungskammer Bayern (VKB), for the provision of comprehensive support in the further development and maintenance of the ICIS system being used, is also still proceeding according to plan. COR advises and supports its customers on all aspects of core banking and corporate management. As part of the process advice and specialist bank advice offered, as well as the advice on the topic of integration management, organisational and systemrelated solutions concerning the current specialist focal points of credit, taxes and reporting/accounting/regulation are elaborated and implemented in cooperation with customers. In the first quarter of 2009 the bank consulting segment had expanded its portfolio, adding the newly established IT management consulting segment to the existing areas of process, business and integration consulting and winning two new customers in that segment. The orders at Westdeutsche ImmobilienBank AG in IT service management

12 COR First-Half Report and at IDS GmbH for the establishment of a new financial management function have now been extended and their content enhanced. The success of IT management consulting is currently leading to its application in the insurance consulting segment too, and the future intention is to use it even more intensively in selling activity and as an offering in COR s portfolio of strategic partners. As part of the order from Deutsche Hypothekenbank to evaluate its core banking system for a foreign branch, COR is now supporting the customer s project management directly on site. To ensure its early involvement in all the important processes of IT industrialisation in the future as well, COR joined the IT Service Management Forum (itsmf), the world s only independent and internationally acknowledged organisation in the field of IT service management (ITSM), at the beginning of the second quarter of COR is represented in the wider management board structure and is additionally entrusted with the chair of a working group. In that group, COR is making a significant contribution to the improvement and further development of the IT Infrastructure Library (ITIL), the de-facto standard in the field of IT service management, and the CobiT (Control Objectives for Information and Related Technology), the internationally acknowledged basic framework for IT governance. In addition to the above, the bank consulting segment similar to insurance consulting is currently developing a process model that pays particular attention to the topic of IT compliance (i.e. adherence to the statutory, in-house and contractual rules in the IT environment).

13 COR First-Half Report Application Service Providing COR-Pension COR asp In the Pension Management business segment, corporate customers and financial services providers such as banks and insurance companies are guided and supported in the administration of solutions in the fields of company pensions and working time accounts. In doing this, COR offers a service which encompasses the management of accounts and contracts as well as the provision of the computing centre and the carrying out of production operations. The administrative handling is Internet-supported via the service portal COR-Pension: this has automated interfaces to trustees, employers, employees and depositary banks and has now been completed. The companies entire administrative and associated business processes can be depicted using the functions that it provides. The remaining fundamental social insurance and fiscal issues which arose subsequent to Flexi II, the German act to improve the framework for safeguarding flexible working hours regulations ( Gesetz zur Verbesserung der Rahmenbedingungen für die Absicherung flexibler Arbeitszeitregelungen ), have now been settled. However, many companies are holding back from implementing any new ones as a result of the present economic crisis not least because the most important models on this market function with subsidies from the respective employers. Despite the difficult market situation, COR was able to win a total of eleven new employers for the introduction of working time accounts in the second quarter of 2009, and promising talks were held with a number of other prospective customers. The new customers included the mechanical engineering company kocher-plastik Maschinenbau GmbH from Sulzbach-Laufen and the Finnish company UPM Kymmene from Helsinki, one of the world s leading timber and paper groups. With more than 200 employers on its books, COR is the German market leader in the administration of company-based working time accounts with its holistic solution. COR believes that the thematic areas of outsourcing and application service providing (ASP) for its entire in-house product range, encompassing the two platforms COR- Insurance Suite and COR-Banking Suite, hold out very promising prospects. In these areas, customers will henceforth be provided with software as a service rather than as an application: COR will take care of its installation, configuration, maintenance, updates, enhancement and support, and assume responsibility for security, back-up and recovery. Customers will merely use the specialist functionalities that they need and will require no more than an Internet browser to do so. At the same time, this makes the time- and cost-intensive acquisition of in-house IT expertise unnecessary for companies while making it much easier for them to concentrate on their core business activities. The ASP project in cooperation with the partner company Hannover Rückversicherung AG for the establishment of a tele-underwriting solution based on COR-Merica and COR-Office (for Hamburg-based Neue Leben Lebensversicherung AG) has now been put into operation successfully.

14 COR First-Half Report Interim Group Management Report Income position Financial and assets position Outlook Sales in the first six months of the current year are 24.1% above the comparable figures for the previous year at EUR 30.5 million. In the second quarter, they even grew by 28.6%. This robust growth in sales resulted from the addition of those generated by COR Alldata Systems GmbH, which had been acquired as of 1 July Compared with the first quarter of 2009, sales in the second quarter were up by EUR 1.0 million to EUR 15.7 million. Thanks to a reduction of EUR 0.6 million in costs in the second quarter which resulted primarily from savings in purchased services and other operating expenses, earnings before tax (EBT) were EUR million up on the first quarter of the current year at TEUR 38. Compared with the comparable quarter in the previous year; however, the lower proportion of licensing revenue led to a reduction of EUR million in EBT. The improvement in results in the second quarter was achieved primarily in the Packaged Software segment, which is concerned with the development and implementation of its own software solutions and is by far the biggest generator of sales in the group with 83%. The Consulting segment, which generates 12% of sales, and the Application Service Providing segment, which accounts for 5%, are reporting almost unchanged earnings contributions compared with the first quarter. The outflow of EUR 5.4 million from liquid funds in the first half of 2009, taking them to EUR 10.6 million, is attributable primarily to corporate transactions. In the course of the planned merger with FJA AG, for example, COR AG increased its financial investment in that company s shares by EUR 2.2 million to EUR 3.3 million. A further EUR 1.2 million were invested in the acquisition of 51% of the shares in Uniserv Outsourcing B.V, based in Lelystad, the Netherlands. The free cash flow (operating earnings before depreciation, amortisation and changes in provisions and before investments in operating assets) was EUR 1.3 million in the first half of the year. Other major factors influencing the development of liquid funds were the reduction of EUR 1.1 million in receivables and work in progress and the reduction of EUR 2.3 million in liabilities. The average period for which the receivables remained unpaid was 56 days as of 30 June 2009, and that in which work remained in progress was seven days. By extending its product portfolio in a targeted and selective way, the COR Group has developed into a full-service provider for the entire financial services industry. The German insurance market remains the guarantor of successful development thanks to the persistent trend towards new hybrid products. Due to regular changes in the law and their implementation by the respective COR customers, this is also valid for the financial sector in general. In addition, COR as a leading German software company is driving the internationalisation process forward by means of strategic sales collaborations with strong global and regional partners. In this way, the company can continue to sell its software, especially the standard software COR-Life, successfully to foreign customers. This is the context in which the large-scale order from the Dutch insurance company DBV Levensverzekeringsmaatschappij N.V. announced on 30 March 2009 and the associated majority share in the Dutch software company Uniserv Outsourcing B.V. must be viewed. As well as stable business with its existing customers, COR is expecting the current and next financial year to generate additional new customers for COR-Life, COR-PARIS, COR-P&C, COR-Merica, COR-Pension and the Business Process Management segment, as well as for the software solution MBS open from COR Alldata Systems GmbH.

15 COR First-Half Report Opportunity and risk report Responsibility Statement by the Management Board Employees In the second half of 2009, COR is expecting to see a distinct improvement in its operating result compared with the first two quarters. For the year as a whole, COR is aiming for pre-tax earnings (EBT) of EUR 4.4 million and sales of EUR 70.0 million. COR had already announced on 11 March 2009 that it was aiming for a merger of equals with FJA AG, Munich. At COR AG s Annual General Meeting on 27 July 2009, the company s shareholders approved the merger between COR AG Financial Technologies and FJA AG as set down in the draft of 8 June 2009 with a large majority (99.47%). The fact that FJA AG s annual general meeting likewise approved the merger agreement on the following day (28 July 2009) represents a significant step on the way to the merger s entry in the commercial register. The merger s finalisation, however, will not become effective until it has been entered in the two companies respective commercial registers. The statements on internal risk management at COR and the opportunities and risks specified therein in the Management Report, contained in the Consolidated Financial Statements as of 31. December 2008, remain unchanged in their validity. Risks which endanger the continued existence of the COR Group and which would have to be explained separately in this report cannot be ascertained at present. We affirm to the best of our knowledge that, in accordance with the applicable accounting principles to be used for interim reporting in the consolidated interim financial statements, a true and fair picture of the assets, financial and income position of the Group is conveyed, and that the course of business, including the business results, and the position of the Group are presented in such a way in the consolidated interim financial statements that a true and accurate picture is communicated and the material opportunities and risks of the Group s likely future development in the remainder of the financial year are described. As of 30 June 2009, 550 staff were employed in the COR Group, including 28 employees of the Dutch software company Uniserv Outsourcing B.V., Lelystad, the Netherlands, in which COR had acquired a 51 per cent stake as of 1 April COR continues to seek qualified, skilled and, in particular, experienced employees for advisory and consulting tasks in the banking and insurance environments.

16 COR First-Half Report The Share The COR share began the first half of 2009 on 2 January at a price of EUR At first, the share was able to buck the overall downward trend on the German stock exchange caused by the general uncertainty on the financial markets, achieving its high for the year so far with EUR 4.05 on 29 January. As the deterioration of the general economic data and outlook accelerated in February and March, the COR share price, too, fell in line with the market trend, reaching its low point of EUR 3.25 on 27 March. The share then steadied itself again, however, ending the first six months of 2009 at EUR Since then, the share has settled at around EUR 3.50, reaching EUR 3.64 on 11 August All in all, it can be asserted that the COR share price has stagnated since the announcement of the planned merger between COR AG and FJA AG and has not been able to benefit from the pronounced upward trend shown by the reference index, the Technology All Share. Since the beginning of January, the COR share has increased in value by around 7 per cent, while the Technology All Share has increased by some 27 per cent during the same period. Chart 01/01/09 11/08/2009 COR AG (Xetra) Technology All Share (Performance) 4,5 4,25 4 3,75 3,5 3,25 3 2,75 2,5 Jan Feb Mar Apr May Jun Jul Aug

17 COR First-Half Report COR AG Financial Technologies Karlsruher Straße 3 D Leinfelden-Echterdingen Germany Phone Fax info@corag.com