Announcement no. 02/2009
To the NASDAQ OMX Copenhagen Copenhagen, March 31, 2009
Annual report 2008
At the Company's Extraordinary General Meeting held on December 11, 2008, it
was resolved to commence solvent liquidation of Curalogic A/S. The Company
expects to hold a General Meeting on April 23, 2009, at which the approval of
the Company's Annual Report for the financial year 2008 and approval of the
liquidation financial statements as at March 20, 2009 will be on the agenda.
Financial performance in the 2008 financial year
Curalogic recorded an operating loss (EBIT) of DKK 20.4 million in the year
ended December 31, 2008 compared to an operating loss of DKK 208.3 million in
2007. The operating loss was DKK 8.4 million higher than the forecast made in
the Q3 interim report in November 2008. This was due to the fact that the
Company recognized a number of costs in the financial statements for 2008 as a
result of the fact that, after the forecast was made, the Company has commenced
solvent liquidation. The main reason for the variation in operating loss
compared to 2007 was that the development activities within the Company were
closed down by the turn of the year 2007/2008.
The Company's cash amounted to DKK 282.3 million as of December 31, 2008
compared to DKK 329.9 million as of December 31, 2007.
Outlook for the financial year 2009
The Liquidator expects that a resolution to liquidate the Company can be
finally adopted at the General Meeting to be held on April 23, 2009. The
liquidation is expected to take place with March 20, 2009 as the effective date
for accounting purposes. The liquidation proceeds are expected to amount to
approximately DKK 4.75 per share of DKK 0.50 nominal value each, which is in
accordance with the preliminary estimate made in the Company's latest
announcement dated March 25, 2009. The expected liquidation proceeds will
appear from the liquidation financial statements as at March 20, 2009 which is
expected to be sent out with the notice for the General Meeting.
Copenhagen, March 31, 2009
Curalogic A/S in liquidation
For additional information, please contact:
Tomas Haagen Jensen, Attorney at Law, Liquidator Tel +45 33 41 41 92
Helle Busck Fensvig, EVP, CFO Tel +45 99 99 24 03
This announcement contains forward-looking statements regarding the Company's
future financial development and performance and other statements which are not
historical facts. Such statements are made on the basis of assumptions and
expectations which, to the best of the Company's knowledge and belief, are
reasonable, at this time, but may prove to be erroneous in the future.
