Allgeier SE — Earnings Release 2012

Nov 16, 2012

News Details

Ad-hoc | 16 November 2012 09:39

Allgeier reports another increase in its sales revenue and operating result in the first three quarters of 2012

ALLGEIER SE / Key word(s): Quarter Results

16.11.2012 09:39

Dissemination 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.

---

Munich, November 16, 2012 - Munich-based Allgeier SE (ISIN DE0005086300,
WKN 508630) raised its sales revenue again in the first three quarters of
2012 (January 1 to September 30, 2012), thereby outperforming the good
EBITDA already posted in the first nine months of 2011. The Group therefore
continued to chart its course of growth in the first nine months of the
financial year 2012 and gained an even firmer footing in the competitive
arena.

Compared with the first nine months of 2011, sales revenue climbed by 12.1
percent to EUR 297.8 million (previous year: EUR 265.7 million). This
increase in sales revenue was achieved through operational growth in the
majority of the companies belonging to the Group over a longer period and
through company acquisitions made in 2011 and in the first three quarters
of 2012. EBITDA climbed by 7.4 percent to EUR 16.1 million in the first
nine months of 2012 (previous year: EUR 14.9 million). EBITA (earnings
before interest, tax and amortization on purchase price allocations and the
earnings-effective adjustment of earn outs pursuant to IFRS) advanced by
8.3 percent to EUR 13.0 million (previous year: EUR 12.0 million).

By contrast, EBIT (earnings before interest and tax) fell 27.3 percent to
EUR 6.3 million in comparison with a year ago (previous year: EUR 8.7
million). Particularly EBIT as a measurement of performance reflects the
influence of acquisition activity. In the first three quarters of 2012, the
acquisitions led to a significant increase in IFRS amortization applied to
purchase price allocations (in other words, amortization applied to order
book positions, customer bases and products) which was largely the reason
for the rise in depreciation and amortization of around EUR 3.5 million to
EUR 9.8 million (previous year: EUR 6.3 million). The higher level of
amortization is based on the high valuation of customer relationships of
the companies acquired in 2011 and 2012, which enjoy good order book
positions and a large number of established customer relationships. Orders
are written down as and when they are processed, customer bases - within
five years.

The Group continued to raise its sales revenue steadily in the third
quarter of 2012: Compared with the previous year's period, this figure
climbed by 13.8 percent to EUR 107.7 million (Q3 2011: EUR 94.6 million).
EBITDA remained stable at EUR 6.1 million in comparison with the third
quarter of 2011. EBITA (earnings before interest, tax and amortization
relating to purchase price allocations, and from the earnings-effective
adjustment of earnouts pursuant to IFRS) was raised by 15.6 percent to EUR
5.2 million (Q3 2011: EUR 4.5 million). EBIT (earnings before interest and
tax) declined marginally to EUR 3.0 million as against the year-earlier
period (Q3 2011: EUR 3.5 million), due in the main to the higher level of
scheduled IFRS amortization on purchase price allocations as part of the
acquisitions made in 2011.

As of the balance sheet date on September 30, 2012, the Allgeier Group
reported a sound financial and assets position. There was another increase
in the balance sheet total of the Allgeier Group which grew from EUR 242.1
million as per December 31, 2011, to EUR 301.8 million on September 30,
2012, up EUR 59.7 million. This development was primarily attributable to
the successful placement of a borrower's note loan in a net amount of EUR
69.0 million and the repayment of a bank loan of EUR 19.0 million, the
balance of which resulted in the respective increase in the balance sheet
total. Another material effect on the balance sheet size was the
acquisition of tecops personal GmbH whose assets and liabilities were
consolidated in the third quarter of 2012. The cash flow from operating
activities, adjusted for changes in working capital, stood at EUR 12.6
million and was thus virtually unchanged from the year-earlier figure
(previous year: EUR 12.7 million). As per September 30, 2012, the Allgeier
Group reports a high level of liquid assets amounting to EUR 43.8 million
at its disposal (status on December 31, 2011: EUR 31.9 million).

The Interim Statement of Allgeier SE on the first quarter of 2012 is to be
released today, November 16, 2012, and can be viewed at the company's
website under www.allgeier.com.

Contact:
Allgeier SE
Dr. Christopher Grosse
Wehrlestrasse 12
81679 Munich
Germany
Tel.: +49 (0)89/998421-0
Fax: +49 (0)89/998421-11
E-Mail: ir@allgeier.com
Web: www.allgeier.com

Munich-based Allgeier SE is one of the leading consulting and service
companies for IT solutions and services in the German-speaking region. With
more than 4,000 employees and in excess of 1,500 freelance IT experts,
Allgeier offers its customers a full-line service approach and a
comprehensive solutions and services portfolio. Sixteen operational
corporate units, each with its own specialist and sector-related focus,
work together for more than 2,000 customers from almost all sectors.
Allgeier combines the advantages of an international IT company, which
include product width, performance and process strengths, with the
flexibility, expertise and proximity to customers of a powerful
medium-sized provider. This high-growth company currently operates at more
than 90 locations in the German-speaking region, in the rest of Europe, as
well as in India, Mexico and the USA. Allgeier generated revenue of EUR 379
million in 2011. The company is listed on the regulated market of the
Frankfurt Stock Exchange in the General Standard segment (WKN 508630 / ISIN
DE0005086300). Further information is available on the company's website
at: www.allgeier.com.

16.11.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---

Language: English
Company: ALLGEIER SE
Wehrlestraße 12
81679 München
Germany
Phone: +49 (0) 89 - 99 84 21 0
Fax: +49 (0) 89 - 99 84 21 11
E-mail: info@allgeier.com
Internet: http://www.allgeier.com
ISIN: DE0005086300
WKN: 508630
Indices: CDAX
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart

End of Announcement DGAP News-Service

---