Allgeier SE — Earnings Release 2011

Feb 16, 2012

News Details

Ad-hoc | 16 February 2012 18:27

Allgeier Holding AG reports further sustainable growth

ALLGEIER HOLDING AG / Key word(s): Preliminary Results/Final Results

16.02.2012 18:27

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Munich-based Allgeier Holding AG (ISIN : DE0005086300, WKN: 508630), one of
the leading companies in the German IT sector, continued to achieve
significant growth in 2011 (January 1, 2011 until December 31, 2011),
according to preliminary figures. Consolidated revenue on the basis of IFRS
accounting was up by EUR 70 million to reach EUR 379 million (previous
year: EUR 309 million), representing 23% growth.

There was also significant growth in consolidated net income. Operating
EBITDA (before extraordinary items) was up by 34% to EUR 23.5 million
(previous year: EUR 17.5 million).

In addition, the Group registered considerable growth in operating EBITDA
(after extraordinary items) to EUR 22.0 million (previous year: EUR 18.1
million), equivalent to an increase of around 22%. The extraordinary
expense of approximately EUR 1.5 million is primarily composed of
non-cash-effective exchange-rate losses (book losses arising from the
translation as of the reporting date of an earnout amount in US dollars
arising from the Nagarro acquisition), and from the expensed recognition of
the increase in the earnout from the Terna acquisition in an amount of
around EUR 0.8 million due to the company's performance being far ahead of
budget. Offsetting this, a residual amount of approximately EUR 1.1 million
relating to the remaining earnout for another company was released through
the income statement.

The Allgeier Group achieved a 19% increase to EUR 18.6 million (previous
year: EUR 15.6 million) in terms of IFRS-based EBITA (earnings before
interest, taxes and impairment charges applied to purchase price
allocations, as well as from the earnings-effective reclassification of
earnouts).

Earnings before interest and taxes (EBIT) of EUR 11.7 million reflected
lower growth of 6% (previous year: EUR 11.0 million), and was primarily
impacted by acquisition activities in 2010 and 2011. In accounting terms,
these acquisitions resulted in a rise of around EUR 2.3 million in IFRS
impairment charges applied to purchase price allocations (in other words,
impairment charges applied to order book positions, customer bases and
products) to reach approximately EUR 7.1 million (previous year: EUR 4.8
million).

Following the acquisitions of Nagarro Inc, 1eEurope, GEMED GmbH and BSH IT
Solutions that were realised in the past financial year, the Allgeier Group
has at its disposal liquid funds of around EUR 32 million (previous year:
EUR 61 million) for further growth financing and acquisitions. Current and
non-current financial liabilities (including liabilities relating to profit
participation rights) fell to EUR 41 million (previous year: EUR 45.5
million).

Equity was stable at around EUR 86 million as of December 31, 2011
(previous year: EUR 85.5 million).

Total assets increased to approximately EUR 240 million due to the
acquisitions that were realised (previous year: EUR 204.1 million).

Given today's overall circumstances, the Management Board of Allgeier
Holding AG is confident that it can continue to generate further
sustainable revenue and earnings growth in the current financial year.

All of the IFRS figures referred to are preliminary, and have not yet been
audited.

Contact:
Allgeier Holding AG
Hermann Graf Castell
Wehrlestr. 12
81679 Munich / Germany
Phone +49 89 998421-0
Fax +49 89 998421-11
www.allgeier.com

Allgeier Holding AG, with its headquarters in Munich, is one of the leading
consultancy and service companies in the German-speaking countries. With
their units IT Solutions, IT Services & Recruiting and Project Solutions,
Allgeier offers a comprehensive range of services from the initial concept
through implementation to the operation of IT landscapes. Allgeier Group
has 14 operational subsidiaries with over 2,450 employees as well as more
than 1,450 freelance experts serving some 2,000 customers in virtually
every area of the economy. In Germany, the Group runs 52 subsidiaries as
well as 25 offices in Austria, Belgium, France, the Netherlands, Romania,
Sweden, Switzerland and the Czech Republic as well as in India, Mexico and
United States of America. The company is listed at the Frankfurt Stock
Exchange.

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Language: English
Company: ALLGEIER HOLDING AG
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

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