ALLGEIER SE / Key word(s): Quarter Results
16.05.2013 14:34
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.
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Munich, May 15, 2013 - Allgeier SE (ISIN DE0005086300, WKN 508630) reported
further revenue growth in the first quarter of 2013 (January 1, 2013 -
March 31, 2013), although its EBITDA fell short of the very good result
reported in the first quarter of 2012 primarily as a consequence of a
non-cash currency translation loss on a long-term dollar liability arising
from its Nagarro acquisition. Consequently, the Allgeier Group continued to
report growth during the first quarter of 2013 financial year and further
bolstered its competitive position.
Revenue in the first three months of 2013 grew significantly, by 19 percent
compared with the first quarter of 2013, to reach EUR 110.2 million
(previous year: EUR 92.7 million). This revenue growth reflected operating
growth at most of the companies that have belonged to the Group for a
longer period, and the corporate acquisitions realised in 2012. EBITDA fell
short of the very good result reported in the comparable period of 2012,
falling to EUR 4.8 million (previous year: EUR 6.1 million). This
divergence is mainly attributable to currency differences arising from the
translation of a long-term purchase price liability deriving from the
acquisition of the Nagarro Group in 2011. The constellation of exchange
rates on the respective quarter-end reporting dates fed through to a EUR
1.1 million charge in the first quarter of 2013 resulting from valuation
differences. EBIT (earnings before interest and tax) also fell
correspondingly year-on-year to EUR 1.8 million (previous year: EUR 2.8
million). The EBIT earnings figure continued to be impacted in 2013 by
amortisation charges applied to IFRS purchase price allocations pursuant
(amortisation of order book positions, customer bases and products), which
comprise most of the amortisation and depreciation of EUR 3.1 million
(previous year: EUR 3.3 million). This continued high level of amortisation
is based mainly on the valuation of customer relationships and acquired
hidden reserves in products and developments, which was performed pursuant
to IFRS on the initial consolidation date of the acquired companies.
The Allgeier Group continues to enjoy robust financing and net asset
positions as of the March 31, 2013 reporting date. Total assets reported
further slight growth of EUR 5.5 million, from EUR 289.6 million on
December 31, 2012, to EUR 295.1 million on March 31, 2013. Equity posted a
modest increase of EUR 1.7 million to EUR 95.1 million on the balance sheet
date (December 31, 2012: EUR 93.4 million). At EUR 5.3 million, cash flow
from operating activities before working capital changes in the first three
months of the year was approximately at the level of the prior-year
comparable period (previous year: EUR 6.0 million). The Allgeier Group
continues to report a high level of liquid assets of EUR 33.6 million as of
March 31, 2013 (December 31, 2012: EUR 38.9 million). Along with outgoing
payments related to investment activities, this fall in liquid assets is
mainly connected with the increase in working capital related to the
reporting date, including liquidity not required due to a lower volume of
receivables sold as part of factoring.
The Management Board expects the entire Group to report sustained
above-average growth revenue in the low double-digit percentage range for
the 2013 financial year, with earnings rising at a faster rate.
The interim report for the first quarter of 2013 of Allgeier SE is to be
published today, May 15, 2013, and can be viewed at www.allgeier.com.
Contact:
Allgeier SE
Corporate Communications & Investor Relations
Dr. Christopher Grosse
Wehrlestrasse 12
81679 Munich
Tel.: +49 (0)89/998421-0
Fax: +49 (0)89/998421-11
E-mail: ir@allgeier.com
Web: www.allgeier.com
Allgeier SE is one of the leading IT companies for Business Performance:
Allgeier combines the advantages of an international provider with the
merits of medium-sized companies with a growth strategy oriented
consistently to innovations and future trends, and an integrative business
model. Six operating divisions, each with their individual specialist or
sector-related focal points, work together in the three segments of
Solutions/Business Software, Experts and Software Development for more than
2,000 customers from almost all sectors. With more than 4,200 salaried
employees and around 1,500 freelance IT experts, Allgeier, as a one-stop
shop, offers customers a comprehensive portfolio of solutions and services.
Allgeier's customers include globally operating groups as well as
innovative medium-sized operations that wish to secure strategic advantages
through intelligent IT solutions and flexible personnel services. This
high-growth company, which is based in Munich, Germany, operates at more
than 90 sites in the German-speaking region, and at further locations in
the rest of Europe, as well as in India, Mexico and the USA. Allgeier
generated EUR 423 million of revenue in 2012. The company is listed on the
regular 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.
16.05.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ALLGEIER SE
WehrlestraÃe 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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DGAP-Adhoc: Allgeier stays on growth path in Q1 2013
| Source: EQS Group AG