04/17/2012

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

17.04.2012 17:56

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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The Supervisory Board of Munich-based Allgeier Holding AG (ISIN DE000508630
/ WKN 508630), one of the leading companies in the German IT sector, has
approved the audited single-entity and consolidated financial statements of
Allgeier Holding AG for the 2011 financial year at its meeting held on
April 17, 2012. The annual financial statements have been adopted as a
consequence. The final consolidated results slightly exceeded the
preliminary results announced in the unscheduled press release of February
16, 2012.

IFRS revenue and earnings trends

Allgeier Holding AG continued to report significant growth in the 2011
financial year (January 1, 2011 until December 31, 2011). Consolidated
revenue (on IFRS basis) was up by EUR 70.1 million to reach EUR 378.8
million as of December 31, 2011, due to the good economic environment, the
acquisitions that the company realised, and organic growth (previous year:
EUR 308.7 million). This represents 23 percent growth. Operating cash flow
(before working capital changes) grew by 31 percent from EUR 21.6 million
in the previous year to EUR 28.4 million. EBITDA as reported in the
consolidated financial statements also underwent a year-on-year improvement
of 23 percent to reach EUR 22.3 million (previous year: EUR 18.1 million).
EBITDA incurred a EUR 1.3 million charge arising from currency effects
reflecting payments and balance sheet date currency translation (previous
year: EUR -0.3 million). Earnings before interest, tax and amortisation
relating to purchase price allocations, and from the earnings-effective
adjustment of earnout pursuant to IFRS (EBITA) grew by 22 percent to EUR
19.0 million (previous year: EUR 15.6 million). At EUR 12.0 million,
earnings before interest and tax (EBIT) rose faster than EBITA, and were up
by 8 percent (previous year: EUR 11.0 million). This earnings figure has
been significantly affected by acquisition activities in 2010 and 2011. In
accounting terms, these acquisitions resulted in a rise of around EUR 2.3
million in IFRS amortisation applied to purchase price allocations (in
other words, amortisation applied to order book positions, customer bases
and products) to reach approximately EUR 7.2 million (previous year: EUR
4.8 million). The EBT of EUR 9.5 million that was achieved (previous year:
EUR 10.2 million) was burdened by a net financial result of EUR -2.5
million (previous year: EUR -0.9 million). Loans taken out to finance
growth fed through to a significantly higher interest burden in this
context. At EUR 5.3 million, earnings after tax were below the previous
year’s figure of EUR 8.7 million. This reduction is also attributable to a
negative tax effect. Compared with a EUR 1.5 million tax expense in 2010,
Allgeier incurred EUR 4.2 million of taxes on income in 2011. The high tax
rate is largely due to the inability to utilise loss carryforwards in 2011
as a result of structural effects, whereby the company intends to utilise
these loss carryforwards in subsequent years. Earnings per share fell from
EUR 0.99 in 2010 to EUR 0.52 in the year under review. Adjusted earnings
per share, which are formed on the basis of EBITA (in other words, adjusted
to reflect effects arising from amortisation applied to purchase price
allocations), and which are also adjusted for effects arising from the
change to the tax rate (through assuming a constant 30 percent percent tax
rate), rose by 7 percent from EUR 1.18 in 2010 to EUR 1.27 in 2011.

Key balance sheet figures

Total assets increased to EUR 242.1 million (previous year: EUR 204.1
million). Consolidated equity stood at EUR 88.2 million as of December 31,
2011 (previous year: EUR 85.5 million), with the equity ratio declining
from EUR 41.9 million at the end of 2010 to EUR 36.4 million as of December
31, 2011, due to the increase in total assets. Current and non-current
financial liabilities (including liabilities relating to profit
participation rights) fell to EUR 41.4 million as of December 31, 2011
(previous year: EUR 45.5 million). Cash and cash equivalents declined to
EUR 31.9 million (previous year: EUR 61.3 million). Outgoing payments for
corporate acquisitions are primarily responsible for the reduction in cash
and cash equivalents.

Application of unappropriated retained earnings
The Management and Supervisory boards have passed a resolution today, April
17, 2012, to propose to the AGM that it approves the distribution of a
dividend of EUR 0.50 per share to shareholders from the unappropriated
retained earnings of EUR 41,419,801.12 as reported in the financial
statements of Allgeier Holding AG as of December 31, 2011. The remaining
retained earnings are to be carried forward to a new account.

Outlook

The Management Board expects sustained consolidated earnings growth in the
low double-digit percentage range for the 2012 financial year, with
earnings rising at a faster rate.

The 2011 annual report was published today, April 17, 2012, and is
available on the company’s website at www.allgeier.com.

Contact:
Allgeier Holding AG
Dr. Christopher Grosse
Wehrlestr. 12
81679 Munich / Germany
Phone +49 89 998421-0
Fax +49 89 998421-11
eMail: ir@allgeier-holding.de
Web: www.allgeier.com

Munich-based Allgeier Holding AG is one of the leading consulting and
service companies in the German-speaking region. The Allgeier Group’s
services are divided into the three segments of IT Solutions, IT Services &
Recruiting, and Project Solutions. With more than 2,500 employees and over
1,500 freelance IT experts, the Allgeier Group offers its customers a
complete service approach spanning design, implementation, and through to
the operation of IT landscapes. Fourteen corporate units, each with its own
specialist and sector-related focus, work together for around 2,000
customers from almost all sectors. This high-growth company currently
operates at more than 50 sites in the German-speaking region, and at 23
further locations in the rest of Europe, as well as in India, Mexico and
the USA. The company is listed on the regular market of the Frankfurt Stock
Exchange in the General Standard segment (WKN 508630 / ISIN DE000508630).
Further information is available on the company’s website at:
www.allgeier.com.

17.04.2012 DGAP’s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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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