08/31/2012

ALLGEIER SE / Key word(s): Half Year Results

31.08.2012 10:16

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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Munich, August 31, 2012 – Munich-based Allgeier SE (ISIN DE0005086300, WKN
508630), one of the leading companies in the German IT sector, grew its
sales revenue further in the first half of 2012 (January 1, 2012 to June
30, 2012), and exceeded the EBITDA it generated in the first half of 2011,
which already stood at a good level. Consequently, the Group continued to
chart its growth course in the first half of 2012.

Sales revenue was up by 11.2 percent compared with the first half of 2011,
to EUR 190.1 million (previous year: EUR 171.0 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
realized in 2011 and the first quarter of 2012. EBITDA grew 12.5 percent in
the first half of 2012 to EUR 9.9 million (previous year: EUR 8.8 million).
Earnings before interest, tax and amortization relating to purchase price
allocations, and from the earnings-effective adjustment of earnouts
pursuant to IFRS, (EBITA) grew by 4.0 percent compared with the prior-year
period to EUR 7.8 million (H1 2011: EUR 7.5 million). By contrast, EBIT
(earnings before interest and tax) fell 36.5 percent year-on-year to EUR
3.3 million (H1 2011: EUR 5.2 million). This EBIT result reflects the
impact of acquisition activity, in particular. In accounting terms, these
acquisitions resulted in a significant rise of around EUR 2.2 million in
IFRS amortization applied to purchase price allocations (in other words,
amortization applied to order book positions, customer bases and products)
to reach approximately EUR 4.5 million (previous year: EUR 2.3 million).
The higher level of an amortization is based on the high valuation of
customer relationships of the companies acquired in 2011, which enjoy good
order book positions and a large number of established customer
relationships.

Between January and June 2012, the company generated EUR 7.4 million of
cash flow from operating activities before working capital changes
(previous year: EUR 6.2 million). Cash flow from financing activities
amounted to a net inflow of EUR 42.8 million in the first half of 2012
(previous year: EUR 2.7 million outflow). Significant individual items in
cash flow from financing activities included the drawing down of a
borrower’s note loan in a net amount of EUR 69.0 million, the repayment of
EUR 19.1 million of loans, and the EUR 4.2 million dividend that was
distributed to Allgeier SE shareholders. The total assets of the Allgeier
Group grew by EUR 46.6 million, from EUR 242.1 million as of December 31,
2011, to EUR 288.7 million as of June 30, 2012. The Allgeier Group reports
a high level of liquid assets as of June 30, 2012. Liquid assets were up
from EUR 31.9 million to EUR 71.7 million, mainly due to the aforementioned
financing transactions in the first half of 2012. The Group intends to
deploy these funds for further corporate growth and the acquisition of new
subsidiaries.

Allgeier SE continues to regard itself as well prepared and positioned for
the full 2012 year. Allgeier implemented a targeted expansion of its
portfolio with smaller supplementary acquisitions in the first half of
2012, and further strengthened forward-looking, future relevant topics such
as Business Intelligence and ERP solutions.

Following the end of the first half-year, on August 2, 2012, Allgeier SE
has reached agreement with the sole shareholder of tecops personal GmbH
concerning the purchase of all of the shares in the company, and has
concluded corresponding agreements. With the acquisition, Allgeier is
further expanding its portfolio of products and services, as well as its
comprehensive geographic coverage in the growth market for IT personnel
services. TECOPS commands more than 20 years of experience in the
allocation and mediation of specialist staff, and currently employs 1,400
employees at 12 locations. The company turned over EUR 50 million in 2010.
With a look to 2012, tecops personal GmbH is planning further sustainable
revenue and earnings growth.

The 2012 half-yearly report of Allgeier SE will be published today, August
31, 2012, and can be viewed at www.allgeier.com.

Contact:

Allgeier SE
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

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 2,600 employees and around 1,500 freelance IT experts, Allgeier
offers its customers a complete service approach spanning design,
implementation, and through to the operation of IT landscapes. Fifteen
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 service-orientation, proximity to customers, and
flexibility of powerful medium-sized company units with the product width,
size and process strength of an international group. This high-growth
company currently operates at more than 80 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 379 million of revenue in
2011. 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.

31.08.2012 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 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

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