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Publication of inside information pursuant to Article 17 MAR
Munich, October 25, 2021 – According to preliminary figures, Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) achieved revenue growth of 11 percent in the first nine months of 2021 (January 01, 2021 – September 30, 2021) with a significantly disproportionate increase in earnings. In the third quarter of 2021, the Group increased sales by 17 percent. The adjusted EBITDA margin grew to 11 percent in the third quarter.
Business performance of continuing operations in the first nine months of 2021
In total, revenue from continuing operations of the Allgeier Group increased by 11 percent to Euro 291.2 million in the first nine months of 2021 compared to the first nine months of 2020 (previous year: Euro 263.1 million). Gross profit (defined as total operating performance less cost of sales and personnel expenses directly attributable to sales) increased by 19 percent to Euro 89.3 million in this period (previous year: Euro 74.9 million), corresponding to a gross margin of 31 percent. Adjusted EBITDA (earnings before depreciation, amortization and impairment losses on property, plant and equipment, interest and taxes, adjusted for extraordinary items and items relating to other periods) increased by 41 percent to Euro 28.7 million (previous year: Euro 20.3 million), corresponding to an adjusted EBITDA margin of 10 percent. The adjustments include in particular an extraordinary item from the second quarter of 2021 totaling Euro 6.1 million resulting from the measurement of 900,000 stock options issued in June 2021 with a term of ten years. This amount is allocated to personnel costs and thus reduces the earnings items in the second quarter of 2021, but is not cash-relevant as there is corresponding contingent capital for the subsequent exercise of the option rights. EBITDA grew by 53 percent to Euro 22.4 million in the reporting period after the extraordinary items (previous year: Euro 14.6 million). EBIT for the period (earnings before interest and taxes) amounted to Euro 9.5 million (previous year: Euro 3.5 million), corresponding to an increase of 172 percent. Adjusted EBIT for the first three quarters of 2021 amounted to Euro 17.7 million (previous year: Euro 9.9 million).
|Key Group figures*||Q1-Q3 2021||Q1-Q3 2020||Change|
|Revenues||291,2||263,1||+ 11 %|
|Gross profit||89,3||74,9||+ 19 %|
|Adjusted EBITDA||28,7||20,3||+ 41 %|
|EBITDA||22,4||14,6||+ 53 %|
|Adjusted EBIT||17,7||9,9||+ 79 %|
|EBIT||9,5||3,5||+ 172 %|
*Continuing operations according to IFRS, figures in Euro million (unless otherwise stated)
Business performance of continuing operations in the third quarter of 2021
In the third quarter of 2021 (July 01, 2021 – September 30, 2021), the Allgeier Group increased revenues in continuing operations by 17 percent year-on-year to Euro 98.8 million (previous year: Euro 84.6 million). In the same period, gross profit increased by 12 percent to Euro 31.8 million (previous year: Euro 28.3 million), corresponding to a gross margin of 32 percent. At Euro 10.7 million, adjusted EBITDA was 6 percent higher than in the same period of the previous year (previous year: Euro 10.1 million). This corresponds to an adjusted EBITDA margin of 11 percent. EBITDA for the third quarter amounted to Euro 10.4 million (previous year: Euro 6.6 million), corresponding to an increase of 58 percent compared to the same period of the previous year. EBIT grew by 112 percent to Euro 5.7 million (previous year: Euro 2.7 million). Adjusted EBIT amounted to Euro 6.7 million (previous year: Euro 6.5 million).
Key balance sheet data as of September 30, 2021
According to preliminary figures, consolidated equity of the Allgeier Group increased to Euro 112.1 million as of the balance sheet date September 30, 2021 (December 31, 2020: Euro 105.5 million). The Group had cash and cash equivalents of Euro 57.2 million at the end of the third quarter of 2021 (December 31, 2020: Euro 60.8 million). The Group’s net financial liabilities (including liabilities from rental and lease agreements) amounted to Euro 65.4 million as of the reporting date (December 31, 2020: net cash of Euro 1.2 million). Due in particular to acquisition activity in the first nine months of the financial year, current and non-current financial liabilities increased to Euro 80.0 million as of the reporting date (December 31, 2020: Euro 28.6 million). Total assets amounted to Euro 326.3 million as of September 30, 2021 (December 31, 2020: Euro 243.9 million).
Outlook for the fourth quarter of 2021
As of today, Allgeier SE confirms the adjusted guidance for the financial year 2021, which was published in the ad hoc announcement of July 29, 2021 and in the half-yearly financial report 2021.
The voluntary interim information as of September 30, 2021 of Allgeier SE will be published on November 12, 2021 and can then be viewed at www.allgeier.com.
All figures stated have been prepared in accordance with IFRS, are preliminary and have not been audited.
It should also be noted that disclosures for periods after September 30, 2021 represent expectations of the Management Board based on assumptions and estimates. Future actual developments and future actual results may deviate from these assumptions and estimates. Allgeier SE assumes no guarantee and no liability that future developments and actual results achieved in the future will correspond to the assumptions and estimates expressed in this ad hoc announcement.
This document contains supplementary financial measures – not precisely defined in relevant accounting frameworks – that are or may be so-called alternative performance measures. These supplementary financial measures may be of limited use as an analytical tool and should not be used in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks in assessing the financial position, financial performance and cash flows of Allgeier SE. Other companies that present or report alternative performance measures with a similar title may calculate them differently and therefore they may not be comparable. For more information on the alternative performance measures used by Allgeier SE, please refer to the Annual Report 2020.