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Publication of inside information pursuant to Article 17 MAR
Munich, July 29, 2021 – Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) achieved revenue growth of 8 percent in the first half of 2021 (January 01, 2021 – June 30, 2021) according to preliminary figures. The adjusted EBITDA margin was 9 percent.
Business performance of continuing operations in the first half of 2021
In total, revenue from continuing operations of the Allgeier Group increased by 8 percent to Euro 192.4 million in the first half of 2021 compared to the first six months of 2020 (previous year: Euro 178.4 million). Gross profit (defined as total operating performance less cost of sales and personnel expenses directly attributable to sales) increased by 23 percent to Euro 57.6 million in this period (previous year: Euro 46.7 million). 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 77 percent to Euro 18.0 million (previous year: Euro 10.2 million). In particular, an extraordinary item with a total amount of Euro 6.1 million is adjusted, resulting from the valuation of 900,000 share options with a term of ten years issued in June 2021. This amount is allocated to personnel expenses and thus reduces the earnings items in the second quarter of 2021, but is not cash-relevant, as conditional capital exists for the subsequent exercise of the option rights. EBITDA (earnings before interest, taxes, depreciation and amortization) grew by 50 percent to Euro 11.9 million in the reporting period after the extraordinary items (previous year: Euro 8.0 million). EBIT (earnings before interest and taxes) amounted to Euro 3.8 million (previous year: Euro 0.8 million). Adjusted for the extraordinary item of the valuation of the stock options, EBIT in the first half of 2021 would amount to Euro 9.9 million.
|Key Group figures*||HY1 2021||HY1 2020||Change|
|Revenues||192.4||178.4||+ 8 %|
|Gross profit||57.6||44.7||+ 23 %|
|Adjusted EBITDA||18.0||10.2||+ 77 %|
|EBITDA||11.9||8.0||+ 50 %|
|EBIT||3.8||0.8||+ 377 %|
*Continuing operations according to IFRS, figures in Euro million (unless otherwise stated)
Business performance of continuing operations in the second quarter of 2021
In the second quarter of 2021 (April 01, 2021 – June 30, 2021), the Allgeier Group increased revenue from continuing operations by 12 percent year-on-year to Euro 97.7 million (previous year: Euro 86.6 million). In the same period, value added increased by 34 percent to Euro 28.5 million (previous year: Euro 21.2 million). At Euro 10.3 million, adjusted EBITDA was 69 percent higher than in the same period of the previous year (previous year: Euro 6.1 million). Due to the extraordinary items arising from the valuation of stock options, EBITDA for the second quarter amounted to Euro 4.3 million (previous year: Euro 4.7 million), corresponding to a decrease of 9 percent compared with the same period of the previous year. EBIT fell by 71 percent to Euro 0.2 million (previous year: Euro 0.6 million). Adjusted for the extraordinary item of the valuation of the stock options, EBIT in the second quarter of 2021 would amount to Euro 6.3 million.
Key balance sheet data as of June 30, 2021
According to preliminary figures, consolidated equity increased to Euro 107.2 million as of the balance sheet date of June 30, 2021 (December 31, 2020: Euro 105.5 million) after distribution of dividends in the amount of Euro 5.7 million. The Allgeier Group had cash and cash equivalents of Euro 69.2 million at the end of the second 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 41.5 million as of the reporting date (December 31, 2020: net cash of Euro 1.2 million). Due in particular to acquisition activity during the first half of the year, current and non-current financial liabilities increased to Euro 67.0 million as of the reporting date (December 31, 2020: Euro 28.6 million). Total assets amounted to Euro 320.7 million as of June 30, 2021 (December 31, 2020: Euro 243.9 million). The balance sheet figures as of June 30, 2021 already include it-novum GmbH, Fulda. However, the purchase price was only paid after the balance sheet date.
Outlook for the second half of 2021 with new guidance for fiscal 2021
Due to the very pleasing business performance in the first half of the year and the stable positive outlook for the second half of the year, Allgeier SE is raising its guidance for fiscal year 2021 accordingly. For the financial year 2021, revenues in the range of Euro 380 to 420 million and adjusted EBITDA between Euro 39 and 43 million are expected. Allgeier expects an adjusted EBITDA margin of 10 percent, which represents a significant milestone on the way to a clear double-digit EBITDA return.
The 2021 half-year financial report of Allgeier SE will be published on August 27, 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 June 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.