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    Allgeier SE

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Investor Relations
Allgeier achieves sustained revenue and earnings growth in the first quarter of 2019 and intends capital increase to finance further growth investments

05/07/2019

Publication of inside information pursuant to Art. 17 MAR

Munich, May 07, 2019 – According to preliminary figures, Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) will achieve further significant growth in sales and earnings in the first quarter of 2019 (January 1, 2019 – March 31, 2019) in line with its planning for 2019.

Sales and earnings development in the first quarter of 2019

In the first quarter of 2019 (01 January 2019 to 31 March 2019) the Allgeier Group increased its total operating performance by 22 percent to EUR 189.7 million (continuing operations of the previous year: EUR 155.2 million). Adjusted Group EBITDA (EBITDA before effects that qualify as extraordinary or non-periodic) for the first three months of 2019 rose by 34 percent to EUR 14.0 million (previous year: EUR 10.5 million). EBITDA for the period amounted to EUR 13.4 million (previous year: EUR 9.5 million), corresponding to an increase of 41 percent. In the first quarter of 2019, the Group thus generated EBIT of EUR 5.8 million (previous year: EUR 4.1 million), which likewise corresponds to an increase of 41 percent compared with the same period of the previous year.

In the first quarter of 2019, the standard for accounting for rental and lease agreements to be applied from 1 January 2019 onwards in accordance with IFRS was implemented (IFRS 16). This accounting change resulted in an increase in EBITDA of EUR 3.9 million in the first quarter of 2019; the prior-year quarter was up by EUR 2.9 million. The change in accounting for EBIT in the first quarter of 2019 resulted in an increase of EUR 0.3 million (the prior-year quarter was adjusted upwards by EUR 0.2 million). The Allgeier Group uses the retrograde method for the conversion, whereby the previous year’s figures have been adjusted to the reporting for the first quarter of 2019 in order to ensure comparability of the figures. In addition to the effects in the income statement, the effects from the application of IFRS 16 also affect the balance sheet presentation due to the capitalization of rental and lease agreements with their values in use and the recognition of future payments as liabilities over the expected useful life.

 

Continued operations in kEUR Q1-2019 Q1-2018 Deviation in %
Total performance 189,860 155,239 122%
EBITDA adj. (without IFRS 16) 10,195 7,613 134%
EBITDA changes due to IFRS 16 3,864 2,865 135%
EBITDA adj. (according to IFRS 16) 14,059 10,478 134%
Effects being extraordinary or relating to other periods -663 -950
EBITDA (without IFRS 16) 9,532 6,663 143%
EBITDA changes due to IFRS 16 3,864 2,865 135%
EBITDA (according to IFRS) 13,396 9,528 141%
EBIT (without IFRS 16) 5,441 3,837 142%
EBIT changes due to IFRS 16 326 246 132%
EBIT (according to IFRS 16) 5,767 4,083 141%

 

Key balance sheet data as of March 31, 2019

At the end of the first quarter of 2019, the Allgeier Group had cash and cash equivalents of EUR 71.7 million (December 31, 2018: EUR 77.0 million). Financial liabilities remained unchanged at EUR 181.8 million as of the balance sheet date (December 31, 2018: EUR 181.7 million), of which EUR 158.4 million were non-current financial liabilities (December 31, 2018: EUR 150.3 million).

Notes to the disclosures as of 31 March 2019

All figures for the first quarter of 2019 have been calculated in accordance with IFRS and have not been audited.

Voluntary interim information of Allgeier SE as of March 31, 2019 will be published on May 31, 2019 and can then be viewed at www.allgeier.com

Allgeier intends capital increase to finance further growth investments

Allgeier’s strategic goal is to continue the significant expansion in particular of its Technology division with its global presence. The market for software development and digitization is consolidating worldwide and is rapidly evolving technologically. Allgeier already has a profound footprint in areas such as software development, artificial intelligence or cloud services and maintains a well-filled M&A pipeline with companies of this kind. Against this background, Allgeier is constantly examining the possibilities of significantly expanding its financial leeway. This includes the optimization and expansion of the debt financing framework and the implementation of a capital increase of up to 10% of the share capital excluding subscription rights. This is to take place before the Annual General Meeting on 28 June 2019 using the authorized capital of the company in the form of a cash capital increase. Allgeier SE will announce the resolution on the intended capital increase and the subsequent implementation of the capital increase in separate ad-hoc announcements.