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Publication of inside information pursuant to Art. 17 MAR
Munich, October 25, 2019 – According to preliminary figures, Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) achieved further revenue and EBITDA growth in the first nine months of 2019 (January 1, 2019 – September 30, 2019.
Business development in the first nine months of 2019
Group sales in the first nine months of 2019 rose by 16 percent to EUR 584 million (continuing operations of the previous year: EUR 503 million) compared with the first three quarters of the previous year. The value added (defined as total output less sales and personnel expenses directly attributable to sales) increased by 21 percent to EUR 169 million (previous year: EUR 140 million), corresponding to a gross margin of 28.9 percent (previous year: 27.8 percent).
The adjusted Group EBITDA for the period (EBITDA adjusted by effects that qualify as extraordinary or non-periodic) grew by 22 percent to EUR 51 million (previous year: EUR 41.9 million). This figure includes EUR 6.5 million in extraordinary expenses and expenses unrelated to the accounting period for the purposes of comparability of the financial years and transparent presentation of operating earnings power; in the comparable period of the previous year, the corresponding extraordinary effects had totaled to EUR 6.3 million. The extraordinary effects in 2019 mainly relate to extraordinary costs from the restructuring in the Experts segment. The Group thus achieved an adjusted EBITDA margin of 8.8 percent in the first three quarters of 2019 (previous year: 8.3 percent). The increase in earnings is significantly driven by the two strategic Group segments Technology and Enterprise Services, which together increased their adjusted EBITDA by 34 percent to EUR 53 million (previous year: EUR 39.5 million) The Experts segment achieved an adjusted EBITDA of EUR 6 million (previous year: EUR 8.9 million) after a significant earnings recovery in the third quarter. Including extraordinary effects, the Group EBITDA rose by 25 percent to EUR 44 million (previous year: EUR 35.6 million). The consolidated EBIT amounted to EUR 22 million (previous year: EUR 18.1 million), an increase of 21 percent.
Business development in the third quarter of 2019
In the third quarter of 2019 (July 1, 2019 – September 30, 2019), the Group recorded a 16 percent increase in sales to EUR 203 million compared with the same period of the previous year (previous year: 175.6 million euros). In the same period, value added rose by 25 percent to EUR 62 million (previous year: EUR 50.1 million), corresponding to a gross margin of 30 percent (previous year: 28.5 percent). At EUR 22 million, Group EBITDA adjusted for extraordinary or non-period effects was 42 percent higher than in the same period of the previous year (EUR 15.5 million). That corresponds to an adjusted EBITDA margin of 11 percent (previous year: 8.9 percent). Adjusted extraordinary effects and effects relating to other periods amounted to a total of approximately minus EUR 3 million in the third quarter of 2019 (previous year: minus EUR 2.2 million). Including extraordinary and non-period effects, Group EBITDA for the third quarter amounted to EUR 19 million (previous year: EUR 13.3 million), an increase of 42 percent over the same period of the previous year. The preliminary consolidated EBIT (earnings before interest and taxes) for the same period amounted to EUR 11 million (previous year: EUR 7.0 million), representing an increase of 62 percent.
Implementation of IFRS 16
In the first nine months of 2019, the standard for accounting for rental and lease agreements required to be applied under IFRS from 1 January 2019 was implemented (IFRS 16). The Allgeier Group uses the retrograde method for the changeover, whereby the previous year’s figures have been adjusted to the reporting for the first three quarters of 2019 and the comparability of the figures is ensured.
Key balance sheet data as of September 30, 2019
The consolidated equity amounted to EUR 160 million as of the balance sheet date of September 30, 2019 (December 31, 2018: EUR 130.6 million). Cash and cash equivalents remained constant at EUR 77 million (December 31, 2018: EUR 77.0 million). Due to the repayment of bank loans, interest-bearing financial liabilities fell to EUR 169 million as of September 30, 2019 (December 31, 2018: EUR 181.7 million), of which EUR 146 million (December 31, 2018: EUR 150.3 million) qualify as non-current financial liabilities. The balance sheet total increased to EUR 580 million at the end of the third quarter of 2019 (December 31, 2018: EUR 536.6 million).
Outlook for the fourth quarter of 2019
Against the backdrop of the very good business development in the third quarter, Allgeier is sticking to the sales and earnings forecast for the Group as a whole made in the 2018 Annual Report for the current financial year.
All figures for the first three quarters of 2019 have been calculated in accordance with IFRS and have not been audited. The voluntary interim business information of Allgeier SE as of September 30, 2019 will be published on November 14, 2019 and can then be viewed at www.allgeier.com.