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Investor Relations
Allgeier SE: Supervisory Board approves FY 2016 financial statements and proposes dividend

04/21/2017

Publication of inside information pursuant to Art. 17 MAR

Munich, April 21, 2017, 13:17 h – At its meeting today, the Supervisory Board of Allgeier SE (ISIN DE0005086300, WKN 508630) has approved the audited separate and consolidated financial statements for Allgeier SE for the 2016 financial year. The separate annual financial statements have been adopted as a consequence. The finalized consolidated figures essentially correspond to the preliminary figures announced in an ad hoc release on March 9, 2017. Discontinued operations reported in the 2016 financial year included WK EDV GmbH, Ingolstadt, and Talentry GmbH, Munich: the Group sold WK EDV during the third quarter of 2016. Talentry, which was still consolidated under discontinued operations in the 2015 financial year, was equity accounted in 2016. For comparability, the previous periods were adjusted in the income statement, so that both continuing and discontinued operations have changed compared with previous financial reports.

Revenue and earnings trends in the continuing operations (IFRS)

The Group reported further revenue and EBITDA growth in its continuing operations in the 2016 financial year (January 1 to December 31, 2016). Overall, consolidated revenue from continuing operations in 2016 was up by 12 percent compared with the previous year to reach EUR 497.5 million (previous year: EUR 445.7 million). Adjusted consolidated EBITDA from continuing operations (EBITDA before effects qualified as extraordinary in operating terms or relating to other accounting periods) amounted to EUR 33.8 million in the period under review (continuing operations in the previous year: EUR 25.6 million), representing an increase of 32 percent. EBITDA generated by the continuing business in the reporting period rose at a faster rate of 34 percent to EUR 31.5 million (previous year: EUR 23.5 million). The Allgeier Group achieved EUR 17.8 million of EBIT in its continuing operations in 2016 (prior year: EUR 11.2 million), reflecting 59 percent growth. After deducting interest and the earnings share from equity accounted interests, the Group reported earnings before tax (EBT) in continuing operations of EUR 13.9 million (previous year: EUR 7.1 million), equivalent to an increase of 96 percent compared with the previous year. The expense for income taxes (excluding income taxes on the disposal gain) from continuing operations amounted to EUR 7.2 million in the reporting period (prior year: EUR 5.5 million). After deducting interest, the Group consequently achieved EUR 6.7 million of net income in its continuing operations in the period under review (previous year: EUR 1.7 million). Earnings per share from the continuing operations (adjusted for amortization relating to acquisition activity, and with normalized taxes) amounted to EUR 1.47 during the 2016 reporting year (prior year: EUR 1.12).

Group business trends (continuing and discontinued operations)

Due to the significant change in the discontinued operations, the business figures for the Group (continuing and discontinued operations) are not comparable with the previous year: total consolidated revenue from both continuing and discontinued operations amounted to EUR 500.8 million in the 2016 financial year (January 1, 2016 to December 31, 2016), compared with EUR 498.9 million in the previous year. Adjusted consolidated EBITDA (EBITDA before effects that qualify operationally as extraordinary or that relate to other accounting periods) from continuing and discontinued operations stood at EUR 32.6 million (previous year: EUR 29.3 million). Consolidated EBITDA from continuing and discontinued operations amounted to EUR 30.3 million (prior year: EUR 27.1 million). Consolidated EBIT from continuing and discontinued operations was posted at EUR 16.1 million in 2016 (previous year: EUR 12.7 million). Excluding disposal gains, the Group generated EUR 12.2 million of earnings before tax (prior year: EUR 8.8 million). Earnings per share for the full Allgeier Group (continuing and discontinued operations) before disposal gains amounted to EUR 0.36 in the reporting year (previous year: EUR 0.31). The Group achieved EUR 1.3 million of income before tax from the disposal of the divested business units in 2016 (prior year: EUR 10.0 million). Consequently, the Group generated net income for the period from both continuing and discontinued operations (including disposal gains) of EUR 6.4 million (previous: EUR 12.8 million). Earnings per share for the full Allgeier Group (continuing and discontinued operations) including disposal gains amounted to EUR 0.50 in the 2016 reporting year (previous year: EUR 1.39).

Key balance sheet financials as of December 31, 2016

Equity stood at EUR 116.9 million as of the December 31, 2016 reporting date (previous year: EUR 115.7 million). The Allgeier Group had liquid assets available of EUR 71.8 million as of the 2016 year-end (previous year: EUR 83.7 million). The change in liquid assets is mainly due to the increase in working capital as of the financial year-end reporting date due to the strong revenue generation in the fourth quarter 2016. Current and non-current financial liabilities have reduced slightly to EUR 109.1 million as of the reporting date (previous year: EUR 110.7 million). Total assets rose by EUR 16.4 million during the financial year elapsed to reach EUR 344.4 million as of December 31, 2016 (December 31, 2015: EUR 328.0 million).

Application of profits

The Supervisory Board has today, April 21, 2017, passed a resolution to propose to the Annual General Meeting to distribute a dividend of EUR 0.50 per share to the shareholders from the unappropriated net profit of EUR 24,547,399.30 as reported as of December 31, 2016, in the separate annual financial statements of Allgeier SE. The remaining unappropriated net profits are to be carried forward to a new account.

Note

All of the aforementioned previous year’s results from both the continuing and discontinued operations are not comparable with the Allgeier 2015 Annual Report due to the restatement of the previous year to reflect the divested units. The 2016 annual report will be published on April 28, 2017, when it can be viewed at www.allgeier.com.