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ALLGEIER SE / Key word(s): Statement
13-Jul-2022 / 17:16 CET/CEST
Munich, July 13, 2022 – Yesterday, BaFin published an announcement on an accounting review regarding the presentation of the spin-off of Nagarro SE in the consolidated financial statements of Allgeier SE (WKN A2GS63, ISIN DE000A2GS633) as of December 31, 2020. We published an explanatory note on this yesterday. Due to inquiries, we supplement the explanation on the background of the examination order according to our knowledge as follows:
The audit issues raised relate exclusively to the presentation of the spin-off transaction in the consolidated financial statements of Allgeier SE as of December 31, 2020 and have no impact on the companies involved Allgeier SE and Nagarro SE beyond that.
The examination order relates to the following two main aspects:
We are dutifully reviewing these points and will finalize their content with BaFin. In any case, according to our current knowledge, they relate exclusively to the accounting presentation of the spin-off transaction in the consolidated financial statements as of December 31, 2020.
The effectiveness of the spin-off itself is not affected by the BaFin’s audit notes. The spin-off has been effectively executed without any doubt and nothing will change in this respect.
The continuing operations of the Allgeier Group, i.e. the entire current Allgeier business, are also not affected by the audit points. Similarly, the annual and consolidated financial statements of Allgeier SE as of December 31, 2021 and subsequent financial statements are not affected in any material way. The disclosure issues also have no tax relevance and no impact on the Group’s liquidity.
The business of Nagarro SE and the annual and consolidated financial statements of Nagarro SE are also not affected by the audit issues.
It is solely a matter of the correct presentation of the spin-off transaction in the consolidated financial statements of Allgeier SE as a one-off disclosure issue in relation to various IFRS standards.
Allgeier SE is one of the leading technology companies for digital transformation: The fast-growing group with headquarters in Munich guides its clients through the challenges of digital transformation to ensure their future success. Allgeier has a broad and stable customer base of globally active corporations, high-performance medium-sized companies and public sector clients. To its more than 2,000 customers, Allgeier offers a fully comprehensive IT and software services portfolio ranging from high-end software development to business efficiency solutions to support the digitization and transformation of business-critical processes. In doing so, Allgeier achieves breakthroughs towards new digital business models, defines strategic priorities and implements groundbreaking projects with high flexibility and scalability to shape agile and intelligent organizations for the digital age. The two group segments Enterprise IT and mgm technology partners employ over 3,000 salaried staff and more than 1,000 freelance experts at a total of 42 locations worldwide in the DACH region, France and the Czech Republic, as well as in India, Vietnam and the USA. In fiscal year 2021, Allgeier generated revenues of EUR 403 million in continuing operations. According to the Lünendonk® List 2022, Allgeier is one of the leading IT service companies in Germany. Allgeier SE is listed on the Regulated Market of the Frankfurt Stock Exchange in the General Standard (WKN A2GS63, ISIN DE000A2GS633). Further information at: www.allgeier.com