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    Allgeier SE

    Dr. Christopher Große
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Investor Relations
ALLGEIER SE: Supervisory Board approves annual financial statements and proposes dividend; Management Board sees positive outlook for 2015


ALLGEIER SE / Key word(s): Final Results/Dividend21.04.2015 14:39Dissemination of an Ad hoc announcement according to § 15 WpHG, transmittedby DGAP – a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.—————————————————————————Munich, April 21, 2015 – The Supervisory Board of Allgeier SE (ISINDE0005086300, WKN 508630) at its meeting on April 21, 2015, has approvedthe audited separate and consolidated financial statements for Allgeier SEfor the 2014 financial year. The separate annual financial statements havebeen adopted as a consequence. The finalised consolidated figuresessentially correspond to the preliminary figures that were announced in anad hoc release on March 6, 2015.Revenue and earnings trends (IFRS)During the 2014 financial year elapsed (January 1, 2014 to December 31,2014), the Allgeier Group achieved 3 percent revenue growth in itscontinuing operations to reach a level of EUR 428.2 million (IFRS basis;previous year: EUR 414.8 million). EBITDA from continuing operations stoodat EUR 23.9 million (previous year: EUR 29.8 million). After depreciation,amortisation and impairment losses, Allgeier generated EUR 11.1 million ofEBIT on IFRS basis (previous year: EUR 16.5 million). After deductinginterest, the Group achieved EUR 6.2 million of earnings before tax fromits continuing operations (previous year: EUR 12.5 million). Net incomefrom continuing operations stood at EUR 1.1 million (previous year: EUR 5.4million). Including disposal gains, the Allgeier Group reports EUR 2.6million of total net income for the 2014 financial year from both itsdiscontinued and continuing operations (previous year: EUR 3.7 million).Earnings per share for the entire Allgeier Group (discontinued andcontinuing operations) amounted to EUR 0.23 in the year under review(previous year: EUR 0.42). Earnings per share from the continuingoperations (adjusted for amortisation relating to acquisition activity, andwith normalised taxes) amounted to EUR 1.18 during the reporting year(previous year: EUR 1.52).Key balance sheet dataEquity grew to EUR 100.7 million as of December 31, 2014 (previous year:EUR 94.7 million). The increase in liquid assets from EUR 46.7 million inthe previous year to EUR 98.0 million as of December 31, 2014, was offsetby a rise in financial liabilities from EUR 75.5 million at the end of 2013to EUR 125.2 million at the end of the reporting year. The main factor forboth effects is a placing of new bond in December 2014, which allowedAllgeier to establish medium- and long-term financial security for theentire corporate group on significantly improved terms.Application of profitsThe Supervisory Board has today, April 21, 2015, passed a resolution topropose to the Annual General Meeting the distribution of a dividend of EUR0.50 per share to the shareholders from the unappropriated retainedearnings EUR 19,994,078.33 as of December 31, 2014, as reported in theseparate annual financial statements of Allgeier SE. The remainingunappropriated retained earnings are to be carried forward to a newaccount.Outlook for 2015In line with the statement in the management report as of December 31,2014, the Management Board anticipates total revenue growth of between 10and 15 percent for the continuing operations, according to planning for the2015 financial year. The EBITDA margin (before extraordinary effects, andeffects related to other accounting periods) is to rise in the magnitude ofone percentage point,equivalent to above-average EBITDA growth in the magnitude of adouble-digit percentage amount.Targeted acquisitions in 2015 should also support and accelerate the growthand positioning of the Group and its individual segments on the market.Allgeier will finance its intended investments from both equity and debt.For this purpose, existing and new financing facilities are being reviewedconstantly, and adapted where required. This also includes examiningopportunities for equity-based financing.The performance of the Allgeier share during the second half of 2014 isunsatisfactory in this context. After reaching highs of up to more than EUR19.00 during the first half of 2014, the share price fell considerablyduring the second half of 2014 to a level of around EUR 14.00 at the end of2014. The share has since recovered a little to a level above EUR 16.00.This corresponds to a market capitalisation of EUR 150 million.Over recent months, various parties have expressed a general interest tothe company in acquiring various individual participating interests orindividual operating segments from the portfolio. Given this, themanagement has conducted its own calculations of the values of theindividual operating segments through peer group comparisons based on whatthe management believes are appropriate EBITDA multiples (enterprisevalue/EBITDA 2014/2015). Applying the 2015 expected EBITDA for theindividual business areas – including acquisitions already realised orexpected in 2015 – a total value of around between EUR 330 million and EUR400 million is derived for the operating segments (enterprise values beforededucting net assets/liabilities). The management is of the opinion thatthe individual segments make the following contributions in this context:Experts EUR 130 million to EUR 150 million, Projects EUR 150 million to EUR185 million, and Solutions EUR 50 million to EUR 65 million.For an overall valuation of the Allgeier Group, the Group’s net debt(almost EUR 30 million as of December 31, 2014), the purchase prices of thecompanies acquired in 2015 or the entities still to be acquired, and theirfinancial statements, as well as the holding company’s negative EBITDAcontribution of around EUR 5 million for 2015 are to be taken into account.Given these rough value estimates, the Management Board sees a markeddiscrepancy between the current market capitalisation of around EUR 150million and the operating segments’ intrinsic value. Together with selectedinvestment banks, the company is currently discussing options to structurethe composition of the investment portfolio more clearly and moreattractively for the capital market. Besides ongoing acquisition activity,the company is also examining the disposal or spin-off of parts of theportfolio on the capital market in this context.The 2014 Annual Report will be published on April 30, 2015, when it can beviewed at SECorporate Communications & Investor RelationsDr. Christopher GroßeWehrlestraße 1281679 MunichTel.: +49 (0)89/998421-0Fax: +49 (0)89/998421-11E-Mail: ir@allgeier.comWeb: www.allgeier.comAllgeier SE is one of the leading IT companies for Business Performancetoday: Allgeier combines the advantages of an international provider withthe merits of medium-sized companies with a growth strategy orientedconsistently to innovations and future trends, and an integrative businessmodel. Operating segments, each with their individual specialist orsector-related focal points, work together for more than 3,000 customersfrom almost all sectors. With more than 5.300 salaried employees and over1.200 freelance IT experts, Allgeier, as a one-stop shop, offers customersa comprehensive portfolio of solutions and services. With a highly flexibledelivery model, Allgeier covers the full range of IT services, from on-siteand nearshore through to offshore: A strong presence in India ensuresflexibility and maximum scalability of the services, supplemented by highlyqualified expertise in high-end software development. Allgeier’s customersinclude globally operating groups as well as innovative medium-sizedoperations that wish to secure strategic advantages through high-performingIT solutions, intelligent software and flexible personnel services. Thishigh-growth company, which is based in Munich, Germany, operates at 100sites in the German-speaking region, and at further locations in the restof Europe, as well as in India, Singapore, Mexico and the USA. In 2014Allgeier generated EUR 428 million of revenue (continued operations).Allgeier SE was ranked first in the Lünendonk(R) List 2014 of “LeadingGerman medium-sized IT consulting and system integration companies”.Allgeier Experts ranks among the top three IT personnel service-providersin Germany according to the Lünendonk(R) 2014 market segment study “Themarket for recruiting, mediating and managing IT freelancers in Germany”.The company is listed on the regular market of the Frankfurt Stock Exchangein the General Standard segment (WKN 508630/ISIN DE0005086300). Furtherinformation is available on the company’s website at: The DGAP Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at and————————————————————————— Language: EnglishCompany: ALLGEIER SE Wehrlestraße 12 81679 München GermanyPhone: +49 (0) 89 – 99 84 21 0Fax: +49 (0) 89 – 99 84 21 11E-mail: info@allgeier.comInternet: http://www.allgeier.comISIN: DE0005086300WKN: 508630Indices: CDAXListed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart End of Announcement DGAP News-Service —————————————————————————