Investor Relations
Allgeier SE exceeds forecast for fiscal year 2021 according to preliminary figures - margin increases significantly

03/10/2022

Publication of inside information pursuant to Art. 17 MAR

Munich, March 10, 2022 – According to preliminary and as yet unaudited figures, the Allgeier Group exceeds its earnings forecast for fiscal year 2021 (January 1, 2021 – December 31, 2021), which was last published in an ad hoc announcement on December 17, 2021. Allgeier recorded double-digit revenue growth in the past 2021 financial year and was able to increase the earnings margin of adjusted EBITDA to over 10 percent for the first time.

Business performance of continuing operations in full year 2021

In fiscal year 2021, the Allgeier Group generated total operating performance of EUR 404 million in continuing operations (previous year: EUR 353 million), which is equivalent to growth of 15 percent. Gross profit (defined as total operating performance less cost of sales and personnel expenses directly attributable to sales) rose disproportionately by 27 percent to EUR 129 million (previous year: EUR 102 million). The Group thus increased its gross margin to 32 percent (previous year: 29 percent). Adjusted EBITDA (EBITDA before effects that are extraordinary or relate to other periods) increased by 48 percent to EUR 45 million (previous year: EUR 30 million), corresponding to a margin of 11.1 percent (previous year: 8.6 percent). The main adjustments in fiscal 2021 were expenses from the valuation of stock options issued in 2021. EBITDA grew by 63 percent and amounted to EUR 38 million (previous year: EUR 23 million). EBIT amounted to EUR 20 million (previous year: EUR 7 million), corresponding to an increase of 179 percent.

Key balance sheet data as of December 31, 2021

The Allgeier Group had cash and cash equivalents of EUR 69 million at the end of fiscal year 2021 (previous year: EUR 61 million). Current and non-current financial liabilities amounted to EUR 138 million as of the balance sheet date (previous year: EUR 29 million). The main reason for the increase is the financing of the acquisitions made in 2021. The lease liabilities to be recognized under IFRS 16 amounted to EUR 45 million (previous year: EUR 31 million). Total assets increased to EUR 471 million (previous year: EUR 244 million).

Confirmation of Guidance 2022

As of today, Allgeier SE confirms the guidance for the 2022 financial year published in the ad hoc announcement of December 17, 2021. This envisages revenues in the range of EUR 480 to 520 million in the financial year 2022. The expected adjusted EBITDA of Allgeier SE for 2022 is between EUR 63 million and EUR 69 million. The corresponding adjusted EBITDA margin is expected to increase to 13 to 14 percent in the current fiscal year. In the medium term, the Management Board is aiming for an annual organic growth rate of 10 to 15 percent and an adjusted EBITDA margin of 15 percent over the next three years.

Notes

The acquisitions are consolidated in the Group from the date of acquisition (closing). The acquisition of the Evora Group in December 2021 is consolidated as of December 31, 2021. This means that this acquisition does not yet have any effect on the income statement for 2021, but the initial consolidation is reflected in the statement of financial position as of December 31, 2021, including the acquisition transaction.

The 2021 Annual Report of Allgeier SE will be published on April 29, 2022, and can then be viewed at www.allgeier.com.

All financial figures for the financial year 2021 are preliminary and have not yet been conclusively audited by the Group’s auditor. Figures for periods after December 31, 2021, represent expectations of the Management Board based on assumptions and estimates. Future actual developments and future actual results may differ from these assumptions and estimates. Allgeier SE provides no guarantee and assumes no liability that future developments and future actual results will be consistent with the assumptions and estimates expressed in this ad hoc announcement.

This document contains supplementary financial measures – not precisely defined in relevant accounting frameworks – that are or may be so-called alternative performance measures. These supplementary financial measures may be of limited use as an analytical tool and should not be used in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks in assessing the financial position, financial performance and cash flows of Allgeier SE. Other companies that present or report alternative performance measures with a similar title may calculate them differently and therefore they may not be comparable. For more information on the alternative performance measures used by Allgeier SE, please refer to the Annual Report 2020.