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Munich, November 07, 2013 – According to preliminary results, Allgeier SE (ISIN DE0005086300, WKN 508630) continued to boost both its revenue and earnings during the first nine months of the 2013 financial year (January 1, 2013 to September 30, 2013). Consequently, Allgeier continued to chart a growth course and further bolstered its competitive position.
Revenue during the first nine months of 2013 advanced to EUR 349.5 million, up 17 percent compared with the comparable period of 2012 (previous year: EUR 297.8 million). Both the revenue contribution from corporate acquisitions realised during the years under review and operating growth drove this revenue growth.
EBITDA increased by 33 percent year-on-year to reach EUR 21.4 million (previous year: EUR 16.1 million). EBIT during the period under review was up by 96 percent to EUR 12.4 million as a result of a decrease in amortisation charges arising from purchase price allocation is (previous year: EUR 6.3 million). At the same time, the EBIT earnings figure continued to be impacted by the amortisation charges applied to IFRS purchase price allocations (amortisation of order book positions, customer bases and products), which comprise most of the amortisation and depreciation of EUR 9.0 million (previous year: EUR 9.8 million).
Interest expenses of EUR 3.9 million remained at the level in the comparable prior-year period. A significant proportion of these interest expenses relate to the borrower’s note loan that was taken out in March 2012, and the reversal of discounts applied in previous periods to earn-out liabilities. After interest, Allgeier reported a 215 percent increase in EBT (earnings before tax) to EUR 8.8 million in the first nine months of 2013 (previous year: EUR 2.8 million). After deducting EUR 3.3 million of tax expenses (previous year: EUR 1.2 million), and an item amounting to EUR 0.2 million connected with the disposal of Allgeier DL (previous year: EUR 0.0 million), Allgeier consequently achieved EUR 5.3 million of net income during the first three quarters of 2013 (previous year: EUR 1.6 million). Final agreement and invoicing for the disposal in 2008 of Allgeier DL occurred during the third quarter of the year, with its preliminary accounting having already occurred as of December 31, 2012.
Basic earnings per share, calculated on the basis of the nine-month earnings reduced to reflect the share of earnings attributable to non-controlling shareholders, rose to EUR 0.60 (previous year: EUR 0.15). Cash flow from operating activities and before working capital changes grew by 21 percent to EUR 15.3 million in the period under review (previous year: EUR 12.6 million).
The Group continued its revenue and earnings growth during the third quarter of 2013 (July 1, 2013 – September 30, 2013). Revenue advanced by 13 percent year-on-year to EUR 122.2 million (Q3 2012: EUR 107.7 million). EBITDA rose 48 percent to EUR 9.1 million (Q3 2012: EUR 6.1 million). EBIT increased by 106 percent compared with the same period of 2012 to reach EUR 6.1 million (Q3 2012: EUR 3.0 million).
The Allgeier Group enjoys solid financing and net asset positions as of the balance sheet date. The total assets of the Allgeier Group were down by EUR 12.7 million, from EUR 289.6 million on December 31, 2012 to EUR 276.9 million on September 30, 2013. This primarily reflects both the decline in non-current assets due to amortisation arising from purchase price allocation, which was not offset by any significant additions during the first nine months of 2013, and the decrease in current assets due to outgoing payments as part of acquisition activities and dividends. The translation of the net assets of Group companies that account in foreign currencies also contributed to the reduction in total assets.
Equity amounted to EUR 87.8 million as of the September 30, 2013 reporting date (December 31, 2012: EUR 93.4 million). This decline is attributable to the distribution of the dividend to the shareholders of Allgeier SE, the acquisition of shares of non-controlling shareholders, effects on equity carried directly to equity, and the addition of treasury shares. This was offset by the earnings for the first three quarters of 2013.
All of the aforementioned IFRS figures are preliminary. The interim report for the third quarter of 2013 of Allgeier SE will be published on November 14, 2013, and can then be viewed atwww.allgeier.com.