For any additional information please contact us directly:
Dr. Christopher Große
Tel.: +49 89 998421-0
Fax: +49 89 998421-11
Munich, May 15, 2013 – Allgeier SE (ISIN DE0005086300, WKN 508630) reported further revenue growth in the first quarter of 2013 (January 1, 2013 – March 31, 2013), although its EBITDA fell short of the very good result reported in the first quarter of 2012 primarily as a consequence of a non-cash currency translation loss on a long-term dollar liability arising from its Nagarro acquisition. Consequently, the Allgeier Group continued to report growth during the first quarter of 2013 financial year and further bolstered its competitive position.
Revenue in the first three months of 2013 grew significantly, by 19 percent compared with the first quarter of 2013, to reach EUR 110.2 million (previous year: EUR 92.7 million). This revenue growth reflected operating growth at most of the companies that have belonged to the Group for a longer period, and the corporate acquisitions realised in 2012. EBITDA fell short of the very good result reported in the comparable period of 2012, falling to EUR 4.8 million (previous year: EUR 6.1 million). This divergence is mainly attributable to currency differences arising from the translation of a long-term purchase price liability deriving from the acquisition of the Nagarro Group in 2011. The constellation of exchange rates on the respective quarter-end reporting dates fed through to a EUR 1.1 million charge in the first quarter of 2013 resulting from valuation differences. EBIT (earnings before interest and tax) also fell correspondingly year-on-year to EUR 1.8 million (previous year: EUR 2.8 million). The EBIT earnings figure continued to be impacted in 2013 by amortisation charges applied to IFRS purchase price allocations pursuant (amortisation of order book positions, customer bases and products), which comprise most of the amortisation and depreciation of EUR 3.1 million (previous year: EUR 3.3 million). This continued high level of amortisation is based mainly on the valuation of customer relationships and acquired hidden reserves in products and developments, which was performed pursuant to IFRS on the initial consolidation date of the acquired companies.
The Allgeier Group continues to enjoy robust financing and net asset positions as of the March 31, 2013 reporting date. Total assets reported further slight growth of EUR 5.5 million, from EUR 289.6 million on December 31, 2012, to EUR 295.1 million on March 31, 2013. Equity posted a modest increase of EUR 1.7 million to EUR 95.1 million on the balance sheet date (December 31, 2012: EUR 93.4 million). At EUR 5.3 million, cash flow from operating activities before working capital changes in the first three months of the year was approximately at the level of the prior-year comparable period (previous year: EUR 6.0 million). The Allgeier Group continues to report a high level of liquid assets of EUR 33.6 million as of March 31, 2013 (December 31, 2012: EUR 38.9 million). Along with outgoing payments related to investment activities, this fall in liquid assets is mainly connected with the increase in working capital related to the reporting date, including liquidity not required due to a lower volume of receivables sold as part of factoring.
The Management Board expects the entire Group to report sustained above-average growth revenue in the low double-digit percentage range for the 2013 financial year, with earnings rising at a faster rate.
The interim report for the first quarter of 2013 of Allgeier SE is to be published today, May 15, 2013, and can be viewed at www.allgeier.com.