ALLGEIER SE / Key word(s): Final Results/Dividend
21.04.2015 14:39
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Munich, April 21, 2015 - The Supervisory Board of Allgeier SE (ISIN
DE0005086300, WKN 508630) at its meeting on April 21, 2015, has approved
the audited separate and consolidated financial statements for Allgeier SE
for the 2014 financial year. The separate annual financial statements have
been adopted as a consequence. The finalised consolidated figures
essentially correspond to the preliminary figures that were announced in an
ad 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 its
continuing operations to reach a level of EUR 428.2 million (IFRS basis;
previous year: EUR 414.8 million). EBITDA from continuing operations stood
at EUR 23.9 million (previous year: EUR 29.8 million). After depreciation,
amortisation and impairment losses, Allgeier generated EUR 11.1 million of
EBIT on IFRS basis (previous year: EUR 16.5 million). After deducting
interest, the Group achieved EUR 6.2 million of earnings before tax from
its continuing operations (previous year: EUR 12.5 million). Net income
from continuing operations stood at EUR 1.1 million (previous year: EUR 5.4
million). Including disposal gains, the Allgeier Group reports EUR 2.6
million of total net income for the 2014 financial year from both its
discontinued and continuing operations (previous year: EUR 3.7 million).
Earnings per share for the entire Allgeier Group (discontinued and
continuing operations) amounted to EUR 0.23 in the year under review
(previous year: EUR 0.42). Earnings per share from the continuing
operations (adjusted for amortisation relating to acquisition activity, and
with normalised taxes) amounted to EUR 1.18 during the reporting year
(previous year: EUR 1.52).
Key balance sheet data
Equity 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 in
the previous year to EUR 98.0 million as of December 31, 2014, was offset
by a rise in financial liabilities from EUR 75.5 million at the end of 2013
to EUR 125.2 million at the end of the reporting year. The main factor for
both effects is a placing of new bond in December 2014, which allowed
Allgeier to establish medium- and long-term financial security for the
entire corporate group on significantly improved terms.
Application of profits
The Supervisory Board has today, April 21, 2015, passed a resolution to
propose to the Annual General Meeting the distribution of a dividend of EUR
0.50 per share to the shareholders from the unappropriated retained
earnings EUR 19,994,078.33 as of December 31, 2014, as reported in the
separate annual financial statements of Allgeier SE. The remaining
unappropriated retained earnings are to be carried forward to a new
account.
Outlook for 2015
In line with the statement in the management report as of December 31,
2014, the Management Board anticipates total revenue growth of between 10
and 15 percent for the continuing operations, according to planning for the
2015 financial year. The EBITDA margin (before extraordinary effects, and
effects related to other accounting periods) is to rise in the magnitude of
one percentage point,
equivalent to above-average EBITDA growth in the magnitude of a
double-digit percentage amount.
Targeted acquisitions in 2015 should also support and accelerate the growth
and 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 reviewed
constantly, and adapted where required. This also includes examining
opportunities for equity-based financing.
The performance of the Allgeier share during the second half of 2014 is
unsatisfactory in this context. After reaching highs of up to more than EUR
19.00 during the first half of 2014, the share price fell considerably
during the second half of 2014 to a level of around EUR 14.00 at the end of
2014. 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 to
the company in acquiring various individual participating interests or
individual operating segments from the portfolio. Given this, the
management has conducted its own calculations of the values of the
individual operating segments through peer group comparisons based on what
the management believes are appropriate EBITDA multiples (enterprise
value/EBITDA 2014/2015). Applying the 2015 expected EBITDA for the
individual business areas - including acquisitions already realised or
expected in 2015 - a total value of around between EUR 330 million and EUR
400 million is derived for the operating segments (enterprise values before
deducting net assets/liabilities). The management is of the opinion that
the individual segments make the following contributions in this context:
Experts EUR 130 million to EUR 150 million, Projects EUR 150 million to EUR
185 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 the
companies acquired in 2015 or the entities still to be acquired, and their
financial statements, as well as the holding company's negative EBITDA
contribution of around EUR 5 million for 2015 are to be taken into account.
Given these rough value estimates, the Management Board sees a marked
discrepancy between the current market capitalisation of around EUR 150
million and the operating segments' intrinsic value. Together with selected
investment banks, the company is currently discussing options to structure
the composition of the investment portfolio more clearly and more
attractively for the capital market. Besides ongoing acquisition activity,
the company is also examining the disposal or spin-off of parts of the
portfolio on the capital market in this context.
The 2014 Annual Report will be published on April 30, 2015, when it can be
viewed at www.allgeier.com.
Contact:
Allgeier SE
Corporate Communications & Investor Relations
Dr. Christopher GroÃe
WehrlestraÃe 12
81679 Munich
Tel.: +49 (0)89/998421-0
Fax: +49 (0)89/998421-11
E-Mail: ir@allgeier.com
Web: www.allgeier.com
Allgeier SE is one of the leading IT companies for Business Performance
today: Allgeier combines the advantages of an international provider with
the merits of medium-sized companies with a growth strategy oriented
consistently to innovations and future trends, and an integrative business
model. Operating segments, each with their individual specialist or
sector-related focal points, work together for more than 3,000 customers
from almost all sectors. With more than 5.300 salaried employees and over
1.200 freelance IT experts, Allgeier, as a one-stop shop, offers customers
a comprehensive portfolio of solutions and services. With a highly flexible
delivery model, Allgeier covers the full range of IT services, from on-site
and nearshore through to offshore: A strong presence in India ensures
flexibility and maximum scalability of the services, supplemented by highly
qualified expertise in high-end software development. Allgeier's customers
include globally operating groups as well as innovative medium-sized
operations that wish to secure strategic advantages through high-performing
IT solutions, intelligent software and flexible personnel services. This
high-growth company, which is based in Munich, Germany, operates at 100
sites in the German-speaking region, and at further locations in the rest
of Europe, as well as in India, Singapore, Mexico and the USA. In 2014
Allgeier generated EUR 428 million of revenue (continued operations).
Allgeier SE was ranked first in the Lünendonk(R) List 2014 of "Leading
German medium-sized IT consulting and system integration companies".
Allgeier Experts ranks among the top three IT personnel service-providers
in Germany according to the Lünendonk(R) 2014 market segment study "The
market for recruiting, mediating and managing IT freelancers in Germany".
The company is listed on the regular market of the Frankfurt Stock Exchange
in the General Standard segment (WKN 508630/ISIN DE0005086300). Further
information is available on the company's website at: www.allgeier.com.
21.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ALLGEIER SE
WehrlestraÃe 12
81679 München
Germany
Phone: +49 (0) 89 - 99 84 21 0
Fax: +49 (0) 89 - 99 84 21 11
E-mail: info@allgeier.com
Internet: http://www.allgeier.com
ISIN: DE0005086300
WKN: 508630
Indices: CDAX
Listed: Regulated Market in Frankfurt (General Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: ALLGEIER SE: Supervisory Board approves annual financial statements and proposes dividend; Management Board sees positive outlook for 2015
| Source: EQS Group AG