Allgeier SE: Supervisory Board approves the 2015 financial statements and proposes dividend; Q1 2016 revenue and earnings growth

Allgeier SE: Supervisory Board approves the 2015 financial statements and proposes dividend; Q1 2016 revenue and earnings growth

05/02/2016

Munich, 29 April 2016 - At its meeting today, the Supervisory Board of Allgeier SE (ISIN DE0005086300, WKN 508630) approved the audited separate and consolidated financial statements for Allgeier SE for the 2015 financial year. The annual financial statements are thereby adopted. The finalized consolidated figures essentially correspond to the preliminary figures that were announced in an ad hoc release on 18 March 2016. The business units that have been sold during the past financial year, b+m Informatik AG, Melsdorf, the Innsbruck-based terna Group, Austria, and the Storage division of Allgeier (Schweiz) AG, which is based in Thalwil, Switzerland, are reported as discontinued operations. Munich-based Talentry GmbH is also reported under discontinued operations due to ongoing negotiations about a modification to its shareholder base with a view to its strategic further development.

Revenue and earnings trends (IFRS)

The sum of a total consolidated revenue from continuing and discontinued operations in the 2015 financial year elapsed (1 January 2015 to 31 December 2015) rose by 9 per cent to EUR 498.9 million (previous year: EUR 456.5 million). Adjusted consolidated EBITDA (EBITDA before effects that qualify operationally as extraordinary or as relating to other accounting periods) from continuing and discontinued operations reported disproportionately rapid year-on-year growth of 16 per cent to reach EUR 29.3 million (previous year: EUR 25.3 million). Consolidated EBITDA increased by 13 per cent to EUR 27.1 million during the period under review (previous year: EUR 24.0 million). Consolidated EBIT for the period stood at EUR 12.7 million, 20 per cent above the previous year's result (previous year: EUR 10.5 million). Excluding disposal gains, the Group generated EUR 8.8 million of earnings before tax (previous year: EUR 5.5 million). The Allgeier Group achieved EUR 10.0 million of income before tax from the disposal of the divested business units. The expense for income taxes (excluding income taxes on the disposal gain) amounted to EUR 5.6 million in the reporting period (previous year: EUR 5.4 million). Consequently, the Group generated earnings for the period (including the disposal gain) of EUR 12.8 million (previous year: EUR 2.6 million). Earnings per share for the entire Allgeier Group amounts to EUR 1.39 for the 2015 reporting year (previous year: EUR 0.23).

Business trends in continuing operations

In the Allgeier Group's continuing operations, IFRS consolidated revenue increased to EUR 452.2 million during the 2015 financial year (previous year continuing operations: EUR 384.2 million), reflecting 18 per cent growth. Adjusted consolidated EBITDA for continuing operations were up by 11 per cent to EUR 25.3 million (previous year continuing operations: EUR 22.8 million). Consolidated EBITDA in the continuing operations increased by 10 per cent to EUR 23.2 million in the reporting period (previous year continuing operations: EUR 21.0 million). Consolidated EBIT from continuing operations stood at EUR 10.3 million for the period under review (previous year continuing operations: EUR 10.3 million). The Group generated EUR 6.3 million of earnings before tax from its continuing operations (previous year continuing operations: EUR 5.4 million). The results include EUR 0.3 million of income from claims asserted against third parties abusing the company's software rights. Further cases of this type are being legally examined and pursued, and can result in further income in the future in the six or seven digit range. Earnings per share from the continuing operations (adjusted for amortization relating to acquisition activity, and with normalized taxes) amounted to EUR 1.09 during the reporting year (previous year: EUR 1.00).

Key balance sheet financials as of 31 December 2015

Equity stood at EUR 115.7 million as of the 31 December 2015 reporting date (previous year: EUR 100.7 million). The Allgeier Group had liquid assets available of EUR 83.7 million as of the end of the 2015 financial year (previous year: EUR 98.0 million). Current and non-current financial liabilities have reduced to EUR 110.7 million as of the reporting date (previous year: EUR 125.2 million). Total assets amounted to EUR 328.0 million as of the reporting date (previous year: EUR 329.8 million).

Application of profits The Supervisory Board has today, 29 April 2016, passed a resolution to propose to the Annual General Meeting to distribute a dividend of EUR 0.70 per share to the shareholders from the unappropriated net profit of EUR 34,452,551.90 as of 31 December 2015, as reported in the annual financial statements of Allgeier SE. The remaining unappropriated profit is to be carried forward to a new account.

Q1 2016 revenue and earnings trends

In the first quarter of 2016 (1 January 2016 to 31 March 2016), preliminary total operating revenue from continuing operations amounted to EUR 116.1 million, up 14 per cent on the previous year's level (previous year continuing operations: EUR 101.7 million). This growth derives from organic growth and from the consolidation of companies that were not yet acquired, and consolidated, in the previous year's first quarter. Adjusted consolidated EBITDA (EBITDA before effects that qualify operationally as extraordinary or relating to other accounting periods) from continuing and discontinued operations reported disproportionately rapid year-on-year growth of 22 per cent to EUR 4.7 million (previous year: EUR 3.8 million). As no negative extraordinary effects, especially from currency fluctuations, were incurred as of the end of the first quarter 2016 - by contrast with the previous year's first quarter - preliminary EBITDA for the period stands at EUR 5.4 million (previous year continuing operations: EUR 2.2 million). Accordingly, preliminary EBIT from continuing operations amounted to EUR 2.6 million (previous year continuing operations: EUR -0.5 million).

Key balance sheet financials as of March 31, 2016

Preliminary equity amounted to EUR 114 million as of 31 March 2016 (December 31, 2015: EUR 115.7 million). The Allgeier Group had liquid assets available of EUR 60.5 million (on the basis of preliminary figures) as of the balance sheet date (31 December 2015: EUR 83.7 million). Preliminary current and non-current financial liabilities amounted to EUR 110.3 million as of 31 March 2016 (31 December 2015: EUR 110.7 million). Preliminary total assets stood at EUR 320 million as of 31 March 2016 (31 December 2015: EUR 328.0 million).

Note

The aforementioned previous year's results from continuing operations are not comparable with the Allgeier 2014 Annual Report due to the restatement of the previous year to reflect the divested units. The IFRS figures for the first quarter of 2016 are preliminary. The 2015 annual report will be issued today, 29 April 2016, and can be viewed at www.allgeier.com. An interim report of Allgeier SE as of 31 March 2016 will be published on 17 May 2016, and can be viewed at www.allgeier.com.