04/17/2012

ALLGEIER HOLDING AG / Key word(s): Final Results17.04.2012 17:56Dissemination of an Ad hoc announcement according to § 15 WpHG, transmittedby DGAP – a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.—————————————————————————The Supervisory Board of Munich-based Allgeier Holding AG (ISIN DE000508630/ WKN 508630), one of the leading companies in the German IT sector, hasapproved the audited single-entity and consolidated financial statements ofAllgeier Holding AG for the 2011 financial year at its meeting held onApril 17, 2012. The annual financial statements have been adopted as aconsequence. The final consolidated results slightly exceeded thepreliminary results announced in the unscheduled press release of February16, 2012.IFRS revenue and earnings trendsAllgeier Holding AG continued to report significant growth in the 2011financial year (January 1, 2011 until December 31, 2011). Consolidatedrevenue (on IFRS basis) was up by EUR 70.1 million to reach EUR 378.8million as of December 31, 2011, due to the good economic environment, theacquisitions that the company realised, and organic growth (previous year:EUR 308.7 million). This represents 23 percent growth. Operating cash flow(before working capital changes) grew by 31 percent from EUR 21.6 millionin the previous year to EUR 28.4 million. EBITDA as reported in theconsolidated financial statements also underwent a year-on-year improvementof 23 percent to reach EUR 22.3 million (previous year: EUR 18.1 million). EBITDA incurred a EUR 1.3 million charge arising from currency effectsreflecting payments and balance sheet date currency translation (previousyear: EUR -0.3 million). Earnings before interest, tax and amortisationrelating to purchase price allocations, and from the earnings-effectiveadjustment of earnout pursuant to IFRS (EBITA) grew by 22 percent to EUR19.0 million (previous year: EUR 15.6 million). At EUR 12.0 million,earnings before interest and tax (EBIT) rose faster than EBITA, and were upby 8 percent (previous year: EUR 11.0 million). This earnings figure hasbeen significantly affected by acquisition activities in 2010 and 2011. Inaccounting terms, these acquisitions resulted in a rise of around EUR 2.3million in IFRS amortisation applied to purchase price allocations (inother words, amortisation applied to order book positions, customer basesand products) to reach approximately EUR 7.2 million (previous year: EUR4.8 million). The EBT of EUR 9.5 million that was achieved (previous year:EUR 10.2 million) was burdened by a net financial result of EUR -2.5million (previous year: EUR -0.9 million). Loans taken out to financegrowth fed through to a significantly higher interest burden in thiscontext. At EUR 5.3 million, earnings after tax were below the previousyear’s figure of EUR 8.7 million. This reduction is also attributable to anegative tax effect. Compared with a EUR 1.5 million tax expense in 2010,Allgeier incurred EUR 4.2 million of taxes on income in 2011. The high taxrate is largely due to the inability to utilise loss carryforwards in 2011as a result of structural effects, whereby the company intends to utilisethese loss carryforwards in subsequent years. Earnings per share fell fromEUR 0.99 in 2010 to EUR 0.52 in the year under review. Adjusted earningsper share, which are formed on the basis of EBITA (in other words, adjustedto reflect effects arising from amortisation applied to purchase priceallocations), and which are also adjusted for effects arising from thechange to the tax rate (through assuming a constant 30 percent percent taxrate), rose by 7 percent from EUR 1.18 in 2010 to EUR 1.27 in 2011.Key balance sheet figuresTotal assets increased to EUR 242.1 million (previous year: EUR 204.1million). Consolidated equity stood at EUR 88.2 million as of December 31,2011 (previous year: EUR 85.5 million), with the equity ratio decliningfrom EUR 41.9 million at the end of 2010 to EUR 36.4 million as of December31, 2011, due to the increase in total assets. Current and non-currentfinancial liabilities (including liabilities relating to profitparticipation rights) fell to EUR 41.4 million as of December 31, 2011(previous year: EUR 45.5 million). Cash and cash equivalents declined toEUR 31.9 million (previous year: EUR 61.3 million). Outgoing payments forcorporate acquisitions are primarily responsible for the reduction in cashand cash equivalents.Application of unappropriated retained earningsThe Management and Supervisory boards have passed a resolution today, April17, 2012, to propose to the AGM that it approves the distribution of adividend of EUR 0.50 per share to shareholders from the unappropriatedretained earnings of EUR 41,419,801.12 as reported in the financialstatements of Allgeier Holding AG as of December 31, 2011. The remainingretained earnings are to be carried forward to a new account.OutlookThe Management Board expects sustained consolidated earnings growth in thelow double-digit percentage range for the 2012 financial year, withearnings rising at a faster rate.The 2011 annual report was published today, April 17, 2012, and isavailable on the company’s website at www.allgeier.com.Contact:Allgeier Holding AGDr. Christopher GrosseWehrlestr. 1281679 Munich / GermanyPhone +49 89 998421-0Fax +49 89 998421-11eMail: ir@allgeier-holding.de Web: www.allgeier.comMunich-based Allgeier Holding AG is one of the leading consulting andservice companies in the German-speaking region. The Allgeier Group’sservices are divided into the three segments of IT Solutions, IT Services &Recruiting, and Project Solutions. With more than 2,500 employees and over1,500 freelance IT experts, the Allgeier Group offers its customers acomplete service approach spanning design, implementation, and through tothe operation of IT landscapes. Fourteen corporate units, each with its ownspecialist and sector-related focus, work together for around 2,000customers from almost all sectors. This high-growth company currentlyoperates at more than 50 sites in the German-speaking region, and at 23further locations in the rest of Europe, as well as in India, Mexico andthe USA. The company is listed on the regular market of the Frankfurt StockExchange in the General Standard segment (WKN 508630 / ISIN DE000508630).Further information is available on the company’s website at:www.allgeier.com.17.04.2012 DGAP’s Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de————————————————————————— Language: EnglishCompany: ALLGEIER HOLDING AG Wehrlestraße 12 81679 München GermanyPhone: +49 (0) 89 – 99 84 21 0Fax: +49 (0) 89 – 99 84 21 11E-mail: info@allgeier.comInternet: http://www.allgeier.comISIN: DE0005086300WKN: 508630Indices: CDAXListed: Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart End of Announcement DGAP News-Service —————————————————————————