Allgeier SE: Additional details on the publication of a review order by the BaFin on July 12, 2022
DGAP-Ad-hoc: ALLGEIER SE / Key word(s): Declaration
13-Jul-2022 / 17:16 CET/CEST
Munich, July 13, 2022 – Yesterday the BaFin published an announcement on an accounting review regarding the presentation of the split of Nagarro SE in the consolidated financial statements of Allgeier SE (WKN A2GS63, ISIN DE000A2GS633) as of December 31, 2020. We have published an explanatory note to this topic. yesterday. Due to inquiries, we are supplementing the explanation on the merits of the review order based on our knowledge as follows:
The audit issues raised relate exclusively to the presentation of the split operation in the consolidated financial statements of Allgeier SE as of December 31, 2020 and have no impact on the companies involved Allgeier SE and Nagarro SE beyond.
The review order covers the following two main aspects:
We are carefully examining these points and will finalize their content with BaFin. In any case, according to our current knowledge, they relate exclusively to the accounting presentation of the demerger operation in the consolidated financial statements as of December 31, 2020.
The effectiveness of the split itself is not affected by BaFin’s audit ratings. The spin-off has indeed been executed without a doubt and nothing will change in this regard.
The continuing activities of the Allgeier group, ie all of Allgeier’s current activities, are also not affected by the audit points. Likewise, the annual and consolidated financial statements of Allgeier SE as of December 31, 2021 and subsequent financial statements are not materially affected. Disclosure issues also have no tax relevance and have no impact on the Group’s liquidity.
Nagarro SE’s business and Nagarro SE’s annual and consolidated financial statements are also unaffected by the audit issues.
This concerns only the correct presentation of the split transaction in the consolidated financial statements of Allgeier SE as a one-time disclosure issue against various IFRS standards.
Allgeier SE is one of the leading technology companies for digital transformation: the fast-growing group headquartered in Munich guides its customers through the challenges of digital transformation to ensure their future success. Allgeier has a broad and stable customer base consisting of globally active enterprises, successful mid-sized companies and public sector customers. To its more than 2,000 customers, Allgeier offers a comprehensive portfolio of IT and software services ranging from high-end software development to business efficiency solutions to support the digitization and transformation of critical business processes. In doing so, Allgeier achieves breakthroughs towards new digital business models, sets strategic priorities and implements breakthrough projects with high flexibility and scalability to shape agile and intelligent organizations for the digital age. The two segments of the Enterprise IT group and mgm technology partners employ more than 3,000 employees and more than 1,000 independent experts at a total of 42 locations worldwide in the DACH region, France and the Czech Republic, as well as in India , Vietnam and the United States. In fiscal year 2021, Allgeier generated revenue of €403 million from continuing operations. According to the Lünendonk® 2022 list, Allgeier is one of the leading IT services companies in Germany. Allgeier SE is listed on the regulated market of the Frankfurt Stock Exchange in the general standard (WKN A2GS63, ISIN DE000A2GS633). More information on: www.allgeier.com
July 13, 2022 CET/CEST DGAP distribution services include regulatory announcements, financial/corporate news and press releases.
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|Listed:||Frankfurt Regulated Market (general standard); Unofficial regulated market in Berlin, Düsseldorf, Hamburg, Stuttgart, Tradegate Exchange|
|EQS news ID:||1397459|
|End of announcement||DGAP Information Service|
1397459 July 13, 2022 CET/CEST
ALLGEIER SE Technical Analysis Trends
|Short term||Middle term||Long term|
Evolution of the income statement
|Medium consensus||TO BUY|
|Number of analysts||3|
|Last closing price||€31.10|
|Average target price||€60.00|
|Average Spread / Target||92.9%|