DGAP-News: Bechtle AG / Key word(s): Half Year Results/Interim Report
Bechtle reports unswerving growth
10.08.2012 / 07:30
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Bechtle reports unswerving growth
- Revenues up 8 per cent to EUR983 million in the first half of the year
- Significant year-on-year increase in gross margin to 15.1 per cent
- EBIT approximately EUR33 million
- Positive outlook on the second half of the year
Neckarsulm, 10 August 2012 - In the first half of 2012, Bechtle AG
generated revenues of EUR982.9 million, almost EUR70 million or 7.6 per
cent more than in the prior year. The gross margin improved from 14.7 per
cent to 15.1 per cent. The earnings before interest and taxes (EBIT) for
the first six months of the year amounted to EUR32.8 million, EUR4.7
million less than in the prior year.
'Considering the economic framework conditions on our markets and the
significant increase in the number of employees, we are satisfied with our
business performance in the first half of the year. Though we felt the
impact of the euro crisis in some European countries, we stepped up our
growth considerably in the second quarter. We were also able to strengthen
our competitive position in the domestic market, which is an important
market for us,' says Dr. Thomas Olemotz, Chairman of the Executive Board of
Bechtle AG.
German system houses undergo two-figure growth
In the first six months, the IT system house & managed services segment
generated revenues of EUR643.1 million, a growth of EUR52.6 million or 8.9
per cent. This development was mainly driven by the home market Germany,
where the customer demand and willingness to invest remained stable and
resulted in a revenue increase of 13.1 per cent. Organically, the segment
revenue amounted to EUR622.3 million, 5.4 per cent more than in the prior
year. EBIT dropped from EUR21.1 million in the prior year to EUR17.4 in the
period under review. This development was mainly caused by the higher
personnel expenses, which could only be partly compensated by the higher
gross earnings. Due to acquisitions, depreciation and amortisation also
went up. The EBIT margin amounted to 2.7 per cent, compared to 3.6 per cent
in the prior year.
Trading business grows despite difficult environment
The IT e-commerce segment increased its exclusively organic revenues by 5.3
per cent to EUR339.8 million. Of this amount, Bechtle generated EUR239.1
million abroad, a growth of 5.1 per cent. In the six-month period, the EBIT
amounted to EUR15.4 million, 6.0 per cent less than in the prior year. The
reason for this development was the great price pressure in the
trading-only business, along with increased personnel expenses. The EBIT
margin declined from 5.1 per cent to 4.5 per cent.
Equity ratio further up
Due predominantly to the dividend payout and investments in the working
capital, cash and cash equivalents including time deposits and securities
decreased 23.7 per cent to EUR108.0 million. As of 30 June 2012, the equity
increased EUR3.0 million to EUR422.0 million. The equity ratio improved
from 52.2 per cent to 55.5 per cent.
Growth in number of employees as investment in the future
As of the end of the quarter, the group had 5,750 employees. Thus, the
number of employees increased 166 in the quarter under review, after 105 in
the first quarter. Year on year, the average number of employees in the
group went up 716, an increase of 14.5 per cent. This increase was caused
by new recruitment as well as the takeover of KUMAtronik GmbH at the
beginning of the second quarter. Investments made in Bechtle's expanding
range of expertise, in particular, contributed to the increase in personnel
costs.
Confident outlook
Provided that the euro crisis does not intensify and cause major economic
dislocations, the Executive Board looks to the second half of the year with
confidence. 'For the year as a whole, we are still targeting a revenue
increase that is higher than the market average. Taking the developments of
the first six months into consideration, the goal of holding or exceeding
the prior-year earnings level appears to be rather ambitious. Nevertheless,
in view of the two strong quarters expected in the annual comparison in the
second half of the year, we will be able to reach this goal,' explains Dr
Thomas Olemotz.
Bechtle KPIs for the second quarter and the first half of 2012
|[![CDATA[|[pre|]]]|]
Q2/2012 Q2/2011 +/â H1/2012 H1/2011 +/-
Revenue EURk 495,318 457,031 8.4% 982,925 913,138 7.6%
Domestic EURk 327,737 288,038 13.8% 654,965 585,035 12.0%
Abroad EURk 167,581 168,993 -0.8% 327,960 328,103 0.0%
IT system house EURk 321,530 294,741 9.1% 643,139 590,521 8.9%
IT e-commerce EURk 173,788 162,290 7.1% 339,786 322,617 5.3%
EBIT EURk 15,435 19,644 -21.4% 32,765 37,491 -12.6%
IT system house EURk 6,624 10,980 -39.7% 17,360 21,106 -17.7%
IT e-commerce EURk 8,811 8,664 1.7% 15,405 16,385 -6.0%
EBT EURk 15,135 19,940 -24.1% 32,236 38,036 -15.2%
EBT margin % 3.1 4.4 3.3 4.2
EAT EURk 10,828 14,482 -25.2% 23,147 27,657 -16.3%
EPS EUR 0.52 0.69 -25.2% 1.10 1.32 -16.3%
OCF EURk -7,345 3,276 6,777 8,781 -22.8%
Employees (average) 5,739 5,048 13.7% 5,653 4,937 14.5%
|[![CDATA[|[/pre|]]]|]
|[![CDATA[|[pre|]]]|]
30.06.2012 31.12.2011 +/-
Cash and cash equivalents* EURk 108,008 141,488 -23.7%
Equity ratio % 55.5 52.2
Employees 5,750 5,479 4.9%
|[![CDATA[|[/pre|]]]|]
*including time deposits and securities
***
The interim financial report for the second quarter of 2012 is available
for download at www.bechtle.com/reports.
About Bechtle
As a one-stop IT provider, Bechtle is active with 65 system houses in
Germany, Austria and Switzerland and is one of Europe's leading dealers for
information technology, with subsidiaries in 14 countries. This combination
forms the basis of Bechtle's trend-setting business model, which links IT
services to the direct marketing of IT products. Established in 1983 and
headquartered in Neckarsulm, Germany, the company offers a one-stop,
vendor-independent, comprehensive IT portfolio to its more than 75,000
customers from the fields of industry and trade, the public sector and the
financial industry. Bechtle has been quoted on the stock exchange since
2000 and has been listed in the TecDAX technology index since 2004. In the
fiscal year 2011, the group generated revenues of approximately 2 billion
euros.
Contact:
Bechtle AG
Investor Relations
Thomas Fritsche
Phone: +49 7132 981-4121
ir@bechtle.com
Corporate Communications
Sabine Brand
Phone: +49 7132 981-4115
presse@bechtle.com
End of Corporate News
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Language: English
Company: Bechtle AG
Bechtle Platz 1
74172 Neckarsulm
Germany
Phone: +49 7132 981-0
Fax: +49 7132 981-8000
E-mail: ir@bechtle.com
Internet: www.bechtle.com
ISIN: DE0005158703
WKN: 515870
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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180714 10.08.2012
DGAP-News: Bechtle reports unswerving growth
| Source: EQS Group AG