Corporate | 10 August 2012 07:30
Bechtle AG / Key word(s): Half Year Results/Interim Report 10.08.2012 / 07:30 --------------------------------------------------------------------- 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 2012Q2/2012 Q2/2011 +/‒ 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%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%*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 --------------------------------------------------------------------- 10.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. 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: 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 --------------------------------------------------------------------- 180714 10.08.2012