DGAP-News: Bechtle AG: Significant Q1 growth
(firmenpresse) - Bechtle AG / Quarter Results/Interim Report
12.05.2010 07:31
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Bechtle AG: Significant Q1 growth
- Revenue and results increase by double digit margin
- Both business segments well above last year
- Further improvement of financial position
- Equity ratio rises to 65.9 per cent
Neckarsulm, 12 May 2010: The economic rebound continued its course in
quarter one 2010 and Bechtle AG saw its business rise accordingly. Revenue
increased by 11.3 per cent over last year's mark of 318.9 million euros to
354.8 million euros and earnings before tax (EBT) improved by 67.2 per
cent for the first quarter to 10.2 million euros (previous year: 6.1
million euros). The EBT margin increased a full percentage point from 1.9
to 2.9 per cent. Based on 21.0 million shares, the EPS was at 0.36 euros
(previous year: 0.21 euros).
'Bechtle was able to continue the strong business development of Q4 2009
into the first quarter of the new year. Both business segments made
significant gains in revenue and profits,' explains Dr. Thomas Olemotz,
spokesman of the executive board of Bechtle AG.
Improved business development in system house segment
In the IT System House&Managed Services segment Bechtle recorded a
revenue of 228.0 million euros in Q1 2010, which corresponds to a 10.0 per
cent increase over Q1 2009 at 207.3 million euros. The system houses in
Germany, in particular, showed solid growth with a growth rate of 12.2 per
cent. Business with SMB customers is beginning to pick up again after
suffering a slowdown due to last year's economic downturn. Demand is still
high in the public sector segment.
Profitability in the system house segment has even improved considerably.
The EBIT rose by 52.8 per cent from 3.0 million euros last year to 4.6
million euros in the current reporting quarter. The EBIT margin improved
accordingly from 1.5 to 2.0 per cent.
IT e-commerce growth trend back on course
Bechtle AG made revenue of 126.8 million euros in the e-commerce segment in
the reporting quarter compared to 111.6 million euros in Q1 2009. That
corresponds to a rise of 13.6 per cent.
The EBIT in the e-commerce segment was 5.3 million euros in the first three
months of 2010, which corresponds to an increase of 91.0 per cent (previous
year: 2.8 million euros). The EBIT margin rose considerably to 4.2 per cent
after recording 2.5 per cent in the first quarter of last year.
By opening a new subsidiary in Poland on 6 April 2010, Bechtle remains true
to its growth strategy in the e-commerce segment and has moved into the
Eastern European market. Bechtle direct, the company's trading brand, has
extended its presence into twelve European countries. Further expansion
into another Eastern European country is planned for the second half of
2010.
Liquidity and cash flow once again on the rise
The cash and cash equivalents including the current and non-current time
deposits and securities amounted to 110.8 million euros on the reporting
date, 31 March 2010 (31 December 2009: 95 million euros). Including global
credit lines, Bechtle has a comfortable cash reserve amounting to 144.5
million euros (31 December 2009: 129.7 million euros). The cash flow from
operating activities rose from 13.4 million euros in the previous year's
first quarter to 16.6 million euros in the current reporting quarter. The
equity ratio was up to 65.9 per cent on 31 March (64.3 per cent on 31
December 2009).
Promising start to the year
'All indicators point to a sustainable positive economic trend. However,
there is still a certain amount of uncertainty of just how sustainable the
economic recovery will be. Considering the cyclical nature of business in
this industry, it is not possible to lay down any concrete company targets
for the current fiscal year,' explains Dr. Thomas Olemotz. Aside from the
overall economic condition, several other factors will play a definitive
role in determining how successful Bechtle AG will be this year, including
the start of the new e-commerce subsidiaries, the further development in
the public sector segment, as well as the continuing developments of large
projects. 'We do, however, fully anticipate that we will exceed last year's
totals for both revenue and profits by a considerable margin. Bechtle's
profits will once again be exceptionally high in relation to the industry's
parameters.'
Q1 2010 Q1 2009 +/-
Revenue th. euros 354,758 318,870 11.3 %
Domestic th. euros 230,768 206,318 11.9 %
Abroad th. euros 123,990 112,552 10.2 %
IT SH&MS th. euros 227,957 207,272 10.0 %
IT-E-C th. euros 126,801 111,598 13.6 %
EBIT th. euros 9,894 5,782 71.1 %
IT SH&MS th. euros 4,608 3,015 52.8 %
IT-E-C th. euros 5,286 2,767 91.0 %
EBT th. euros 10,245 6,127 67.2 %
EAT th. euros 7,587 4,329 75.3 %
EPS euros 0.36 0.21 75.1 %
Cash flow from operating
activities th. euros 16,585 13,378 24.0 %
31.03.2010 31.12.2009 +/-* including time deposits and securities
Cash and cash equivalents* th. euros 110,815 94,977 16.7 %
Equity ratio % 65.9 64.3
No. of employees 4,374 4,354 0.5 %
Kontakt:
Bechtle AG
Investor Relations
Thomas Fritsche
Telefon: +49 7132/981-4121
Martin Link
Telefon: +49 7132/981-4149
Telefax: +49 7132/981-4116
ir(at)bechtle.com
12.05.2010 07:31 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Bechtle AG
Bechtle Platz 1
74172 Neckarsulm
Deutschland
Phone: +49 (0)71 32/ 9 81-0
Fax: +49 (0)7132/ 9 81 - 8000
E-mail: ir(at)bechtle.com
Internet: www.bechtle.com
ISIN: DE0005158703
WKN: 515870
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
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