DGAP-News: Substantial upsurge in Bechtle's revenues and earnings in third quarter
(firmenpresse) - Bechtle AG / Key word(s): Quarter Results/Interim Report
11.11.2010 15:16
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Substantial upsurge in Bechtle's revenues and earnings in third quarter
- Revenue up 32 per cent in Q3 to 426.9 million euros
- EBT grows by 35 per cent to 16.1 million euros
- Executive Board expects record revenue for 2010
Neckarsulm, 11 November 2010 - Thanks to the steadily high demand in the
third quarter, the revenues and earnings of Bechtle AG experienced
excellent growth rates. Revenues increased by 32.0 per cent to 426.9
million euros (prior year: 323.3 million euros). This is the highest
quarterly result achieved so far. Both segments effectively contributed to
this growth. EBT climbed by 35.4 per cent to 16.1 million euros (prior
year: 11.9 million euros). The EBT margin improved to 3.8 per cent,
compared to 3.7 per cent in the corresponding prior-year quarter. Earnings
after taxes surged by 45.4 per cent to 12.1 million euros (prior year: 8.3
million euros). Earnings per share increased from 0.40 euros to 0.58 euros.
'The third quarter performed better than we had expected. With a revenue
growth of more than 30 per cent, we were able to top the dynamism of the
prior quarters in an impressive manner and further expand our market share
in Europe. In the first financial year after the global crisis, our revenue
has already exceeded that of the former record year 2008, and the earnings
are substantially higher than in the prior year. Naturally, we want to
maintain this momentum in the final quarter,' says Dr. Thomas Olemotz, CEO
of Bechtle AG.
High Domestic Demand in the System House Segment
In the third quarter of 2010, the revenue in the IT system house&managed
services segment increased by 33.1 per cent to 287.4 million euros (prior
year: 216.0 million euros). Due to acquisitions, the growth rate of the
domestic system houses amounted to 34.5 per cent, compared to 24.7 per cent
abroad. EBIT in this segment increased by 33.3 per cent to 9.8 million
euros (prior year: 7.4 million euros). The EBIT margin remained stable at
3.4 per cent, a level that surpassed the industry average.
Further Internationalisation in IT E-Commerce
In the trade business throughout Europe, the revenues in the reporting
period increased by 30.0 per cent from 107.3 million euros to 139.5 million
euros. The growth was exclusively organic. EBIT in the IT e-commerce
segment climbed by 30.7 per cent from 4.4 million euros to 5.7 million
euros. As in the prior year, the EBIT margin scored an excellent 4.1 per
cent. The start-up costs of four new subsidiaries of Bechtle direct and
Comsoft direct have been accounted for in the earnings figures.
Comfortable Equity
As of 30 September 2010, the equity climbed to 353.5 million euros,
compared to 335.0 million euros as of 31 December 2009. Due to the
balance-sheet extension, the equity ratio dropped from 64.3 per cent to
63.2 per cent. Cash and cash equivalents including time deposits and
securities amounted to 85.3 million euros (31 December 2009: 95.0 million
euros), giving Bechtle sufficient buffer to finance future growth. In the
nine-month period, the cash flow from operating activities receded to 4.7
million euros (prior year: 26.3 million euros). This was due to the high
business performance, which resulted in a disproportionately high build-up
of inventories and tradereceivables.
Executive Board Expects Strong Close of 2010
Bechtle is optimistic about the traditionally important year-end business.
Despite the highly successful fourth quarter of 2009, the Executive Board
expects the revenue and earnings in this year's final quarter to rise. The
outlook for 2011 is also positive. Bechtle is benefiting from the timely
implementation of measures to increase competitiveness as well as from the
economic recovery, which has triggered an increase in the investment volume
in the industry. 'Though we figure that the economic dynamism will level
out in 2011, we believe that Bechtle is in an excellent position to exploit
the available market potential to an above-average extent,' explains Dr.
Thomas Olemotz.
KPIs for the third quarter and first nine months of 2010
in thousand euros Q3/2010 Q3/2009 Change 9M/2010 9M/2009 Change
Revenue 426,881 323,305 +32.0% 1,156,616 964,794 +19.9%
Domestic 293,207 221,341 +32.5% 768,682 641,478 +19.8%
Abroad 133,674 101,964 +31.1% 387,934 323,316 +20.0%
IT system house 287,423 216,011 +33.1% 759,096 639,253 +18.7%
IT e-commerce 139,458 107,294 +30.0% 397,520 325,541 +22.1%
EBIT 15,561 11,763 +32.3% 36,095 24,086 +49.9%
IT system house 9,822 7,371 +33.3% 20,271 14,191 +42.8%
IT e-commerce 5,739 4,392 +30.7% 15,824 9,895 +59.9%
EBT 16,058 11,859 +35.4% 37,323 24,824 +50.4%
EAT 12,134 8,344 +45.4% 28,042 17,494 +60.3%
EPS in euros 0.58 0.40 +43.6% 1.34 0.84 +59.1%
op. Cash flow -2,860 6,989 4,696 26,348 -82.2%
30.09.2010 31.12.2009 ChangeThe quarterly report for Q3/2010 is available for download under
Liquidity in thousand euros 85,280 94,977 -10.2%
Equity ratio in per cent 63.2 64.3
Employees 4,604 4,354 +5.7%
www.bechtle.com/reports.
About Bechtle
With about 60 IT system houses in Germany, Austria and Switzerland and
trading companies in twelve countries, Bechtle AG is one of Europe's
leading IT e-commerce providers. Founded in 1983, the company is
headquartered in Neckarsulm, Germany, and currently has more than 4,600
employees. Bechtle offers a vendor-independent, one-stop IT infrastructure
and IT operation solutions to its more than 56,000 customers from the
fields of industry and trade, the public sector and the financial industry.
Bechtle has been a publicly-quoted company since 2000 and has been listed
in the TecDAX technology index since 2004. In 2009, the company reported
revenue of 1.38 billion euros.
Contact:
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
11.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
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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 Hamburg, München, Berlin, Düsseldorf, Hannover, Stuttgart
End of Announcement DGAP News-Service
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Datum: 11.11.2010 - 15:16 Uhr
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