DGAP-News: Bechtle AG remains on course after Q2

DGAP-News: Bechtle AG / Key word(s): Half Year Results/Quarter Results Bechtle AG remains on course after Q2 13.08.2013 / 16:45 --------------------------------------------------------------------- Note: Due to a technical error our quarterly report has already been published today. In the interest of providing fair insight to everyone, we have decided to publish the quarterly report today ahead of the scheduled release. Bechtle remains on course after Q2 - Revenue up 4.7 per cent to EUR518.5 million - Positive performance thanks to strong system house business - Consolidated EBIT reaches EUR15.0 million, catching up with prior year Neckarsulm, 13 August 2013 - In the second quarter of 2013, Bechtle AG generated revenues of EUR518.5 million, an increase of 4.7 per cent. From April to June, the growth was driven by the domestic system houses, which contributed to the revenue with an above-average increase of 8.9 per cent. Though earnings before interest and taxes (EBIT) underwent a slight decrease of 2.5 per cent to EUR15.0 million, the year-on-year gap compared to the first quarter was greatly reduced. This positive development was mainly supported by the IT system house & managed services segment, which managed to improve its EBIT by 16.2 per cent to EUR7.7 million. 'We are headed in the right direction! In the second quarter, we were able to further expand our market share, and our earnings are close to those of the prior year. Especially the performance of our domestic system houses is very encouraging, giving us reason to be optimistic with respect to the remaining part of the year,' explains Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG. System Houses Report Strong Second Quarter In the second quarter, the IT system house & managed services segment generated revenues of EUR343.3 million (prior year: EUR321.5 million), a growth of 6.8 per cent. The domestic system houses went up 8.9 per cent to EUR303.3 million (prior year: EUR278.6 million). In the second quarter of 2013, the segment EBIT increased 16.2 per cent to EUR7.7 million (prior year: EUR6.6 million). At 2.2 per cent, the EBIT margin slightly outperformed the prior year (2.1 per cent). This development was made possible by an increased share of service agreements. IT E-Commerce with Low Growth In the reporting period, the IT e-commerce segment pushed up its revenues 0.8 per cent from EUR173.8 million to EUR175.2 million. Domestic revenues underwent a minor decline of 1.1 per cent from EUR49.2 million to EUR48.6 million. The performance of the European e-commerce companies was slightly better. In this area, revenues increased 1.6 per cent to EUR126.6 million (prior year: EUR124.6 million). EBIT decreased from EUR8.8 million to EUR7.3 million. Nevertheless, the margin reached a sound level of 4.2 per cent (prior year: 5.0 per cent). Sound Balance Sheet As of 30 June, cash and cash equivalents including time deposits and securities amounted to a comfortable EUR114.3 million. Thus, Bechtle is free of debt, as the total liquidity exceeds the total financial liabilities by EUR45.0 million. As of the balance sheet date, the equity totalled EUR458.1 million, a level close to that of 31 December. The equity ratio improved from 54.4 per cent to 57.2 per cent. Significantly More Moderate Headcount Growth As of the reporting date 30 June 2013, the Bechtle Group had a total of 6,053 employees, including 391 trainees. Compared to 31 December 2012, this means an increase of 83. The increase was partly caused by the takeover of about 60 managed services employees from IBM. Year on year, the increase is significantly higher, with 303 employees more than in the prior year (30 June 2012: 5,750 employees). The domestic system houses accounted for most of the 5.3-per-cent increase over the prior year. Bechtle continues to place great emphasis on corporate training. At 7.6 per cent as of 30 June 2013, the training ratio in Germany again reached a high level. Annual Forecast Confirmed As previously, Bechtle expects the revenues in 2013 to outperform the market. The company also holds fast to the goal of increasing the earnings compared to the prior year. 'We are satisfied with the trend that emerged in the second quarter. For the remaining six months, we expect higher growth dynamics, increasing capacity utilisation of our employees and thus a further improvement of the earnings position,' says Dr. Thomas Olemotz. Bechtle KPIs for the 2nd quarter and 1st half of 2013 <pre> Q2/2013 Q2/2012 +/- H1/2013 H1/2012 +/- Revenue EURk 518,517 495,318 +4.7% 1,032,467 982,925 +5.0% Domestic EURk 351,969 327,737 +7.4% 698,487 654,965 +6.6% Abroad EURk 166,548 167,581 -0.6% 333,980 327,960 +1.8% IT system house EURk 343,290 321,530 +6.8% 684,698 643,139 +6.5% IT e-commerce EURk 175,227 173,788 +0.8% 347,769 339,786 +2.3% EBIT EURk 14,973 15,353* -2.5% 29,466 32,601* -9.6% IT system house EURk 7,663 6,597* +16.2% 15,058 17,303* -13.0% IT e-commerce EURk 7,310 8,756* -16.5% 14,408 15,298* -5.8% EBIT margin % 2.9 3.1* 2.9 3.3* EBT EURk 14,592 15,053* -3.1% 28,678 32,072* -10.6% EAT EURk 10,401 10,763* -3.4% 20,476 23,017* -11.0% EPS EUR 0.50 0.52* -3.4% 0.98 1.10 -11.0% OCF EURk -6,855 -7,345 -6.7% 11,606 6,777 +71.3% Employees (average) 6,043 5,739 +5.3% 6,003 5,653 +6.2% </pre> <pre> 30.06.2013 31.12.2012 +/- Liquidity EURk 114,324 146,155 -21.8% Equity ratio % 57.2 54.4* +5.1% Employees 6,053 5,970 +1.4% </pre> *Prior-year figures adjusted pursuant to IAS 19R *** The interim financial report for the second quarter of 2013 is available for download at www.bechtle.com/reports. About Bechtle As a one-stop IT provider, Bechtle AG 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 at the stock exchange since 2000 and has been listed in the TecDAX technology index since 2004. In the fiscal year 2012, the group generated revenues of more than EUR2 billion. Contact Bechtle AG Bechtle Platz 1 74172 Neckarsulm, Germany Investor Relations Corporate Communications Martin Link Sabine Brand martin.link@bechtle.com sabine.brand@bechtle.com Phone +49 7132 981-4149 Phone +49 7132 981-4115 Fax +49 7132 981-4116 End of Corporate News --------------------------------------------------------------------- 13.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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 --------------------------------------------------------------------- 225282 13.08.2013