AI assistant
Bechtle AG — Earnings Release 2008
Aug 14, 2008
54_rns_2008-08-14_02dba78e-9a91-427c-936f-1d10fafa4e1c.html
Earnings Release
Open in viewerOpens in your device viewer
News Details
Corporate | 14 August 2008 07:30
Bechtle still on the ascend despite slacking economy
Bechtle AG / Quarter Results/Half Year Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
Bechtle still on the ascend despite slacking economy
- Turnover up 7.8 per cent at 344.5 million euros in Q2
- EBT grows 25.2 per cent to 11.5 million euros in the quarter
- Targets for the year confirmed
Neckarsulm, 14/08/2008 – Bechtle shows another significant increase in
turnover and profit in the second quarter of the year. Turnover rose by 7.8
per cent to 344.5 million euros (previous year’s quarter: 319.6 million
euros). The IT e-commerce and system house segment turnover grew by 8.4
percent and 7.4 per cent respectively, contributing to the overall positive
development. Earnings before interest and tax (EBIT) in the second quarter
of 2008 are at 11.0 million euros, an increase of 21.1 per cent (previous
year’s quarter: 9.1 million euros). Earnings before tax (EBT) climbed 25.2
per cent to 11.5 million euros (previous year’s quarter: 9.2 million
euros). Thus, the EBT margin is at 3.3 per cent, compared to 2.9 per cent
in the same quarter last year. Earnings after tax increased by 45.5 per
cent, amounting to 8.4 million euros in the second quarter (previous year’s
quarter: 5.8 million euros). Earnings per share are at 0.40 euros, compared
to 0.27 euros in the previous year.
'We are very pleased with the results; they show no signs of an economic
slowdown. We're still growing faster than the IT market and could not only
compensate, but even exceed the 2.6 million euros non-operating special
item from the first quarter of last year. We are observing the current
economic development very carefully, but we will not allow the pessimism to
get the better of us', says Ralf Klenk, chairman of the board of Bechtle
AG.
IT system house segment: considerably above the previous year
The IT system house turnover has grown by 7.4 per cent to 220.1 million
euros (previous year's quarter: 204.9 million euros). This growth is almost
exclusively organic. EBIT in this segment grew in the second quarter of
2008 by 67.1 per cent to 7.2 million euros. EBIT margin is at 3.3 per cent,
after 2.1 per cent the previous year. This improvement is mostly due to a
positive business development of the German system houses in the project
business and managed services.
IT e-commerce: further investment in European expansion
The IT e-commerce turnover growth of 8.4 per cent to 124.3 million euros in
the second quarter was completely organic. In the same period, the EBIT
decreased from 4.7 to 3.7 million euros. The EBIT margin stood at 3.0 per
cent (previous year's quarter: 4.1 per cent). This development is the
result of an increase in the number of employees in the first quarter of
2008, as well as necessary investments to facilitate the expansion of the
Europe-wide Comsoft and ARP activities. 'Our strong position allows us to
realise these measures, which are essential for the medium and long-term
success of the IT e-commerce segment. They may have an effect on our
short-term performance, but we are convinced that they're a prerequisite to
guarantee the future growth of Bechtle AG', explains Ralf Klenk.
Strong financial and asset position
By 30th June 2008, equity capital increased from 276.5 to 282.9 million
euros. The equity ratio increased to 65.8 per cent (31 December 2007: 61.2
per cent). At the end of the reporting period, the cash and cash
equivalents, including securities, decreased from 54.2 to 38.9 million
euros. This is mainly due to the dividend payment of 12.7 million euros.
The cash flow from operating activities decreased by 9.9 million euros in
the first half year and was at 8.2 million euros (previous year: 18.1
million euros), this was a result of the strong business development in the
second quarter, especially in June, which generated above-average
inventories and a lower decrease in trade receivables than in the same
period last year.
Executive Board affirms targets for 2008
Based on the development in the first half year of 2008, the executive
board confirmed the targets for the year published in March, setting a
target turnover of at least 1.5 thousand million euros and earnings before
tax of around 60 million euros. However, achieving these targets requires
the economic key figures of the IT market to stay consistent in the second
half of 2008, especially considering the cyclical quarterly business of the
Bechtle AG.
th. euros Q2/ Q2/ Changes 1st 1st Change over
2008 2007 in half half half-year
Quarter 2008 2007
Turnover 344,465 319,582 + 7.8% 681,321 631,469 + 7.9%
Domestic 224,746 203,494 + 10.4% 440,830 404,660 + 8.9%
Abroad 119,719 116,088 + 3.1% 240,491 226,809 + 6.0%
IT system house 220,147 204,937 + 7.4% 427,810 398,047 + 7.5%
IT e-commerce 124,318 114,645 + 8.4% 253,511 233,422 + 8.6%
EBITDA 14,044 12,161 + 15.5% 29,019 28,261 + 2.7%
EBIT 10,964 9,055 + 21.1% 22,582 21,977 + 2.8%
IT system house 7,249 4,337 + 67.1% 13,057 10,115 + 29.1%
IT e-commerce 3,715 4,718 - 21.3% 9,525 11,862 - 19.7%
EBT 11,510 9,195 + 25.2% 23,520 22,410 + 5.0%
Earnings after 8,438 5,800 + 45.5% 17,168 14,831 + 15.8%
taxes
Earnings per share 0.40 0.27 + 45.4% 0.81 0.70 + 15.7%
in Euro
Cash Flow from 3,961 5,747 - 31.1% 8,247 18,059 - 54.3%
operating activities
Cash and cash equivalents (including securities)38,943 36,286 + 7.3%
Equity ratio (in per cent) 65.8 62.9 + 4.6%
Number of employees on 30/06 4,249 4,080 + 4.1%
The quarterly report Q2/2008 is available for download at
www.bechtle.com/qb.
Contact
Bechtle AG
Bechtle Platz 1
74172 Neckarsulm, Germany
Investor Relations Corporate Communication
Martin Link Sabine Brand
E-mail: [email protected] [email protected]
Tel.: +49 (0) 71 32/ 981-4149 Tel.: +49 (0)71 32/ 981-4115
Fax: +49 (0) 71 32/ 981-4116
14.08.2008 Financial News transmitted by DGAP
Language: English
Issuer: 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: [email protected]
Internet: www.bechtle.com
ISIN: DE0005158703
WKN: 515870
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service