Bechtle AG — Earnings Release 2008

May 15, 2008

News Details

Corporate | 15 May 2008 07:30

Bechtle is up on the previous year in the first quarter of 2008

Bechtle AG / Quarter Results/Interim Report

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• Turnover increased in the first three months by 8.0 per cent to 336.9
  million Euros

• Excluding the special items from the previous year, EBT grew by 12.8
  per cent

• A clear operating profit improvement in the IT system house segment

• Investment in further growth in the IT e-commerce segment

• Executive Board affirms year targets

Neckarsulm, 15th May 2008 – The Bechtle group turnover increased in the
first three months of 2008 by 8.0 per cent to 336.9 million Euros (previous
year: 311.9 million Euros). Bechtle also further increased the operating
profit (EBIT). Excluding positive non operating one-off special items in
the amount of 2.6 million Euros from the previous year, the first quarter
2008 saw the EBIT at 11.6 million Euros, up by 12.2 per cent (previous
year: 10.4 million Euros). After a positive interest income of 0.4 million
Euros, the EBT increased by 12.8 per cent to 12.0 million Euros (previous
year: 10.7 million Euros). The EBT margin in the first quarter 2008, lay at
3.6 per cent and thus over the adjusted margin of the previous years
quarter (3.4 per cent). The earnings per share is at 0.41 Euros compared to
0.43 Euros the previous year.

'As expected, we started the year well and are happy with the operating
profit we have achieved. Despite the generally cautious economic outlook,
the willingness to invest, especially in our core segment, SMBs, stayed
strong in the first three months of the year', said Ralf Klenk, Chairman of
the Board of Bechtle AG. 'At the same time, we have attained growth above
market level and improved our profit in the system house segment. This
shows Bechtle's operative strength', he added.

IT system house segment considerably increases turnover and profit

The IT system house turnover has grown by 7.5 per cent to 207.7 million
Euros (previous year’s quarter: 193.1 million Euros). EBIT in this segment
grew in the first quarter of 2008 by 0.5 per cent to 5.8 million Euros.
Excluding the one-off positive special items from the previous year,
assigned in full to the IT system house segment, the operative growth lay
at 80.8 per cent. EBIT margin is at 2.8 per cent, after adjusted 1.7 per
cent the previous year. These improvements in results are primarily
connected to better utilisation of employees as well as an increased share
in top quality services. Acquisitions from the previous year also
contributed, but to a lesser extent.

IT e-commerce invests in expansion

Like the IT system houses, the IT e-commerce sector, with growth rates
considerably above market growth, contributed to the positive development
of the group in the first quarter. Segment turnover grew 8.8 per cent, from
118.8 to 129.2 million Euros. EBIT in IT e-commerce decreased by 18.7 per
cent, from 7.1 million Euros to 5.8 million Euros. The margin thus lay at
4.5 per cent, compared to 6.0 per cent the previous year. Reasons for this
development were, on the one side, start-up costs within the framework of
European positioning in the software licensing management sector, on the
other, Bechtle developing its personnel in the IT e-commerce segment.

Financial and assets position strengthened

The equity capital rose on 31st March 2008, from 276.5 million Euros to
288.8 million Euros. The equity ratio increased to 66.1 per cent (31st
December 2007: 61.2 per cent). At the end of the reporting period, the cash
and cash equivalents including securities increased slightly from 54.2
million Euros to 55.2 million Euros. The cash flow from operating
activities decreased, in comparison to the first three months of the
previous year, by 8.0 million Euros, amounting to 4.3 million Euros
(previous year: 12.3 million Euros). The reduction is closing-date related
and is primarily the result of a lower reduction in trade receivables
accompanied by a greater reduction in trade payables as well as several tax
effects.

Executive Board affirms targets for 2008

The development of the Bechtle AG in the first quarter met the management’s
expectations. Against this background, the Executive Board affirms their
end of March published forecast for the entire year with a turnover of at
least 1.5 thousand million Euros and an EBT of around 60 million Euros.
Prerequisite for attaining the announced targets remains to be a continuous
good economic situation in Europe.

th. Euros Q1/2008 Q1/2007 Change
Turnover 336 856 311 887 + 8.0 %
Domestic 216 084 201 166 + 7.4 %
Abroad 120 772 110 721 + 9.0 %
IT system house 207 663 193 110 + 7.5 %
IT e-commerce 129 193 118 777 + 8.8 %
EBITDA 14 975 16 100 - 7.0%
EBIT 11 618 12 922 -10.1%
IT system house 5808 5778 + 0.5 %
IT e-commerce 5810 7144 - 18.7 %
EBT 12 010 13 215 - 9.1 %
Earnings after taxes 8730 9031 - 3.3 %
Earnings per share in Euros 0.41 0.43 - 3.4 %
Cash flow from operating activities 4286 12 312 - 65.2 %
Cash and cash equivalents 55 280 49 746 + 11.1 %
Equity ratio in per cent 66.1 64.3 + 2.7 %
Employees 4238 4007 + 5.8 %

The quarterly report Q1/2008 is available for download at
www.bechtle.com/qb. We are also happy to provide printed copies on
request.

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@bechtle.com

15.05.2008 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: ir@bechtle.com
Internet: www.bechtle.com
ISIN: DE0005158703
WKN: 515870
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart

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