Bechtle AG — Earnings Release 2009

Nov 11, 2009

News Details

Corporate | 11 November 2009 07:30

Bechtle AG: Earnings Further Improved in Third Quarter

Bechtle AG / Quarter Results/Interim Report

11.11.2009

Dissemination 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 AG: Earnings Further Improved in Third Quarter

• Solid earnings expected for 2009

• Projects with public-sector clients ensure stabilisation of system
  house business

• Continuation of the internationalisation strategy in e-commerce

Neckarsulm, 11 November 2009 - In the third quarter, the general economic
situation continued to have a direct impact on the business of Bechtle AG.
At 323.3 million euros, revenues were 6.4 per cent under the prior-year
figure (345.4 million euros). From January to September 2009, the group
generated revenues of 964.8 million euros, a decline of 6.0 per cent
compared to the prior-year figure of 1,026.7 million euros. EBT in the
third quarter amounted to 11.9 million euros (prior year: 17.8 million
euros). This means that the gap to the prior year was further reduced in
the current reporting quarter. This development reflects a clear
improvement in profitability over the course of the year. EBT in the
nine-month period totalled 24.8 million euros (prior year: 41.4 million
euros). The EBT margin was 2.6 per cent, compared to 4.0 per cent in the
prior year.

'A glance at the economic performance of the Bechtle Group in the current
financial year reveals increasing signs of sustainable economic
stabilisation. Although earnings and revenue are still below the record
figures of the previous year, Bechtle's business model has proved effective
even in the crisis. Our equity ratio of 67.2 per cent and a comfortable
liquidity reserve of 116.2 million euros provide evidence of the group's
solid balance sheet and financial power,' says Dr. Thomas Olemotz,
Spokesman of the Executive Board of Bechtle AG.

Highly Successful Development of the Business with Public-Sector Clients

In the third quarter of 2009, Bechtle generated revenue of 216.0 million
euros in the IT system house & managed services segment, a drop of 5.5 per
cent (prior year: 228.6 million euros). Although the industry is marked by
an ongoing reluctance to invest, the demand of the public sector in
particular had a stabilising effect. In this business area, the group
recorded a growth of 26.5 per cent in the third quarter.

The earnings position in the system house business improved continually
over the course of 2009. All in all, EBIT more than doubled from 3.0
million euros in the first quarter and 3.8 million euros in the second
quarter to the current figure of 7.4 million euros. Accordingly, the EBIT
margin climbed from 1.5 per cent and 1.8 per cent to 3.4 per cent.

Continuation of the International Expansion Strategy

In the reporting quarter, the group generated revenues of 107.3 million
euros in the trading-only business, compared to 116.8 million euros in the
prior year. This represents a decline of 8.1 per cent.

In the period from July to September 2009, EBIT in the IT e-commerce
segment amounted to 4.4 million euros. The decrease in comparison to the
prior year (6.4 million euros) amounted to 31.4 per cent and was mainly
caused by the lower revenue volume. In the e-commerce segment, Bechtle was
also able to increase the profitability over the course of the year. While
the EBIT margin in the first two quarters amounted to 2.5 and 2.6 per cent,
respectively, it stood at 4.1 per cent in the reporting quarter.

By opening a subsidiary in Poland in the second quarter of 2010, Bechtle
will consistently follow up on its international growth strategy in
e-commerce and gain access to the Eastern European market. The company will
thus be represented in twelve European countries with its trademark
'Bechtle direkt'.

Positive Outlook

'This year, we have done very well in an extremely difficult environment.
Many factors indicate that the bottom has been passed, though economic
framework conditions will remain difficult for the time being. However,
despite continuing uncertainties, Bechtle's earnings in 2009 will be solid,
reaching an excellent result in the framework of the industry,' explains
Dr. Thomas Olemotz. For 2010, the Executive Board expects the economic
recovery that started in 2009 to continue: 'Though we do not assume that
the economic level of the time prior to the financial and economic crisis
will already be reached in the coming year, we still look into the future
with optimism.'

                                           Q3 2009   Q3 2008      +/-

Group revenue th. euros 323,305 345,376 -6.4%
Domestic th. euros 221,341 230,370 -3.9%
Abroad th. euros 101,964 115,006 -11.3%
IT SH & MS th. euros 216,011 228,622 -5.5%
IT E-C th. euros 107,294 116,754 -8.1%
EBIT th. euros 11,763 17,435 -32.5%
IT SH & MS th. euros 7,371 11,034 -33.2%
IT E-C th. euros 4,392 6,401 -31.4%
EBT th. euros 11,859 17,848 -33.6%
EAT th. euros 8,344 13,283 -37.2%
EPS EUR 0.40 0.62 -34.9%
Cash flow from operating
activities th. euros 6,989 30,740 -77.3%

                                         9M 2009    9M 2008      +/-

Group revenue th. euros 964,794 1,026,697 -6.0%
Domestic th. euros 641,478 671,200 -4.4%
Abroad th. euros 323,316 355,497 -9.1%
IT SH & MS th. euros 639,253 656,432 -2.6%
IT E-C th. euros 325,541 370,265 -12.1%
EBIT th. euros 24,086 40,017 -39.8%
IT SH & MS th. euros 14,191 24,091 -41.1%
IT E-C th. euros 9,895 15,926 -37.9%
EBT th. euros 24,824 41,368 -40.0%
EAT th. euros 17,494 30,451 -42.6%
EPS EUR 0.84 1.43 -41.3%
Cash flow from operating
activities th. euros 26,348 38,987 -32.4%

                                     30.09.2009   31.12.2008     +/-

Cash and cash equivalents* th. euros 76,066 77,638 -2.0%
Equity ratio % 67.2 62.8
Number of employees 4,361 4,405 -1.0%

* including securities and fixed-term deposits

***

About Bechtle

With more than 50 IT system houses in Germany, Austria, and Switzerland and
distribution companies in eleven 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 around 4,400
employees. Bechtle is a single, vendor-independent source for the full
range of IT infrastructure and operation solutions to its 56,000+
predominantly mid-sized customers from the industrial, service and public
sectors. Bechtle has been a publicly-quoted company since 2000 and has been
listed in the TecDAX technology index since 2004. For 2008, the company
reported revenue of 1.43 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@bechtle.com

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

11.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.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@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

---