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Bechtle AG — Earnings Release 2012
Mar 14, 2013
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Earnings Release
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Corporate | 14 March 2013 10:30
Bechtle AG Closes 2012 with Record Revenue
Bechtle AG / Key word(s): Final Results/Dividend
14.03.2013 / 10:30
**Bechtle AG Closes 2012 with Record Revenue
**
– Revenues up 5.1 per cent to EUR 2,097 million
– EBIT EUR 80.5 million, 6.8 per cent below prior year
– **Normal dividend increases to EUR 1.00 per share
**
Neckarsulm, 14 March 2013 – In the fiscal year 2012, Bechtle AG's revenues surpassed the two-billion-euro mark for the first time. Revenues increased 5.1 per cent from EUR 1,994.9 million in the prior year to EUR 2,096.8 million in the reporting period. The significantly higher personnel expenses as a result of the substantial surge in headcount caused EBIT to decline by 6.8 per cent to EUR 80.5 million. Accordingly, the EBIT margin decreased from 4.3 per cent to 3.8 per cent. The earnings per share thus amounted to EUR 2.69, compared to EUR 2.99 in the prior year. Due to the positive business performance and the comfortable liquidity, the Supervisory Board and the Executive Board of Bechtle AG propose to the Annual General Meeting that the normal dividend be raised to EUR 1.00 for the fiscal year 2012 (prior year: normal dividend EUR 0.85 plus special dividend EUR 0.15).
'From the group perspective, 2012 was a good fiscal year. Though the business in some Southern European countries lagged behind our expectations, we were able to grow above average especially in the United Kingdom, in the Netherlands and of course in Germany, thereby further expanding our market share,' explains Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.
Growth Driven by German System Houses
In the IT system house & managed services segment, the group generated revenues of EUR 1,394.5 million in 2012 (prior year: EUR 1,315.7 million). This represents an increase of 6.0 per cent. This development was mainly driven by the home market Germany, where customer demand and willingness to invest remained stable and resulted in a revenue increase of 9.8 per cent. Moreover, the good competitive position and the extensive qualification measures yielded a positive effect. In contrast, the system house business abroad dropped 14.8 per cent to EUR 174.5 million. Here, the restrained economic development caused noticeable reluctance to buy and further postponement of projects. Organically, the revenue in this segment amounted to EUR 1,368.1 million, 4.0 per cent more than in the prior year. In the system house segment, the EBIT dropped 11.0 per cent to EUR 44.4 million (prior year: EUR 49.9 million), especially because of the higher personnel expenses. Due to acquisitions, depreciation and amortisation also went up. The EBIT margin amounted to 3.2 per cent, compared to 3.8 per cent in the prior year.
Trading Business Grows Despite Difficult Environment
In 2012, the revenue in the IT e-commerce segment increased 3.4 per cent to EUR 702.4 million (prior year: EUR 679.2 million), a result obtained exclusively from organic growth. In this segment, too, Bechtle benefited from the stable domestic demand and was able to push up the revenue 4.7 per cent. Abroad, demand was curbed especially by the negative economic impact of the European debt crisis. Nevertheless, Bechtle's IT e-commerce segment outside Germany recorded a growth of 2.9 per cent. In the reporting period, the EBIT amounted to EUR 36.1 million, only 1.1 per cent below the prior-year figure of EUR 36.5 million. The EBIT margin reached a very good level of 5.1 per cent, compared to 5.4 per cent in the prior year.
Comfortable Equity Ratio
The balance sheet figures of the Bechtle group point to a solid assets position and financial structure. Cash and cash equivalents including time deposits and securities increased 3.3 per cent from EUR 141.5 million to EUR 146.2 million. In the reporting period, the equity increased 9.4 per cent from EUR 419.0 million to EUR 458.4 million. The equity ratio improved from 52.2 per cent to 54.2 per cent.
Significant Headcount Increase as Investment for the Future
As of 31 December 2012, Bechtle had a total of 5,970 employees. Compared to the prior year (5,479 employees), the number of employees increased by 491 or 9.0 per cent. The increase was the result of acquisitions as well as new recruitment. Most of the new employees were hired in Germany. There, Bechtle had 4,550 employees as of the end of the year. All in all, this means 485 people more than in the prior year (4,065 employees). The number of employees active abroad amounted to 1,420, almost the same number as in the prior year (1,414). Bechtle continues to invest intensively in training. As of the end of the year, the group had a total of 428 young trainees. This represents a 20.2-per-cent increase over 2011.
Reliable Dividend Policy
In view of the company's positive business performance and excellent liquidity, the Executive Board and the Supervisory Board propose to the Annual General Meeting to pay out a dividend of EUR 1.00 per share for the fiscal year 2012. This corresponds to an increase of the normal dividend by EUR 0.15 compared to the prior year (normal dividend EUR 0.85 and special dividend EUR 0.15). The dividend payout ratio is thus increasing from 33.5 per cent to 37.1 per cent. In relation to the annual closing price, the dividend yield is 3.3 per cent (prior year: 3.8 per cent).
Positive Outlook for 2013
In view of the sound economic situation and the group's good competitive position, the Executive Board currently expects the business performance of Bechtle AG in this year to be positive and above industry average. To fill regional and technological gaps, acquisitions will remain an element of the growth strategy in the IT system house & managed services segment. In IT e-commerce, the Executive Board mainly relies on organic growth and plans to establish an ARP company in Belgium and a Comsoft direct company in the United Kingdom.
'We enter the new fiscal year 2013 with confidence and the goal not only to outperform the market in terms of revenue, but also to return to growth as far as the earnings are concerned,' explains Dr. Thomas Olemotz.
| 2012 | 2011 | Change | ||
| Revenue | EURk | 2,096,835 | 1,994,881 | +5.1% |
| Domestic | EURk | 1,433,869 | 1,315,185 | +9.0% |
| Abroad | EURk | 662,966 | 679,696 | -2.5% |
| IT system house & managed services | EURk | 1,394,455 | 1,315,669 | +6.0% |
| IT e-commerce | EURk | 702,380 | 679,212 | +3.4% |
| EBIT | EURk | 80,520 | 86,403 | -6.8% |
| IT system house & managed services | EURk | 44,405 | 49,891 | -11.0% |
| IT e-commerce | EURk | 36,115 | 36,512 | -1.1% |
| EBT | EURk | 79,256 | 86,289 | -8.2% |
| EBT margin | % | 3.8 | 4.3 | |
| Earnings after taxes | EURk | 56,561 | 62,723 | -9.8% |
| Earnings per share | EUR | 2.69 | 2.99 | -9.8% |
| 31.12.2012 | 31.12.2011 | Change | ||
| Cash flow from operating activities | EURk | 56,669 | 55,782 | +1.6% |
| Cash and cash equivalents* | EURk | 146,155 | 141,488 | +3.3% |
| Equity ratio | % | 54.2 | 52.2 | |
| Employees | 5,970 | 5,479 | +9.0% |
* Including time deposits and securities
***
The Annual Report 2012 is available for download at www.bechtle.com/reports *.
*
About Bechtle
As a one-stop IT provider, Bechtle is active with more than 65 system houses in Germany, Austria and Switzerland, and is one of Europe's leading online dealers for information technology, with subsidiaries in 14 countries. Founded in 1983, the company is headquartered in Neckarsulm, Germany, and currently has around 6,000 employees. Bechtle offers its more than 75,000 customers from the fields of industry and trade, the public sector and the financial market a comprehensive, cross-vendor portfolio of IT infrastructure and IT operation solutions. Bechtle has been quoted at the stock exchange since 2000 and has been listed in the TecDAX technology index since 2004.
Contact:
Bechtle AG
Investor Relations
Thomas Fritsche
Phone: +49 7132 981-4121
Corporate Communications
Sabine Brand
Phone: +49 7132 981-4115
Fax: +49 7132 981-4116
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| Language: | English |
| Company: | Bechtle AG |
| Bechtle Platz 1 | |
| 74172 Neckarsulm | |
| Germany | |
| Phone: | +49 7132 981-0 |
| Fax: | +49 7132 981-8000 |
| E-mail: | [email protected] |
| 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 |
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| 203647 14.03.2013 |