Bechtle AG — Interim / Quarterly Report 2010

May 12, 2010

interim report 2010

KEY FIGURES OF THE BECHTLE GROUP AT A GLANCE

		01.01.– 31.03.2010	01.01.– 31.03.2009	Change in %
Revenue	th. euros	354,758	318,870	11.3
–IT system house & managed services	th. euros	227,957	207,272	10.0
–IT e-commerce	th. euros	126,801	111,598	13.6
EBITDA	th. euros	13,559	9,259	46.4
–IT system house & managed services	th. euros	7,212	5,488	31.4
–IT e-commerce	th. euros	6,347	3,771	68.3
EBIT	th. euros	9,894	5,782	71.1
–IT system house & managed services	th. euros	4,608	3,015	52.8
–IT e-commerce	th. euros	5,286	2,767	91.0
EBIT margin	%	2.8	1.8
–IT system house & managed services	%	2.0	1.5
–IT e-commerce	%	4.2	2.5
EBT	th. euros	10,245	6,127	67.2
EBT margin	%	2.9	1.9
Earnings after taxes	th. euros	7,587	4,329	75.3
Earnings per share	euros	0.36	0.21	71.4
1 Working capital	th. euros	131,248	128,928	1.8
2 Return on equity	%	9.6	5.8
Cash flow from operating activities	th. euros	16,585	13,378	24.0
Cash flow per share	euros	0.79	0.64	23.9
Number of employees (as of 31.03.) 3		4,374	4,444	–1.6
–IT system house & managed services		3,435	3,475	–1.2
–IT e-commerce		939	969	–3.1

1 Inventories, plus trade receivables, less trade payables, accruals and deferrals

² Earnings after taxes proportional to the average equity for the period, annualised

3 Full-time employees, apprentices, and employees on parental leave or employees doing military or civilian service

		31.03.2010	31.12.2009	Change in %
4 Cash and cash equivalents	th. euros	110,815	94,977	16.7
Equity ratio	%	65.9	64.3

4 Incl. time deposits and securities

REVIEW BY QUARTER 2010

		1st quarter 01.01.– 31.03.2010	2nd quarter 01.04.– 30.06.2010	3rd quarter 01.07.– 30.09.2010	4th quarter 01.10.– 31.12.2010	2010 FY 01.01.– 31.03.2010
Revenue	th. euros	354,758				354,758
EBITDA	th. euros	13,559				13,559
EBIT	th. euros	9,894				9,894
EBT	th. euros	10,245				10,245
EBT margin	%	2.9				2.9
Earnings after taxes	th. euros	7,587				7,587

CONSOLIDATED INTERIM MANAGEMENT REPORT

BUSINESS ACTIVITY

With more than 50 system houses in Germany, Switzerland and Austria and trading companies in twelve countries, Bechtle is one of Europe's leading IT e-commerce providers. This combination forms the basis of Bechtle's unique business model, which combines system house services with direct marketing of IT products. Established in 1983 and headquartered in Neckarsulm, Germany, the company offers a vendor-independent, one-stop IT infrastructure shop to its more than 56,000 mainly medium-sized customers from the fields of industry and trade, the public sector and the financial industry.

In the IT system house & managed services segment, the range of goods and services includes the supply of hardware and software, project planning and roll-out, system integration, maintenance and training, and complete operation of the customer's IT. In IT e-commerce, the second business segment, Bechtle offers its customers hardware and standard software by way of direct sales via the Internet, catalogue and telesales. In view of the rapid technical progress on the IT market and the associated short product lifecycles, Bechtle is continuously expanding its diversified, balanced range of goods and services, with more than 41,000 products currently available.

BUSINESS ENVIRONMENT

Macroeconomic Environment

The first quarter witnessed a continuation of the economic recovery in the euro zone. Following a growth of 0.4 per cent in the third quarter of 2009 and of 0.1 per cent in the fourth quarter of 2009, the European Commission estimates the increase of the gross domestic product (GDP) at 0.2 per cent compared to the prior quarter. The third successive increase thus indicates a certain positive tendency. Nevertheless, there are still major uncertainties concerning the sustainability of this upturn. Due to the predominant risk awareness, many enterprises are still reluctant to invest. Therefore, the Commission merely expects a restrained increase in gross capital investments for the time being.

The economic development in Germany is stagnant. As in the fourth quarter of 2009, a zero GDP growth is also expected for the first quarter of 2010. While exports picked up, private consumption dropped – a development that is mainly attributed to the end of the car scrapping bonus. The Commission believes that companies in Germany are rather reluctant to invest. Government expenditure remained on a high level. This was partly because of the economic stimulus package II, whose funds became available to state governments and municipalities this year.

Thanks to the improved outlook, the mood in the German economy has improved considerably. Following a slight setback in February, the value for the economic climate for the month of March climbed to its highest point since June 2008. While the appraisals of the current situation are still somewhat restrained, the outlook for the coming months is extremely positive. In March, the value for the expectations surged to 102.0 points, a level that had not been reached since June 2007.

Industry

In the first quarter, the mood in the German IT industry was mixed. Though the ifo index for IT service providers exceeded 20 points in all three months – a level last reached in September 2008 – the index declined from 23.8 to 22.6 points from February to March. This was caused by a considerable deterioration of the evaluation of the current situation. Here, the value dropped from 18 points in January to 15 in February and finally to 9 in March. In contrast, there was growing optimism concerning the business outlook for the coming months. Starting at 28 points in January, the value climbed to 33 in February and to 37 in March.

A glance at the quarterly BITKOM industry index reveals a more positive picture. In the first quarter of 2010, the index jumped from minus 6 to plus 35 points. Thus, the industry barometer reached the level of summer 2008. The association attributes the positive mood to the breakdown of the investment backlog in the IT industry.

As reported by the Gartner market research institute, the PC market in EMEA (Europe, Middle East, and Africa) went up by about 25 per cent in the first quarter of 2010 in terms of the quantities sold. This growth was propelled by the strong demand of private users. Market experts are confident that replacement purchases will soon drive PC sales in the business customer segment, too. The new Windows 7 operating system could further promote PC sales in the second half of 2010 and in early 2011.

Overall Assessment

The trend towards economic recovery continued in the first quarter of 2010. However, the assessment of the current situation in the course of the quarter was not as positive as some expected. Customers' willingness to invest continued to increase in the IT industry. The increasing optimism was also evident from the heightened mood and was backed by growth in individual sub-segments and positive figures of larger enterprises in the industry, such as Intel.

EARNINGS POSITION

• Business performance clearly above prior year
• Growth in public sector
• Earning power above industry average

Order Position

Most of the contractual relationships for the sale of IT products and services that Bechtle enters into are of a short-term nature. The IT e-commerce segment is characterised almost entirely by the conclusion of pure trading deals with very short order and delivery times, while some project transactions in the IT system house & managed services segment may take up to six months. The terms of some operating agreements may be much longer.

Due to the current business structure, incoming orders are largely reflected in the revenue during a reporting period. In the first quarter, orders received are usually somewhat higher, as this is when prolonged maintenance and service agreements are posted as orders received. In the first three months of 2010, orders received amounted to approximately 361 million euros, 7.8 per cent more than in the prior-year period (335 million euros). Both segments contributed to this increase in different degrees. While the orders received in the IT system house & managed services segment merely increased moderately by 3.6 per cent to 233 million euros (prior year: 225 million euros), the orders received in the IT e-commerce segment boasted a considerable increase of 16.4 per cent to 128 million euros (prior year: 110 million euros).

The order backlog as of 31 March 2010 rose to 145 million euros (prior year: 118 million euros), an increase of about 23 per cent compared to the prior-year reporting date. Of this amount, the IT system house & managed services segment accounted for 125 million euros (prior year: 107 million euros), and the IT e-commerce segment for 20 million euros (prior year: 11 million euros).

Revenue Performance

The recovery of the general economic situation that had already been evident at the turn of the year continued in the first quarter of 2010. The Bechtle Group benefited from the increased willingness to invest, especially in the core customer segment of medium-sized companies, making an excellent start into the new financial year.

Compared to the corresponding prior-year period, the revenue of the Bechtle Group increased by 11.3 per cent to 354.8 million euros in the first three months of 2010 (prior year: 318.9 million euros). Both segments contributed to this development with substantial gains.

The public-sector business, too, exhibited a very positive performance, recording a clear two-digit gain over the prior year.

From a regional perspective, the business performance was similarly strong both in Germany and on the foreign markets. On the home market, revenues increased by 11.9 per cent to 230.8 million euros (prior year: 206.3 million euros). Foreign subsidiaries accounted for 124.0 million euros of the revenue, 10.2 per cent more than in the prior-year quarter (112.6 million euros). Bechtle again generated most of its revenue (65.0 per cent; prior year: 64.7 per cent) on the domestic market.

In the first three months of the financial year, the Bechtle Group generated revenues of 228.0 million euros in the IT system house & managed services segment (prior year: 207.3 million euros). Thus, the segment recorded a growth of 10.0 per cent. The contribution of the domestic system houses underwent an above-average increase of 12.2 per cent. On its home market, Bechtle benefited from the growing demand for IT products and especially from the positive development in the public-sector business. In contrast, the revenue performance of the system houses in other countries stagnated with a slight decline of 0.8 per cent. This was mainly because the economic recovery on the Swiss market is slow, which is also evident from the industrial customers' reluctance to invest.

The IT e-commerce segment grew at a disproportionately high rate of 13.6 per cent from 111.6 million euros to 126.8 million euros. This clearly shows that the trading segment, which had suffered more severely from the economic crisis in the prior quarters, was able to pick up in the first quarter. While domestic revenues increased by 9.9 per cent, the growth of the European e-commerce companies amounted to 15.3 per cent.

	Q1/2010	Q1/2009	Change
Group	354,758	318,870	11.3%
Domestic	230,768	206,318	11.9%
Abroad	123,990	112,552	10.2%
IT system house & managed services	227,957	207,272	10.0%
Domestic	192,133	171,177	12.2%
Abroad	35,824	36,095	–0.8%
IT e-commerce	126,801	111,598	13.6%
Domestic	38,635	35,141	9.9%
Abroad	88,166	76,457	15.3%

REVENUE PERFORMANCE – GROUP AND SEGMENTS in thousand euros

Based on an average of 3,999 full-time employees, the revenue per employee underwent a considerable increase, reaching 89 thousand euros in the first quarter of 2010, compared to 78 thousand euros in the prior-year quarter with an average of 4,089 employees. The revenue per employee in the IT system house & managed services segment amounted to 73 thousand euros, based on an average of 3,129 full-time employees (prior year: 65 thousand euros for 3,187 full-time employees). The revenue per employee in the IT e-commerce segment increased from 124 thousand euros to 146 thousand euros. Apart from the revenue growth, the increase was associated with the reduced average number of full-time employees of currently 870 (prior year: 902).

Earnings Performance

The 85.9-per-cent share of the cost of sales in the total revenue in the first quarter remained at the level of the prior level. With a gross margin of 14.1 per cent, gross earnings improved by 11.0 per cent to 50.0 million euros (prior year: 45.0 million euros).

Despite the revenue increase, the group was able to reduce its distribution costs by 1.2 per cent from 22.4 million euros to 22.1 million euros. In relation to the revenue, the share of distribution costs thus dropped from 7.0 per cent in the prior year to the current value of 6.2 per cent. As expected, administrative expenses increased by 4.4 per cent to 19.4 million euros (prior year: 18.6 million euros). In relation to the revenue, the share of administrative expenses decreased from 5.8 per cent to 5.5 per cent. The costs thus reflect the staff development in the functional divisions.

Compared to the prior-year quarter, other operating income dropped by 16.6 per cent from 1.7 million euros to 1.4 million euros. This is the result of the decrease in refunds and bonus payments of the manufacturers compared to the reference period despite the higher revenue volume.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to 13.6 million euros, 46.4 per cent above the prior-year figure (9.3 million euros). Thus, the group's EBITDA margin amounted to 3.8 per cent in the first quarter (prior year: 2.9 per cent). Depreciation and amortisation increased by 5.4 per cent from 3.5 million euros to 3.7 million euros. This figure mainly consists of amortisation and depreciation of other intangible assets and property, plant and equipment.

The group's earning power was stepped up considerably. Earnings before interest and taxes (EBIT) amounted to 9.9 million euros (prior year: 5.8 million euros). This represents an improvement of 71.1 per cent compared to the prior year. Compared to the prior-year quarter, the EBIT margin in the first three months of 2010 rose from 1.8 per cent to 2.8 per cent.

With financial earnings of 0.4 million euros a level that corresponds to that of the prior year the EBT amounted to 10.2 million euros, 67.2 per cent above the prior year (6.1 million euros). The EBT margin of the Bechtle Group, which was above the industry average, amounted to 2.9 per cent, thus substantially exceeding the prior-year margin of 1.9 per cent.

Compared to the reference period, income tax expenses in the first quarter increased at a disproportionately low rate of 47.8 per cent to 2.7 million euros (prior year: 1.8 million euros). The tax ratio dropped from 29.3 per cent to 25.9 per cent.

Earnings after tax amounted to 7.6 million euros (prior year: 4.3 million euros), a disproportionately high increase of 75.3 per cent. Accordingly, the net profit margin climbed from 1.4 per cent to 2.1 per cent. On the basis of 21.0 million shares, the earnings per share (EPS diluted/basic) after the first three months amounted to 0.36 euros, compared to 0.21 euros in the prior year.

At segment level, the earnings situation was as follows:

In the first quarter of 2010, the EBIT in the IT system house & managed services segment increased by 52.8 per cent to 4.6 million euros (prior year: 3.0 million euros). The EBIT margin was 2.0 per cent, compared to 1.5 per cent in the prior year. Apart from the revenue increase, the improvement was mainly caused by the lower personnel expenditure in this segment.

IT e-commerce was the segment that benefited most from the increased demand and the general economic recovery. Bechtle's EBIT in this segment amounted to 5.3 million euros, almost twice as much as in the prior-year period (2.8 million euros). The margin was 4.2 per cent, compared to 2.5 per cent in the prior-year quarter. This development was made possible by the revenue growth and a slightly increased gross margin.

EBIT PERFORMANCE – GROUP AND SEGMENTS in thousand euros

	Q1/2010	Q1/2009	Change
Group	9,894	5,782	71.1%
IT system house & managed services	4,608	3,015	52.8%
IT e-commerce	5,286	2,767	91.0%

ASSETS AND FINANCIAL POSITION

• Comfortable liquidity reserve
• Operating cash flow clearly above prior year

As of 31 March 2010, the balance sheet of the Bechtle Group totalled 521.5 million euros, which corresponds to the level of 520.7 million euros as of 31 December 2009. On the assets side, the greatest change involved the non-current assets, which increased by 21.9 per cent from 164.5 million euros to 200.6 million euros. This was mainly due to the substantial increase in long-term time deposits and securities. This item amounted to 39.0 million euros as of 31 March 2010, an increase of 36.0 million euros compared to 31 December 2009. Against the backdrop of the increased investments in fixed-interest financial assets, the investment ratio (ratio of non-current assets to the balance-sheet total) increased from 31.6 per cent to 38.5 per cent.

Current assets totalled 320.9 million euros as of the balance sheet date 31 March 2010, 9.9 per cent under the figure of 31 December 2009 (356.2 million euros). The greatest change involved cash and cash equivalents, which dropped from 76.5 million euros to 47.3 million euros. Apart from the increase in non-current financial assets, the Bechtle Group also continued to invest in short-term time deposits and securities in the first quarter of 2010. Thus, this item reached a value of 24.5 million euros, 58.0 per cent more than on the balance sheet date 31 December 2009 (15.5 million euros). As of the balance sheet date 31 March 2010, cash and cash equivalents including short and long-term time deposits and securities amounted to 110.8 million euros (31 December 2009: 95.0 million euros). As of the end of the first quarter of 2010, Bechtle had access to global credit lines worth a total of 37.0 million euros. As of the balance sheet date, 3.4 million euros of this amount were utilised by sureties. Thus, as of 31 March 2010, the company had a comfortable liquidity reserve (securities and time deposits included) of 144.5 million euros (31 December 2009: 129.7 million euros).

Despite the revenue increase, the company was able to reduce trade receivables from 184.0 million euros to 173.3 million euros. In the first three months of 2010, the DSO averaged 35.2 days, less than the prior-year level of 38.5 days. By the end of the reporting period, inventories had increased by 3.9 per cent to 61.6 million euros (31 December 2009: 59.3 million euros). This currently means a share of 11.8 per cent of the total assets (31 December 2009: 11.4 per cent). Apart from the higher business volume, this also reflects the growing share of the project business, which necessitates higher stock levels due to the longer handling times. Bechtle hedges the risk of a high stock level with a stable fulfilment rate. Moreover, about two third of the reported inventories are tied up by specific customer projects. As of the balance sheet date, other current assets totalled 12.8 million euros, 6.5 million euros less than as of 31 December 2009. The item mainly consisted of refunds and other receivables from suppliers in connection with advertising allowances and outstanding credit notes amounting to 6.6 million euros (31 December 2009: 13.7 million euros).

On the equity and liabilities side, current liabilities decreased to 145.1 million euros as of 31 March 2010 (31 December 2009: 153.4 million euros). Compared to the end of the financial year, the decline in other liabilities by 6.1 million euros to the current figure of 36.3 million euros was especially noticeable. This effect was caused primarily by the decline in personnel liabilities due to variable compensation components amounting to 3.7 million euros and the decline by 3.5 million euros of VAT liabilities. As a result of the expanded business, trade liabilities increased from 79.5 million euros to 83.7 million euros as of the end of the reporting quarter. In the first three months of 2010, current financial liabilities increased by 0.7 million euros to 3.2 million euros. As of 31 March 2010, non-current liabilities had increased slightly from 32.3 million euros to 32.9 million euros.

Due to the appropriation to retained earnings, the equity increased from 335.0 million euros to 343.5 million euros as of 31 March 2010. Thus, the equity ratio advanced from 64.3 per cent to 65.9 per cent.

In the first three months of the current financial year, the equity to non-current assets ratio dropped from 203.6 per cent as of 31 December 2009 to 171.3 per cent. The net indebtedness (financial liabilities less cash and cash equivalents, securities and time deposits) reflects the group's current net financial requirements. Due to the comfortable liquidity status of Bechtle AG, the value amounted to minus 101.1 million euros (31 December 2009: minus 85.8 million euros). In the course of the year, the debt ratio (ratio of debt capital to equity) continued to improve to 0.52 (31 December 2009: 0.55). This shows the high equity and healthy balance-sheet structure of the Bechtle Group. The high equity and comfortable liquidity enable the company to take advantage of growth opportunities largely irrespective of the situation on the financial markets. The good balance sheet KPIs and the high degree of financial independence form an important basis for the sustainability of Bechtle.

Due to the optimised cash management, the working capital further improved from 139.5 million euros to 131.2 million euros. In relation to the balance-sheet total, it amounted to 25.2 per cent as of 31 March 2010, compared to 26.8 per cent as of 31 December 2009.

BALANCE-SHEET KPIS OF THE BECHTLE GROUP

	31.03.2010	31.12.2009
Liquidity reserve mio. euros	144.5	129.7
Balance-sheet total mio. euros	521.5	520.7
Equity mio. euros	343.5	335.0
Equity ratio %	65.9	64.3
Equity to non-current assets ratio %	171.3	203.6
Net indebtedness mio. euros	–101.1	–85.8
Debt ratio	0.52	0.55
Working capital mio. euros	131.2	139.5

Compared to the prior-year period, the cash flow from operating activities in the first three months increased from 13.4 million euros to 16.6 million euros. This was beside the higher EBT and the lower income tax payments mainly caused by changes in the net assets. In the reporting period, the company recorded a cash inflow of 3.7 million euros from the accumulation of trade payables (prior year: cash outflow of 9.8 million euros), while the cash inflow from the reduction of trade receivables was 12.7 million euros lower. The cash outflow of 4.6 million euros for deferred items and the increased cash outflow of 1.4 million euros for other net assets also contributed to this development.

Compared to the prior-year quarter, the net cash used for investments increased from 8.9 million euros to 47.0 million euros in the period from January to March 2010. These investments mainly consisted of payments for the acquisition of time deposits and securities amounting to 44.7 million euros.

In the first quarter of 2010, the cash inflow from investing activities amounted to 0.4 million euros, compared to a cash outflow from investing activities of 2.8 million euros in the corresponding prior-year period. This development was mainly caused by new financial liabilities of 0.6 million euros.

As of 31 March 2010, the free cash flow amounted to 14.2 million euros, 47.9 per cent over the prior-year figure of 9.6 million euros. In this area, especially the improved cash flow from operating activities made itself felt.

EMPLOYEES

• Bechtle resumes staff recruitment
• Personnel expenses in Q1 at prior-year level

As of the reporting date 31 March 2010, the Bechtle Group had a total of 4,374 employees, including 270 trainees and individuals on parental leave or in military or civilian service (as of 31 December 2009: 4,354 employees, including 289 trainees).

Due to the improved economic framework conditions and the growing demand, the headcount of Bechtle AG went up by 20 in the first quarter. With 3,155 employees, Germany accounts for the majority of the personnel (as of 31 December 2009: 3,158 employees). A total of 1,219 employees work for the group in other countries. While the number of employees in Germany remained more or less constant in the reporting period, Bechtle's number of employees outside the home market increased by 23.

As of the reporting date, the IT system house & managed services had 3,435 employees. Thus, the number of employees in the first quarter receded slightly by 8 persons (as of 31 December 2009: 3,443 employees). Of the two segments of Bechtle AG, IT e-commerce was the one that benefited most from the economic recovery. Accordingly, the number of employees climbed to a total of 939 by the end of the reporting period. This means that this segment had 28 employees more than as of 31 December 2009 (911 employees).

Compared to the prior-year quarter, the average number of employees dropped from 4,428 to the current number of 4,357, of which 3,429 employees (prior year: 3,467 employees) belong to the IT system house & managed services segment and 928 employees (prior year: 961 employees) to the IT e-commerce segment.

Due to the economic recovery, short-time work did not play a major role for Bechtle in the first quarter of 2010. As of 31 March 2010, only 23 employees of the IT system house & managed services segments at five locations in Germany were doing short-time work. The reduction of the working time amounted to 10 to 20 per cent. In the IT e-commerce segment and in the central logistics & service division, full working hours were resumed in the reporting period due to the increased capacity utilisation.

Personnel expenses in the first quarter amounted to 56.7 million euros, almost the same as in the prior year (56.9 million euros). Due to the higher revenue, the personnel expense ratio decreased from 17.9 per cent to 16.0 per cent. Based on an average number of 3,999 full-time employees (prior year: 4,089), personnel expenses per employee increased slightly in the first three months of 2010 from 13.9 thousand euros to 14.2 thousand euros.

RESEARCH AND DEVELOPMENT

As a pure service and trading company, Bechtle is not involved in any research activities. Development activities are only conducted to a very limited extent, and principally for internal purposes. There were no notable development activities in the reporting period.

OPPORTUNITIES AND RISKS REPORT

• Macroeconomic improvement provides opportunities for future development
• Good funding secures group's independence
• Ongoing consolidation in the industry

In line with the long-term focus of Bechtle's strategy and business management, the opportunities and risks for the first quarter of 2010 and for the subsequent quarters are basically the same as presented on pages 95 to 107 in the annual report 2009, which was published in mid-March 2010.

A certain improvement of the economic situation became evident as early as the fourth quarter of 2009 and continued in the first quarter of 2010. The increasing number of orders in the field of hardware trading since the beginning of the year resulted in growing revenues and earnings in both business segments. Market research institutes expect an increasing revival to take place in the coming months in certain parts of the IT market, such as PC sales. This could reinforce the positive trend and lead to a further rise in the demand. For this reason, the company assumes that the opportunities as well as the associated risks for the industry as described in the annual report 2009 will persist, especially in terms of economic trends and cyclicity.

In the next months, the business performance will be influenced directly by the macroeconomic framework conditions. An interruption of the current economic recovery and the associated positive development of the investment readiness of the customers of Bechtle AG would result in a heightened risk for the earnings, assets and financial position. On the other hand, increasing dynamism and effectiveness of the economic recovery would increase the chances of a positive impact on the group's earnings, assets and financial position.

The growing national debt could impact the budget policy and the willingness of government institutions to invest. This, in turn, could influence the business of Bechtle AG with public-sector clients. In the first quarter of 2010, the group generated about 20 per cent of its revenues with publicsector clients. In the current financial year, the company expects the approval of additional funds under the economic stimulus package II along with a growing number of requests for tenders for new IT projects. All in all, this customer segment is again expected to follow a positive trend in 2010.

Despite the good outlook, the effects of the economic crisis have not yet been fully overcome. A restrictive credit policy towards the economy could greatly impair the further economic recovery. However, in view of its existing liquidity reserves and credit lines, this does not represent any risk for Bechtle. Rather, the creditworthiness of Bechtle customers plays a more significant role in the assessment of the current risk situation. The company could become more exposed to bad debt losses if customers were to default on their payment obligations. The group effectively limits this risk by means of regular creditworthiness analyses of the customer portfolio, which is obvious from the low level of bad debt losses incurred so far.

In the past financial year 2009, an acceleration of the consolidation process was evident especially on the German-speaking system house market. This development was marked by numerous insolvencies and takeovers. The consolidation in the IT industry will continue in the current financial year. The emerging changes in the competitor landscape could hold both opportunities and risks for Bechtle AG.

NOTEWORTHY EVENTS IN THE FIRST QUARTER OF 2010

On 1 March 2010, the Swiss Comsoft direct AG launched a newly established company in Belgium, thereby stepping up its international presence. Thus, the software management and software licensing specialist of the Bechtle Group is now represented in five European countries.

NOTEWORTHY EVENTS AFTER THE REPORTING PERIOD

On 6 April 2010, Bechtle direkt launched its business activities in Poland. Thus, the trading brand is now represented in twelve European countries. The location in Wroclaw is the first in an Eastern European country.

SHARE

• Restrained mood on the stock exchanges in the first quarter
• Bechtle share clearly outperforms TecDAX at +22 per cent
• EPS in the first quarter 71 per cent above prior year

Stock market trends varied in the reporting quarter. At the beginning of the year, the mood was still dim, and prices were subject to substantial pressure across the board. A slight recovery became evident from mid-February onwards and continued until the end of the quarter, bringing most of the indices to a slightly positive level. The recovery reflected the improved economic framework conditions in many industries. In the first quarter, numerous companies were able to fulfil or even surpass the expectations of the financial markets, which had a positive impact on the mood on the capital markets.

THE BECHTLE SHARE IN COMPARISON TO THE TECDAX performance from January to April 2010

However, the TecDAX was unable to benefit from this positive mood and reached 815.97 points as of 31 March 2010, 2.2 per cent below the value at the beginning of the year. The index reached its low of 771.54 points on 8 February and its high of 862.83 points on 14 January. The Bechtle share managed to detach itself from this development in a positive sense, demonstrating a remarkable performance in the first quarter. On 4 January, the share closed at 18.65 euros. As of the end of the quarter, Bechtle was quoted at 22.77 euros, an increase of 22.1 per cent. The share reached its low of 17.01 euros on 27 January and its high of 22.88 euros on 25 March. Along with the price, the market capitalisation also increased in the first quarter and amounted to 478.2 million euros on 31 March (prior year: 254.4 million euros).

The trading volume of the Bechtle share increased in the first quarter compared to the prior year. On average, 33,995 shares were traded every trading day, compared to 27,846 shares in the prioryear quarter.

In the March ranking of Deutsche Börse, Bechtle remained in 22nd place among the TecDAX stocks in terms of market cap as in the prior year and reached the 31st place in terms of stock exchange turnover (prior year: 27th place).

TRADING DATA OF THE BECHTLE SHARE

	Q1/2010	Q1/2009
Closing price on 4 January (2 January) euros	18.65	13.28
Closing price on 31 March euros	22.77	12.00
High euros	22.88	14.00
Low euros	17.01	11.02
Performance – absolute euros	4.12	–1.28
Performance – relative %	22.1	–9.6
Market cap – total 1 mio. euros	478.2	254.4
Free float market cap1 mio. euros	224.8	123.3
Ø turnover/trading day 2 shares	33,995	27,846

Xetra price data

As of 31 March 2010

2 All German stock exchanges

Despite the lower earnings after tax in the last financial year, Bechtle holds on to its dividend policy of letting shareholders duly participate in the company's success. For the financial year 2009, the Executive Board and the Supervisory Board will therefore propose to the Annual General Meeting on 16 June 2010 to distribute a dividend of 0.60 euros per share. The dividend thus remains at the prior-year level, and the distribution payout ratio increases from 27.4 per cent to 36.8 per cent. For the shareholders, this means a dividend return of 2.6 per cent in relation to the quarterly closing price.

EARNINGS PER SHARE

		Q1/2010	Q1/2009
Earnings after taxes	th. euros	7,587	4,329
Ø number of shares	th.	21,000	20,986
Earnings per share	euro	0.36	0.21

FORECAST

• Ongoing macroeconomic recovery expected

Macroeconomic Environment

The recovery of the economic development in the euro zone is expected to continue throughout the year. For each of the next two quarters, the European Commission predicts a growth rate of 0.2 per cent over the prior quarter. In the fourth quarter, the growth is expected to reach 0.3 per cent. For the year as a whole, the Commission predicts moderate growth of 0.7 per cent. Among the large national economies in the euro zone, Germany and France are expected to lead with 1.2 per cent growth.

In Germany, the Commission again expects a slight growth in the next quarters. GDP is expected to outperform the prior quarter by 0.3 per cent in the second and third quarters and by 0.4 in the fourth quarter. For the year 2010 as a whole, business research institutes and politicians anticipate growth of 1.2 to 1.6 per cent. Investments for equipment, which are relevant for Bechtle and represent an important indicator for the spending behaviour of the industry, are also expected to rise. However, it remains to be seen how effective this growth will be. Estimates range from 1.0 to 3.0 per cent. In 2010, the Commission predicts an increase of 1.5 per cent in government expenditure.

Industry

According to the market research institute European Information Technology Observatory (EITO), the IT market in the EU will only grow slightly by 0.2 per cent in 2010. Following the dramatic slump of minus 11.8 per cent in the prior year, hardware revenues are expected to continue shrinking in 2010 (minus 1.7 per cent).

According to EITO, the Swiss IT market, which is important for Bechtle, is expected to perform better. Growth of 1.0 per cent is forecast for the overall market. Hardware revenues are not expected to decline or grow. In the field of services, EITO expects a clear growth of 6.4 per cent especially in outsourcing services.

The forecast of the industry association BITKOM, which was published in March, points to a 1.4-percent growth of the IT market in Germany. This means that the industry trend is on par with the macroeconomic performance. The volume of 64 billion euros is about the same as in 2007. A slight growth of 0.2 per cent is expected in the hardware segment. Though revenues from the sale of workstations and desktop PC will most likely decline, notebook, netbook, multifunction printer and monitor sales are expected to grow. According to BITKOM, software revenues have grown by 0.9 per cent. A clear growth of 2.2 per cent is anticipated for the IT services segment. This development will be fuelled by outsourcing services at a rate of 6.1 per cent.

Performance of the Bechtle Group

A glance at the business performance of the Bechtle Group in the first three months of the financial year increasingly reinforces the signs of a sustainable economic development.

Thanks to the good start to 2010, the revenue and earnings of the prior year were clearly surpassed. However, the persistent uncertainty concerning the future business performance and cyclicity during the year make it impossible to reliably quantify the short-term company goals for the current financial year at the present time. Furthermore, the start-up of the new e-commerce companies, the further development in the public sector and the progress of large projects will be decisive for the success of Bechtle AG this year. Due to the still volatile environment, all of these items make a reliable forecast of the upcoming economic performance difficult.

In view of the improved economic framework conditions, the company, from the current perspective, expects this financial year's revenue and earnings to clearly surpass the prior year. The return on sales and thus the earning power are expected to remain at a very high level compared to the industry average. The liquidity of the Bechtle Group of 144.5 million euros as of 31 March 2010, which consists of cash and cash equivalents including securities, time deposits and unused global credit lines, along with the positive cash flow and the high equity, give the company the necessary financial leeway for the future.

Forward-Looking Statements

This interim financial report contains statements that relate to the future performance of Bechtle AG. Such statements are based on assumptions and estimates. Though the Executive Board believes that these predictive statements are realistic, this cannot be guaranteed. The assumptions are subject to risks and uncertainties that may result in consequences that differ substantially from those anticipated.

Bechtle's accounting and financial reporting policies comply with the International Financial Reporting Standards (IFRS) as applied in the EU. Due to rounding differences, percentages stated in the report may differ slightly from the corresponding amounts in million euros. The same applies to totals, which may also differ from the individual values.

Neckarsulm, 11 May 2010

Bechtle AG

The Executive Board

consolidated INTERIM financial statements

CONSOLIDATED INCOME STATEMENT

from 1 January to 31 March 2010 (2009)

in th. euros	01.01.–	01.01.–
	31.03.2010	31.03.2009
Revenue	354,758	318,870
Cost of sales	304,772	273,830
Gross profit	49,986	45,040
Distribution costs	22,104	22,369
Administrative expenses	19,423	18,609
Other operating income	1,435	1,720
Operating earnings	9,894	5,782
Financial income	459	470
Financial expenditure	108	125
Earnings before taxes	10,245	6,127
Income taxes	2,658	1,798
Earnings after taxes	7,587	4,329
Net earnings per share (basic and diluted) in euros	0.36	0.21
Weighted average shares outstanding (basic and diluted) in thousand	21,000	20,986

Consolidated statement of comprehensive income

from 1 January to 31 March 2010 (2009)

in th. euros	01.01.–	01.01.–
	31.03.2010	31.03.2009
Earnings after taxes	7,587	4,329
Other comprehensive income
Actuarial profit and loss in pension provisions	–359	191
Income-tax effect	75	–38
Unrealised profit and loss on securities	–193	5
Income-tax effect	35	–1
Unrealised profit and loss on financial derivatives	–42	–110
Income-tax effect	12	30
Currency exchange differences of net investments in foreign operations	64	841
Income-tax effect	0	–66
Hedging of net investments in foreign operations	–1,526	0
Income-tax effect	444	0
Changes in difference from foreign currency translation	2,449	–2,256
Total other comprehensive income	959	–1,404
Of which Income-tax effect	566	–75
Total comprehensive income	8,546	2,925

CONSOLIDATED BALANCE SHEET

as of 31 March 2010 (31 December 2009)

Assets

in th. euros	31.03.2010	31.12.2009
Non-current assets
Goodwill	107,305	106,395
Other intangible assets	14,079	14,932
Property, plant and equipment	27,293	27,740
Trade receivables	57	145
Tax receivables	171	171
Deferred taxes	10,364	9,874
Other assets	2,282	2,253
Time deposits and securities	39,011	3,000
Total non-current assets	200,562	164,510
Current assets
Inventories	61,644	59,322
Trade receivables	173,250	183,979
Tax receivables	1,466	1,656
Other assets	12,752	19,221
Time deposits and securities	24,505	15,510
Cash and cash equivalents	47,299	76,467
Total current assets	320,916	356,155
Total assets	521,478	520,665

Equity and liabilities

in th. euros	31.03.2010	31.12.2009
Equity
Issued capital	21,000	21,000
Capital reserve	145,228	145,228
Retained earnings	177,279	168,733
Total equity	343,507	334,961
Non-current liabilities
Pension provisions	8,957	8,631
Other provisions	247	232
Financial liabilities	6,521	6,604
Trade payables	49	97
Deferred taxes	11,716	11,598
Other liabilities	300	302
Deferral items	5,095	4,820
Total non-current liabilities	32,885	32,284
Current liabilities
Other provisions	3,395	3,959
Financial liabilities	3,227	2,561
Trade payables	83,706	79,460
Tax payables	3,640	5,455
Other liabilities	36,265	42,381
Deferral items	14,853	19,604
Total current liabilities	145,086	153,420
Total equity and liabilities	521,478	520,665

Consolidated statement of changes in equity

from 1 January to 31 March 2010 (2009)

in th. euros	Issued Capital Retained earnings			Treasury	Total
	capital	reserves	Accrued profits	Change in equity recog nised directly in equity	shares	equity
Equity as of 1 January 2009		21,200 143,454 153,775		–4,733	–2,247	311,449
Earnings after taxes			4,329			4,329
Other comprehensive income				–1,404		–1,404
Total comprehensive income	0	0	4,329	–1,404	0	2,925
Acquisition of treasury shares					–259	–259
Equity as of 31 March 2009		21,200 143,454 158,104		–6,137	–2,506	314,115
Equity as of 1 January 2010		21,000 145,228 173,335		–4,602	0	334,961
Earnings after taxes			7,587			7,587
Other comprehensive income				959		959
Total comprehensive income	0	0	7,587	959	0	8,546
Acquisition of treasury shares						0
Equity as of 31 March 2010		21,000 145,228 180,922		–3,643	0	343,507

CONSOLIDATED CASH FLOW STATEMENT

from 1 January to 31 March 2010 (2009)

in th. euros	01.01.– 31.03.2010	01.01.– 31.03.2009
Cash flow from operating activities
Earnings before taxes	10,245	6,127
Adjustment for non-cash income/expenses
Financial earnings	–356	–345
Depreciation and amortisation in intangible
assets and property, plant and equipment	3,665	3,477
Gains (–)/Losses (+) on disposals of intangible assets and property, plant and equipment	27	-8
Other non-cash expenses/income	–333	–195
Changes in net assets
Changes inventories	–2,241	–2,786
Changes trade receivables	12,038	24,777
Changes trade payables	3,701	–9,771
Changes accruals and deferrals	–4,576	1,052
Changes other net assets	–1,399	–550
Cash flow from ordinary operations	20,771	21,778
Income taxes paid	–4,186	–8,400
Net cash from operating activities	16,585	13,378
Cash flow from investing activities Cash paid for the acquisition of consolidated entities less cash acquired	0	–135
Cash paid for investments in intangible assets and property, plant and equipment	–2,447	–3,750
Cash received from sale of intangible assets and property, plant and equipment	23	82
Cash paid for the acquisition of time deposits and securites	–44,720	–5,607
Cash received from sale of time deposits and securities as well as other non-current assets	27	17
Interest payments received	154	479
Net cash used in investing activities	–46,963	–8,914
Cash flow from financing activities
Cash paid for finance liabilities	–119	–2,454
Cash received from finance liabilities	648	0
Cash paid for the purchase of treasury shares	0	–259
Interest paid	–87	–96
Net cash received from (used for) financing activities	442	–2,809
Exchange-rate-related changes in cash and cash equivalents	768	–607
Changes in cash and cash equivalents	–29,168	1,048
Cash and cash equivalents at the beginning of the period	76,467	77,300
Cash and cash equivalents at the end of the period	47,299	78,348

notes TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

I. GENERAL STATEMENTS

Bechtle AG, Bechtle Platz 1, D-74172 Neckarsulm, Germany, is a listed company and as such required under section 315a of the German Commercial Code (HGB) to prepare its consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as endorsed by the EU. Accordingly, this interim report as of 31 March 2010 has been prepared in accordance with the IFRS.

In accordance with IAS 34, a significantly abridged scope has been used for the presentation of this interim report as of 31 March 2010 compared to the consolidated financial statements as of the end of the financial year. Allowance has also been made for the requirements going beyond IAS 34 pursuant to the German Accounting Standard No. 16 (DRS 16) and pursuant to Section 66 of the Stock Exchange Regulations for the Frankfurt Stock Exchange, and these requirements have been fully met.

II. ACCOUNTING AND CONSOLIDATION PRINCIPLES

In the reporting period, Bechtle adopted the new and revised standards and interpretations of the following new accounting pronouncements published by the IASB/IFRIC and endorsed by the EU for the first time. The specified date for the mandatory adoption ("effective date") is determined in the respective EU directive:

Standard	Publication by IASB/IFRIC	Endorsement	1 Effective date
Standards and interpretations to be adopted for the first time in the current financial year
Eligible Hedged Items – Amendment to IAS 39 Financial Instruments: Recognition and Measurement	31 July 2008	15 September 2009	1 July 2009
Amendment to IFRS 2 Share-based Payment	18 June 2009	23 March 2010	1 January 2010
IFRIC 17 Distributions of Non-cash Assets to Owners	27 November 2008	26 November 2009	1 November 2009
IFRIC 18 Transfer of Assets from Customers	29 January 2009	27 November 2009	1 November 2009
Improvements to International Financial Reporting Standards	16 April 2009	23 March 2010	1 January 2010

1 For financial years beginning on or after this date

These standards and interpretations, which were adopted for the first time in the financial year 2010, do not have any major impact on the earnings, assets and financial position and their presentation.

Bechtle had already adopted the new and amended standards and interpretations whose adoption is mandatory for the financial year 2010 ahead of time for the consolidated financial statements for the financial year 2009.

Apart from this, the same accounting and consolidation principles were applied as for the consolidated financial statements for the financial year 2009. For further information, please refer to the consolidated financial statements as of 31 December 2009, which form the basis for these interim financial statements. These can be accessed on the Internet under www.bechtle.com.

Income Taxes

In the interim reporting period, the tax expenditure was determined according to IAS 34 on the basis of the effective tax rate expected for the entire financial year. Taxes relating to extraordinary events are taken into consideration in the quarter in which the underlying event occurs.

III. SCOPE OF CONSOLIDATION

Bechtle AG, Neckarsulm and all its majority owned and controlled subsidiaries are included in the consolidated financial statements. As in the prior year, Bechtle AG directly or indirectly holds all interests in all included companies.

The following companies were included in the consolidated financial statements for the first time in this reporting period:

Company	Headquarters	Date of initial consolidation	Acquisiton/ foundation
Bechtle direct Polska Sp. z. oo.	Wrocław, Poland	01.01.10	Foundation
Bechtle Management E.u.r.l.	Molsheim, France	01.01.10	Foundation
Bechtle Comsoft NV	Hamont-Achel, Belgium	09.02.10	Foundation

IV. EXPLANATORY NOTES ON THE INCOME STATEMENT AND BALANCE SHEET

Earnings per Share

The table below shows the calculation of earnings per ordinary share after taxes without minority interests:

	01.01.– 31.03.2010	01.01.– 31.03.2009
Earnings after taxes (in th. euros)	7,587	4,329
Average number of outstanding shares	21,000,000	20,986,310
Earnings per share (in euro)	0.36	0.21

Under IAS 33, the earnings per share are determined on the basis of the earnings after taxes and the average number of shares in circulation in the year. Treasury shares reduce the number of outstanding shares accordingly. The basic earnings per share are identical to the diluted earnings per share.

Equity

Dividends

At the Annual General Meeting on 16 June 2010, the Executive Board and the Supervisory Board will propose to use the retained earnings for the financial year 2009 amounting to 12,600 thousand euros for distributing a dividend amounting to 0.60 euros for each no-par share with dividend entitlement.

Treasury Shares

As no treasury shares were purchased in the reporting period (prior-year period: 22,074 shares), Bechtle did not hold any treasury shares as of 31 March 2010, as was also the case on 31 December 2009, and the number of outstanding shares remained at 21,000,000.

Based on an average purchase price of 11.74 euros per share, the total costs of the treasury shares purchased in the prior-year period amounted to 259 thousand euros including transaction costs of 0 thousand euros.

No treasury shares were sold or retired in the reporting period or in the prior-year period.

The weighted average of outstanding shares in the period under review determined pursuant to IAS 33 amounts to 21,000,000 shares (prior year period: 20,986,310 shares).

V. OPERATING LEASES

The future minimum lease payments from rental and leasing contracts classified as "operating leases" according to IAS 17 amounted to 80,637 thousand euros as of 31 March 2010 (31 December 2009: 82,378 thousand euros).

in th. euros	31.03.2010	31.12.2009
Due within 1 year	19,538	20,087
Due between 1 and 5 years	34,845	34,626
Due after 5 years	26,254	27,665
Total minimum lease payments	80,637	82,378

VI. SEGMENT INFORMATION

The segment information is presented on the basis of the same principles as the consolidated financial statements for the financial year 2009.

01.01.–31.03.2010			01.01.–31.03.2009
IT system house & managed services	IT e-commerce	Total group	IT system house & managed services	IT e-commerce	Total group
228,066	127,051		207,623	111,655
227,769	126,989	354,758	207,272	111,598	318,870
2,604	1,061	3,665	2,473	1,004	3,477
4,608	5,286	9,894	3,015	2,767	5,782
		351			345
		10,245			6,127
		2,658			1,798
		7,587			4,329
1,751	295	2,046	2,787	963	3,750
					0
	–297 0	–62 0	0	–351 0	–57 0

in th. euros	31.03.2010			31.12.2009
	IT system house & managed services	IT e-commerce	Total group	IT system house & managed services	IT e-commerce	Total group
Total segment assets	335,722	185,948		344,374	176,524
Less intersegment receivables	–129	–63		–230	–3
Assets	335,593	185,885	521.478	344,144	176,521	520,665
Total segment liabilities	113,547	64,616		119,126	66,811
Less intersegment liabilitiesent	–63	–129		–3	–230
Liabilities	113,484	64,487	177.971	119,123	66,581	185,704

in th. euros	01.01.–31.03.2010		01.01.–31.03.2009
	Domestic	Abroad	Total group	Domestic	Abroad	Total group
By regions
External revenues	230,768	123,990	354,758	206,318	112,552	318,870
Investments	1,525	521	2,046	3,221	529	3,750
Investments through changes in the scope of consolidation	0	0	0	0	0	0

in th. euros		31.03.2010			31.12.2009
	Domestic	Abroad	Total group	Domestic	Abroad	Total group
Assets	298,393	223,085	521,478	298,949	221,716	520,665
Liabilities	111,776	66,195	177,971	112,145	73,559	185,704

Information on the number of employees by segments and regions is provided in section VII. "Employees".

VII. EMPLOYEES

The employee numbers are as follows:

	31.03.2010	31.12.2009	01.01.– 31.03.2010	01.01.– 31.03.2009
Full-time employees	4,019	3,989	3,999	4,089
Apprentices	270	289	279	273
Employees on parental leave or military/civilian service	85	76	79	66
Auxiliary staff	121	113	118	103
Total	4,495	4,467	4,475	4,531

The employee numbers (without auxiliary staff) break down by segments and regions as follows:

	31.03.2010	31.12.2009	01.01.– 31.03.2010	01.01.– 31.03.2009
IT system house & managed services	3,435	3,443	3,429	3,467
Domestic	2,848	2,858	2,847	2,843
Abroad	587	585	582	624
IT-E-Commerce	939	911	928	961
Domestic	307	300	305	336
Abroad	632	611	623	625

The employee numbers (without employees on parental leave or military/civilian service and without auxiliary staff) break down by functional areas as follows:

	31.03.2010	31.12.2009	01.01.– 31.03.2010	01.01.– 31.03.2009
Service	2,079	2,085	2,074	2,111
Sales	1,268	1,263	1,265	1,322
Administration	942	930	939	929

VIII. EVENTS AFTER THE END OF THE REPORTING PERIOD

On 6 April 2010, Bechtle direkt launched its business activities in Poland. Thus, the trading brand is now represented in twelve European countries. The location in Wroclaw is the first in an Eastern European country.

There were no other noteworthy events after the end of the reporting period.

Neckarsulm, 11 May 2010

Bechtle AG

The Executive Board

RESPONSIBILITY STATEMENT BY THE EXECUTIVE BOARD

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year.

Neckarsulm, 11 May 2010

Bechtle AG

Dr. Thomas Olemotz Michael Guschlbauer Jürgen Schäfer

AUDITING INFORMATION

The present interim financial report was neither audited according to article 317 of the HGB nor revised by the auditor.

FINANCIAL CALENDAR

Interim Report 1st quarter 2010 (1 January to 31 March) Wednesday, 12 May 2010 Conference Call with analysts, investors and media

Annual General Meeting Wednesday, 16 June 2010, 10.00 a.m Harmonie Concert and Congress Centre, Heilbronn

Dividend Payment for the Fiscal year 2009 as of 17 June 2010 (subject to approval by the Annual General Meeting)

Interim Report 2nd quarter 2010 (1 April to 30 June) Thursday, 12 August 2010 Conference Call with analysts, investors and media

Interim Report 3rd quarter 2010 (1 July to 30 September) Friday, 12 November 2010 Conference Call with analysts, investors and media

Published by Bechtle AG, Neckarsulm

Contact Bechtle AG Bechtle Platz 1 74172 Neckarsulm

Investor Relations

Thomas Fritsche Phone +49(0)7132 981-4121 Fax +49(0)7132 981-4116 thomas.fritsche@bechtle.com

Martin Link Phone +49(0)7132 981-4149 Fax +49(0)7132 981-4116 martin.link@bechtle.com

The Interim Report Q1/2010 was published on 12 May 2010. It is available in German and English. Both versions can be downloaded at www.bechtle.com/reports. On request, we would be pleased to send you further copies of the printed German version free of charge.

Bechtle AG Bechtle Platz 1 74172 Neckarsulm

Phone +49(0)7132 981-0 ir@bechtle.com www.bechtle.com