Bechtle AG — Interim / Quarterly Report 2012

May 15, 2012

Interim Report as of 31 March 2012

1 s t Quarter 2012

key figures of the bechtle group at a glance

		01.01– 31.03.2012	01.01– 31.03.2011	Change in %
Revenue	th. euros	487,607	456,107	6.9
IT system house & managed services	th. euros	321,609	295,780	8.7
IT e-commerce	th. euros	165,998	160,327	3.5
EBITDA	th. euros	22,598	21,741	3.9
IT system house & managed services	th. euros	15,070	13,119	14.9
IT e-commerce	th. euros	7,528	8,622	–12.7
EBIT	th. euros	17,330	17,847	–2.9
IT system house & managed services	th. euros	10,736	10,126	6.0
IT e-commerce	th. euros	6,594	7,721	–14.6
EBIT margin	%	3.6	3.9
IT system house & managed services	%	3.3	3.4
IT e-commerce	%	4.0	4.8
EBT	th. euros	17,101	18,096	–5.5
EBT margin	%	3.5	4.0
Earnings after taxes	th. euros	12,319	13,175	–6.5
Earnings per share	euros	0.59	0.63	–6.5
Working capital	th. euros	176,881	157,665	12.2
Return on equity 1	%	12.5	15.4
Cash flow from operating activities	th. euros	14,122	5,505	156.5
Cash flow per share	euros	0.67	0.26	156.5
Number of employees (as of 31.12)		5,584	4,875	14.5
IT system house & managed services		4,345	3,785	14.8
IT e-commerce		1,239	1,090	13.7
		31.03.2012	31.12.2011	Change in %
Cash and cash equivalents 2	th. euros	147,065	141,488	3.9
Equity ratio	%	56.3	52.2

¹ Annualised

² Incl. time deposits and securities

review by quarter 2012

		1st quarter 01.01–31.03.	2nd quarter 01.04–30.06.	3rd quarter 01.07–30.09.	4th quarter 01.10–31.12.	2012 FY 01.01–31.03.
Revenue	th. euros	487,607				487,607
EBITDA	th. euros	22,598				22,598
EBIT	th. euros	17,330				17,330
EBT	th. euros	17,101				17,101
EBT margin	%	3.5				3.5
Earnings after taxes	th. euros	12,319				12,319

CONSOLIDATED INTERIM MANAGEMENT REPORT

BUSINESS ACTIVITY

Bechtle operates more than 60 system houses in Germany, Austria and Switzerland, and is a leading IT e-commerce provider with trading companies in 14 countries throughout Europe. This combination forms the basis of Bechtle's unique business model, which combines IT service with direct marketing of IT products. Established in 1983 and headquartered in Neckarsulm, Germany, the company offers a one-stop, vendor-independent, comprehensive IT portfolio to its more than 75,000 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, application solutions, project planning and rollout, system integration, maintenance and training and complete operation of customers' IT. In IT e-commerce, the second business segment, we offer our customers hardware and standard software by way of direct sales via the Internet, catalogue and telesales under the Bechtle direct and ARP brands. Moreover, the Comsoft direct brand has gained a foothold in this segment as a software management and software licensing expert.

BUSINESS ENVIRONMENT

• � Economic situation in the EU varied
• � Mood indicators in Germany slightly improved at the start of the year

Macroeconomy

In the first quarter, the EU economy was rather unimpressive. The European Commission estimates that the gross domestic product (GDP) amounted to minus 0.1 per cent in the first quarter of 2012 compared to minus 0.3 per cent in the prior quarter. The growth rates of the EU countries in which Bechtle is present span a wide range from minus 1.4 per cent in Portugal and minus 0.7 per cent in Italy and Spain to 0.5 per cent in Poland. Growth was mainly driven by exports, while the domestic demand was weaker than in the prior year.

www.ec.europa.eu

www.bechtle.com/portfolio-en

According to the European Commission, the economic growth in Germany recovered at a low level in the first quarter. Following a decline of 0.2 per cent in the fourth quarter of 2011, the GDP growth returned to a slightly positive value of 0.1 per cent in the first quarter of 2012. The export business was also the main growth driver in Germany.

Having bottomed out, the mood indicators of the German economy moved upwards in the first quarter. From a low of 106.5 in October 2011, the ifo index climbed to 107.3 in December and to 109.8 in March. While the assessment of the current situation improved only slightly from 116.7 in December to 117.4 in March, the expectations for the next six months showed a more pronounced improvement from 98.7 to 102.7.

Industry

The IT market in Germany still reports growing revenues and incoming orders. For example, the GULP IT project market index, which registers how many IT projects are tendered to freelance IT experts in Germany, was about 10 per cent higher in the first quarter of 2012 than in the corresponding prior-year quarter. According to the figures on the PC sales in Europe, Middle East and Africa (EMEA) in the first quarter, as presented by the market researchers of Gartner, PC sales increased 6.7 per cent from January to March. This development was mainly driven by the high demand of Western European corporate customers for desktop PCs.

Though the mood in the German IT industry is varied, a recovery is evident to a certain extent in the course of the first quarter. The ifo index for IT service providers fluctuated greatly in the first quarter, but increased from 34.5 to 35.9 on aggregate. Especially the assessment of the current situation came under pressure and dropped from 51 to 42. However, in the course of the quarter, the expectations for the coming months went up from 19 in December to 30 in March.

ifo index for IT service providers

In the first quarter, the quarterly BITKOM industry index stabilised at a level of 63 (prior quarter: 60). The three sub-segments IT service, software and hardware all followed an upward trend, though with different degrees of intensity. The software revenue expectations exhibited the highest increase from 66 to 77. IT service climbed 6 points to 79. The outlook for IT hardware remains cautious: Here, the index merely went up 2 points to 56.

Overall Assessment

Economically speaking, the start to 2012 was rather cautious. Furthermore, the macroeconomic situation is varied. On the one side, many European countries are affected by major uncertainties relating to the effects of the euro crisis and the high national debt, which burden economic performance. On the other side, GDP in Germany improved slightly compared to the prior quarter, indicating a small trend reversal. At the beginning of the year, the brightened mood in the IT industry was mainly influenced by the outlook for the next quarters.

Bechtle AG has grown despite these framework conditions. However, a degree of uncertainty is increasingly evident, especially in the international environment and among public-sector divisions.

www.bitkom.org

EARNINGS POSITION

• � High order backlog
• � Growth impulses from the home market
• � Gross margin at high level

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, though some project transactions in the IT system house & managed services segment may take up to six months. However, framework and operating agreements in the managed services segment may have much longer terms.

Due to the current business structure, incoming orders are largely reflected in the revenue during a reporting period. In the first three months of 2012, incoming orders increased 1.7 per cent to approximately €494 million (prior year: €485 million). The IT system house & managed services segment recorded an increase of 2.2 per cent to €327 million (prior year: €320 million). In the IT e-commerce segment, incoming orders increased 1.2 per cent to approximately €167 million (prior year: €165 million).

Year on year, the order backlog as of 31 March 2012 rose about 29 per cent to €287 million (prior year: €223 million). Of this amount, the IT system house & managed services segment accounted for €279 million (prior year: €209 million), and the IT e-commerce segment for €8 million (prior year: €14 million).

Revenue Performance

The Bechtle group's revenue continued to grow in the first quarter of 2012, increasing 6.9 per cent from €456.1 million to €487.6 million. However, due to the base effects from the excellent prior-year quarter, it was not surprising that the dynamics of the prior year could not be reached. During the reporting quarter, the IT system house & managed services segment was the growth driver, while the international business in IT e-commerce was affected by the unfavourable framework conditions in individual countries. In the reporting period, the revenues of the acquired system house companies amounted to €10.6 million. The group's organic growth in the first quarter thus amounted to 4.6 per cent.

Due to our German customers' high demand and willingness to invest, we generated revenues of €327.2 million in the reporting quarter, an increase of 10.2 per cent (prior year: €297.0 million). The performance on the foreign markets was unable to keep pace with this growth rate. Here, revenues merely increased 0.8 per cent from €159.1 million to €160.4 million. This was due to the unfavourable economic situation in some countries as a result of the euro crisis and the expiry of two large contracts in the system house business in Switzerland.

REGIONAL re venue	distribution				in million euros
0	125	250	375	500	Total
Q1/2011		297.0		159.1	456.1
Q1/2012			327.2	160.4	487.6 (+6.9%)

Domestic Abroad

In the first quarter, the IT system house & managed services segment generated revenues of €321.6 million (prior year: €295.8 million), a growth of 8.7 per cent. The contribution of the domestic system houses to the group revenue increased 11.1 per cent to €275.7 million (prior year: €248.3 million). The revenue of the foreign system houses dropped 3.4 per cent to €45.9 million (prior year: €47.5 million) as a result of the expiry of two large contracts in Switzerland, as already mentioned.

In the reporting period, the IT e-commerce segment boosted its revenues by 3.5 per cent from €160.3 million to €166.0 million. Domestic revenues increased 5.7 per cent from €48.7 million to €51.5 million, and the European e-commerce companies grew 2.6 per cent to €114.5 million (prior year: €111.6 million).

REVENUE – GROUP AND SEGMENTS in th. euros

	Q1/2012	Q1/2011	Change
Group	487,607	456,107	6.9%
Domestic	327,228	296,997	10.2%
Abroad	160,379	159,110	0.8%
IT system house & managed services	321,609	295,780	8.7%
Domestic	275,723	248,266	11.1%
Abroad	45,886	47,514	-3.4%
IT e-commerce	165,998	160,327	3.5%
Domestic	51,505	48,731	5.7%
Abroad	114,493	111,596	2.6%

Based on an average number of 5,132 full-time employees, the group's revenue per employee amounted to €95 thousand in the first quarter of 2012, about 7.4 per cent less than in the corresponding prior-year quarter (4,443 full-time employees). This shows the above-average increase in the number of employees compared to the revenue growth. The development in the two segments was similar. The revenue per employee in the IT system house & managed services segment amounted to €80 thousand, based on an average of 3,997 full-time employees (prior year: €86 thousand for 3,453 full-time employees). The revenue per employee generated in the IT e-commerce segment in the reporting quarter amounted to €146 thousand, based on an average of 1,135 full-time employees (prior year: €162 thousand for 990 full-time employees).

Earnings Performance

At 5.9 per cent, the increase in cost of sales was slightly lower than the increase in revenue. Thus, this item's share amounted to 84.7 per cent of the revenue in the first quarter (prior year: 85.6 per cent). Accordingly, the group's gross margin increased from 14.4 per cent to 15.3 per cent, which can be mainly attributed to the intensification of the solution business. In the reporting period, gross earnings thus improved 12.9 per cent to €74.4 million (prior year: €65.9 million).

In the first quarter, the increase in functional costs was disproportionately higher than the revenue increase, primarily due to the higher headcount. To accommodate new technology subjects such as cloud computing, distribution and marketing activities were further expanded, resulting in a cost increase of 18.2 per cent from €28.0 million to €33.1 million. Accordingly, the distribution cost ratio increased from 6.1 per cent in the prior year to 6.8 per cent in the period under review. Administrative expenses also increased 18.2 per cent to €26.9 million in the reporting quarter (prior year: €22.7 million). The share of these expenses in the revenue increased from 5.0 per cent to 5.5 per cent.

Year on year, other operating income increased from €2.6 million to €2.8 million. This was caused by higher manufacturer refunds.

Year on year, earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 3.9 per cent from €21.7 million to €22.6 million. Our EBITDA margin decreased slightly from 4.8 per cent to 4.6 per cent.

As expected, depreciation and amortisation in the reporting quarter increased 35.3 per cent to €5.3 million (prior year: €3.9 million). Especially depreciation of property, plant and equipment increased by €1.1 million to €3.8 million as a result of the acquisitions, the building activities at the headquarters and the takeover of the previously leased existing buildings and land in Neckarsulm, Germany.

Accordingly, earnings before interest and taxes (EBIT) underwent a slight decline to €17.3 million, 2.9 per cent less than the comparable prior-year figure (€17.8 million). The margin dropped from 3.9 per cent to 3.6 per cent.

Owing to the much higher financial liabilities in connection with the repurchase of the previously leased land and buildings at the Neckarsulm headquarters, the financial earnings dropped from €249 thousand in the prior year to minus €229 thousand. Thus, the group's earnings before taxes (EBT) for the period from January to March amounted to €17.1 million, 5.5 per cent less than in the prior year (€18.1 million). The EBT margin dropped from 4.0 per cent to 3.5 per cent.

Bechtle AG Interim Report as of 31 March 2012

In the reporting quarter, tax expenses declined 2.8 per cent to €4.8 million (prior year: €4.9 million). The tax rate climbed from 27.2 per cent in the prior year to 28.0 per cent in the period under review, an effect resulting from the higher contribution to earnings provided by the companies on the home market.

Earnings after taxes declined 6.5 per cent from €13.2 million to €12.3 million. Accordingly, the net margin dropped from 2.9 per cent to 2.5 per cent. On the basis of 21 million shares, the earnings per share amounted to €0.59, compared to €0.63 in the prior year.

At segment level, the earnings situation was as follows:

In the first quarter of 2012, EBIT in the IT system house & managed services segment increased 6.0 per cent to €10.7 million (prior year: €10.1 million). The EBIT margin was 3.3 per cent, compared to 3.4 per cent in the prior year. This much better segment performance compared to the group as a whole reflects the higher service share. This increase was possible not only due to the acquisitions in the field of application solutions, but also due to our development of the share of high-margin services in the traditional system house business.

In the quarter, the IT e-commerce segment generated EBIT of €6.6 million, a decline of 14.6 per cent compared to the prior year (€7.7 million). The margin dropped from 4.8 per cent to 4.0 per cent. This development was caused by the considerably higher personnel expenses, which have not yet been fully compensated by the revenue growth and the improved gross earnings.

	Q1/2012	Q1/2011	Change
Group	17,330	17,847	–2.9%
IT system house & managed services	10,736	10,126	+6.0%
IT e-commerce	6,594	7,721	–14.6%

	EBIT – GROUP AND SEGMENTS	in th. euros
--	---------------------------	--------------	--

ASSETS AND FINANCIAL POSITION

� Equity ratio raised again

� Improved balance sheet ratios

As of 31 March 2012, the balance sheet total of the Bechtle group amounted to €767.9 million, on seasonal grounds €35.6 million less than as of 31 December 2011 (€803.4 million).

Development of the Assets

Non-current assets increased 8.6 per cent or €24.3 million from €281.6 million to €305.9 million. Time deposits and securities experienced the greatest change, increasing €21.2 million to €51.9 million. This was due to the regrouping of the cash and cash equivalents for the purpose of optimising the return. Moreover, in the first quarter of 2012, property, plant and equipment increased from €79.6 million to €82.2 million, owing to the construction activities at the Bechtle AG headquarters. Our capitalisation ratio has also gone up to 39.8 per cent (31 December 2011: 35.1 per cent).

In contrast, current assets fell 11.5 per cent since the beginning of the fiscal year to €461.9 million. Though time deposits and securities increased €14.8 million to €31.0 million, and inventories went up to €100.4 million in the first three months of 2012, 10.0 per cent more than on 31 December 2011 (€91.2 million), on seasonal grounds trade receivables dropped €51.1 million to €235.7 million as of the balance sheet date. Year on year, our average DSO (days sales outstanding) in the first three months of 2012 increased from 35.8 days to 36.6 days. Cash and cash equivalents dropped from €94.6 million to €64.2 million as a result of the higher financial assets. However, as of the balance sheet date, cash and cash equivalents including short and longterm time deposits and securities increased to €147.1 million (31 December 2011: €141.5 million).

Development of the Equity and Liabilities

As of 31 March 2012, non-current liabilities amounted to €97.7 million, slightly less than on 31 December 2011 (€98.7 million). Under this item, only non-current financial liabilities underwent a noteworthy reduction of €1.0 million from €57.3 million to €56.2 million.

In contrast, current liabilities declined €47.5 million to €238.2 million (31 December 2011: €285.7 million). With a decrease of €27.1 million, trade payables underwent the greatest change, from €148.8 million to €121.7 million as of the end of the quarter. For reasons related to the reporting date, other liabilities dropped by €19.9 million to €52.3 million. This was caused by the decrease of €10.9 million in personnel liabilities due to commission and bonus payments and a decrease of €8.1 million in VAT liabilities.

Due to the increase in retained earnings, the equity increased from €419.0 million to a record value of €432.0 million as of 31 March 2012. The balance sheet contraction also contributed to the significant improvement of our equity ratio from 52.2 per cent as of 31 December 2011 to 56.3 per cent.

As the increase in equity could not fully compensate the rise in non-current assets, the equity to non-current assets ratio went down in the first three months of the current fiscal year from 148.8 per cent as of 31 December 2011 to 141.2 per cent. The group's net indebtedness improved from minus €75.2 million as of 31 December 2011 to minus €81.9 million. In this connection, we also benefit from a lower debt ratio as of 31 March 2012. Currently, the debt ratio is 0.78, compared to 0.92 at the end of the fiscal year 2011.

In the first three months of 2012, working capital dropped from €189.9 million to €176.9 million, especially due to the reduction in trade receivables. In relation to the balance sheet total, working capital amounted to 23.0 per cent as of 31 March 2012, compared to 23.6 per cent as of 31 December 2011.

BALANCE SHEET KEY FIGURES OF THE BECHTLE GROUP

	31.03.2012	31.12.2011
Balance sheet total million euros	767.9	803.4
Cash and cash equivalents including time deposits and securities million euros	147.1	141.5
Equity million euros	432.0	419.0
Equity ratio	% 56.3	52.2
Equity to non-current assets ratio	% 141.2	148.8
Net indebtedness million euros	–81.9	–75.2
Debt ratio	0.78	0.92
Working capital million euros	176.9	189.9

Development of the Cash Flow

Year on year, the net cash generated from operating activities in the first three months of 2012 increased by €8.6 million to €14.1 million. The main reason for this development was the substantial inflow of €51.9 million (prior year: €24.5 million) from the reduction of trade receivables. Moreover, the cash outflow of €9.0 million for the increase of inventories in the current reporting period was lower than in the prior year (€14.1 million). Moreover, the cash outflow of €9.0 million for the increase of inventories in the current reporting period was lower than in the prior year (€14.1 million). On the other hand, the higher reduction of trade payables resulted in a cash outflow of €27.7 million (prior year: €8.4 million). Changes in other net assets caused an outflow of €16.8 million (prior year: €15.0 million). This was mainly due to the significant decline in other liabilities as a result of commission and bonus payments and the reduced VAT liabilities.

Year on year, the net cash used for investments in the first quarter of 2012 increased from €20.6 million to €42.8 million. While the group had spent €15.8 million on time deposits and securities in the first three months of the prior year, this amount reached €47.6 million in the same period in 2012. On the other hand, the cash inflow from the sale of time deposits and securities in the first quarter amounted to €11.7 million (prior year: €0). Furthermore, payments for the purchase of intangible assets and property, plant and equipment increased from €5.4 million in the prior year to €6.6 million in the period under review, mainly because of the said construction activities at the headquarters. Payments for acquisitions less cash and cash equivalents taken over increased from €0.1 million in the prior year to €1.3 million. These outflows comprised the takeover of Redmond Integrators at the beginning of the year and an additional purchase price payment resulting from the acquisition of SolidLine in the fiscal year 2011.

In the reporting period, the cash flow from financing activities shows a cash outflow of €2.0 million, compared to €0.7 million in the prior year. While payments for the clearance of financial liabilities increased by €1.6 million and interest payments by €0.7 million, the cash inflow from the assumption of financial liabilities amounted to €0.9 million (prior year: €0).

The free cash flow underwent a significant increase to €6.4 million in the first three months (prior year: minus €0.1 million). This primarily reflects the substantial cash inflow from operating activities despite the investments made to ensure our sustainability.

EMPLOYEES

� Significant increase in employment for the purpose of realising future growth

� Unchanged focus on increasing the training ratio

As of the reporting date 31 March 2012, the Bechtle group had 5,584 employees, including 338 trainees (31 December 2011: 5,479 employees, including 356 trainees). Thus, the number of employees in the group went up 105 in the first quarter of the current fiscal year. Apart from the acquisition of Redmond Integrators in spring, the increase was largely made up of newly recruited employees. Year on year, the total number of employees in the group went up 709, an increase of 14.5 per cent.

EMPLOYEES IN THE GROUP

With 4,180 employees, Germany accounts for about three quarters of the personnel (31 December 2011: 4,065 employees). The number of employees working for the group abroad as of the reporting date was 1,404, compared to a total of 1,414 at the beginning of the fiscal year. This slight decline is related to the completion of a large order in the Swiss system house business.

EMPLOYEES BY REGIONS

0	1,000	2,000	3,000	4,000	5,000	Total
Q4/2011				4,065	1,414	5,479
				4,180	1,404	5,584	(+1.9%)
Q1/2012
Domestic	Abroad

As of 31 March 2012, the IT system house & managed services segment had a total of 4,345 employees. Thus, the number of employees increased by a total of 40 in the first three months of the fiscal year (31 December 2011: 4,305 employees). The headcount in the IT e-commerce segment climbed to 1,239 as of the end of the reporting period. This means that this segment had 65 more employees than as of 31 December 2011 (1,174 employees).

EMPLOYEES BY SEGMENTS
-----------------------	--	--

0	1,000	2,000	3,000	4,000	5,000	Total
Q4/2011				4,305	1,174	5,479
				4,345	1,239	5,584 (+1.9%)
Q1/2012

IT system house & managed services IT e-commerce

The average headcount in the group during the first three months of 2012 amounted to 5,570, a number that significantly exceeded the prior-year figure of 4,825. Of this number, 4,349 employees belonged to the IT system house & managed services segment, compared to 3,762 in the corresponding prior-year period. On average, IT e-commerce had 1,221 employees (prior year: 1,063 employees).

As of the end of the reporting period, the company had a total of 338 young trainees (prior year: 291), including 35 junior staff members abroad. Despite the considerable increase in full-time jobs, the training ratio in Germany increased from 7.2 per cent to 7.4 per cent in the first quarter of 2012. Bechtle is holding fast to its goal of increasing the training ratio to about 12 per cent.

In the period from January to March 2012, personnel and social expenses totalled €78.8 million, 16.0 per cent more than in the prior year (€67.9 million). Thus, the expense ratio went up from 14.9 per cent to 16.2 per cent. Based on an average number of 5,132 (prior year: 4,443) full-time employees, personnel and social expenses per employee increased slightly from €15.3 thousand to €15.4 thousand.

RESEARCH AND DEVELOPMENT

As a pure service and trading company, Bechtle is not involved in any research activities. Software and application development activities are conducted primarily for internal purposes and only to a very limited extent. However, the software and application solutions division also offers customers the design, development and implementation of software, e.g. in SharePoint projects. There were no notable development activities in the reporting period.

OPPORTUNITIES AND RISKS

� Economic development uncertain

� Weakening economy also offers opportunities

In line with the long-term focus of Bechtle's strategy and business management, the opportunities and risks for the coming months are basically the same as presented in the Annual Report 2011. In the course of the first quarter of 2012, no additional material risks or substantial changes in the risk situation occurred compared to the risks presented in the last Annual Report. Currently, no risks have been identified that could – individually or in their entirety – endanger the company as a going concern.

The economic performance of the IT market slowed down in the first quarter of 2012. Though Bechtle still benefits from a strong demand and high willingness to invest, the uncertainties concerning the future economic framework conditions remain. Thus, despite many good business figures, the risk of an economic slowdown still exists. Nevertheless, even a weaker economy would offer opportunities for the Bechtle group, e.g. by stronger growth through displacement in the competitive environment and the ongoing consolidation. All in all, the Bechtle group assumes that the risks and opportunities described in the Annual Report 2011 in respect of economic trends and cyclicity within the industry will persist.

The tense budget situation in some European countries in connection with the euro debt crisis could reduce the willingness of government institutions to invest. On the other hand, the public sector in Germany in particular benefits from higher tax income. These factors could affect the business of Bechtle AG in the public sector division.

• � Share markets make good start into the year
• � Bechtle share with above-average growth
• � EPS in the first quarter €0.59

In the first quarter of 2012, the share markets were able to continue on the upward path that started in late 2011. The successful haircut in Greece and declining yields for Spanish and Italian government bonds have increased the risk tolerance of many market players and have supplied the stock exchanges with another liquidity surge. Towards the end of the quarter, additional support resulted from the mostly positive reports published by the businesses.

In the first quarter of 2012, the price of our share gained 26.4 per cent, thereby more than compensating the losses that had accumulated in the prior year. In contrast, the DAX and TecDAX merely increased 14.3 per cent and 12.9 per cent, respectively. On 30 March 2012, the Bechtle share closed at €33.40.

THE BECHTLE SHARE – PERFORMANCE FROM JANUARY 2007 TO APRIL 2012 in euros

TRADING DATA OF BECHTLE SHARE

		Q1/2012	Q1/2011	Q1/2010	Q1/2009	Q1/2008	Q1/2007
Closing price at beginning of quarter	€	26.42	30.39	18.65	13.28	27.86	19.45
Closing price at end of quarter	€	33.40	29.83	22.77	12.00	19.97	21.95
High (closing price)	€	34.18	30.99	22.88	14.00	27.86	23.00
Low (closing price)	€	25.50	26.31	17.01	10.02	18.35	19.45
Performance – absolute	€	6.98	–0.56	+4.12	–1.28	–7.89	+2.50
Performance – relative	%	+26.4	–1.8	+22.1	–9.6	–28.3	+12.9
Market cap – total 1 million euros		701.4	626.4	478.2	254.4	423.4	465.3
Ø turnover/trading day 2	shares	53,798	33,202	33,995	27,846	95,941	52,397
Ø turnover/trading day 2		€ 1,593,279	946,245	675,245	351,765	2,039,657	1,115,809

Xetra price data

1As of 31 March 2All German stock exchanges

The awareness of Bechtle on the capital market has increased significantly. On average, 53,798 shares were traded every trading day in the first quarter (prior year: 33,202 shares). The trading volume in euros went up from an average of €946,245 per trading day in the prior year to €1,593,279 in the period under review. According to the March ranking of Deutsche Börse, Bechtle advanced from 31st place in the prior year to 18th place in terms of the stock exchange turnover. Apart from the tradability, the market capitalisation also increased compared to the prior year. Among the TecDAX stocks, the company ranked 13th (prior year: 21st) at the end of March.

EARNINGS PER SHARE

		Q1/2012	Q1/2011	Change
Earnings after taxes	thousand euros	12,319	13,175	–6.5%
Ø number of shares	thousand shares	21,000	21,000	–
Earnings per share	€	0.59	0.63	–6.5%

Since its IPO in 2000, Bechtle has been pursuing a shareholder-friendly dividend policy focused on continuity. Dividend continuity is very important to our shareholders. Therefore, the shareholders are to duly participate in the company's success in this year, too. For the fiscal year 2011, the Executive Board and the Supervisory Board will propose to the Annual General Meeting on 19 June 2012 to pay a normal dividend of €0.85 plus a special dividend of €0.15 per share. This represents a total dividend increase of €0.25 per share. In relation to the quarterly closing rate, the dividend yield is 3.0 per cent (prior year: 2.5 per cent).

DIVIDEND

	2011	2010
Dividend 1 €	1.00	0.75
Dividend payout ratio %	33.5	33.9
Dividend yield 2 %	3.0	2.5

1Subject to approval of the Annual General Meeting 2As of 31 March

Bechtle AG Interim Report as of 31 March 2012

� Macroeconomic upturn expected in the course of the year � IT market to experience above-average growth

Macroeconomy

According to the forecast of the European Commission, the economy in the EU will regain momentum in the course of the year. Although GDP growth is to remain stagnant at 0.0 per cent for the year as a whole, increasing momentum is forecast for the coming quarters. The growth rate is to outperform the prior quarter by 0.1 per cent in the second quarter and by 0.3 per cent in the third and fourth quarters. Within the Bechtle markets in the EU, the expectations for 2012 are mixed but tend towards the gloomy, ranging from minus 3.3 per cent in Portugal to plus 2.5 per cent in Poland. However, improved dynamics are predicted for all countries in the course of the year. According to the opinion of the State Secretariat for Economic Affairs (SECO), Switzerland is to perform slightly better than the EU, reaching a GDP growth rate of 0.8 per cent in 2012. On the other hand, investments in equipment – which are relevant to Bechtle – are to decline 2.0 per cent in 2012.

The economic development in Germany is predicted to be slightly better than the EU average. A GDP growth of 0.2 per cent is expected for the second quarter, and of 0.5 per cent for the third quarter. All in all, most analysts anticipate Germany's GDP growth in 2012 to reach 0.6 to 1.0 per cent.

Industry

For 2012, noticeable growth is again expected in the IT industry. According to the market research institute EITO, the IT market in the EU is to grow 2.7 per cent. The growth will be driven by the IT service segment with 2.9 per cent and the software segment with 4.6 per cent. At minus 0.1 per cent, hardware revenues could stop the decline. In the countries in which Bechtle is present, hardware revenues will diverge greatly in 2012, from minus 12.6 per cent in Spain to plus 8.3 per cent in the Czech Republic. The IT market in Switzerland is expected to grow 2.5 per cent. Though hardware revenues are still expected to contract 2.5 per cent, services are to grow by 2.7 per cent and software by 4.9 per cent.

According to a recent forecast by Techconsult, the industry expenditure in the German IT market is to increase 3.8 per cent to €20.8 billion in 2012. The industry association BITKOM has published similar figures for the German IT market. All in all, the association anticipates a growth rate of 3.1 per cent, a level similar to that of the prior year. At 4.4 per cent, software is expected to be the growth driver. The growth rates of hardware and services are predicted to reach 3.0 per cent and 2.5 per cent, respectively.

Performance of the Bechtle Group

We expect the modest beginning of the year to be followed by an increase in the growth dynamics at least from the second half of the year and thus anticipate positive performance of the Bechtle group. Despite brightening mood indicators, the uncertainties concerning the global economy and the euro crisis and the associated economic fears continue to exist. Provided that no major dislocations occur, we expect the revenues and earnings in the fiscal year 2012 to surpass the prior-year figures. Moreover, we want to grow faster than the market, thereby expanding our market share.

In view of the current market development and the rearrangement of the competitive landscape, we have intensified our search for suitable acquisition options. To complement our regional positioning and our competence profile, acquisitions will continue to play a key role in our growth strategy.

Irrespective of the acquisitions, we plan a stable to slightly increasing headcount in the course of the year. Due to the significant increase in the number of employees in the prior quarters, encumbrances on the income side appear to be inevitable at least in the second quarter, though these will prove justified if the growth dynamics increase especially in the second half of the year. Depending on the order position, project distribution and capacity utilisation in the group, it may be necessary to reduce the capacities in individual sub-areas and markets.

Bechtle intends to intensify its business in the public sector division. Requests for tenders from European institutions offer considerable potential. To meet the specific requirements of this customer segment, we established a company in Brussels, Belgium, in the fiscal year ended. From there, the business with European institutions is to be coordinated and intensified through direct local contact. The projects will be rolled out with the help of an efficient organisation that is especially designed for this customer structure and for project business.

In the IT e-commerce segment, Bechtle also invests in the consistent continuation of its international growth strategy and the development of its brand awareness. In this context, we will benefit from our high equity and liquidity. In the first quarter, we successfully completed the preparations for the market entry in Hungary, and we have been on site in Budapest with an effective sales team since April, as scheduled. In this way, we are expanding our activities on the Eastern European markets and bolstering our European market leadership claim.

From today's perspective, our sustainable earning power and our stable liquidity base provide us with the funds needed for realising our planned growth.

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 forward-looking 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 endorsed by the EU. Due to rounding differences, percentages stated in the report may differ slightly from the corresponding amounts in million euros. Similarly, totals may differ from the individual values.

Neckarsulm, 14 May 2012

BECHTLE AG

The Executive Board

consolidated income statement

from 1 January to 31 March 2012 (2011)

INCOME STATEMENT in th. euros

	01.01– 31.03.2012	01.01– 31.03.2011
Revenue	487,607	456,107
Cost of sales	413,187	390,216
Gross profit	74,420	65,891
Distribution costs	33,060	27,966
Administrative expenses	26,856	22,723
Other operating income	2,826	2,645
Operating earnings	17,330	17,847
Financial income	594	379
Financial expenses	823	130
Earnings before taxes	17,101	18,096
Income taxes	4,782	4,921
Earnings after taxes (attributable to shareholders of Bechtle AG)	12,319	13,175
Net earnings per share (basic and diluted) in euros	0.59	0.63
Weighted average shares outstanding (basic and diluted) in thousands	21,000	21,000

consolidated statement of comprehensive income

from 1 January to 31 March 2012 (2011)

STATEMENT OF COMPREHENSIVE INCOME		in th. euros
	01.01– 31.03.2012	01.01– 31.03.2011
Earnings after taxes	12,319	13,175
Other comprehensive income
Actuarial gains and loss in pension provisions	–144	510
Income tax effects	26	–92
Unrealised gains and loss on securities	295	–146
Income tax effects	–29	12
Unrealised gains and loss on financial derivatives	–19	193
Income tax effects	5	–56
Currency translation differences of net investments in foreign operations	74	0
Income tax effects	–11	0
Hedging of net investments in foreign business operations	–476	1,664
Income tax effects	139	–484
Currency translation differences	727	–3,036
Total other comprehensive income	587	–1,435
of which income tax effects	130	–620
Total comprehensive income (attributable to shareholders of Bechtle AG)	12,906	11,740

See further comments in the Notes, in particular IV., page 32f

CONSOLIDATED BALANCE SHEET

as of 31 March 2012 (2011)

ASSETS			in th. euros
	31.03.2012	31.12.2011	31.03.2011
Non-current assets
Goodwill	136,460	135,648	114,833
Other intangible assets	21,711	22,348	16,532
Property, plant and equipment	82,224	79,645	31,990
Trade receivables	1,640	975	131
Income tax receivables	133	133	156
Deferred taxes	9,421	9,833	9,919
Other assets	2,430	2,356	1,846
Time deposits and securities	51,889	30,700	40,650
Total non-current assets	305,908	281,638	216,057
Current assets
Inventories	100,353	91,190	88,948
Trade receivables	235,680	286,773	222,511
Income tax receivables	2,294	1,072	2,374
Other assets	28,442	31,955	17,757
Time deposits and securities	30,974	16,219	18,927
Cash and cash equivalents	64,202	94,569	68,522
Total current assets	461,945	521,778	419,039
Total assets	767,853	803,416	635,096

Equity and liabilities			in th. euros
	31.03.2012	31.12.2011	31.03.2011
Equity
Issued capital	21,000	21,000	21,000
Capital reserves	145,228	145,228	145,228
Retained earnings	265,722	252,816	216,995
Total equity	431,950	419,044	383,223
Non-current liabilities
Pension provisions	14,935	14,786	12,784
Other provisions	1,189	1,182	882
Financial liabilities	56,234	57,280	11,846
Trade payables	14	0	0
Deferred taxes	15,875	15,847	13,401
Other liabilities	1,115	1,216	425
Deferred income	8,300	8,359	6,872
Total non-current liabilities	97,662	98,670	46,210
Current liabilities
Other provisions	5,447	5,643	5,244
Financial liabilities	8,927	9,002	4,563
Trade payables	121,679	148,799	119,827
Income tax payables	7,214	8,735	5,214
Other liabilities	52,340	72,237	43,589
Deferred income	42,634	41,286	27,226
Total current liabilities	238,241	285,702	205,663
Total equity and liabilities	767,853	803,416	635,096

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

from 1 January to 31 March 2012 (2011)

statement of changes in equity in th. euros

			Retained earnings	Total equity
	Issued capital	Capital reserves	Accrued profits	Changes in Equity outside profit or loss	Total	(attributable to shareholders of Bechtle AG)
Equity as of 1 January 2011	21,000	145,228	207,157	–1,902	205,255	371,483
Earnings after taxes			13,175		13,175	13,175
Other comprehensive income				–1,435	–1,435	–1,435
Total comprehensive income	0	0	13,175	–1,435	11,740	11,740
Equity as of 31 March 2011	21,000	145,228	220,332	–3,337	216,995	383,223
Equity as of 1 January 2012	21,000	145,228	254,130	–1,314	252,816	419,044
Earnings after taxes			12,319		12,319	12,319
Other comprehensive income				587	587	587
Total comprehensive income	0	0	12,319	587	12,906	12,906
Equity as of 31 March 2012	21,000	145,228	266,449	–727	265,722	431,950

consolidated cash flow statement

from 1 January to 31 March 2012 (2011)

cash flow statement in th. euros 01.01– 31.03.2012 01.01– 31.03.2011 Operating activities Earnings before taxes 17,101 18,096 Adjustment for non-cash expenses and income Financial earnings 229 –249 Depreciation and amortisation of intangible assets and property, plant and equipment 5,268 3,894 Gain/loss on disposal of intangible assets and property, plant and equipment –25 –5 Other non-cash expenses and income –858 642 Changes in net assets Changes in inventories –9,024 –14,117 Changes in trade receivables 51,921 24,508 Changes in trade payables –27,735 –8,439 Changes in accruals and deferrals 1,197 1,734 Changes in other net assets –16,828 –15,024 Income taxes paid –7,124 –5,535 Cash flow from operating activities 14,122 5,505 Investing activity Cash paid for acquisitions less cash acquired –1,267 –149 Cash paid for investments in intangible assets and property, plant and equipment –6,567 –5,447 Cash received from the sale of intangible assets and property, plant and equipment 101 18 Cash paid for the acquisition of time deposits and securities –47,633 –15,761 Cash received from the sale of time deposits and securities, and from redemptions of non-current assets 11,738 0 Interest payments received 823 692 Cash flow from investing activities –42,805 –20,647 Financing activities Cash paid for the payment of financial liabilities –2,094 –540 Cash received from the acceptance of financial liabilities 940 0 Interest paid –802 –111 Cash flow from financing activities –1,956 –651 Exchange-rate-related changes in cash and cash equivalents 272 –1,162 Changes in cash and cash equivalents –30,367 –16,955 Cash and cash equivalents at beginning of the period 94,569 85,477 Cash and cash equivalents at the end of the period 64,202 68,522

Notes

30

I. General disclosures

Bechtle AG, Bechtle Platz 1, 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 financial report as of 31 March 2012 has also been prepared in accordance with the IFRS.

In accordance with IAS 34, the scope of the presentation used in this interim financial report as of 31 March 2012 is significantly reduced compared to the consolidated financial statements as of the end of the fiscal year. Additionally, the requirements of the German Accounting Standard No. 16 (DRS 16) and of Section 66 of the Stock Exchange Rules and Regulations of the Frankfurt stock exchange that exceed IAS 34 have been taken into consideration and fully met.

Our business activity is subject to certain seasonal fluctuations during the year. In the past, the revenues and earnings contributions used to experience their lowest trend in the first quarter and their highest trend in the fourth quarter due to the traditionally strong year-end business. Therefore, the interim results only qualify as indicators for the events of the fiscal year to a limited extent.

II. KEY PRINCIPLES OF ACCOUNTING AND CONSOLIDATION

Bechtle had already adopted the new and amended standards and interpretations whose adoption is mandatory for the fiscal year 2012 ahead of time for the consolidated financial statements for the fiscal year 2011.

Apart from this, the same key principles of accounting and consolidation were applied as in the consolidated financial statements for the fiscal year 2011. For further information, please refer to the consolidated financial statements as of 31 December 2011, which form the basis for these interim financial statements.

31

Income Taxes

In accordance with IAS 34, the determination of the tax expense in the interim period takes place on the basis of the effective tax rate expected for the entire fiscal year. Taxes related to extraordinary events are taken into consideration in the quarter in which the underlying event occurs.

III. SCOPE OF CONSOLIDATION

The scope of consolidation comprises Bechtle AG in Neckarsulm, Germany, and all subsidiaries in which it holds a controlling interest. As in the prior year, Bechtle AG directly or indirectly holds all interests in all consolidated 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	Acquisition/ foundation
Redmond Integrators GmbH	Bochum	01.01.12	Acquisition

IV. NOTES TO THE INCOME STATEMENT AND TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Expense Structure

in th.euros
Cost of sales		Distribution costs		Administrative expenses
01.01– 31.03.2012	01.01– 31.03.2011	01.01– 31.03.2012	01.01– 31.03.2011	01.01– 31.03.2012	01.01– 31.03.2011
366,418	349,103	0	0	0	0
35,415	31,256	25,229	21,509	18,134	15,148
2,529	1,840	1,347	985	1,392	1,069
8,825	8,017	6,484	5,472	7,330	6,506
413,187	390,216	33,060	27,966	26,856	22,723

The general increase in expenses compared to the prior-year period was caused by the higher business volume, including the acquisitions, and especially by the significantly higher number of employees in the reporting period.

Other Operating Income

Other operating income mainly consisted of marketing grants and other payments from suppliers amounting to €2,054 thousand (prior year: €1,804 thousand) and income from exchange rate fluctuations amounting to €476 thousand (prior year: €502 thousand). Offsetting the exchange rate fluctuations recognised under cost of sales, distribution costs and administrative expenses, the net loss from exchange rate fluctuations in the reporting period totalled €141 thousand (prior year: +€133 thousand).

Financial Income and Financial Expenses

The financial income mainly comprises interest income from time deposits and securities as well as cash and cash equivalents. The year-on-year increase is mainly the result of the higher balance of time deposits and securities. Unlimited solvency and particularly low-risk investment instruments and hedged counterparties continue to have priority.

The financial expenses mainly consisted of interest paid for the financial liabilities. The year-on-year increase in expenses was mainly caused by the higher financial liabilities due to loans newly raised or taken over in the course of 2011.

Earnings per Share

The table below shows the calculation of the earnings after taxes per share that are due to the shareholders of Bechtle AG:

	01.01– 31.03.2012	01.01– 31.03.2011
Earnings after taxes (in th. euros)	12,319	13,175
Average number of outstanding shares	21,000,000	21,000,000
Earnings per share (in euros)	0.59	0.63

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

Other Comprehensive Income

The other comprehensive income was mainly affected by the development of the euro/Swiss franc exchange rate. Unlike the corresponding prior-year period, in which the Swiss currency had lost value, the Swiss franc gained strength against the euro in the reporting period. Details on the composition of the other earnings, which are recognised directly in equity outside profit or loss, with respect to the change that this item underwent and its accumulated balance are presented in section V. "Notes to the balance sheet and to the statement of changes in equity".

V. Notes to the balance sheet and to the statement of changes in equity

Assets

The changes in the period under review, especially those concerning the trade receivables and the inventories, were mainly caused by the usual seasonal fluctuations during the year.

Compared to the consolidated financial statements as of 31 December 2011, the assets of the Bechtle group as of 31 March 2012 now also contain the assets of the company newly acquired in the period under review.

In the period under review, the shift of free cash resulted in a higher balance of time deposits and securities.

Equity

Retained earnings

The Executive Board and the Supervisory Board of Bechtle AG will propose to the Annual General Meeting on 19 June 2012 to appropriate the net profit of €21,000 thousand for the fiscal year 2011, for the payment of a normal dividend of €0.85 per share with dividend entitlement and a one-time special dividend of €0.15 per share with dividend entitlement. Subject to the approval of the Annual General Meeting, the dividend will be paid out on 20 June 2012.

In terms of its accumulated balance as of the balance sheet date and its change during the period under review, the other earnings that are to be recognised directly in equity outside profit or loss were composed as follows:

				in th.euros
	31.03.2012	31.12.2011	01.01– 31.03.2012	01.01– 31.03.2011
Actuarial gains and losses from pension provisions	–14,532	–14,388	–144	510
Income tax effects	2,596	2,570	26	–92
Unrealised gains and losses from securities	620	325	295	–146
Income tax effects	–53	–24	–29	12
Unrealised gains and losses from financial derivatives	–391	–372	–19	193
Income tax effects	114	109	5	–56
Currency translation differences from net investments in foreign operations	2	–72	74	0
Income tax effects	3	14	–11	0
Hedging of net investments in foreign business operations	–9,737	–9,261	–476	1,664
Income tax effects	2,836	2,697	139	–484
Currency translation differences	17,815	17,088	727	–3,036
Accumulated earnings outside profit or loss	–727	–1,314	587	–1,435

Liabilities

The changes in the period under review, especially those concerning the liabilities, were mainly caused by the usual seasonal fluctuations during the year.

The financial liabilities declined by the scheduled repayments of the existing loans.

Compared to the consolidated financial statements as of 31 December 2011, the liabilities of the Bechtle group as of 31 March 2012 now also contain the liabilities of the company newly acquired in the period under review.

VI. Explanatory notes on the cash flow statement

The significant year-on-year increase of the cash flow from operating activities was mainly based on the much lower cash outflows and higher cash inflows from changes in the net assets. The working capital was reduced considerably, which must also be considered against the backdrop of the higher revenue growth in the corresponding prior-year period.

As in 2011, the cash flow from investing activities in 2012 was largely marked by shifting between free cash and cash equivalents as well as time deposits and securities. The investments in this area were higher than in the year before, which was reflected in the higher cash outflow in the reporting period.

In the presented reference information (prior-year period) of this cash flow statement, the takeover of the partial operation "redIT St. Gallen branch" as of 1 March 2011 was processed as an acquisition and business combination (IFRS 3), which corresponds to the procedure in the consolidated financial statements as of 31 December 2011. This resulted in an adjustment of the figures originally published as of 31 March 2011 for the period from 1 January to 31 March 2011. Thus, the cash flow from operating activities was €316 thousand lower and the cash flow from investing activities was €316 thousand higher than presented in the interim report for this prior-year period.

VII. Operating leases

The future minimum lease payments from rental and leasing contracts classified as "operating leases" according to IAS 17 amounted to €60,794 thousand as of 31 March 2012 (31 December 2011: €62,685 thousand).

		in th.euros
	31.03.2012	31.12.2011
Due within one year	21,313	21,281
Due between one and five years	32,336	33,714
Due after five years	7,145	7,690
Total minimum lease payments	60,794	62,685

VIII. Segment information

The segment information is presented on the basis of the same principles as in the consolidated financial statements for the fiscal year 2011.

						in th.euros
		01.01–31.03.2012
	IT system house & managed services	IT e-Commerce	Total group	IT system house & managed services	IT e-Commerce	Total group
By segments
Total segment revenues	322,279	166,207		296,457	160,455
less intersegment revenues	–670	–209		–677	–128
External revenues	321,609	165,998	487,607	295,780	160,327	456,107
Depreciation/amortisation	4,334	934	5,268	2,993	901	3,894
Operating earnings	10,736	6,594	17,330	10,126	7,721	17,847
Financial earnings			–229			249
Earnings before taxes			17,101			18,096
Income taxes			4,782			4,921
Earnings after taxes			12,319			13,175
Investments	5,074	1,724	6,798	4,450	1,462	5,912
Investments through acquisitions	861	0	861	0	0	0

						in th.euros
		31.03.2012			31.12.2011
	IT system house & managed services	IT e-Commerce	Total group	IT system house & managed services	IT e-Commerce	Total group
By segments
Total segment assets	524,572	243,645		545,430	258,672
less intersegment receivables	–207	–157		–217	–469
Assets	524,365	243,488	767,853	545,213	258,203	803,416
Total segment liabilities	231,621	104,646		258,906	126,152
less intersegment liabilities	–157	–207		–469	–217
Liabilities	231,464	104,439	335,903	258,437	125,935	384,372

See X. Employees, page 39

37

in th.euros

		01.01–31.03.2012			01.01–31.03.2011
	Domestic	Abroad	Total group	Domestic	Abroad	Total group
By regions
External revenues	327,228	160,379	487,607	296,997	159,110	456,107
Investments	6,012	786	6,798	4,813	1,099	5,912
Investments through acquisitions	861	0	861	0	0	0

						in th.euros
	31.03.2012				31.12.2011
	Domestic	Abroad	Total group	Domestic	Abroad	Total group
By regions
Assets	486,344	281,509	767,853	503,260	300,156	803,416
Liabilities	241,778	94,125	335,903	267,193	117,179	384,372

IX. Acquisitions and purchase price allocation

Redmond Integrators GmbH, Bochum

(Redmond Integrators). As of the acquisition date 1 January 2012, the company purchased all shares in Redmond Integrators GmbH, Bochum, Germany.

The acquisition was recognised in the balance sheet according to the purchase method (IFRS 3.4ff) and must still be considered as provisional (IFRS 3.45).

Apart from the assets and liabilities already recognised by the company acquired, whose carrying amounts corresponded to their fair value, a customer base (€102 thousand) and a non-compete agreement (€220 thousand) were newly recognised as identifiable assets (IFRS 3.10ff) and measured at fair value as of the acquisition date (IFRS 3.18ff).

Deferred tax liabilities (€102 thousand) were recognised in connection with the capitalisation of the customer base, which is amortised over a period of three years, and of the non-compete agreement, which is amortised over a period of two years.

Under consideration of the acquired total net assets (€312 thousand), the capital consolidation resulted in a difference of €471 thousand that is presented as goodwill.

By acquiring Redmond Integrators (15 employees), Bechtle has further expanded the software and application solutions division in the IT system house & managed services segment. Redmond Integrators is an established specialist in the field of solutions related to the fast-growing SharePoint technology. Bechtle has thus consistently taken the next step in its positioning as IT solution provider, thereby drawing significantly closer to the goal of becoming the leader in the German market for SharePoint-based solutions.

As of the date of initial consolidation, the acquisition is accounted for as follows at provisional values:

	in th.euros
Non-current assets
Goodwill	471
Other intangible assets	331
Property, plant and equipment	59
Other assets	8
Total non-current assets	869
Current assets
Inventories	59
Trade receivables	332
Cash and cash equivalents	233
Total current assets	624
Total assets	1,493
Non-current liabilities
Deferred taxes	102
Total non-current liabilities	102
Current liabilities
Trade payables	141
Income tax payables	17
Other provisions and liabilities	450
Total current liabilities	608
Total liabilities	710
Total assets – Total liabilities = Acquisition costs	783

The company purchase agreement for the acquisition of Redmond Integrators contains a (contingent) purchase price payment of up to €300 thousand, which depends on the acquired company's future business performance. Based on the validated business plan of Redmond Integrators, the fair value of this contingent purchase price payment on the acquisition date was €283 thousand.

Other acquisition costs (€500 thousand) resulted in an outflow of cash and cash equivalents.

In the reporting period, Redmond Integrators accounted for €355 thousand of the revenues and €14 thousand of the earnings after taxes of the Bechtle group (IFRS 3.B64qi).

The receivables taken over were not subject to any major impairments.

When it purchased SolidLine AG, Walluf, Germany in the fiscal year 2011, Bechtle had undertaken to pay contingent retroactive purchase price increases of up to €1,692 thousand. The first part of this contingent purchase price increase was calculated and paid out in February 2012. This payment of €1,000 thousand exactly corresponds to the fair value recognised for this at the initial consolidation plus interest for the period from the date of acquisition to the date of payment.

X. Employees

The employee numbers were as follows:

	31.03.2012	31.12.2011	01.01– 31.03.2012	01.01– 31.03.2011
Full-time/part-time employees	5,155	5,026	5,132	4,443
Trainees	338	356	343	298
Employees on parental leave	91	97	95	84
Temporary staff	135	141	133	131
Total	5,719	5,620	5,703	4,956

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

	31.03.2012	31.12.2011	01.01– 31.03.2012	01.01– 31.03.2011
IT system house & managed services	4,345	4,305	4,349	3,762
Domestic	3,723	3,640	3,724	3,141
Abroad	622	665	625	621
IT e-commerce	1,239	1,174	1,221	1,063
Domestic	457	425	445	370
Abroad	782	749	776	693

The employee numbers (without employees on parental leave and without temporary staff) break down by functional areas as follows:

	31.03.2012	31.12.2011	01.01– 31.03.2012	01.01– 31.03.2011
Services	2,488	2,506	2,484	2,224
Sales	1,737	1,684	1,726	1,506
Administration	1,268	1,192	1,265	1,011

XI. Noteworthy events after the reporting period

As of the acquisition date 2 April 2012, the company acquired all interests in KUMAtronik GmbH, Markdorf, Germany.

In the balance sheet, the acquisition will be recognised according to the purchase method (IFRS 3.4ff). Due to the short time and the complexity, the identification and measurement of the assets acquired, of the liabilities assumed and of the – partly conditional – consideration paid is not yet available (IFRS 3.B66). Provisional values are expected to become available by the half-yearly report as of 30 June 2012 (IFRS 3.45).

By acquiring KUMAtronik (almost 100 employees), Bechtle is further expanding its strong market presence in southern Germany. Apart from its headquarters in Markdorf on Lake Constance, the established company has three more locations in Augsburg, Stuttgart and Ulm. Bechtle is thus expanding its competitive position in the IT system house & managed services segment in attractive economic regions.

No other noteworthy events occurred at Bechtle after the end of the reporting period.

Neckarsulm, 14 March 2012

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, 14 May 2012

Bechtle AG

The Executive Board

Dr. Thomas Olemotz Michael Guschlbauer Jürgen Schäfer

AUDITING INFORMATION

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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 2012 (31 March)

Tuesday, 15 May 2012 conference call with analysts, investors and media

Annual General Meeting

Tuesday, 19 June 2012, 10.00 a.m. Konzert- und Kongresszentrum Harmonie, Heilbronn

Dividend Payment

as of 20 June 2012 (subject to approval by the Annual General Meeting)

Interim Report 2nd Quarter 2012 (30 June)

Friday, 10 August 2012 conference call with analysts, investors and media

Interim Report 3rd Quarter 2012 (30 September)

Tuesday, 13 November 2012 conference call with analysts, investors and media

See www.bechtle.com/events-en or www.bechtle.com/financial-calendar for further dates and changes.

Publisher/Contact

Bechtle AG Bechtle Platz 1 74172 Neckarsulm

Investor Relations

Thomas Fritsche Martin Link Phone +49 7132 981-4121 Phone +49 7132 981-4149 thomas.fritsche@bechtle.com martin.link@bechtle.com

The Interim Report Q1/2012 was published on 15 May 2012.

Phone +49 7132 981