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Neckarsulm, 13 November 2019 – For the third quarter of 2019, Bechtle AG has again reported very strong growth. From July to September 2019, the revenue went up 21.6 per cent to €1.3 billion. Earnings before interest and taxes (EBIT) improved by 25.6 per cent to €58.4 million. Earnings before taxes (EBT) amounted to €57.0 million, and the EBT margin underwent a year-on-year improvement from 4.4 per cent to 4.5 per cent. As of 30 September 2019, Bechtle had a total of 11,246 employees, some 1,595 or 16.5 per cent more than in the prior year.
Organically, Bechtle’s growth in the third quarter of 2019 increased 12.3 per cent. Organic growth was especially strong abroad, going up 16.5 per cent. In Germany, too, the organic growth underwent double-digit growth of 10.3 per cent. “Bechtle has concluded the third quarter in a row with impressive revenue and earnings growth. This shows the great willingness of our customers to invest. Moreover, it demonstrates the strong market position of the Bechtle Group as a competent IT partner for tomorrow”, says Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.
System House & Managed Services Undergoes Margin Leap
In the IT System House & Management Services segment, the revenue increased 17.3 per cent to €837.1 million. The IT system houses in Austria and Switzerland recorded growth of 27.7 per cent. In Germany, the revenue growth amounted to 15.8 per cent. The organic growth in this segment was 13.5 per cent. Impulses came especially from the fields of application solutions, cloud services and managed services as well as CAD. In the third quarter of 2019, EBIT increased 29.5 per cent to €40.1 million. The EBIT margin climbed from 4.3 per cent to 4.8 per cent.
E-Commerce Continues to Exhibit Strong Growth
Revenue in the IT E-Commerce segment increased 30.7 per cent to €439.2 million in the third quarter of 2019. The organic growth amounted to an excellent 9.9 per cent. In the third quarter, almost all national subsidiaries exhibited double-digit growth. Segment EBIT increased 18.0 per cent to €18.3 million. Due to encumbrances from the purchase price allocation of Inmac WStore, the margin dropped from 4.6 per cent to 4.2 per cent. Without these effects, this figure would have dropped from 4.8 per cent to 4.6 per cent.
Robust Key Financials
In the third quarter of 2019, the cash flow from operating activities increased 52.1 per cent, reaching €53.3 million. A greater reduction of trade receivables was one of the factors that contributed to this positive result. Bechtle’s good debt ratio of 125 per cent is also reflected in the equity ratio of 44.5 per cent.
Bechtle Expects Record Year
Bechtle has confirmed its plants to boost the revenue and earnings in the fiscal year 2019 by a double-digit rate. In view of the good performance in the first nine month, the Executive Board is optimistic about the upcoming year-end business will be good as well. “Bechtle has performed extremely well and has not been affected by the macroeconomic tension so far. Against the backdrop of the strong YTD performance, we expect 2019 to become another record year”, says Dr. Thomas Olemotz.
Bechtle KPIs for the Third Quarter and Nine-Month Period of 2019
|
| Q3/2019 | Q3/2018 | +/- | 9M/2019 | 9M/2018 | +/- |
Revenue | €k | 1,276,305 | 1,049,555 | +21.6% | 3,777,057 | 2,969,914 | +27.2% |
Domestic | €k | 804,664 | 707,680 | +13.7% | 2,351,470 | 2,018,417 | +16.5% |
Abroad | €k | 471,641 | 341,875 | +38.0% | 1,425,587 | 951,497 | +49.8% |
IT System House | €k | 837,069 | 713,568 | +17.3% | 2,434,122 | 2,048,544 | +18.8% |
IT E-Commerce | €k | 439,236 | 335,987 | +30.7% | 1,342,935 | 921,370 | +45.8% |
EBIT | €k | 58,363 | 46,457 | +25.6% | 161,700 | 126,075 | +28.3% |
IT System House | €k | 40,050 | 30,935 | +29.5% | 100,691 | 83,762 | +20.2% |
IT E-Commerce | €k | 18,313 | 15,522 | +18.0% | 61,009 | 42,313 | +44.2% |
EBIT margin | % | 4.6 | 4.4 |
| 4.3 | 4.2 |
|
EBT | €k | 57,027 | 46,128 | +23.6% | 157,741 | 125,088 | +26.1% |
EBT margin | % | 4.5 | 4.4 |
| 4.2 | 4.2 |
|
Earnings after taxes | €k | 40,217 | 32,488 | +23.8% | 111,087 | 88,041 | +26.2% |
Earnings per share | € | 0.96 | 0.77 | +23.8% | 2.64 | 2.10 | +26.2% |
Cash flow from operating activities | €k | 53,273 | 35,021 | +52.1% | 38,745 | 42,374 | -8.6% |
Employees (as of 30 September) |
| 11,246 | 9,651 | +16.5% |
| ||
|
| 30.09.2019 | 31.12.2018 | +/- |
Liquidity1 | €k | 154,858 | 250,922 | -38.3% |
Equity ratio | % | 44.5 | 43.6 |
|
1including time deposits and securities