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Bechtle Reports Impressive Start into the Year

Q1 revenue 19.0 per cent above prior year
EBT up 12.5 per cent
Significantly improved operating cash flow

Neckarsulm, 9 May 2018 – Bechtle AG has made a highly dynamic start into the fiscal year 2018. In the first quarter, the revenue climbed by a remarkable 19.0 per cent to €955.4 million. The domestic business and the business abroad accounted for almost equal shares of the revenue growth. Earnings before taxes (EBT) went up 12.5 per cent to €35.4 million. The EBT margin thus amounted to 3.7 per cent. In recent months, Bechtle again succeeded in staffing numerous vacancies with qualified people. As of 31 March, the company had 8,627 employees, some 919 more than in the prior year.

“We are very pleased with our performance in the first quarter. Our customers continue to invest heavily in their IT. Year on year, both the revenue and the earnings of Bechtle increased very significantly, following up seamlessly on the successful fiscal year 2017,” comments Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.

Demand for Services Remains High

In the IT system house & managed services segment, the revenue grew 16.8 per cent to €658.2 million. At 18.3 per cent, the domestic growth was particularly strong. The demand for trend-setting IT solutions – e.g. in the field of hybrid cloud concepts, modern workplace and data centre architectures, networking and security – continued at a high level. In the system house segment, Bechtle was able to systematically expand its headcount by about 800 compared to the prior year. Despite the higher costs that this involved and the increased depreciation and amortisation, EBIT went up 5.6 per cent to €24.1 million. The EBIT margin declined from 4.0 per cent to 3.7 per cent.

Growth Driver: E-Commerce

The IT e-commerce segment recorded growth of 23.9 per cent to almost €300 million. The revenue in Germany increased 22.7 per cent, and the companies abroad even achieved revenue growth of 24.4 per cent. While almost all national subsidiaries contributed to this growth, the demand was especially high in Benelux. In the first quarter of 2018, EBIT surged 29.0 per cent to €11.6 million. At 3.9 per cent, the EBIT margin slightly outperformed the prior year.

Numerous Vacancies Staffed

As of 31 March 2018, Bechtle had a total of 8,627 employees. Year on year, this means an increase of 919 persons or 11.9 per cent. “Bechtle is perceived as an attractive employer in the IT market. In view of the increasingly noticeable shortage of qualified staff, it is imperative that we continue to invest in the people at Bechtle,” explains Dr. Thomas Olemotz.

Positive Outlook for the Year

The Executive Board confirms its expectation that in 2018 as a whole, the revenue and earnings will grow significantly. “Bechtle has made an impressive start into the year. The figures of the first quarter represent a good basis for a successful fiscal year 2018,” says Dr. Thomas Olemotz.

Bechtle KPIs for the First Quarter of 2018

		Q1 2018	Q1 2017	+/-
Revenue	€k	955,389	803,129	+19.0%
Domestic	€k	653,733	550,163	+18.8%
Abroad	€k	301,656	252,966	+19.2%
IT system house	€k	658,182	563,326	+16.8%
IT e-commerce	€k	297,207	239,803	+23.9%
EBIT	€k	35,718	31,823	+12.2%
IT system house	€k	24,072	22,792	+5.6%
IT e-commerce	€k	11,646	9,031	+29.0%
EBIT margin	%	3.7	4.0
EBT	€k	35,400	31,475	+12.5%
EBT margin	%	3.7	3.9
Earnings after taxes	€k	24,849	22,098	+12.4%
Earnings per share	€	0.59	0.53*	+12.4%
Cash flow from operating activities		13,939	-16,954
Employees		8,627	7,708	+11.9%

		31.03. 2018	31.12. 2017	+/-
Liquidity**	€k	115,653	174,827	-33.8%
Equity ratio	%	57.6	53.9
Employees		8,627	8,353	+3.3%

* adapted to share split
** including time deposits and securities

Quarterly Statement 1.2018

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