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Bechtle again reports two-digit growth

Revenue up 29.8 per cent to €1.2 billion
EBT grows 27.1 per cent
Outlook remains optimistic

Neckarsulm, 10 May 2019 – Bechtle AG has made a convincing start into the 2019 fiscal year. Despite more difficult conditions, the company was able to boost its revenue in the first quarter of 2019 by 29.8 per cent to €1,239.9 million. This means that for the first time Bechtle passed the billion euros revenue mark in a first quarter. Earnings before taxes (EBT) went up 27.1 per cent to €45.0 million. The EBT margin was 3.6 per cent; only slightly lower than in the prior year. As of 31 March 2019, Bechtle had 10,334 employees; an increase of 1,707 people or 19.8 per cent.

At 15.3 per cent, organic revenue growth was also in the two-digit range. “Considering the clearly deteriorated economic conditions, the development of Bechtle in the first quarter is truly impressive. The fact that we have again achieved a two-digit growth rate already at the start of the year demonstrates the strength of our business model,” explains Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.

System House business grows mainly organically

In the IT System House & Managed Services segment, Bechtle increased its revenue for the period from January to March 2019 by 18.8 per cent to €782.2 million. The organic growth rate was 16.6 per cent. Besides the very positive development in Germany, the system houses abroad also made a major contribution to this development. EBIT went up 9.5 per cent to €26.4 million. The EBIT margin thus amounted to 3.4 per cent.

Growth Driver: E-Commerce

In the first quarter, the IT E-Commerce segment recorded a revenue increase of 54.0 per cent. The acquisition of the French Inmac WStore had a noticeable effect here. The organic revenue increase amounted to 12.3 per cent. Almost all countries reported two-digit growth rates. The growth was especially strong in our companies in Benelux, the United Kingdom and Italy. Despite the higher depreciation and amortisation due to the acquisition, EBIT surged by 70.9 per cent. The EBIT margin improved to 4.3 per cent.

Attractive employer

As of 31 March 2019, Bechtle had a total of 10,334 employees. Year on year, this means an increase of 1,707 people or 19.8 per cent. In the period from January to March alone, more than 300 employees joined Bechtle. “Bechtle is an attractive and reliable employer in the IT market. In view of the shortage of qualified staff, it is vital for a dynamically growing company like Bechtle to continue to find qualified employees and to bond them to the company on a permanent basis,” says Dr. Thomas Olemotz.

Positive Outlook for the Year

The Executive Board affirms its forecast for the full year 2019 to increase sales and earnings very significantly. “Bechtle made an impressive start into the year. Despite the still tense macroeconomic situation, we regard the first quarter as a good basis for a successful 2019 fiscal year,” says Dr. Thomas Olemotz.

Bechtle KPIs for the first quarter of 2019

		Q1 2019	Q1 2018	+/-
Revenue	€k	1,239,948	955,389	+29.8%
Domestic	€k	749,079	653,733	+14.6%
Abroad	€k	490,869	301,656	+62.7%
IT System House	€k	782,219	658,182	+18.8%
IT E-Commerce	€k	457,729	297,207	+54.0%
EBIT	€k	46,278	35,718	+29.6%
IT System House	€k	26,370	24,072	+9.5%
IT E-Commerce	€k	19,908	11,646	+70.9%
EBIT margin	%	3.7	3.7
EBT	€k	45,006	35,400	+27.1%
EBT margin	%	3.6	3.7
Earnings after taxes	€k	31,677	24,849	+27.5%
Earnings per share	€	0.75	0.59	+27.5%
Cash flow from operating activities	€k	-22,112	13,939
Employees		10,334	8,627	+19.8%

		2019-03-31	2018-12-31	+/-
Liquidity^*	€k	191,577	250,922	-23.7%
Equity ratio	%	43.0	43.6

^*Including time deposits and securities

***

Dr. Thomas Olemotz

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Press Release

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Quarterly Statement 1.2019

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