Neckarsulm, 10 August 2011 – In the second quarter of 2011, Bechtle AG again achieved substantial revenue and earnings growth. From April to June 2011, the group revenues surged by 21.9 per cent to 457.0 million euros (prior year: 375.0 million euros). With its EBT of 19.9 million euros, the group surpassed the prior year by 80.9 per cent (11.0 million euros). The EBT margin underwent a significant improvement from 2.9 per cent to 4.4 per cent. Earnings per share increased by 74.0 per cent to 0.69 euros, compared to 0.40 euros in the prior year.
"Bechtle has experienced an exceptionally strong first six-month period. We achieved far better growth than the market in general, and we further improved our profitability. At the same time, we are making excellent progress in the strategic positioning as IT solution provider", says Dr. Thomas Olemotz, CEO of Bechtle AG.
System houses expand market position.
In the quarter under review, the Bechtle Group generated revenues of 294.7 million euros (prior year: 243.7 million euros), a growth of 20.9 per cent. In this segment, Bechtle benefits from its customers' ongoing willingness to invest and a strong competitive position on the IT market. Moreover, the acquisitions of the prior year had a positive effect. Organically, the revenue amounted to 280.8 million euros, 15.2 per cent more than in the prior year. In the second quarter, EBIT increased by 88.0 per cent to 11.0 million euros (prior year: 5.8 million euros). This was due to the disproportionately low increase in material and functional costs in this segment. The EBIT margin climbed from 2.4 per cent to 3.7 per cent.
E-commerce with significantly improved profitability.
In the period under review, the IT e-commerce segment grew by 23.6 per cent. Revenues went up from 131.3 million euros to 162.3 million euros. The stronger demand for hardware and standard software, which had already been evident in the prior quarters, continued in the second quarter. The domestic and foreign trading companies accounted for almost equal shares of the growth. The segment EBIT amounted to 8.7 million euros, a remarkable increase of 80.5 per cent over the prior year (4.8 million euros). The margin thus went up sharply from 3.7 per cent to 5.3 per cent.
Sound asset and financial structure.
Though the cash and cash equivalents including time deposits and securities dropped due to the dividend payments and the acquisitions, they remained at a comfortable level of 109.5 million euros (31 December 2010: 129.8 million euros). As of 30 June 2011, the equity increased from 371.5 million euros to 383.9 million euros. Accordingly, the equity ratio improved from 56.8 per cent to 59.0 per cent. The annualized return on equity increased from 9.9 per cent in the prior year to 15.8 per cent. In the first half of the year, the cash flow from operating activities amounted to 9.1 million euros, compared to 7.6 million euros in the prior year.
Another record year in sight.
The Executive Board expects the positive economic development to persist. However, as the results of the prior year were already strong and economic dynamics are fading, the growth rates will most likely decrease in the course of the year. Nevertheless, the management believes that group revenues will increase by at least 15 per cent to about 2 billion euros in 2011. At the same time, the profitability in 2011 is to improve compared to the prior year. "In view of the continually high incoming order volume at the beginning of the third quarter, I am confident that Bechtle will again achieve record revenues and earnings, provided that the positive development of the economic framework conditions will continue in the second half of the year. Moreover, we are intensively examining the further expansion in Europe and the development of the IT solution business. Our objective is to keep up our profitable growth above market level," explains Dr. Thomas Olemotz.
Click here for the whole interim report Q2/2011.
Bechtle KPIs for the second quarter and the first half of 2011.
| || ||Q2/2011||Q2/2010||Change||H1/2011||H1/2010||Change|
|IT system house||thou. euros||294.741||243.716||20,9%||590.521||471.673||25,2%|
|IT e-commerce||thou. euros||162.290||131.261||+23,6%||322.617||258.062||25,0%|
|IT system house||thou. euros||10.980||5.841||88,0%||21.106||10.449||102,0%|
|IT e-commerce||thou. euros||8.664||4.799||80,5%||16.385||10.085||62,5%|
|EBT margin||%||4,4||2,9|| ||4,2||2,9|| |
|Earnings after taxes||thou. euros||14.482||8.321||74,0%||27.657||15.908||73,9%|
|Earnings per share||euros||0,69||0,40||74,0%||1,32||0,76||73,9%|
|Operating cash flow||thou. euros||3.276||-9.029|| ||9.097||7.556||20,4%|
| || ||30.06.2011||31.12.2010||Veränderung|
|Cash and cash equivalents*||thou. euros||109.530||129.750||-15,6%|
|Equity ratio||%||59,0||56,8|| |
*Including time deposits an securities