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Neckarsulm, 14 November 2018 – In the third quarter, Bechtle AG again underwent highly dynamic growth. From July to September 2018, revenue went up 20.1 per cent to €1,050.0 million. For the first time, this item includes the revenue of Inmac Wstore, the largest acquisition in Bechtle’s history. The organic growth amounted to 15.1 per cent. For the first time in its history, Bechtle thus reached a billion in revenue in the third quarter. Earnings before taxes (EBT) went up 9.3 per cent to €46.1 million, resulting in an EBT margin of 4.4 per cent. As of 30 September 2018, Bechtle had a total of 9,651 employees, some 1,452 or 17.7 per cent more than in the prior year.
“Following the highly successful performance in the first half of the year, we maintained our high growth dynamics in the third quarter as well. Bechtle thus remains on course. The integration of Inmac is also progressing according to plan, and some initial positive effects have already become manifest as expected,” explains Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.
IT System House & Managed Services: Strong Growth Abroad
Compared to the already very strong prior year, the IT system house & managed services segment increased its revenue 15.7 per cent to €713.6 million. The organic growth rate was 15.0 per cent. The growth was broadly supported by the entire spectrum of Bechtle’s IT solution and service portfolio as well as its application solutions. Especially owing to the outstanding performance in Austria, the companies outside Germany reported growth of 28.4 per cent. At 14.1 per cent, the growth was very high in Germany as well. In the third quarter of 2018, operating income climbed 5.1 per cent to €30.9 million. The EBIT margin was 4.3 per cent. Apart from the higher other operating expenses due to investments, this item was also affected by the recruitment of new personnel. In the third quarter, 256 new colleagues joined this Bechtle segment, resulting in a greater rise in personnel expenses.
IT E-Commerce Reports Outstanding Performance
In the IT e-commerce segment, the acquisition of Inmac Wstore was noticeable in the third quarter. The revenue climbed 30.6 per cent to €336.0 million. At 15.2 per cent, the organic growth rate was also very good. Growth impulses came from almost all countries. Segment EBIT increased 18.9 per cent to €15.5 million, and the margin amounted to 4.6 per cent. This item was encumbered both by one-time ancillary acquisition costs and by higher depreciation and amortisation as a result of the purchase price allocation. Without these effects, the margin in this segment would have amounted to 5.0 per cent.
Cash Flow from Operating Activities Doubled
Year on year, the cash flow from operating activities more than doubled in the first nine months, reaching a figure of €42.4 million. This development is even more remarkable in view of Bechtle’s ongoing high financing needs due to the rapid growth. Therefore, and against the backdrop of a highly positive performance of the Bechtle share in recent months, the Executive Board has decided to abandon the basic resolution that it had adopted in March 2017 to launch a share buyback programme.
Annual Forecast Remains Positive
The Executive Board confirms its upgraded forecast of August to achieve very significant revenue and earnings growth and a slight EBT margin rise. However, the margin development could come under pressure by the high organic revenue growth on the one hand and the earnings effects from the purchase price allocation of Inmac Wstore on the other hand. “Following the first nine months of the fiscal year, our aggressive growth targets are still realistic. The targeted EBT margin is ambitious, but still achievable. Everything depends on the performance in the final quarter, which has always been especially important for Bechtle,” says Dr. Thomas Olemotz.
Bechtle KPIs for the Third Quarter and Nine-Month Period of 2018
|
| Q3/2018 | Q3/2017 | +/- | 9M/2018 | 9M/2017 | +/- |
Revenue | €k | 1,049,555 | 873,925 | +20.1% | 2,969,914 | 2,499,252 | +18.8% |
Domestic | €k | 707,680 | 630,449 | +12.3% | 2,018,417 | 1,757,565 | +14.8% |
Abroad | €k | 341,875 | 243,476 | +40.4% | 951,497 | 741,687 | +28.3% |
IT system house | €k | 713,568 | 616,747 | +15.7% | 2,048,544 | 1,752,935 | +16.9% |
IT e-commerce | €k | 335,987 | 257,178 | +30.6% | 921,370 | 746,317 | +23.5% |
EBIT | €k | 46,457 | 42,492 | +9.3% | 126,075 | 110,819 | +13.8% |
IT system house | €k | 30,935 | 29,441 | +5.1% | 83,762 | 76,811 | +9.0% |
IT e-commerce | €k | 15,522 | 13,051 | +18.9% | 42,313 | 34,008 | +24.4% |
EBIT margin | % | 4.4 | 4.9 |
| 4.2 | 4.4 |
|
EBT | €k | 46,128 | 42,204 | +9.3% | 125,088 | 109,909 | +13.8% |
EBT margin | % | 4.4 | 4.8 |
| 4.2 | 4.4 |
|
Earnings after taxes | €k | 32,488 | 29,604 | +9.7% | 88,041 | 77,092 | +14.2% |
Earnings per share | € | 0.77 | 0.70 | +9.7% | 2.10 | 1.84 | +14.2% |
Cash flow from operating activities | €k | 35,021 | 43,956 | -20.3% | 42,374 | 20,673 | +105.0% |
Employees (as of 30 September) |
| 9,651 | 8,199 | +17.7% |
| ||
|
| 30.09.2018 | 31.12.2017 | +/- |
Liquidity1 | €k | 140,946 | 174,827 | -19.4% |
Equity ratio | % | 46.7 | 53.9 |
|
1 including time deposits and securities