Bechtle again reports strong performance in 2021

Revenue grows by more than 7 per cent
EBT climbs about 18 per cent to approximately €320 million
Headcount up by 700

Neckarsulm, 10 February 2022 – In the fiscal year 2021, Bechtle AG continued on its successful trajectory, despite supply shortages pummelling the IT industry. According to the preliminary figures, the company’s revenue underwent largely organic growth of more than 7 per cent to about €6.25 billion, from €5.82 billion in the prior year. The order backlog reached an all-time high of around €1.8 billion—approx. 80 per cent above the previous year. Earnings before taxes went up by about 18 per cent to approximately €320 million. The EBT margin is thus expected to amount to around 5 per cent. As of 31 December 2021, Bechtle had 12,880 employees, 700 more than in the prior year (12,180).

In its annual financial statements as of 31 December 2021, Bechtle will apply a revised accounting method for the sale of standard software licenses. After this point, a significant proportion of related revenue will no longer be recognised in its entirety, but only to the amount of the gross margin achieved. The Bechtle Group’s actual business volume, particularly earnings, will however, remain unchanged and the recorded margin will increase significantly as a result.

Bechtle AG is going to publish the final, audited results for the fiscal year 2021 on Friday, 18 March 2022.

NB: In the annual report 2020 and the half-yearly report 2021, Bechtle had drawn attention to the differences regarding the presentation of revenue from software licence business. In the annual financial statements as of 31 December 2021, Bechtle will change the accounting method for the sale of standard software licenses, since in the meantime, the IFRS Interpretations Committee (IFRS IC) has outlined how the respective regulations of the International Financial Reporting Standards (IFRS) are to be applied. Against this backdrop, Bechtle has performed a re-evaluation. Where Bechtle, according to the re-evaluation of the application of IFRS 15, qualifies as an “agent” and not as the “principal” with respect to the sale of standard software licences, Bechtle will no longer recognise the entire revenue from standard software licences, but only the amount of the gross margin achieved. As a result, revenue in the reporting year is expected to change by around €930 million. Following the re-evaluation, revenue growth in the reporting year is expected to be around 5%. This is largely due to the very positive business development of our subsidiary, Bechtle Clouds, compared to the Bechtle Group as a whole. Following the re-evaluation, the lion’s share of this entity’s revenue will be classified as being generated by an agent, and we are therefore no longer able to recognise the full amount. As gross earnings, EBIT and EBT are not affected by this change, the margin will be significantly higher. According to the new accounting logic, the EBT margin in 2021 will thus amount to about 6 per cent.