Bechtle AG

  • WKN: 515870
  • ISIN: DE0005158703
  • Land: Germany

Nachricht vom 11.05.2021 | 07:30

Bechtle Reports Impressive First Quarter

DGAP-News: Bechtle AG / Key word(s): Quarterly / Interim Statement/Quarter Results
11.05.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

Bechtle Reports Impressive First Quarter

- Revenue up 11.4 per cent to €1.51 billion

- EBT grows 19.5 per cent

- Cash flow maintains high level

- Forecast confirmed

Neckarsulm, 11 May 2021 - The first months of 2021 have seen a continuation of Bechtle AG's upward trajectory. In the first quarter of 2021, the IT company was able to step up its revenue by 11.4 per cent to €1,510.2 million despite the ongoing difficult conditions. Earnings before taxes (EBT) underwent disproportionately high growth of 19.5 per cent to €61.0 million. The EBT margin thus improved to 4.0 per cent. As of 31 March 2021, Bechtle had 12,306 employees, a year-on-year increase of 538.

The revenue growth amounted to 12.4 per cent in Germany and to the very high level of 9.8 per cent at our locations abroad. Organic growth in the group's revenue amounted to 10.4 per cent. "We made a very strong start to the year. We were pleased to see that the growth was again broadly supported by the various regions, segments and customer groups", explains Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.

Above-Average Earnings Growth in System House Business
In the IT System House & Managed Services segment, Bechtle increased its revenue in the first three months of 2021 by 13.1 per cent to €971.3 million. The organic growth rate was 11.4 per cent. The demand in the areas strategically expanded by Bechtle - such as modern workplace, IT security and multi-cloud solutions - remained very high. EBIT went up 26.4 per cent to €41.1 million. The EBIT margin rose from 3.8 per cent to 4.2 per cent. As well as cost savings made as a result of the coronavirus pandemic, this was also due to the higher efficiency achieved in the performance of services.

E-Commerce Especially Strong in Germany
In the IT E-Commerce segment, the revenue in the first quarter of 2021 grew by 8.5 per cent to €538.9 million. At 19.8 per cent, growth in Germany was particularly strong. One of the factors that contributed to this development was the high public-sector demand, especially in the field of education. Outside Germany, the revenue increased by 5.7 per cent, driven by the strong performance in France, Belgium and Austria. EBIT went up by 4.6 per cent to €21.1 million. The margin underwent a slight decline from 4.1 per cent to 3.9 per cent. This was due to the disproportionately high increase in material costs.

Cash Positions Up
In the first quarter of 2021, Bechtle AG's cash flow from operating activities largely reached the same high level as in the prior year. This item amounted to €20.6 million (prior year: 23.5 million). The free cash flow went up from €7.8 million to €11.8 million. As of the reporting date, the total liquidity was at a very comfortable level of €404.8 million.

Forecast Confirmed
Bechtle is optimistic about the rest of the year and confirms its forecast of a significant revenue and earnings increase along with a stable EBT margin. "Our business model has proved successful despite the uncertainties we are currently facing. However, the performance in the remaining part of the year will be greatly impacted by the ongoing supply shortage in the IT market and the development of the pandemic. The situation has seldom been as unpredictable as it is at the moment. Starting from the second quarter, our earnings will also be competing with the high reference figures of the prior year. Nevertheless, we stick to our generally positive outlook", says Dr. Thomas Olemotz.


Bechtle KPIs for the First Quarter of 2021

    Q1/2021 Q1/2020 +/-
Revenue €k 1,510,202 1,355,674 +11.4%
  Domestic €k 931,542 828,748 +12.4%
  Abroad €k 578,660 526,926 +9.8%
  IT System House €k 971,303 859,116 +13.1%
  IT E-Commerce €k 538,899 496,558 +8.5%
EBIT €k 62,134 52,627 +18.1%
  IT System House €k 41,066 32,489 +26.4%
  IT E-Commerce €k 21,068 20,138 +4.6%
EBIT margin % 4.1 3.9  
EBT €k 60,988 51,055 +19.5%
EBT margin % 4.0 3.8  
Earnings after taxes €k 43,624 36,468 +19.6%
Earnings per Share 1.04 0.87 +19.6%
Cash flow from operating activities €k 20,573 23,4561 -12.3%
Employees (as of 31.03.)   12,306 11,768 +4.6%
 
    2021-03-31 2020-12-31 +/-
Liquidity* €k 404,757 403,173 +0.4%
Equity ratio % 44.8 43.2  
 

* Including time deposits and securities
1 Prior year adjusted

***

The interim report for the first quarter of 2021 is available for download at www.bechtle.com/reports.

About Bechtle:
Bechtle AG has about 80 IT system houses in Germany, Austria and Switzerland. With its 24 e-commerce companies in 14 countries, Bechtle is one of Europe's leading online IT enterprises. Founded in 1983, the group is headquartered in Neckarsulm, Germany, and currently has more than 12,000 employees. Bechtle offers its 70,000+ customers from the fields of industry and trade, the public sector and the financial market a comprehensive, cross-vendor portfolio of IT infrastructure and IT operation solutions. Bechtle is listed in the MDAX and TecDAX indexes. In 2020, its revenue amounted to €5.82 billion. For more information, see bechtle.com.

Contact

Investor Relations Corporate Communication/Press
Martin Link Sabine Brand
martin.link@bechtle.com sabine.brand@bechtle.com
Tel: +49 7132 981-4149 Tel: +49 7132 981-4115


11.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this

Event im Fokus

Termine 2021

10. Juni 2021:Fachkonferenz Immobilien

14./15. Juli 2021: Fachkonferenzen Beteiligungsgesellschaften & Consumer/Leisure

13./14. Oktober 2021: Fachkonferenzen Finanzdienstleistungen/Technologie

10./11. November 2021: Fachkonferenzen Software/IT & Branchenmix

„Je nach aktueller Covid-19 Situation und den bestehenden Vorschriften für Versammlungen entscheidet sich ca. 5 Wochen vor dem Termin, in welcher Form die Konferenzen stattfinden.“

GBC-Fokusbox

Cryptology Asset Group PLC: 120 % Kurspotenzial

GBC Research hat mit der Coverage der Cryptology Asset Group PLC (ISIN: MT0001770107) begonnen. Die Bewertung der führenden europäischen Investmentgesellschaft für Krypto-Assets und Blockchain-Unternehmen erfolgte mittels der Berechnung des Net Asset Value (NAV). Unter Berücksichtigung aller Beteiligungen ergibt sich zum 05. Juli 2021 eine GBC-Fair-NAV-Bewertung in Höhe von 1,04 Mrd. EUR. Daraus ergibt sich ein NAV je Cryptology-Aktie von 358,43 EUR. Daher empfiehlt GBC Research die Cryptology-Aktie zum Kauf und sieht ein Kurspotenzial von über 120 %.

News im Fokus

HeidelbergCement AG: Ad-hoc: HeidelbergCement beschließt Aktienrückkaufprogramm mit einem Gesamtvolumen von bis zu 1 Milliarde Euro

28. Juli 2021, 16:39

Aktueller Webcast

HENSOLDT AG

H1 2021 Analyst Call

04. August 2021

Aktuelle Research-Studie

Original-Research: GBC Insider Focus Index (von GBC AG): GBC Insider Focus Index

28. Juli 2021