15.03.2019 Bechtle AG  DE0005158703

DGAP-News: Bechtle Demonstrates Its Strength


DGAP-News: Bechtle AG / Key word(s): Annual Results/Dividend
Bechtle Demonstrates Its Strength

15.03.2019 / 10:15
The issuer is solely responsible for the content of this announcement.

Bechtle Demonstrates Its Strength

- Revenue up 21.1 per cent to EUR4.3 billion

- EBT grows 18.7 per cent

- Dividend stepped up to EUR1.00

- Optimistic outlook for 2019

Neckarsulm, 15 March 2019 - In the fiscal year 2018, Bechtle AG wrote the next chapter of its impressive success story. Revenue rose 21.1 per cent to EUR4,323.3 million. Earnings before taxes (EBT) went up 18.7 per cent to EUR193.2 million. The EBT margin amounted to 4.5 per cent. Bechtle thus further expanded its leading position in the European IT market. As of the end of the year, Bechtle had 10,005 employees, an increase of 1,652 or 19.8 per cent. In view of the outstanding business performance, the Executive Board and the Supervisory Board propose to raise the dividend for the fiscal year 2018 from EUR0.90 to EUR1.00.

The revenue growth was broadly supported by all regions and segments. The international trading business in particular underwent significant growth, also due to acquisitions. However, Bechtle also achieved impressive organic growth of 15.8 per cent, the second-highest organic growth rate since 2002. The growth remained in the two-digit range throughout all quarters. Further into the year, the dynamics got even better. With an increase of 26.4 per cent, the fourth quarter recorded the highest growth rate.

Numerous Milestones Reached
Besides the excellent business performance, the 35th year of the company's history was marked by important milestones for Bechtle AG. To finance the acquisition of Inmac WStore, the largest of the 89 acquisitions performed by Bechtle to date, a bond loan was successfully placed for the first time. In December 2018, Bechtle passed the 10,000-employee mark, and in the same month, the company published its ambitious long-term plans in its Vision 2030. "In many respects, 2018 was an outstanding year for Bechtle. The success achieved represents a sustainable basis for our continued profitable growth," says Dr. Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.

System House Business Continues to Grow, Mostly Organically
In the IT System House & Managed Services segment, Bechtle achieved mostly organic revenue growth of 15.5 per cent to EUR2,906.3 million in the reporting period. The very wide range of services - e.g. in the fields of hybrid cloud and multi-cloud concepts, modern workplace and data centre architectures, networking, security and application solutions - fuelled a noticeable surge in demand. EBIT went up 10.1 per cent to EUR126.1 million. The EBIT margin thus amounted to 4.3 per cent.

E-Commerce Reports Remarkable Growth
In 2018, revenue in the IT E-Commerce segment grew 34.5 per cent. The acquisition of Inmac WStore in France had a noticeable effect on this development. Organically, the revenue increased 18.8 per cent. With an overall increase of 46.4 per cent and organic growth of 24.2 per cent, the growth was especially strong abroad. Despite the higher depreciation and amortisation due to the acquisition, EBIT increased 38.7 per cent. The EBIT margin improved to 4.9 per cent.

Robust Key Financials
As a result of the acquisition of Inmac WStore and its financing, a number of KPIs have shifted slightly. Nevertheless, Bechtle still has a very robust equity ratio of 43.6 per cent. At EUR250.9 million as of the end of the year, the liquidity also remains at a very comfortable level. As of the balance sheet date, the cash flow from operating activities climbed to EUR140.5 million, a figure significantly above the prior-year figure of EUR54.3 million.

Optimistic Outlook on Challenging Fiscal Year 2019
Since the beginning of 2019, the macroeconomic framework conditions have become gloomier. Nevertheless, the Executive Board is optimistic about the current year. The revenue and earnings are again expected to undergo very significant growth. The EBT margin is expected to reach at least the prior-year level. "In view of the developments in the first few weeks of the current fiscal year, we are confident that we will achieve our ambitious growth targets for 2019 despite the increased uncertainty and economic worries," says Dr. Thomas Olemotz.

Bechtle KPIs 2018

    2018 2017 +/-
Revenue EURk 4,323,318 3,570,124 +21.1%
  Domestic EURk 2,854,859 2,512,262 +13.6%
  Abroad EURk 1,468,459 1,057,862 +38.8%
  IT System House EURk 2,906,290 2,516,872 +15.5%
  IT E-Commerce EURk 1,417,028 1,053,252 +34.5%
EBIT EURk 195,081 164,252 +18.8%
  IT System House EURk 126,084 114,501 +10.1%
  IT E-Commerce EURk 68,997 49,751 +38.7%
EBIT margin % 4.5 4.6  
EBT EURk 193,242 162,804 +18.7%
EBT margin % 4.5 4.6  
Earnings after taxes EURk 137,141 114,562 +19.7%
Earnings per share EUR 3.27 2.73 +19.7%
Employees (average)   9,083 7,968 +14.0%
    31.12.2018 31.12.2017 +/-
Cash flow from operating activities EURk 140,525 54,261 +159.0%
Liquidity* EURk 250,922 174,827 +43.5%
Equity ratio % 43.6 53.9  
Employees   10,005 8,353 +19.8%

* Including time deposits and securities


The Annual Report 2018 is available for download under bechtle.com/reports. At the same time, we publish a sustainability report under bechtle.com/sustainability.

About Bechtle:
Bechtle AG has about 70 IT system houses in Germany, Austria and Switzerland. With its e-commerce companies in 14 countries, Bechtle is one of Europe's leading IT enterprises. Founded in 1983, the group is headquartered in Neckarsulm, Germany, and currently has more than 10,000 employees. Bechtle offers its more than 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 2018, the company's revenue amounted to more than EUR4.3 billion. For more information, see bechtle.com.


Investor Relations
Martin Link
[email protected]
Phone: +49 7132 981-4149
Corporate Communications/Press
Sabine Brand
[email protected]
Phone: +49 7132 981-4115

15.03.2019 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.
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Language: English
Company: Bechtle AG
Bechtle Platz 1
74172 Neckarsulm
Phone: +49 7132 981-0
Fax: +49 7132 981-8000
E-mail: [email protected]
Internet: bechtle.com
ISIN: DE0005158703
WKN: 515870
Indices: MDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

End of News DGAP News Service

787579  15.03.2019 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 2.831,30 3.093,58 3.570,12 4.323,32 5.374,45 5.819,24 0,00
EBITDA1,2 155,92 171,80 196,18 237,06 325,98 375,09 0,00
EBITDA-Marge3 5,51 5,55 5,50 5,48 6,07 6,45 0,00
EBIT1,4 129,48 144,08 164,25 195,08 241,37 276,96 0,00
EBIT-Marge5 4,57 4,66 4,60 4,51 4,49 4,76 0,00
Jahresüberschuss1 92,88 103,37 114,56 137,14 170,48 192,55 0,00
Netto-Marge6 3,28 3,34 3,21 3,17 3,17 3,31 0,00
Cashflow1,7 115,95 53,36 54,26 140,53 185,97 316,25 0,00
Ergebnis je Aktie8 0,74 0,82 0,91 1,09 1,35 1,53 1,98
Dividende8 0,23 0,25 0,30 0,33 0,40 0,45 0,53
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

WKN Kurs in € Einschätzung Börsenwert in Mio. €
515870 59,680 Halten 7.519,68
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
28,42 23,21 1,22 61,59
6,80 23,78 1,29 20,15
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,40 0,45 0,75 15.06.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
11.05.2021 12.08.2021 11.11.2021 19.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-0,90% 6,42% 0,35% 9,16%
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IT-Infrastruktur , 515870 , BC8 , XETR:BC8