1 S T Q U A R T E R 2 0 21
QUARTERLY STATEMENT
AS OF 31 MARCH 2021
Your strong IT partner. Today and tomorrow.
KEY FIGURES OF THE BECHTLE GROUP AT A GLANCE
01.01- | 01.01- | Change | ||||||
31.03.2021 | 31.03.2020 | in % | ||||||
Revenue | €k | 1,510,202 | 1,355,674 | 11.4 | ||||
IT System House & Managed Services | €k | 971,303 | 859,116 | 13.1 | ||||
IT E-Commerce | €k | 538,899 | 496,558 | 8.5 | ||||
EBITDA | €k | 86,951 | 76,185 | 14.1 | ||||
IT System House & Managed Services | €k | 59,250 | 49,485 | 19.7 | ||||
IT E-Commerce | €k | 27,701 | 26,700 | 3.7 | ||||
EBIT | €k | 62,134 | 52,627 | 18.1 | ||||
IT System House & Managed Services | €k | 41,066 | 32,489 | 26.4 | ||||
IT E-Commerce | €k | 21,068 | 20,138 | 4.6 | ||||
EBIT margin | % | 4.1 | 3.9 | |||||
IT System House & Managed Services | % | 4.2 | 3.8 | |||||
IT E-Commerce | % | 3.9 | 4.1 | |||||
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 | ||||
Return on equity1 | % | 16.3 | 15.4³ | |||||
Cash flow from operating activities | €k | 20,573 | 23,456³ | −12.3 | ||||
Number of employees (as of 31.03) | 12,306 | 11,768 | 4.6 | |||||
IT System House & Managed Services | 9,768 | 9,221 | 5.9 | |||||
IT E-Commerce | 2,538 | 2,547 | −0.4 | |||||
31.03.2021 | Change | |||||||
31.12.2020 | in % | |||||||
Cash and cash equivalents2 | €k | 404,757 | 403,173 | 0.4 | ||||
Working Capital | €k | 644,295 | 652,674 | −1.3 | ||||
Equity ratio | % | 44.8 | 43.2 | |||||
1 Annualised
2 Incl. time deposits and securities
3 Prior year adjusted
REVIEW BY QUARTER 2021
Revenue | €k |
EBITDA | €k |
EBIT | €k |
EBT | €k |
EBT margin | % |
Earnings after taxes | €k |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 2021 FY | ||||
01.01- 31.03 | 01.04- 30.06 | 01.07- 30.09 | 01.10- 31.12 | 01.01- 31.03 | ||||
1,510,202 | 1,510,202 | |||||||
86,951 | 86,951 | |||||||
62,134 | 62,134 | |||||||
60,988 | 60,988 | |||||||
4.0 | 4.0 | |||||||
43,624 | 43,624 | |||||||
3
EARNINGS POSITION
In the first three months of 2021, the Bechtle Group achieved impressive year-on-year growth despite the persistently difficult framework conditions.
As of 31 March, the order backlog amounted to €1,088 million (prior year: €908 million). Of this amount,
the IT System House & Managed Services segment accounted for €829 million (prior year: €725 million),
and the IT E-Commerce segment for €259 million (prior year: €183 million).
Year on year, the revenue in the period from January to March went up by 11.4 per cent to €1,510.2 million.
At 10.4 per cent, Bechtle's organic growth accounted for the major part of the growth.
GROUP REVENUE | €m | |||||||||||
1,782.2 | ||||||||||||
1,597.4 | ||||||||||||
1,510.2 | ||||||||||||
1,353.4 | 1,355.7 | 1,310.5 | 1,370.9 | |||||||||
1,239.9 | 1,260.8 | 1,276.3 | ||||||||||
1,049.6 | ||||||||||||
955.4 | 965.0 | |||||||||||
Q1/18 | Q2/18 | Q3/18 | Q4/18 | Q1/19 | Q2/19 | Q3/19 | Q4/19 | Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 |
The growth achieved by the domestic companies (12.4 per cent) was a bit stronger than the growth achieved abroad (9.8 per cent). The domestic trading companies reported particularly high growth of 19.8 per cent. The system houses abroad recorded the highest growth of 22.4 per cent.
Bechtle AG Quarterly Statement as of 31 March 2021
4
REVENUE BY SEGMENTS | €m | ||||||||||||||
0 | 250 | 500 | 750 | 1,000 | 1,250 | 1,500 | 1,750 | 2,000 | Total | ||||||
Q1/2020 | 859.1 | 496.6 | 1,355.7 | ||||||||||||
1,510.2 | |||||||||||||||
Q1/2021 | 971.3 | 538.9 | |||||||||||||
(+ 11.4 %) | |||||||||||||||
IT System House & Managed Services | IT E-Commerce | ||||||||||||||
The IT E-Commerce segment increased its revenue by 8.5 per cent. At 13.1 per cent, the growth in the IT System House & Managed Services segment was even stronger. Organically, the segment grew by 11.4 per cent.
REVENUE - GROUP AND SEGMENTS | €k | |||||
Q1/2021 | Q1/2020 | Change | ||||
Group | 1,510,202 | 1,355,674 | +11.4% | |||
Domestic | 931,542 | 828,748 | +12.4% | |||
Abroad | 578,660 | 526,926 | +9.8% | |||
IT System House & Managed Services | 971,303 | 859,116 | +13.1% | |||
IT E-Commerce | 538,899 | 496,558 | +8.5% |
Gross earnings went up by 6.8 per cent. The gross margin dropped from 15.0 per cent to 14.4 per cent. Especially the material costs increased at an above-average rate. The below-average increase in depreciation and amortisation in cost of sales and the significant decline in other operating expenses were unable to counteract this development.
The expenses in the two functional areas, sales and administration, developed differently. In sales, expenses increased by 10.8 per cent, a rate similar to that of the revenue increase, and the expense ratio thus remained stable at 5.7 per cent. In the field of administration, expenses dropped by 4.5 per cent. The administrative expense ratio thus receded from 5.7 per cent to 4.9 per cent. This was due to the changed allocation of employees to the respective functional areas.
Year on year, EBITDA rose by 14.1 per cent. At 5.8 per cent, the EBITDA margin was higher than in the prior year (5.6 per cent).
Depreciation and amortisation increased by 5.3 per cent. As previously, depreciation of property, plant and equipment accounted for the greatest share of the depreciation and amortisation, rising from €19.9 million to €20.8 million.
Year on year, EBIT increased by 18.1 per cent to €62.1 million. The EBIT margin rose from 3.9 per cent to 4.1 per cent.
Bechtle AG Quarterly Statement as of 31 March 2021
5
EBT AND EBT MARGIN | €m and % | |||||||||||
3.7 | 4.5 | 4.4 | 5.0 | 3.6 | 4.4 | 4.5 | 4.9 | 3.8 | 4.4 | 5.2 | 5.0 | 4.0 |
89.9 | ||||||||||||
78.6 | ||||||||||||
68.2 | 71.7 | |||||||||||
58.1 | 61.0 | |||||||||||
55.7 | 57.0 | |||||||||||
51.1 | ||||||||||||
43.6 | 46.1 | 45.0 | ||||||||||
35.4 | ||||||||||||
Q1/18 | Q2/18 | Q3/18 | Q4/18 | Q1/19 | Q2/19 | Q3/19 | Q4/19 | Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 |
Year on year, the tax rate declined slightly from 28.6 per cent to 28.5 per cent.
Earnings after taxes went up 19.6 per cent to €43.6 million. EPS thus amounted to €1.04.
At segment level, the earnings situation was as follows:
EBIT in the IT System House & Managed Services segment increased 26.4 per cent to €41.1 million. This item was affected by the cost savings due to the coronavirus pandemic and a higher level of efficiency in service delivery. As a result, the EBIT margin went up from 3.8 per cent to 4.2 per cent.
In the IT E-Commerce segment, EBIT went up 4.6 per cent to €21.1 million. Due to the different cost structure, the cost savings due to the coronavirus pandemic did not affect this item too much. The EBIT margin declined from 4.1 per cent to 3.9 per cent.
EBIT - GROUP AND SEGMENTS | €k | |||||
Q1/2021 | Q1/2020 | Change | ||||
Group | 62,134 | 52,627 | +18.1% | |||
IT System House & Managed Services | 41,066 | 32,489 | +26.4% | |||
IT E-Commerce | 21,068 | 20,138 | +4.6% |
Bechtle AG Quarterly Statement as of 31 March 2021
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Bechtle AG published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 08:57:04 UTC.