Annual Report 2009
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ANNUAL REPORT 2009 Bechtle – Your strong IT Partner. Today and Tomorrow. REVENUE in million euros 2005 1,178 2006 1,220 2007 1,383 2008 1,431 2009 1,379 – 3.6 % EBT in million euros 2005 41.2 2006 45.9 2007 59.0 2008 61.5 2009 43.7 – 29.0 % EPS in euros 2005 1.38 2006 1.39 2007 1.93 2008 2.14 2009 1.64 – 23.4 % DIVIDEND PER SHARE in euro 2005 0.50 2006 0.50 2007 0.60 2008 0.60 2009 0.60* + 0.0 % * Proposal to the Annual General Meeting EMPLOYEES 2005 3,908 2006 3,888 2007 4,250 2008 4,405 2009 4,354 – 1.2 % KEY FIGURES OF THE BECHTLE GROUP 2005 2006 2007 2008 2009 Change in % 2009 – 2008 Revenue th. euros 1,178,269 1.220,138 1,383,453 1.431,462 1,379,307 – 3.6 – IT system house & managed services th. euros 811,042 816,998 885,772 927,530 919,956 – 0.8 – IT e-commerce th. euros 367,227 403,140 497,681 503,932 459,351 – 8.8 EBITDA th. euros 53,121 60,186 71,754 74,139 56,976 – 23.1 – IT system house & managed services th. euros 27,510 33,681 42,808 47,846 36,004 – 24.8 – IT e-commerce th. euros 25,611 26,505 28,946 26,293 20,972 – 20.2 EBIT th. euros 41,195 45,730 58,253 60,229 42,712 – 29.1 – IT system house & managed services th. euros 18,607 22,597 33,065 38,444 25,768 – 33.0 – IT e-commerce th. euros 22,588 23,133 25,188 21,785 16,944 – 22.2 EBIT margin % 3.5 3.7 4.2 4.2 3.1 – IT system house & managed services % 2.3 2.8 3.7 4.1 2.8 – IT e-commerce % 6.2 5.7 5.1 4.3 3.7 EBT th. euros 41,172 45,859 59,006 61,533 43,662 – 29.0 EBT margin % 3.5 3.8 4.3 4.3 3.2 Earnings after taxes th. euros 29,286 29,608 40,959 45,428 34,258 – 24.6 Earnings per share th. euros 1.38 1.39 1.93 2.14 1.64 – 23.4 Cash flow from operating activities th. euros 28,123 26,866 41,993 49,941 46,665 – 6.6 Cash and cash equivalents 1) th. euros 48,178 36,710 52,300 77,638 94,977 22.3 Equity ratio % 57.4 59.2 61.2 62.8 64.3 Number of employees as of 31.12. 2) 3,908 3,888 4,250 4,405 4,354 – 1.2 – IT system house & managed services 3,239 3,077 3,303 3,450 3,443 – 0.2 – IT e-commerce 669 811 947 955 911 – 4.6 1) Incl. capital investments and securities 2) Full-time employees, trainees, and employees on parental leave or employees doing military or civilian service The five-year comparison on pages 198–201 provides an overview of all important key figures. REVIEW BY QUARTER 2009 1st quarter 2nd quarter 3rd quarter 4th quarter 01.01.– 01.04.– 01.07.– 01.10.– 31.03.2009 30.06.2009 30.09.2009 31.12.2009 Revenue th. euros 318,870 322,619 323,305 414,513 EBITDA th. euros 9,259 10,055 15,303 22,359 EBIT th. euros 5,782 6,541 11,763 18,626 EBIT margin % 1.8 2.0 3.6 4.5 EBT th. euros 6,127 6,838 11,859 18,838 EBT margin % 1.9 2.1 3.7 4.5 Earnings after taxes th. euros 4,329 4,821 8,344 16,764 CONTENTS TO OUR SHAREHOLDERS 04 Highlights 2009 06 Letter from the Executive Board 08 Report of the Supervisory Board GROUP MANAGEMENT 15 Company 15 Group Structure REPORT 20 Business Activities 29 Corporate Management 32 Employees 37 Corporate Governance Report 50 Share 55 Takeover-Related Disclosures 60 Framework Conditions 64 Earnings, Assets, 64 Earnings Position and Financial Position 77 Assets Position 82 Financial Position 85 Strategic Financing Measures 86 Judgments and Estimates 90 Risk Report 90 Risk and Opportunity Management 95 Opportunities 99 Risks 108 Overall Risk Assessment 109 Supplementary Report 112 Forecast Report 112 Framework Conditions 114 Performance of the Group 119 Overall Assessment CONSOLIDATED 123 Consolidated Income Statement FINANCIAL STATEMENTS 123 Consolidated Statement of Comprehensive Income 124 Consolidated Balance Sheet 126 Consolidated Statement of Changes in Equity 127 Consolidated Cash Flow Statement 129 Notes 196 Audit Opinion 197 Responsibility Statement by the Executive Board 198 Five-Year-Comparison Bechtle Group 202 List of abbreviations 203 Glossary 207 Financial Calendar Bechtle Group BECHTLE – IT SOLUTIONS 12 CLIENT MANAGEMENT 58 SERVER & STORAGE 62 NETWORKING SOLUTIONS 88 VIRTUALISIERUNG 110 IT SECURITY 120 BUSINESS APPLICATIONS TO OUR SHAREHOLDERS R BECHTLE – wHAT MATTERS BECHTLE – WHAT MAtteRS. We are at home in the IT industry and have been so since 1983. To us, proximity is impor- tant. Therefore, our IT system houses serve our customers on site at more than 50 locations throughout Germany, Austria, and Switzerland. Our directors think and act as entrepre- neurs and make decisions on an equal footing with their customers in a responsible, direct, and speedy manner. We keep up with the enormous technological pace in the industry. At the same time, we never lose sight of customer needs. We consider ourselves as a service provider, consultant, project manager, procurer, supplier, operator, initiator, confidant, and expert. In short: as a partner of our customers. However, this is only one side of Bechtle. TO OUR SHAREHOLDERS BECHTLE – WHAT MATTERS R We also market our more than 41,000 IT products with enthusiasm by direct sale – via online shops, catalogue, and telesales. With a special, tailor-made online procurement system in operation at our customers. We have trading companies in twelve European countries, and the number is on the rise. Our international presence is one of our success factors. After all, a “vernacular” approach is important in e-commerce, too. It is simply human. And that is how we run our business. The combination of these two segments – IT system house & managed services and IT e-commerce – is what makes our business model unique in the IT industry. Our 4,400 employees ensure its success with their experience, competence, reliabil- ity, and enthusiasm. We are living in exciting times and have done so ever since our company was established. At present, the profound change in the role of IT decision makers is what encourages us particularly. The current trend is based on the insight that information technol- ogy has an increasing share in the success of a business. For this reason, companies with a long-term focus endeavour to transform the cost-generating IT department into a business division that creates value. And to do so, a partner is essential. A general contractor with a comprehensive solution portfolio, for whom technology concepts and administrative processes form a single entity in the company, and who only knows one goal: to increase the economic benefi t and the effi ciency of the IT. A partner with a wide spec- trum of expertise, advanced specialised competence, and many years of project experience. One who masters the procurement process perfectly and who has a matchless network of experts and partner alliances with all renowned manufacturers and who can take care of the IT operation – entirely or in part – while at the same time ensuring stable systems and secure data as well as sustainability of the IT infrastructure. One who is experienced, reliable, and stable in all aspects. What matters: a strong IT partner. Today and tomorrow. BECHTLE – IT SOLUTIONS TO OUR SHAREHOLDERS R HIGHLIGHTS 2009 MARCH Fifth Bechtle competence centre day About 1,100 visitors attend Bechtle’s in-house exhibition, which featured information about the latest developments in the fi eld of IT infrastruc- MAY ture within the scope of about 40 booths and Bechtle IT Forum NRW more than 100 lectures. This is the largest service A total of 13 IT system houses invite to the exhibition of Bechtle AG to date. Bechtle IT Forum NRW (North Rhine-Westphalia) in Wuppertal. Together with 36 partners and Bechtle direct in Portugal manufacturers, they present technical innovations With its new location in Portugal, Bechtle and tried-and-tested concepts, providing a increases the number of European countries in platform for competent IT-related exchange. which it is present with its own trading com- panies to 11. From Aveiro, Bechtle direct offers Bechtle Vienna Portuguese companies and authorities about Following the integration of Vienna-based 37,000 IT products via Web shop, catalogue, supportEDV GmbH in the Bechtle Group, the and telesales. company was renamed Bechtle GmbH. In Sep tem - ber 2008, Bechtle AG had acquired 100 per cent IT partner of the Bundeswehr of the shares in the Austrian IT system house. Bechtle sign a contract in the two-digit million range for information technology and services Participation in the “Effi cient State” convention JANUARY over a term of four years. The contract covers As a specialist for green IT, Bechtle participates in HP “Fast Growing” Award the supply of IT components and services for the the central “Effi cient State” convention. The In recognition of the growth rates of its busi- German armed forces and associated federal energy-effi cient IT infrastructure implemented ness with HP products, Bechtle AG receives the authorities. by Bechtle and IBM at the computing centre Partner Award in the “Fast Growing” category of the Federal Ministry for the Environment is from the manufacturer Hewlett Packard.