Key Performance Indicators

Revenue

The Executive Board believes that Bechtle’s performance over the next two years will be relatively better than the general market performance. In the IT e-commerce segment, this is to be made possible by progressive expansion in Europe and intensive new customer recruitment drives. This goal is also supported by means of a wider and, most importantly, a superior service offer and the concentration on fast-growing business fields in the IT system house & managed services segment. According to its Vision 2020, Bechtle is aiming for a revenue of five billion euros.

Within the scope of the planned development, the regional distribution of revenues in the following years will continue to shift towards foreign countries, as a result of the advancing internationalisation of the business and the increasing number of IT e-commerce companies. In this connection, Switzerland will continue to account for an above-average share of the group revenue. Both the IT system house & managed services segment and IT e-commerce will contribute to the growth of the Bechtle Group. However, IT e-commerce is expected to be more dynamic than IT system house & managed services. In the medium term, this is associated with the expectation that both segments will contribute the same amount to the total revenue.

Costs

With respect to the examination and interpretation of the revenue developments described above, it is important to take structural shifts between the segments into consideration. Thus, the group’s objective is to increasingly relocate standardised hardware procurement processes from the IT system house & managed services segment to the IT e-commerce segment, where these processes can be implemented more cost-efficiently.

For Bechtle AG as a trading service provider, personnel expenses are of central importance with respect to the business management. Personnel expenses constitute the largest expense block, accounting for approximately 70 per cent of the sales and administrative expenses. In the field of sales, especially in IT e-commerce, the expenses are also highly correlated with the revenue performance. Therefore, the management expects the sales expenses in 2009 and 2010 to persist at the level of the prior years. Upon completion of the structural changes in the management organisation of Bechtle AG, which were initiated in 2006, the administrative expense ratio will exhibit a more or less constant development over the next two years.

Earnings

The EBT margin is to be maintained at a high level

Particularly in view of the macroeconomic situation, Bechtle AG will consistently continue to apply the measures for increased efficiency. In connection with the ongoing integration of the most recently acquired companies and a more profitable service offer, the management of Bechtle AG is confident that it will be able to hold the EBT margin in 2009 and 2010 at a level above the industry average.

Economically, last year was an outstanding success for Bechtle AG. The structural adjustments made to the management organisation, which were completed in the fiscal year 2008, form the basis for implementing the Vision 2020 and guarantee sustainability of the company even in an economically uncertain environment. The earnings over the next two years will be determined to a large extent by the further economic development and the expansion of the relative market share.

Against the background of successful business performance, Bechtle AG plans to continue to share its entrepreneurial success with its shareholders in the form of an attractive dividend. In recent years, about 30 per cent of the consolidated earnings after taxes were distributed. At present, there are no plans for fundamental changes to the company’s dividend policy.