Consolidated Companies

Bechtle AG, Neckarsulm and all its majority owned and controlled subsidiaries are included in the consolidated financial statements. Directly or indirectly, Bechtle AG owns all the shares in all the consolidated companies.

An overview of the entire shareholding is published in the electronic commercial register along with the annual financial statements of Bechtle AG. An overview of the most important subsidiaries is presented in Appendix A to these Notes.

The companies below have been included in the consolidated financial statements for the first time in this reporting period:

With the successful entry into the Commercial Register of the exclusion of the PSB AG (recently renamed Bechtle Managed Services AG) minority shareholders on 22 August 2008, Bechtle AG acquired the outstanding 1.7 per cent minority interest in PSB AG. Bechtle AG has thus increased its shareholding in PSB AG from 98.3 per cent as of 31 December 2007 to 100.0 per cent as of 31 December 2008 and the squeeze-out resolution passed by the Annual General Meeting of PSB AG on 16 June 2005 has thus become effective.

With effect from 13 November 2008, Bechtle AG also acquired the outstanding 0.2 per cent minority interest in Buyitdirect.com N.V., Hoofddorp, The Netherlands, and its subsidiary. Bechtle AG has thus increased its shareholding in Buyitdirect.com N.V. from 99.8 per cent as of 31 December 2007 to 100.0 per cent as of 31 December 2008.

On 1 September 2008, TomTech Gesellschaft für EDV und Büroorganisation mbH, Langenselbold was excluded from the group of consolidated companies through sale. TomTech was part of the IT e-commerce segment (Cash generating unit IT e-commerce). Taking into account the total net assets sold (1,873 thousand euros) and expenses for contract execution and performance (200 thousand euros), the deconsolidation resulted in capital gains of 466 thousand euros which was recognised as other operating income. The net assets sold included non-current assets of 478 thousand euros, current assets of 2,252 thousand euros and current liabilities of 857 thousand euros. Noncurrent assets included goodwill of 297 thousand euros (IAS 36.86). Current assets included primarily inventories (1,083 thousand euros) and trade receivables (815 thousand euros), while current liabilities consisted mainly of trade payables (719 thousand euros). Liquid assets were 37 thousand euros. In the reporting period, part of the sales proceeds was a cash item (1,000 thousand euros), while the other non-cash portion was recognised as of 31 December 2008 in other current assets with 1,000 thousand euros and in other non-current assets amounting to 549 thousand euros (including 10 thousand euros compound interest for the discounted non-current liability).