ALSO-Actebis Group: result for the first half year up 77%

According to the CONTEXT market research institute, the value of IT distribution market sales in the regions relevant to ALSO-Actebis rose by 1% compared with 2011. The markets in Norway, the Netherlands and Finland showed positive growth, while the value of sales in France, Sweden and Austria was slightly down.

ALSO-Actebis – Result up 77% on 2011

The ALSO Group companies are included in the consolidated figures of the ALSO-Actebis Group only from 1 February 2011. The ALSO Group's financial statement for January is thus missing from the figures for 2011. Therefore additional information (including ALSO January 2011) has been prepared to facilitate comparison.

2011 additional costs of integration occurred. If these non-recurring items are excluded, the ALSO-Actebis Group increased EBITDA by 10% to EUR 49.4 million on a comparable basis during the first half of 2012. The Group net profit of EUR 20.3 million was 77% higher than the Group net profit for 2011 after adjustment for the integration costs incurred in 2011. At EUR 2,869 million, consolidated net sales were down 7% on the figure for the same period last year. The tail-off in sales was due to a general reluctance to spend money and a decision to phase out unprofitable sales.

On the basis of reported figures (i.e. taking cost of integration and the effects of the purchase price allocation in 2011 into account), the EBITDA of EUR 49.4 million was 37% up on the figure for 2011, while Group net profit was 176% higher than last year.

The segment-based reporting does not include the January 2011 figures for the former ALSO Group. The half-yearly figures for individual segments can therefore not be compared with those for last year. In the Central European market segment (Germany, France, the Netherlands, Austria, Switzerland), ALSO-Actebis generated sales of EUR 2129 million and reported a 19% increase in EBITDA, which stood at EUR 38.9 million. In the Northern/Eastern European market segment (Denmark, Estonia, Finland, Latvia, Lithuania, Sweden), sales stood at EUR 813 million. EBITDA saw a 191% increase to EUR 10.6 million.

Successful implementation of the "MORE" core strategy

The rapid homogenization of the ERP system was continued during the first half of 2012. Following Norway and Germany in 2011, the joint SAP platform has also been in use in Finland and Estonia since 1 July 2012. Latvia and Lithuania will follow later this year, which will effectively mean that the old GNT platform has been replaced. This will result in substantial cost savings from 2013 onwards.

Further business opportunities with the two biggest suppliers of tablet computers and smart phones, Apple and Samsung, will be developed. Apple and ALSO-Actebis finalized a wider-reaching distribution agreement in June 2012. The Group anticipates additional increases in both sales and profit as a result. An agreement was also reached with Samsung that will lead to a significant intensification in existing business ties in the countries served by ALSO-Actebis.

Steps were also taken to push ahead with the development in Group services. During the first quarter of 2012, a supplementary service agreement was finalized with a major customer in Switzerland. A specialized service team was also assembled in Germany. Following on from the successful integration of managed print services (MPS) specialists Druckerfachmann AG in Berlin, the next step involved the acquisition of NRS Printing Solutions AG Thun, one of Switzerland's leading MPS suppliers. And the takeover of Medium GmbH in Düsseldorf substantially improved the Group's presence and reputation as a supplier of presentation and conference products with official bodies, school and educational institutes.

Outlook for 2012: expected Group net profit of EUR 37 to 43 million

ALSO-Actebis expects the IT sector to shrink slightly during 2012, with performance in the consumer sector weaker than the corporate sector. As a result of the rapid completion of the integration process, the Group now has a firm footing and, excluding unforeseen circumstances, expects a net profit of EUR 37 to 43 million. In the course of 2012, the national companies will change their names to ALSO. At the General Meeting in March 2013, a motion will be proposed that the holding company should henceforth trade under the name ALSO Holding AG.

Mid-term outlook: Increase in EAT to EUR 50 to 55 million

Through the consistent implementation of its "MORE" (Maintain, Optimize, Reinvent, Enhance) program, the Group is mid-term aiming for EBITDA of EUR 120 to 130 million. Other things being equal, this should generate a Group net profit of EUR 50 to 55 million. In the first 17 months after the merger, various synergies have already been established. These include wider product ranges, best demonstrated practice, the effects of scale on the entire cost structure and optimization of the procurement process. Consistent application of the "MORE" program should result in a sustainable increase in profitability.

Direct link to the half-yearly report 2012: Download as PDF