Principles and objectives of financial management
The objective of Bechtle’s financial policy is to keep the group’s financial power at a high level, thereby retaining the company’s financial independence by ensuring adequate liquidity. At the same time, risks are to be avoided as far as possible or hedged effectively. For example, the Rules of Procedure of the Executive Board prohibit all kinds of speculative forward transactions. This applies especially to currencies, goods and securities, as well as the respective forward transactions, unless they serve the hedging of the business operations.
As a matter of principle, Bechtle uses derivative financial instruments exclusively for hedging its operating activities. With regard to the investment of excess liquidity, quick availability is more important than maximum yield. Investment business is only conducted with investment-grade debtors. Moreover, investments in the banking sector are only made in the form of protected deposits.
Cash Flow Statement
Cash and cash equivalents totalled €378.2 million at the beginning of the period and €207.1 million at the end of the period, resulting in a cash-effective change in cash and cash equivalents of €171.1 million.
Cash flow from operating activities in the 2025 fiscal year shows a cash outflow of €89.9 million (previous year: cash inflow of €189.4 million). The significant decline is characterised by several opposing effects that affect both earnings and working capital.
Net profit for the year fell by €36.5 million from €168.0 million to €131.5 million, thus reducing the operating cash flow. Depreciation and amortisation increased by a total of €11.6 million in the reporting period, in particular due to additional write-downs on financial assets amounting to €10.7 million.
However, the material impact compared to the previous year resulted from changes in inventories and receivables. While a significant cash inflow of €151.6 million was achieved in 2024, there was a cash outflow of €73.1 million in the reporting period. This corresponds to a negative change of €224.7 million. The changes in trade payables to third parties and affiliated companies as well as in other equity and liabilities (€54.0 million) were unable to counteract the high cash outflow.
Overall, this results in a negative cash flow from operating activities for the 2025 fiscal year, which is mainly due to the significant cash outflow in working capital.
Cash flow from investing activities totalled €3.3 million (previous year: €21.5 million). In the reporting period, investments were made in intangible assets totalling €15.1 million and in property, plant and equipment amounting to €3.2 million. The changes in financial assets resulted in a cash outflow of €219.5 million. At the same time, the company received dividend income and profit transfers totalling €235.3 million as well as interest payments of €5.8 million.
The dividend payment of €88.2 million, the cash inflow from borrowings totalling €143.1 million, the cash outflow from the repayment of financial loans totalling €128.0 million and interest payments of €11.4 million together led to cash outflows from financing activities of €84.5 million (previous year: €67.7 million).