Thursday, 27. February 2020

ALSO achieves excellent result

Net profit over 100 million euro (+24 percent). Board of Directors proposes a dividend payment of 3.25 Swiss francs per share (2018: 3.00 Swiss francs).


2019 was a highly successful year for ALSO Holding AG (SIX: ALSN). «The unique growth profile enables the company to not only achieve its ambitious targets, but to even exceed them. The excellent and constantly expanding ecosystem, the systematic implementation of our MORE strategy, the three business models Supply, Solutions and Service, and the continuous development of digital technology platforms are the base of this success» says Gustavo Möller-Hergt, Chairman of the Board of Directors and CEO of ALSO Holding AG.

The ALSO Group’s net sales increased from 9.2 billion euros to 10.7 billion euros (+ 16.5 percent). 52 percent of this increase was achieved by means of organic growth. In the Supply sector net sales increased by 16.4 percent, in Solutions by 16 percent and in Service by 21 percent. Within this business model especially cloud-based revenue increased significantly (+ 58 percent). The total number of seats grew from 2.3 million to 3.8 million.

The company generated EBITDA of 197 million euros in 2019 as compared to 153 million euros in the previous year. On a like-for-like basis (excluding the effects of IFRS 16), EBITDA climbed by around 20 million euros or 13.2 percent to around 173 million euros in fiscal year 2019. Consolidated net profit improved by 23.6 percent to around 100 million euros (previous year: around 81 million euros). Encouragingly, the acquisition in Poland has already started to contribute to earnings thanks to its rapid integration. Hence, ALSO has exceeded the analysts’ consensus expectations.



The good earnings performance, combined with the optimization of the net working capital lead to an improved cash flow. Cash holdings were increased by 45.4 percent to 349 million euros (previous year: 240 million euros). This led to an improvement in net financial debt on a like-for-like basis, i.e. before the effects of IFRS 16. It was reduced by 79 percent from 163 million euros to 34 million euros.

Gustavo Möller-Hergt emphasizes: «It is remarkable that we were able to reach this result while at the same time transforming the organization as well as the net working capital».

Various IT market research institutes are forecasting an increase in IT spending of around 3 percent in the EMEA region in 2020. In the next few years, ALSO will focus on the following tasks:

  • expansion of market share in the traditional business in countries where the company do not yet have a dominant position
  • growth of the Solutions and Service business models
  • rollout of platforms for IoT, cybersecurity and streaming
  • full integration of the acquisitions made in Eastern Europe
  • additional acquisitions, whether geographically or technologically motivated


For 2020 ALSO is planning to improve its reported EBITDA to between 210 and 220 million euros. New technologies constantly offer new opportunities for our business. In combination with the velocity of response and strength of implementation of the employees ALSO sees excellent potential for growth. Hence, ALSO Group has increased its midterm target for EBITDA to a range of 250 to 310 million euros. Expectations for the ROCE are 13 to 14 percent.

A short video of the annual report can be seen here: https://vimeo.com/393712204

    Direct link to media release: https://www2.also.com/press/20200226en.pdf
    Direct link to the annual report: https://www2.also.com/press/20200226ar.pdf 

Your contact for all media inquiries:

Alexandre Müller
+41 43 2683232
investor-relations@also.com

ALSO Holding AG

ALSO Holding AG (ALSN.SW) (Emmen/Switzerland) brings providers and buyers of the ICT industry together. ALSO offer more  than  550  vendors  of  hardware,  software  and  IT-services  access  toover  100  000  buyers,  who  can  call  a  broad spectrum  of  other  customized  services  in  the  logistics,  finance,  and  IT  services  sectors,  as  well  as  traditional  distributionservices. From the development of complex IT landscapes, the provision and maintenance of hardware and software, right through to the return, reconditioning and remarketing of IT hardware, ALSO offers all services as a one-stop shop. ALSO is represented  in  23European  countries  and  generates  total  net  sales  of  approximately  9.2  billion  euroswith  around  4  000 employees  in  the  fiscal  year  2018.  The  majority  shareholder  of  ALSO  Holding  AG  is  the  Droege  Group,  Düsseldorf, Germany. Further information is available at http://also.group

Droege Group

Droege  Group  (founded  in  1988)  is  an  independent  advisory  and  investment  company  under  full  family  ownership.  The company  acts  as  a  specialist  for  tailor-made  transformation  programs  aiming  to  enhance  corporate  value.  Droege  Group combines its corporate family-run structure and capital strength into a family-equity business model. The group carries out direct investments with its own equity in corporate spin-offs and medium-sized companies in «special situations». With the guiding principle «execution -following the rules of art», the group is a pioneer in execution-oriented corporate development. Droege  Group  follows  a  focused  investment  strategy  based  on  current  megatrends  (knowledge,  connectivity,  prevention, demography,  specialization,  future  work,  shopping  4.0).  Enthusiasm  for  quality,  innovation  and  speed  determines  the company’s actions. In recent years Droege Group has successfully positioned itself in domestic and international  markets and operates in 30 countries. More information: https://droege-group.com

Disclaimer

This press release contains forward-looking statements which are based on current assumptions and forecasts of the ALSO management.  Known  and  unknown  risks,  uncertainties,  and  other  factors  could  lead  to  material  differences  between  the forward-looking  statements  made  here  and  the  actual  development,  in  particular  the  results,  financial  situation,  and performance of our Group. The Group accepts no responsibility for updating these forward-looking statements or adapting them to future events or developments.

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