fINANCIALS
Ingram Micro sorts itself out
ReSeLLeRS
Price (4
% month Mkt cap
) ratio
Sopra’s growth has not hit profitability, the current operating margin having
20.01.08 - 20.02.08
change 4
P/E
m
progressed regularly for four years, passing from 6.5% in 2004 to 9.1% in 2007
The new objective is to double its sales turnover.
Dolmen 13.80 -4 98 14
Econocom 7.40 4 191 13
Distribution giant Ingram Micro has been sorting things out and streamlining;
sales for the 2007 fiscal year were a record $35.05 bn, a 12% increase over Systemat 5.01 -8 37 18
2006. Worldwide sales for the fourth quarter were $10.01 bn, a 13% increase
EDB Gruppen
from $8.85 bn in the prior-year period. The translation impact of the relatively
18.65 -5 68 13
stronger foreign currencies had an approximate six-percentage-point positive
Groupe Ares 2.43 -7 36 -
effect on comparisons to the prior year. EMEA operating income increased
nearly 32% – to $64.7 m or 1.72% of revenues from $49.2 m or 1.52% of revenues Bechtle 21.80 -5 462 12
in the year-ago quarter.
Cancom 3.40 1 35 9
It’s all down to some small changes: gross margin was 5.82%, an increase of
PC-Ware 11.90 -4 72 12
0.37 on the prior-year quarter. The partial release of commercial tax reserves
in Brazil had a positive impact of 0.04%. The remaining increase is primarily
Altec 1.68 -3 169 56
attributable to the resolution of operational issues related to the upgrade
to a new warehouse management system in Germany in late 2006, as well
Info-Quest 2.70 -16 132 11
as the positive effect of the net reporting of warranty contract sales, which
Simac Techniek 2.48 1 36 248
had a favorable impact of approximately 0.08%, it says. Gross margin was
also enhanced by the higher-margin sales of DBL Distributing, acquired in the
Komplett 9.91 -20 131 21
second quarter of 2007, and by year-over-year growth in the company’s fee-
for-service logistics business. Sequentially, gross margin improved .03% versus
ProAct 3.83 6 41 18
the third quarter of 2007, driven by greater holiday activity in the logistics
Computacenter (£) 2.30 6 358 12
business and higher-margin specialty areas.
IS Solutions (£) 0.32 0 7 18
HP also delivered a strong first quarter. Mark Hurd, CEO: “We had balanced
growth and profitability across all regions and gained share in key market
Didata (£) 0.71 1 1108 20
segments. Our performance continues to be driven by three important factors,
Morse (£) 0.73 -4 94 12
significant cost savings to both fund our growth and expand our earnings.
Two, our deployment of additional sales resources to capture incremental
Insight 12.88 15 624 13
opportunities in the enterprise and mid-markets, and three, diverse global
customer base and a broad portfolio that’s aligned with the growth areas of
Systemax 8.10 -19 292 8
the market.” HP cost-savings are significant and ongoing, he added.
Revenue was up 13% to $28.5 bn. HP also generated $3.2 bn of cash from
ReTAILeRS
% month Mkt cap
Price (4)
operations, which included the payment of a considerable annual employee 20.01.08 - 20.02.08
change 4
P/E ratio
m
bonus commensurate with a strong 2007 performance. EMEA was up 15% and
Americas increased 8%. HP now generates 69% of total revenue outside of
PPR 91.62 5 11735 14
the US, with emerging markets driving significant growth. According to the
Arcandor 12.72 17 2782
fourth quarter industry data, emerging geographies accounted for nearly half
of the PC units shipped in the market and over 60% of the growth, HP says. Metro 55.81 3 18089 21
“Our results reflect this trend and we are expanding our presence in these
developing economies,” says Mark Hurd.
Synaxon 5.80 5 23 7
Plaisio 8.08 2 178 34
On his outlook for both the second quarter and the full fiscal year, he expects
Q2 fiscal 2008 revenues to be approximately $27.7 bn to $27.9 bn. - “Similar to CDC 2.83 -8 35 -
last quarter and in light of the increasingly tough compares in PSG, we do not
believe that our personal systems business can continue to grow at this pace,
CHL 0.49 5 66 -
nor do we think it appropriate to build the cost structure on that basis.”
DSGi (£) 65.25 -16 1129
Leading Italian distributor esprinet has approved its fy 2007 financial results, Game Group (£) 2.84 13 975 27
reporting a €2.43m turnover in 2007, plus 9% on fy 2006. Although the
company, which has a strong presence in Spain as well as in Italy, registers
Kesa Electricals (£) 2.95 3 1565 11
a healthy growth in both countries, it also reveals that in Italy sales have
Office Depot 9.85 25 2689 8
been significantly affected by the lorry drivers’ national strike carried out in
December 2007.
S
ource: Thomson Financial Datastream
29 feb 2008 27
It0804 - 26-31_financials.indd 27 27/02/2008 10:29:55
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