30.10.2014
TAKKT AG DE0007446007
DGAP-News: TAKKT benefits from the good economic environment in the US
DGAP-News: TAKKT AG / Key word(s): 9-month figures
TAKKT benefits from the good economic environment in the US
30.10.2014 / 07:30
---------------------------------------------------------------------
TAKKT benefits from the good economic environment in the US
- Organic consolidated turnover increased by 5.4 percent in first nine
months of 2014 (against 9M/2013); increase of 1.8 percent in reported
consolidated turnover
- Gross profit margin sinks to 42.8 (43.7) percent, adjusted for the
contribution of Topdeq companies at 42.9 (43.5) percent
- EBITDA margin stable at 14.5 (14.5) percent
- Earnings per share up at EUR 0.78 (0.74) against previous year
Stuttgart, Germany, October 30, 2014. TAKKT was able to continue along the
growth path of the first half of 2014 in the third quarter. Driven by
stronger economic momentum, TAKKT's North American business developed
better than it did in Europe, where the economic indicators weakened in the
course of the year. Business developments were satisfactory in the core
market of Germany, the growth drivers were primarily in Southern and
Eastern Europe.
In the first nine months of 2014, TAKKT was able to increase consolidated
turnover organically (i.e. adjusted for currency effects and for the
phase-out of the Topdeq companies) by 5.4 percent against the previous
year's period. Felix Zimmermann, CEO of TAKKT AG, had the following to say
about the figures: "Despite the worsening economic situation in Europe, we
were once again able to achieve a very solid growth in the third quarter.
Business developments in North America were particularly pleasing, driven
noticeably by increasing demand from the public sector."
The reported consolidated turnover in the first nine months of 2014
increased by 1.8 percent against the previous year's period to EUR 726.1
(713.4) million. The difference between organic and reported turnover was
due in equal measure to the result of negative currency effects and also
the planned dissolution of the Topdeq companies that are not included in
the organic turnover. TAKKT grew organically by 7.2 percent in the third
quarter of 2014. The reported consolidated turnover climbed by 4.4 percent
to EUR 254.8 (243.9) million.
In the first nine months of 2014, the TAKKT Group's gross profit margin was
at a lower level than in the previous year's period at 42.8 (43.7) percent.
Adjusted for the contributions of the Topdeq companies, it would have been
42.9 (43.5) percent in the reporting period. The key indicator for the
operational profitability of the TAKKT Group, earnings before interest,
taxes, depreciation and amortization (EBITDA), came to EUR 105.2 (103.3)
million in the first nine months of 2014. The EBITDA margin remained stable
at 14.5 (14.5) percent. The TAKKT cash flow (defined as the result for the
period plus depreciation and amortization, impairment of non-current assets
and deferred taxes affecting profit and loss) remained at its usual high
level of EUR 75.0 (71.8) million in the period under review, while the cash
flow margin amounted to 10.3 (10.1) percent.
TAKKT EUROPE: solid growth, Topdeq discontinuation completed
The TAKKT EUROPE division increased its organic turnover by 3.6 percent
against the previous year's period, while reported turnover decreased
slightly by 0.2 percent to EUR 384.7 (385.5) million due to the
discontinuation of Topdeq operations on September 1. Organic turnover for
this division increased by 4.8 percent in the third quarter of 2014. This
was much stronger growth than in the previous quarter. On an individual
level, the Business Equipment Group (BEG) grew organically in the low
single-digit percentage range in the first nine months. The Packaging
Solutions Group (PSG) achieved a slightly higher increase in turnover,
adjusted for currency effects, than the BEG. The division's EBITDA rose to
EUR 74.1 (71.8) million, and the EBITDA margin increased to 19.3 (18.6).
The margin of the prior year's period was adversely affected by losses at
the Topdeq companies.
TAKKT AMERICA: strong turnover increase, business with public sector
recovers
The TAKKT AMERICA division grew organically by 7.3 percent in the first
nine months of 2014, benefiting from the continued positive economic
developments in the USA. The reported turnover climbed by 4.1 percent to
EUR 341.6 (328.1) million. In the third quarter, organic turnover growth at
TAKKT AMERICA came to 9.4 percent, putting it above the previous quarter's
high value. On an individual level, the Specialties Group (SPG) developed
very well in the first nine months of 2014, with turnover growth in the low
double-digit percentage range - GPA in particular, which specializes in
display items, once more reported above-average growth. The Office
Equipment Group (OEG) benefited from improved demand in the public sector,
and organic turnover increased in the high single-digit percentage range.
The Plant Equipment Group (PEG) was able to continue on the upward trend of
the first half-year and reported slightly higher turnover in the third
quarter than in the previous year's period, but its turnover for the full
nine-month period was nevertheless still declining slightly. EBITDA at
TAKKT AMERICA rose to EUR 39.0 (37.8) million. The corresponding EBITDA
margin remained stable at 11.4 (11.5) percent. When comparing figures
against the previous year's period, it should be noted that the result for
the first nine months of 2013 was adversely affected by the increase in the
variable purchase price for the acquisition of GPA amounting to EUR 1.3
million.
Outlook for the 2014 financial year confirmed
The PMI values for the eurozone were above the threshold of 50 points in
the first nine months of 2014, which indicates a positive development in
order intake, but were recently trending downward. Leading economic
institutes also revised their GDP growth forecasts for the TAKKT Group's
European target markets. The economic situation in Europe developed
slightly worse in the reporting period than expected by the Management
Board at the beginning of the year. The economic situation in North America
remained positive, however, and was even better than expected at the
beginning of the year. Claude Tomaszewski, CFO of the TAKKT Group,
specified the outlook for the current financial year: "Business in North
America continues to develop well, and business in Europe remains stable.
Therefore, we expect organic turnover growth in the upper range of the
guidance of between three and five percent which was given earlier in the
year and an EBITDA margin in the mid-range of the target corridor of 12 to
15 percent for 2014."
Supervisory Board is complete again
Effective October 13, 2014, Dr Dorothee Ritz, Senior Director Strategic
Projects, Microsoft International, Munich, was appointed Member of the
Supervisory Board at TAKKT AG by the Stuttgart local court. She succeeds
Prof Dr Klaus Trützschler, who stepped down from his post on June 30, 2014.
At the Supervisory Board meeting held on September 15, 2014, Dr Johannes
Haupt was elected Deputy Chairman of the Supervisory Board.
Conference call
We invite you to directly address the Management Board with your questions.
We will be hosting a conference call for this purpose at 3:00 p.m. (CET) on
October 30, 2014. To take part, please dial the following number: +49 69
201 744 220 (access code: 779134#).
Financial calendar
TAKKT will present the preliminary figures for the financial year 2014 on
February 19, 2015.
IFRS figures for TAKKT Group for the first nine months of 2014:
(in EUR million)
Q3 Q3 9M 9M 2014 2013 Change in % 2014 2013 Change in % TAKKT Group turnover 254.8 243.9 4.4 726.1 713.4 1.8 Organic growth 7.2 5.4 TAKKT EUROPE 122.2 122.2 0.1 384.7 385.5 -0.2 TAKKT AMERICA 132.6 121.8 8.8 341.6 328.1 4.1 EBITDA 36.2 36.0 0.6 105.2 103.3 1.9 EBITDA margin (%) 14.2 14.8 14.5 14.5 EBIT 29.6 29.4 0.7 85.6 83.4 2.6 EBIT margin (%) 11.6 12.1 11.8 11.7 Profit before tax 26.3 25.9 1.4 76.6 73.4 4.3 Pre-tax profit margin (%) 10.3 10.6 10.5 10.3 TAKKT cash flow 24.4 24.1 1.2 75.0 71.8 4.5 TAKKT cash flow margin (%) 9.6 9.9 10.3 10.1About TAKKT AG TAKKT is the leading B2B direct marketing specialist for business equipment in Europe and North America. The Group is represented with its brands in more than 25 countries. The product range of the TAKKT subsidiaries comprises more than 200,000 products for the areas of plant and warehouse equipment, office furniture, transport packaging, display articles, supplies for retailers, the food service industry and the hotel market. The TAKKT Group has approximately 2,500 employees and almost three million customers worldwide. TAKKT AG is listed on the SDAX and has been in the Deutsche Boerse Prime Standard since January 1, 2003. Contacts: Dr Felix A. Zimmermann, CEO Tel. +49 711 3465-8201 Dr Claude Tomaszewski, CFO Tel. +49 711 3465-8207 Email: [email protected] --------------------------------------------------------------------- 30.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: TAKKT AG Presselstr. 12 70191 Stuttgart Germany Phone: +49 (0)711 346 58 -0 Fax: +49 (0)711 346 58 - 10 E-mail: [email protected] Internet: www.takkt.de ISIN: DE0007446007 WKN: 744600 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, München End of News DGAP News-Service --------------------------------------------------------------------- 294024 30.10.2014
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
TAKKT AG ISIN: DE0007446007 können Sie bei EQS abrufen
Handel , 744600 , TTK , XETR:TTK