20.03.2015
TAKKT AG DE0007446007
DGAP-News: TAKKT: 2014 financial year successfully concluded
DGAP-News: TAKKT AG / Key word(s): Final Results
TAKKT: 2014 financial year successfully concluded
20.03.2015 / 10:30
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P R E S S R E L E A S E
TAKKT: 2014 financial year successfully concluded
- Consolidated turnover rose by 2.9 percent to EUR 980.4 (previous year:
952.5) million; organic turnover increase of 5.5 percent
- EBITDA margin of 14.0 (12.9) percent above previous-year level and in
upper range of target corridor of 12 to 15 percent
- TAKKT cash flow reaches EUR 98.7 (83.4) million
- Dividend of EUR 0.32 per share proposed
- Discontinuation of Topdeq business successfully concluded
- Organic increase in turnover of three to five percent and higher
operating profitability expected for the 2015 financial year
Stuttgart, Germany, March 20, 2015. With different growth dynamics in the
core markets of Europe and North America, TAKKT was able to increase
consolidated turnover organically in the 2014 financial year (i.e.,
adjusted for currency effects and the phase-out process of the Topdeq
companies) by 5.5 percent over the previous year. Reported consolidated
turnover rose by 2.9 percent to EUR 980.4 million (previous year: 952.5).
The development of turnover could even slightly exceed the expected organic
increase of three to five percent stated in the previous year's forecast
report. "We can look back on a successful financial year and report
positive figures", concluded Felix Zimmermann, CEO of TAKKT AG. "In Europe,
we have done well during the course of the year despite the slowing
economic momentum. The business in North America exceeded our expectations.
Our portfolio concept proved its worth once again in the 2014 financial
year."
EBITDA margin in upper range of target corridor
With a margin of 14.0 (12.9) percent, EBITDA (earnings before interest,
taxes, depreciation and amortization), which is the key performance
indicator of TAKKT Groupʼs operational profitability, rose to EUR 137.3
(122.8) million. Compared to the previous year, it is important to mention
that 2013 was adversely affected by one-off costs of around EUR twelve
million. In 2014, earnings were negatively impacted by transaction costs of
EUR 1.3 million in connection with the contractually agreed sale of the
Plant Equipment Group (PEG) at the end of the year. In the past financial
year, turnover and earnings for the Group were slightly above the forecast
announced at the beginning of 2014, which assumed organic growth of three
to five percent and an EBITDA margin in the middle of the target corridor
of 12 to 15 percent.
Significant increase in TAKKT cash flow
The profit for the period increased by a total of 25.1 percent to EUR 65.7
(52.5) million. Earnings per share increased accordingly to EUR 1.00
(0.80). TAKKT's cash flow (the profit for the period plus depreciation and
amortization, impairment of non-current assets and deferred taxes affecting
profit and loss) amounted to EUR 98.7 (83.4) million. This corresponds to a
cash flow margin of 10.1 (8.8) percent and a TAKKT cash flow per share of
EUR 1.50 (1.27).
CFO Claude Tomaszewski explains: "The cash flow of the TAKKT Groupʼs
business remained at its usual high level in the year under review. As in
the previous year, the Management Board and Supervisory Board will jointly
propose to the Shareholders' Meeting that a dividend of EUR 0.32 per share
be paid out." Even after the payout, TAKKT will continue to have sufficient
financial flexibility to take advantage of acquisition opportunities at any
time. The Group recently announced the acquisition of the Post-Up Stand
group of companies in the US, which will be part of the Specialties Group
(SPG) of TAKKT AMERICA in the future.
TAKKT EUROPE: Good performance in both divisions
Organic turnover of the TAKKT EUROPE segment increased in the year under
review by 3.3 percent. Taking into consideration the planned
discontinuation of the Topdeq business, the reported turnover for the
segment however decreased by 1.1 percent to EUR 519.8 (525.4) million. The
segmentʼs share of consolidated turnover was 53.0 (55.1) percent.
Both divisions within the segment contributed to organic turnover. The
Business Equipment Group (BEG) realized an increase in turnover in the low
single-digit percentage range, which is due to the growth in virtually all
brands and regions, including the home market of Germany. In contrast, the
countries of Western Europe fell below expectations. The development in
Eastern and Southern Europe was particularly positive. The Packaging
Solutions Group (PSG) performed well with an increase in turnover in the
mid-single-digit percentage range. Some of the reasons for this were the
intensified field sales activities in the German market as well as growth
in Italy.
The segmentʼs EBITDA margin rose to 19.1 (17.0) percent. The main reasons
for the margin increase were the negative one-off effects of 2013 and the
discontinuation of the Topdeq business, which had a negative impact on
profitability in the past.
TAKKT AMERICA: Above-average turnover growth in SPG and OEG divisions
In the TAKKT AMERICA segment, turnover in the year under review grew
organically by 8.1 percent. Reported turnover increased by 7.8 percent to
EUR 460.9 (427.5) million, whereby the segment's share of consolidated
income increased to 47.0 (44.9) percent. Of the divisions within the
segment, the Office Equipment Group (OEG) performed especially well. One of
the reasons for the organic growth in the low double-digit percentage range
can be attributed to the improvement of business with federal institutions.
The SPG developed very positively as well and realized organic turnover
growth in the high single-digit percentage range. The division also
continued to benefit from the high growth dynamic of the Group company GPA.
On the other hand, the PEG, which was sold as of January 30, 2015, recorded
an organic decrease in turnover in the low single-digit percentage range
due to the ongoing challenging market environment.
The profitability of the segment developed positively with an increase in
the EBITDA margin of TAKKT AMERICA to 10.3 (9.9) percent. Earnings in the
previous year were adversely affected by the adjustment of the purchase
price liability for GPA in the amount of EUR 3.6 million.
Sustainability as a component of TAKKTʼs corporate strategy
TAKKT has come measurably closer to its goal of being a role model in terms
of sustainability in its industry by 2016. Sustainability is an integral
component of TAKKT's corporate strategy, which does not end at the
boundaries of the company. In addition to parcels, the company has also
been working with the logistics partner Schenker since January 2014 in
order to be able to provide carbon-neutral shipping of general cargo from
the central warehouse in Kamp-Lintfort as well. With measures like these,
TAKKT is not only contributing to environmental protection but also
positioning itself in the competitive environment early on. The focus
areas, concrete measures and goals in sustainability are presented in the
new progress report, which will be published today.
Outlook: Cautious start to the year in Europe, strong start in North
America
The early indicators of business performance that are relevant for TAKKT
have been pointing to a weaker start to the year in Europe since mid-2014.
Zimmermann explains: "For Europe, a cautious start to the 2015 financial
year is likely. However, we expect to see increasing recovery during the
course of the year. In the USA, the signs have been pointing to expansion
from the beginning."
From today's perspective, the Management Board expects that 2015 will most
likely develop as follows: TAKKT expects the GDP growth rates in Europe and
especially the USA to improve compared to 2014. Under these circumstances,
the Group should be able to achieve an increase in organic turnover of
three to five percent. According to the general conditions expected, the
EBITDA margin of the Group should fall within the upper end of the
self-imposed target corridor of 12 to 15 percent.
A deviation from the most likely scenario is dependent on the economic
trend and therefore cannot be ruled out. Zimmermann explains in summation:
"We see great opportunities in the further development to a multi-channel
PLUS company. At the same time, we want to maintain our diversification
strategy and also grow through acquisitions that fit well with TAKKTʼs
portfolio in the future."
IFRS figures of the TAKKT Group for the 2014 financial year
(in EUR million)
2014 2013 Change in % TAKKT Group turnover 980.4 952.5 +2.9 Organic growth +5.5 TAKKT EUROPE 519.8 525.4 -1.1 TAKKT AMERICA 460.9 427.5 +7.8 EBITDA 137.3 122.8 +11.9 EBITDA margin (%) 14.0 12.9 EBIT 110.8 95.8 +15.6 EBIT margin (%) 11.3 10.1 Profit before tax 99.3 81.2 +22.4 Pre-tax profit margin (%) 10.1 8.5 TAKKT cash flow 98.7 83.4 +18.3 TAKKT cash flow margin (%) 10.1 8.8 Capital expenditure 13.6 9.6 +41.7 TAKKT cash flow per share in EUR 1.50 1.27 +18.1 Earnings per share in EUR 1.00 0.80 +25.0 Non-current assets 663.6 649.0 +2.2 in % of total assets 75.2 76.2 Total equity 368.8 332.5 +10.9 in % of total assets 43.8 39.0 Net borrowings 217.5 273.0 -20.3 Employees (full-time equivalent) as of December 31 2,357 2,389 -1.3Financial calendar The TAKKT figures for the first quarter of 2015 will be published on April 30. The Shareholders' Meeting will be held at the Forum Ludwigsburg on May 06, 2015. About 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 over 2,000 employees and just under three million customers worldwide. The company is listed on the SDAX and the Deutsche Boerse Prime Standard. Contacts: Dr. Christian Warns, Tel. +49 711 3465-8222 Giuseppe Palmieri, Tel. +49 711 3465-8250 Email: [email protected] --------------------------------------------------------------------- 20.03.2015 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: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Munich End of News DGAP News-Service --------------------------------------------------------------------- 335295 20.03.2015
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