21.03.2018
TAKKT AG DE0007446007
DGAP-News: TAKKT AG: TAKKT Expects Higher Organic Growth in 2018 and to Forge Ahead with Digital Transformation
DGAP-News: TAKKT AG / Key word(s): Final Results/Forecast
TAKKT AG: TAKKT Expects Higher Organic Growth in 2018 and to Forge Ahead
with Digital Transformation
21.03.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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TAKKT Expects Higher Organic Growth in 2018 and to Forge Ahead with Digital
Transformation
* Organic growth of 0.4 percent in 2017
* Given negative currency effects, reported sales declined by 0.8 percent
to EUR 1,116.1 (1,125.0) million
* Gross profit margin of 42.5 (42.6) percent nearly at the previous year's
level
* EBITDA margin of 13.5 (15.2) percent is lower, as expected; a decline of
one percentage point when adjusted for one-time gains in the previous
year
* Unchanged dividend of EUR 0.55 per share proposed
* Organic growth between two and four percent expected for 2018
* Continuing investments for implementing the Digital Agenda
Stuttgart, Germany, March 21, 2018. "2017 was a challenging financial year,"
remarked Felix Zimmermann, CEO of TAKKT AG. "The overall economic conditions
were good. However, there were effects in some of our markets that impacted
business performance negatively. As a result, we have achieved only slight
organic sales growth of 0.4 percent, significantly below our expectations."
Due to negative currency effects, Group sales declined by 0.8 percent in the
year under review to EUR 1,116.1 (1,125.0) million.
The gross profit margin of 42.5 (42.6) percent was approximately at the
level of the previous year. EBITDA declined significantly to EUR 150.3
(171.3) million. This is primarily attributable to positive one-time gains
in the previous year, higher costs as anticipated for the implementation of
the Digital Agenda, and weak sales development. The EBITDA margin of 13.5
(15.2) percent was in the middle of the long-term target corridor of 12 to
15 percent. Adjusted for one-time gains in the previous year, profitability
amounted to 13.5 (14.5) percent.
In the 2017 financial year, reported sales in the TAKKT EUROPE segment
increased by 2.1 percent to EUR 575.0 (563.3) million. Organic sales growth
reached 2.6 percent, with both divisions recording similar growth. The
EBITDA margin of the TAKKT EUROPE segment decreased to 16.9 (19.0) percent.
At EUR 541.4 (562.0) million, reported sales for TAKKT AMERICA were 3.7
percent lower than the value of the previous year. The decline in organic
sales came to 1.9 percent. While the MEG division recorded significantly
lower sales than in the previous year, the other divisions achieved organic
sales increases in the low single-digit percentage range. The EBITDA margin
of the segment decreased to 12.0 (13.7) percent.
Strategically, the focus for TAKKT in the year under review was on the
implementation of the Digital Agenda. Initial measures have already been
completed and integrated into day-to-day operation. They primarily involved
building internal teams for web shop development or data analysis, the
provision of technical infrastructure, the connecting and linking of
suppliers, customer journey analyses and the derivation of personas for
relevant customer groups. Until year-end 2017, TAKKT has filled 78 positions
which were newly created as part of the Digital Agenda.
TAKKT was also able to achieve further progress with its sustainability
initiative. For example, KAISER+KRAFT Germany operates on a completely
carbon-neutral basis as of the beginning of 2018. TAKKT has set ambitious
goals for the coming years. The recently published sustainability report
shows progress made in defined focus areas and the goals set for 2020.
The Management Board and Supervisory Board of TAKKT AG will propose to the
Shareholders' Meeting in May the payment of a dividend of EUR 0.55 per share
for the financial year 2017. This would correspond to a payout ratio of 37.5
percent of the profit for the period. Adjusted for a non-cash one-time gain
from the revaluation of deferred tax liabilities as a result of the US tax
reform, the payout ratio would come to 46.3 percent.
For the current financial year, TAKKT expects an overall favorable market
environment in Europe. In the US, however, there is still uncertainty in
some market segments. In addition, negative effects on sales of about one
percentage point are expected from the phase-out of the Dallas Midwest sales
brand, the consolidation of gaerner with the KAISER+KRAFT sales brand in
several domestic markets and the nearly completed negotiations for a new
framework agreement with a major Hubert group customer. "Under these
conditions we want to achieve higher organic growth than in 2017. We expect
an organic growth of between two and four percent in 2018," CFO Claude
Tomaszewski explains. Although stronger expected growth compared to 2017
should have a positive effect on profitability, the above-mentioned
framework agreement at Hubert is expected to have a negative impact of
almost half a percentage point on the EBITDA margin of the Group. Expenses
for the implementation of the Digital Agenda are expected at a similar level
as in 2017. Overall, the EBITDA margin is expected to fall within the middle
third of the target corridor of 12 to 15 percent.
Key Figures for the TAKKT Group for the 2017 Financial Year
(in EUR million)
2016 2017 Change in
%
TAKKT Group sales 1,125.0 1,116.0 -0.8
Organic growth +0.4
TAKKT EUROPE 563.3 575.0 +2.1
Organic growth +2.6
TAKKT AMERICA 562.0 541.4 -3.7
Organic growth -1.9
EBITDA 171.3 150.3 -12.2
EBITDA margin (%) 15.2 13.5
EBIT 142.0 123.2 -13.3
EBITDA margin (%) 12.6 11.0
Earnings per share in EUR 1.39 1.47 +5.4
TAKKT cash flow 125.6 109.1 -13.2
TAKKT cash flow margin (%) 11.2 9.8
Capital expenditure 17.4 27.8 +60.0
Non-current assets 729.9 692.6 -5.1
in % of total assets 74.9 74.6
Total equity 537.8 567.8 +5.6
in % of total assets 55.2 61.2
Net financial liabilities 177.5 135.2 -23.8
Employees (full-time equivalent) as of 2,311 2,405 +4.1
December 31
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 subsidiaries comprises more
than one million products for the areas of plant and warehouse equipment,
office furniture, transport packaging, display articles and equipment for
the food service industry, hotel market and retailers. The TAKKT Group has
over 2,000 employees. The company is listed on the SDAX and Deutsche Börse
Prime Standard.
Contacts:
Dr. Christian Warns Tel. +49 (0) 711 3465-8222
Giuseppe Palmieri Tel. +49 (0) 711 3465-8250
Email: [email protected]
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21.03.2018 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.
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Language: English
Company: TAKKT AG
Presselstr. 12
70191 Stuttgart
Germany
Phone: +49 (0)711 3465 80
Fax: +49 (0)711 3465 8104
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,
Tradegate Exchange
End of News DGAP News Service
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666493 21.03.2018
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