26.04.2018
TAKKT AG DE0007446007
DGAP-News: TAKKT AG: TAKKT with a weak first quarter - full-year forecast confirmed
DGAP-News: TAKKT AG / Key word(s): Quarterly / Interim Statement
TAKKT AG: TAKKT with a weak first quarter - full-year forecast confirmed
26.04.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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TAKKT with a weak first quarter - full-year forecast confirmed
* Reported Group sales declined by 4.4 percent, acquisitions made a
positive contribution of 3.5 percentage points to sales development, but
currency effects had a negative impact of 6.9 percentage points
* Organic growth of minus 1.0 percent in the first quarter of 2018
slightly below expectations
* Fewer working days in Europe and currency effects weighed on sales and
earnings
* Gross profit margin at 42.5 (43.7) percent
* EBITDA margin of 12.1 percent significantly below the previous year
(15.6 percent) also due to costs for the digital transformation and
one-off costs
* E-commerce accounted for more than half of order intake for the first
time
Stuttgart, Germany, April 26, 2018. TAKKT benefited in the first quarter of
2018 from the acquisitions of OfficeFurnitureOnline and Mydisplays. "Both
companies are very successful in their niches, demonstrating that it is
possible to generate not only good growth, but also good profitability in
the B2B market with online models," says CEO Felix Zimmermann. Both
acquisitions made a positive 3.5 percentage point contribution to sales
development in the first quarter. However, currency effects, primarily from
the weaker US dollar, had a negative impact of 6.9 percentage points on the
growth rate. Reported Group sales decreased by 4.4 percent to EUR 276.1
(288.8) million.
The varying momentum in the two segments TAKKT EUROPE and TAKKT AMERICA
continued in the first quarter of 2018. While TAKKT was able to achieve
slight organic growth in Europe, the downturn in development in the US
continued. Compared to the corresponding quarter of the previous year, in
which TAKKT achieved high sales growth, organic growth at the Group level
was minus 1.0 percent. This was primarily caused by fewer working days in
Europe (effect of about 1.5 percentage points) and sustained weak demand
from customers of the Hubert group. As expected, the brand consolidations,
which were started last year, also had a slight negative impact on sales
development.
The gross profit margin decreased to 42.5 (43.7) percent. Contributing
factors were, among others, a lower freight margin and the acquisition of
OfficeFurnitureOnline, which was completed at the end of January and
generates a gross profit margin below the previous TAKKT average as a result
of the product range. EBITDA of EUR 33.4 (44.9) million was much lower than
in the first quarter of 2017. About half of the earnings decline was
attributable to currency or non-recurring effects. These include the weaker
US dollar, the lower number of working days compared to the previous year's
quarter in Europe and one-off costs at Hubert. The remaining decline
resulted from weak sales growth together with simultaneously increasing
costs as well as additional expenses for the digital transformation. The
EBITDA margin was 12.1 (15.6) percent.
Progress was made with the implementation of the digital agenda. For the
first time, more than half of order intake in the first three months of this
year related to e-commerce. The increase was particularly strong in Europe.
In February, the TAKKT investment company moreover invested in the
Cologne-based start-up odoscope, a platform that delivers real-time, fully
automated personalized content - even for anonymous users - on websites.
More information about progress with the digital transformation can be found
in the new publication "Digital Change," which is available at
www.takkt.com/digital.
For 2018 as a whole, TAKKT continues to anticipate organic growth between
two and four percent and an EBITDA margin in the middle third of the target
corridor of 12 to 15 percent. Despite the weak first quarter, TAKKT
maintains the forecast for the full year. "We had a very strong first
quarter 2017, followed by a more restrained business performance in the
three remaining quarters. In addition, despite apparent risks of possible
international trade conflicts, economic conditions currently remain good in
Europe and North America," explains TAKKT CFO Claude Tomaszewski.
Conference call: April 26, 2018, at 3:00 p.m. (CEST).
The login details to participate in the earnings call are available at the
following link: www.takkt.com/event
IFRS figures for the TAKKT Group as of the end of the first quarter 2018
(in EUR million)
Q1 Q1 Change
2017 2018 in %
TAKKT Group sales 288.8 276.1 -4.4
Organic growth -1.0
TAKKT EUROPE 151.2 160.0 +5.8
Organic growth +0.6
TAKKT AMERICA 137.7 116.2 -15.6
Organic growth -2.8
EBITDA 44.9 33.4 -25.6
EBITDA margin (%) 15.6 12.1
EBIT 38.0 26.7 -29.7
Earnings per share (in EUR) 0.37 0.28 -23.7
TAKKT cash flow 31.9 25.5 -20.1
TAKKT cash flow margin (%) 11.0 9.2
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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26.04.2018 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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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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679365 26.04.2018
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