20.02.2014
TAKKT AG DE0007446007
DGAP-News: TAKKT: Solid operating key figures in a difficult financial year
DGAP-News: TAKKT AG / Key word(s): Preliminary Results
TAKKT: Solid operating key figures in a difficult financial year
20.02.2014 / 07:29
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TAKKT: Solid operating key figures in a difficult financial year
- 1.3 percent increase in turnover in the reporting currency of euros,
decline in organic turnover of 2.6 percent
- EBITDA margin at 12.9 (2012: 14.2) percent, at 14.1 percent when adjusted
for one-off effects
- TAKKT cash flow reaches EUR 83.4 (92.7) million
- Earnings per share at EUR 0.80 (1.02)
Stuttgart, Germany, February 20, 2014. The financial year 2013 was shaped
by the weak economic situation in Europe while the USA showed much stronger
economic data. The fiscal disputes at the federal level in the USA did,
however, have a negative impact on the US business of some TAKKT companies.
In terms of the top line, TAKKT was able to increase consolidated turnover
in the reporting currency by 1.3 percent to EUR 952.5 (939.9) million.
Adjusted for acquisition and currency effects, consolidated turnover
dropped by 2.6 percent. Felix Zimmermann, CEO of TAKKT AG, summed it up:
'The financial year 2013 was not easy for TAKKT due to the general economic
conditions. The diversification of our business model proved itself in this
environment once again. As a result, we are able to present solid operating
key figures today.'
Gross profit margin higher than previous year; EBITDA margin decreased due
to one-offs
The gross profit margin increased to 43.6 (43.3) percent in the financial
year 2013 due to the acquisitions. The EBITDA (earnings before interest,
tax, depreciation and amortization) decreased to 122.8 (133.7) million
euros. The margin was thus significantly below the previous year's level at
12.9 (14.2) percent and at the lower half of the internal target corridor
of 12 to 15 percent.
There are three one-time effects to note in the financial year 2013: First,
the TAKKT Management Board made the announcement in October of last year to
phase-out the operational business of the Topdeq Group. Second, the
contingent purchase price liability for the US-based company GPA was
adjusted as the company developed better than expected. In the fourth
quarter, the purchase price liability was set at a fixed sum together with
the former owners. Third, a contractually agreed compensation payment was
due in the final quarter as TAKKT had made the decision to pass on the
option to expand the warehouse in Kamp-Lintfort. In total, these three
one-time effects had an impact of 11.8 million euros on the results.
Adjusted for these one-time effects, the EBITDA margin of 14.1 percent was
close to that of the previous year. As a result of higher finance expenses
as well as an increase in planned amortization of intangible assets related
to the acquisitions made in 2012, the earnings per share amounted to 0.80
(1.02) euros. The TAKKT cash flow - defined as profit plus depreciation and
amortization, impairment of non-current assets and deferred tax affecting
profit - amounted to EUR 83.4 (92.7) million. This corresponds to a cash
flow margin of 8.8 (9.9) percent and a TAKKT cash flow per share of EUR
1.27 (1.41).
CFO Claude Tomaszewski explains: 'TAKKT's business generates high cash flow
even in a difficult market environment. Subject to the approval of the
Supervisory Board, the Management Board and Supervisory Board of TAKKT will
thus propose at the Shareholders' Meeting that a dividend of EUR 0.32 per
share be paid out as in the previous year.'
TAKKT EUROPE: Ratioform shows organic growth - Phase-out of Topdeq
operations
Despite the sluggish recovery of the European economy, the TAKKT EUROPE
division was able to increase its turnover by 2.0 percent to 525.4 (515.1)
million euros thanks to the yearlong consolidation of Ratioform. The share
of consolidated turnover increased slightly to 55.1 (54.8) percent.
Organically, i.e. adjusted for currency and acquisition effects, turnover
was down by 5.3 percent.
The groups within the TAKKT EUROPE division developed differently. The
Packaging Solutions Group (PSG) performed best. It showed slight growth in
comparison to pro forma turnover of the previous year. The Office Equipment
Group (OEG) had to absorb a decrease in turnover in the two-digit percent
range while the Business Equipment Group (BEG), the largest group in the
division, recorded losses in turnover in the mid-single figure percentage
range.
The EBITDA margin of the division decreased to 17.0 (19.8) percent in light
of the weak economy as well as one-time effects from the discontinuation of
Topdeq and the compensation payment from the expansion option. Adjusted for
the two one-time effects, the margin was 18.6 percent.
TAKKT AMERICA: Fiscal dispute puts damper on business - GPA shows very good
turnover development
The TAKKT AMERICA division achieved turnover of 427.5 (425.2) million euros
in the financial year 2013, 0.5 percent higher than the previous year.
TAKKT AMERICA profited from the first-time consolidation of the Group
company GPA for a full reporting year. The weakness of the US dollar had a
contrary effect on turnover in euros. Adjusted for currency and acquisition
effects, turnover increased by 0.7 percent. The economic situation in North
America was better than in Europe, though the fiscal disputes in the
American Senate had adverse effects on business there.
The groups within the TAKKT AMERICA division developed differently. The
Specialties Group (SPG) achieved turnover growth in the local currency in
the mid-single-digit percentage range even without the acquisition effect
of GPA. The food retail and food service industries as well as the
restaurant industry developed positively and GPA was even able to grow by
more than 20 percent. The Plant Equipment Group (PEG), which mainly
supplies the manufacturing industry as a full-service provider for storage
and material handling equipment, had to accept a decrease in turnover in
the high single-digit percentage range due to the demanding competitive
environment. The Office Equipment Group (OEG) suffered as a result of the
buying reluctance of the American federal institutes and also had to accept
a decrease in turnover in the high single-digit percentage range.
The EBITDA margin for TAKKT AMERICA in the year under review came to 9.9
(9.7) percent. Adjusted for the aforementioned adjustments to the purchase
price liability of GPA, the EBITDA margin of the division amounted to 10.7
percent.
Final quarter of 2013 sees slight increase in organic turnover
In the final quarter of 2013, consolidated turnover of 239.1 (244.5)
million euros was 2.2 percent below the previous year level. Organic
turnover grew by 0.5 percent. While the organic turnover of TAKKT EUROPE
decreased by 1.3 percent, TAKKT AMERICA grew by 3.0 percent. The TAKKT
Group EBITDA amounted to 19.5 (25.6) million euros in the fourth quarter of
2013 at a margin of 8.1 (10.5) percent. Herein, parts of the
above-mentioned one-time effects are included.
Early indicators point to recovery in 2014
The early economic indicators for the business development that are
relevant for TAKKT point to significant growth in turnover in 2014.
Zimmermann explains: 'After two economically challenging years with
declines in organic turnover, we expect a return to significant organic
growth in the range of TAKKT's long-term organic growth rate under improved
economic conditions in 2014. We will also invest more in the continued
development of our business model to becoming an integrated multi-channel
company.' A forecast of the Group's business performance for the entire
year will be given at the financial statements press conference in March.
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. (CEST)
on February 20, 2014. To take part, please dial the following number: +49
69 201744-220 (access code: 779134#).
Financial statements press conference
Further details on the 2013 annual financial statements and anticipated
future business developments will be published at the financial statements
press conference, which will be held in Stuttgart on March 20, 2014.
Preliminary IFRS figures for the TAKKT Group for the financial year 2013
(in EUR million)
Q4 Q4 FY FY
2013 2012 Change in % 2013 2012 Change in %
TAKKT Group turnover 239.1 244.5 -2.2 952.5 939.9 +1.3
Organic growth +0.5 -2.6
TAKKT EUROPE 139.9 143.1 -2.2 525.4 515.1 +2.0
TAKKT AMERICA 99.4 101.6 -2.2 427.5 425.2 +0.5
EBITDA 19.5 25.6 -23.8 122.8 133.7 -8.2
EBITDA margin (%) 8.1 10.5 12.9 14.2
EBIT 12.4 19.0 -34.7 95.8 111.6 -14.2
EBIT margin (%) 5.2 7.8 10.1 11.9
Profit before tax 7.8 14.1 -44.7 81.2 100.0 -18.8
Pre-tax profit margin (%) 3.3 5.8 8.5 10.6
TAKKT cash flow 11.6 15.3 -24.2 83.4 92.7 -10.0
TAKKT cash flow margin (%) 4.9 6.3 8.8 9.9
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, classic and design-oriented office furniture and accessories,
transport packaging, display articles, supplies for retailers, the food
service industry and the hotel market.
The TAKKT Group has over 2,500 employees and more than three million
customers worldwide. TAKKT AG is listed on the SDAX and was admitted to
Deutsche Boerse's Prime Standard on 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]
End of Corporate News
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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
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