30.04.2015
TAKKT AG DE0007446007
DGAP-News: TAKKT off to a good start in 2015: Strong performance in North America
DGAP-News: TAKKT AG / Key word(s): Quarter Results
TAKKT off to a good start in 2015: Strong performance in North America
30.04.2015 / 07:29
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TAKKT off to a good start in 2015: Strong performance in North America
- Organic consolidated turnover rises by 3.6 percent (relative to
Q1/2014); reported consolidated turnover climbs by 5.8 percent to EUR
252.3 (previous year: EUR 238.6) million
- Gross profit margin of 43.0 (Q1/2014: 43.9) percent
- Significant increase of the EBITDA margin to 17.3 (15.7) percent, 16.0
percent after adjusting for the gain on deconsolidation from the sale
of PEG
- Earnings per share rise to EUR 0.38 (0.28)
- Successful completion of the sale of PEG effective January 30, 2015
with a gain on deconsolidation in amount of EUR 3.3 million
- Acquisition of the US direct marketing specialist Post-Up Stand; the
effective closing date of the transaction was April 01, 2015
Stuttgart, Germany, April 30, 2015. In the first quarter of the financial
year 2015, the TAKKT Group was able to build on the previous yearʼs growth.
TAKKT AMERICA was able to benefit from positive general conditions in its
target markets, while TAKKT EUROPE had a subdued performance as expected.
On the Group level, TAKKT achieved an organic increase in turnover of 3.6
percent in the first quarter relative to the previous yearʼs period. The
organic turnover result has been adjusted for currency effects as well as
for divestment effects from the phase-out of Topdeq and the sale of the US
division Plant Equipment Group (PEG). Measured in the reporting currency of
euros, the consolidated turnover grew by 5.8 percent to EUR 252.3 (238.6)
million.
Felix Zimmermann, CEO of TAKKT AG, put these numbers in perspective: "We
are pleased with the successful start to the 2015 financial year. In
particular, our business operations in North America are performing well.
In Europe, there are indications of a gradual economic recovery as the year
progresses, which makes us generally optimistic as we look ahead to the
rest of the 2015 financial year."
As planned, PEG was sold effective January 30, 2015; until this date, the
division contributed a further EUR 6.3 million to consolidated turnover. As
announced in March, the acquisition of the Post-Up Stand group, an American
direct marketing specialist for customized printed displays, was completed
effective April 01, 2015. The turnover of Post-Up Stand was therefore not
included in the consolidated turnover for the reporting period.
With a margin of 17.3 (15.7) percent, EBITDA (earnings before interest,
taxes, depreciation and amortization) rose to EUR 43.8 (37.4) million. The
EBITDA figure includes other operating income in the amount of EUR 3.3
million from the deconsolidation of the American PEG. After adjusting for
this one-time gain, the EBITDA margin would have been 16.0 percent in the
reporting period. The profit for the period rose to EUR 25.1 (18.5)
million, whereby the Groupʼs earnings per share climbed to EUR 0.38 (0.28).
The TAKKT cash flow (defined as the profit for the period plus depreciation
and amortization, impairment of non-current assets and deferred taxes
affecting profit and loss) amounted to EUR 34.4 (26.5) million, also a
significant improvement over the prior year's period. This corresponds to
an improved cash flow margin of 13.6 (11.1) percent and an improved TAKKT
cash flow per share of EUR 0.52 (0.40).
TAKKT EUROPE: Slight decrease in turnover and EBITDA
In the TAKKT EUROPE segment, the first quarter of 2015 saw an organic
turnover decline of 1.7 percent relative to the previous yearʼs period. The
reported turnover decreased by 3.2 percent to EUR 134.5 (138.9) million.
While operations in Southern and Eastern Europe produced positive results,
business in Western Europe continued to disappoint expectations. In
Germany, the TAKKT Group's home market, the trend was stable. In
Switzerland, the strong appreciation of the Swiss franc and the concomitant
deterioration of the economic outlook led to investment restraint. Turnover
in local currency declined significantly, due also in part to granted
currency rebates.
There also was a divergent performance when it came to TAKKT EUROPEʼs two
divisions: The Packaging Solutions Group (PSG), a packaging specialist
which is more resistant to cyclical trends, booked organic growth in the
low single-digit percentage range. The Business Equipment Group (BEG), on
the contrary, registered a decrease in organic turnover in the low
single-digit percentage range in light of the decline in the purchasing
manager indexes in the second half of 2014. The segmentʼs EBITDA took a
slight dip to EUR 27.3 (28.5) million, whereby the EBITDA margin amounted
to 20.3 (20.6) percent.
TAKKT AMERICA: Good economic environment
In the TAKKT AMERICA segment, turnover in the first three months of 2015
grew organically by 11.9 percent. It should be noted, however, that the
previous yearʼs quarter, in which organic growth amounted to 3.3 percent,
was the weakest period of a generally outstanding previous financial year.
As measured in the reporting currency of euros, turnover climbed as much as
18.1 percent to EUR 117.9 (99.8) million thanks to the appreciation of the
US dollar.
Of the divisions within the TAKKT AMERICA segment, the Office Equipment
Group (OEG) achieved organic turnover growth well in the double-digit
percentage range, thanks to the currently high volume of business being
transacted with federal institutions. The Specialties Group (SPG),
meanwhile, recorded organic turnover growth in the low double-digit
percentage range. The performance of the Group company Central was
particularly positive. The TAKKT AMERICA segmentʼs EBITDA rose to EUR 18.5
(11.5) million, whereby the EBITDA margin climbed to 15.7 (11.5) percent.
The EBITDA figure includes other operating income in the amount of EUR 3.3
million from the deconsolidation of PEG. Adjusted for this effect, the
EBITDA margin was 12.8 percent.
Outlook: Staying on a growth path
Given the results achieved during the first quarter of 2015, Claude
Tomaszewski, CFO of TAKKT AG, continues to hold to the scenario forecast in
the 2014 annual report: "As before, we expect to see improvement in GDP
growth compared to the previous year in Europe and especially in the USA as
the year progresses. On this basis, we continue to anticipate organic
turnover growth of three to five percent for the 2015 financial year. The
EBITDA margin should come in at the upper range of our target corridor of
12 to 15 percent; in other words, above the level for the financial year
2014."
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 April 30, 2015. To take part, please dial the following number: +49 69
201744-220 (access code: 779134#).
Financial calendar
The Shareholders' Meeting will be held at the Forum Ludwigsburg on May 06,
2015. The figures for the first half of the year will be published on July
30, 2015.
IFRS figures for the TAKKT Group as of the end of Q1 2015 (in EUR million)
Q1 2015 Q1 2014 Change in %
TAKKT Group turnover 252.3 238.6 +5.8
Organic growth +3.6
TAKKT EUROPE 134.5 138.9 -3.2
TAKKT AMERICA 117.9 99.8 +18.1
EBITDA 43.8 37.4 +17.1
EBITDA margin (%) 17.3 15.7
EBIT 37.4 30.9 +21.0
EBIT margin (%) 14.8 13.0
Profit before tax 35.0 27.8 +25.9
Pre-tax profit margin (%) 13.9 11.7
TAKKT cash flow 34.4 26.5 +29.8
TAKKT cash flow margin (%) 13.6 11.1
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]
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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: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf, Munich
End of News DGAP News-Service
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