18.02.2016
TAKKT AG DE0007446007
DGAP-News: TAKKT sales exceed EUR 1 billion for the first time - Management Board proposes change in dividend policy
DGAP-News: TAKKT AG / Key word(s): Preliminary Results
TAKKT sales exceed EUR 1 billion for the first time - Management Board
proposes change in dividend policy
18.02.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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TAKKT sales exceed EUR 1 billion for the first time - Management Board
proposes change in dividend policy
- Organic consolidated sales up 4.7 percent, reported sales up 8.5
percent
- Management Board proposes a change in dividend policy to the
Supervisory Board as well as a dividend distribution of EUR 0.50
(previous year: 0.32) per share
- EBITDA margin of 14.8 percent (14.0 percent) in upper range of target
corridor
- Significant increase in earnings per share of EUR 1.24 (1.00).
- TAKKT cash flow rises to EUR 114.2 (98.7) million
- Post-Up Stand and BiGDUG acquisitions show good performance
Stuttgart, Germany, February 18, 2016. TAKKT was able to increase
consolidated sales over the previous year organically (i.e., adjusted for
currency as well as disposal/acquisition effects) by 4.7 percent in the
2015 financial year. The financial year was once again characterized by
very different business developments in the core markets of Europe and
North America. Reported consolidated sales rose by 8.5 percent to EUR
1,063.8 (previous year: 980.4) million, exceeding the EUR 1 billion
threshold for the first time.
"It is the first time in the history of our company that we have sold over
EUR 1 billion in products - another important milestone that we are proud
of. In addition to the organic increase in sales, both of the acquisitions
made during the financial year contributed to our growth. We are at the
upper end of our initial expectations for the 2015 financial year,"
remarked Felix Zimmermann, CEO of TAKKT AG, on the past financial year.
Improved profitability due to portfolio effects
The gross profit margin in the year under review was the same as in the
previous year at 42.6 (42.6) percent: The company acquisitions Post-Up
Stand and BiGDUG as well as the disposal of the Plant Equipment Group (PEG)
had a positive effect. At the same time, however, the stronger growth of
the TAKKT AMERICA segment had an opposite effect on the gross profit margin
of the Group due to structural factors.
EBITDA (earnings before interest, taxes, depreciation and amortization) of
EUR 157.3 (137.3) million was significantly over the previous-year figure.
The increase is attributable to the organic growth and to the currency
effect resulting from translation of the strong US dollar and the Swiss
franc to the reporting currency of euros, the contribution to the result
from both of the newly acquired companies and income from the
deconsolidation of the PEG. The EBITDA margin came to 14.8 (14.0) percent,
placing it once again at the upper end of the target corridor of 12 to 15
percent. Without the one-off income from the deconsolidation of PEG, the
EBITDA margin in 2015 came to 14.5 percent. The higher margin is mainly
attributable to the sale of the less profitable PEG, which had dampened
profitability in the previous year. Earnings per share increased
significantly to EUR 1.24 (1.00).
The TAKKT 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 114.2 (98.7) million. This corresponds to
a cash flow margin of 10.7 (10.1) percent and a TAKKT cash flow per share
of EUR 1.74 (1.50).
Management Board proposes change in dividend policy
"Due to the excellent earnings quality and cash flow strength of our
business model, the Management Board of TAKKT AG has decided to put forward
a proposal to the Supervisory Board to change the dividend policy to a
future payout ratio in a corridor of between 35 and 45 percent of the
profit for the period," announced CFO Claude Tomaszewski. The dividend
corridor would replace the existing dividend policy in its entirety. TAKKT
had generally paid out 30 percent of the profit for the period as an
ordinary dividend but not less than the ordinary dividend of the previous
year. The existing provision also included the distribution of an
additional special dividend if the total equity ratio reached or exceeded
the upper end of TAKKT's own target corridor of 30 to 60 percent.
As a consequence of the proposed change of the dividend policy, the
Management Board of TAKKT AG also resolved - subject to the approval of the
Supervisory Board - to propose to the Shareholders' Meeting on May 10, 2016
a dividend payout of EUR 0.50 (0.32) per share for the 2015 financial year.
This corresponds to a payout ratio of 40 percent of profits for the period.
"With the change in our dividend policy we strive for a dividend stream
that is as consistent and reliable as possible and also want our
shareholders to participate to a greater degree in TAKKT's success,"
explains Felix Zimmermann about the future provision.
TAKKT EUROPE: Subdued development in both divisions
Organic sales in the TAKKT EUROPE segment increased by 0.7 percent in the
2015 financial year. Reported sales increased by 3.6 percent to EUR 538.3
(519.8) million. In the previous year, the Topdeq company realized sales in
the course of the phase-out process with no corresponding sales in 2015. In
contrast, the acquisition of BiGDUG and the stronger Swiss franc had a
positive effect on reported sales.
Performance of the Business Equipment Group (BEG) was positive in Southern
and Eastern Europe as well as Scandinavia but restrained in other markets.
Inhibited by the general reluctance to invest in the Swiss market, the
division achieved only slight organic growth. The Packaging Solutions Group
(PSG) also realized only slight organic sales growth as a consequence of
the rather restrained trend in the German market. Ratioform acquired 100
percent of the shares of its former franchise partner in Austria effective
January 1, 2016.
The EBITDA margin of the segment was below the previous year's level at
18.3 (19.1) percent. This is mainly attributable to the modest sales
development of TAKKT EUROPE.
TAKKT AMERICA: Above-average sales growth
Organic sales in the TAKKT AMERICA segment increased by 10.0 percent due to
the good economic environment in North America in the 2015 financial year.
Reported sales rose by 14.1 percent to EUR 525.8 (460.9) million. This was
driven primarily by the positive currency effects resulting from
translation of the strong US dollar to the reporting currency of euros. A
positive portfolio effect resulted from the acquisition of Post-Up Stand
and a negative effect from disposal of the PEG division as of January 30,
2015. The Office Equipment Group (OEG) as well as the Specialties Group
(SPG) reported organic sales grow in the low double-digit percentage range,
whereby OEG performed somewhat better than SPG.
The EBITDA margin of the segment came to a markedly improved 13.1 (10.3)
percent. After adjusting for the aforementioned effect on earnings from the
sale of the PEG, the margin came to 12.5 percent in 2015. The good business
development, the phase-out of the less profitable PEG business and the
acquisition of Post-Up Stand had a further positive effect because the new
US company realized an above-average EBITDA margin.
Strong final quarter 2015 with organic growth of 5.2 percent
In the fourth quarter of the year under review, consolidated sales
increased organically by 5.2 percent and reported sales by 8.2 percent to
EUR 275.2 (254.3) million. Organic growth in the final quarter came to 2.6
percent in the TAKKT EUROPE segment while TAKKT AMERICA recorded an organic
increase of 8.8 percent. EBITDA for the Group increased to EUR 38.7 (32.1)
million and the corresponding margin to 14.1 (12.6) percent.
Outlook: Continuing organic growth
"We are confident that the good development will continue in the 2016
financial year. In Europe especially, we expect to see an improvement of
the economic environment. The TAKKT AMERICA segment, however, will most
likely remain our most important growth driver. Overall we predict a
continuation of the organic growth with corresponding high profitability,"
commented Zimmermann on the preliminary outlook for the 2016 financial
year. "However, we cannot exclude that the current turmoil in the financial
markets will impact the sentiment and the investment behavior of the real
economy."
TAKKT will give further details on the 2015 consolidated financial
statements and assessment of future business development with the
publication of the 2015 annual report on March 17, 2016.
Conference call
We would like to invite you to address your questions to the Management
Board. We will be hosting a conference call for this purpose at 3:00 p.m.
(CET) on February 18, 2016. To take part, please dial the following number:
+49 69 2222 3250 (access code: 779134#).
Preliminary IFRS figures for the TAKKT Group for the 2015 financial year
(in EUR million)
Q4 Q4 Change in FY FY Change in
2015 2014 % 2015 2014 %
TAKKT Group sales 275.2 254.3 +8.2 1,063.8 980.4 +8.5
Organic growth +5.2 +4.7
TAKKT EUROPE 147.5 135.1 +9.1 538.3 519.8 +3.6
TAKKT AMERICA 127.8 119.3 +7.1 525.8 460.9 +14.1
EBITDA 38.7 32.1 +20.7 157.3 137.3 +14.6
EBITDA margin (%) 14.1 12.6 14.8 14.0
EBIT 31.1 25.2 +23.1 129.4 110.8 +16.8
EBIT margin (%) 11.3 9.9 12.2 11.3
Profit before tax 28.5 22.8 +25.2 119.9 99.3 +20.7
Pre-tax profit margin (%) 10.4 8.9 11.3 10.1
TAKKT cash flow 27.4 23.7 +15.6 114.2 98.7 +15.7
TAKKT cash flow margin (%) 10.0 9.3 10.7 10.1
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 300,000 products for the areas of plant and warehouse
equipment, office furniture, transport packaging, display articles,
equipment 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 Deutsche Börse
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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18.02.2016 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
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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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