29.10.2015
TAKKT AG DE0007446007
DGAP-News: TAKKT grows organically and through acquisitions
DGAP-News: TAKKT AG / Key word(s): 9-month figures/Quarter Results
TAKKT grows organically and through acquisitions
29.10.2015 / 07:30
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TAKKT grows organically and through acquisitions
- TAKKT grows organically by 4.6 percent in first nine months of 2015,
reported turnover increases by 8.6 percent
- Gross profit margin at 42.6 (42.8) percent
- EBITDA margin increased to 15.0 (14.5) percent
- Earnings per share of EUR 0.94 (0.78)
- Acquired companies Post-Up Stand and BiGDUG make first contribution to
turnover in reporting period
Stuttgart, Germany, October 29, 2015. In the first nine months of 2015,
TAKKT continued on a profitable growth path. After a cautious start to 2015
in Europe, business picked up slightly during the course of the year.
Strong development continued in North America. Organic growth slowed
somewhat there in the third quarter as expected due to the strong basis of
comparison of the previous year. In the nine-month period of 2015,
consolidated turnover increased organically by 4.6 percent (i.e., adjusted
for currency, acquisition and divestment effects).
TAKKT was able to increase consolidated turnover by 8.6 percent to EUR
788.6 (726.1) million in the first nine months of 2015. In the third
quarter, reported consolidated turnover increased by 10.9 percent to EUR
282.7 (254.8) million; at the same time, TAKKT grew organically by 4.6
percent compared to the previous year's quarter.
Felix Zimmermann, CEO of TAKKT AG, comments on the figures: "We are pleased
by the good growth in the first nine months of the year. Along with good
organic growth, other drivers of this development were the acquisitions of
Post-Up Stand and BiGDUG, which contributed to the Groupʼs consolidated
turnover for the first time in the previous quarters. We are well on our
way to achieving the target goals that we set for ourselves for the current
year."
At 42.6 (42.8) percent, the gross profit margin of the TAKKT Group was
slightly below the previous year's level. This decline was partly
attributable to TAKKT AMERICA's higher share of consolidated turnover due
to the fact that its companies earn a structurally lower gross profit
margin. Another contributing factor was the currency rebates in
Switzerland. On the other hand, the phase-out of Topdeq and the sale of the
Plant Equipment Group (PEG) had a positive effect on the gross profit
margin.
Earnings before interest, taxes, depreciation and amortization (EBITDA) of
EUR 118.6 (105.2) million in the first nine months of 2015 represent an
increase of 12.7 percent over the previous year, and the EBITDA margin of
15.0 (14.5) percent was also considerably higher compared to the previous
year. Of note here is the one-off positive contribution to earnings of EUR
3.3 million, resulting from the deconsolidation of PEG. Without this
one-off gain, the EBITDA margin would have come to 14.6 percent. The TAKKT
cash flow (defined as profit for the period plus depreciation and
amortization, impairment of non-current assets and deferred taxes affecting
profit and loss) amounted to a considerably higher EUR 86.8 (75.0) million
in the nine-month period.
TAKKT EUROPE: First-time consolidation of BiGDUG
Compared to the previous year's period, turnover for the TAKKT EUROPE
segment saw organic growth of 0.1 percent in the first nine months of 2015.
Reported turnover increased by 1.6 percent to EUR 390.8 (384.7) million.
One reason for the rather restrained organic development was the general
investment reluctance in the Swiss market caused by the strength of the
Swiss franc versus the euro. Turnover in local currency declined
significantly there, due also in part to currency rebates. The Packing
Solutions Group (PSG) division recorded organic turnover growth in the low
single-digit percentage range in the reporting period. Performance of the
Business Equipment Group (BEG) division showed a slight decline in organic
turnover partly due to the fact that it is strongly influenced by economic
conditions. As of the third quarter of 2015, BiGDUG contributed to division
turnover for the first time. In the third quarter, BiGDUG achieved
mid-single-digit organic turnover growth compared to pro forma figures from
the previous year's period. The segment's EBITDA decreased to EUR 69.2
(74.1) million and the EBITDA margin to 17.7 (19.3) percent.
TAKKT AMERICA: Strong development continues
Organic turnover growth of the TAKKT AMERICA segment in the reporting
period was 10.4 percent. Even without PEG turnover, reported turnover in
euros was still 16.5 percent above the previous year's period with EUR
398.0 (341.6) million, which was mainly attributable to the strength of the
US dollar. Organic growth for the Specialties Group (SPG) division was in
the high single-digit percentage range, whereby in particular the Group
company Central performed very well. The Office Equipment Group (OEG)
developed very favorably with clear double-digit growth, which was also due
to the good volume of business with federal institutions during the
reporting period. EBITDA for the segment increased to EUR 56.7 (39.0)
million, and the EBITDA margin of 14.3 (11.4) percent represents a
significant increase over the previous year's figure. However, the sale of
the less profitable PEG business as well as the contribution of the Group
company Post-Up Stand as of the second quarter of 2015 also need to be
taken into account here. After adjusting for the one-time gain earned from
the deconsolidation of PEG, the EBITDA margin for the segment would have
been 13.4 percent.
Outlook: TAKKT refines annual forecast
Given the development of GDP volumes, as well as the market and industry
indexes, TAKKT expects a stable development in Europe as well as continued
good business performance in the US. The TAKKT Management Board believes
that the most likely scenario for 2015 as set out in the 2014 annual report
was confirmed in the reporting period. TAKKT CFO Claude Tomaszewski
specifies the forecast for all of 2015: "For now, we anticipate a turnover
growth of four to five percent. The EBITDA margin should be in the upper
third of the target corridor of 12 to 15 percent, i.e., above the level of
the previous year."
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 October 29, 2015. To take part, please dial the following number:
+49 69 2222 3250 (access code: 779134#).
Financial calendar
TAKKT will publish the preliminary figures for the 2015 financial year on
February 18, 2016.
IFRS figures for TAKKT Group for the first nine months of 2015:
(in EUR million)
Q3 Q3 9M 9M
2015 2014 Change in % 2015 2014 Change in %
TAKKT Group turnover 282.7 254.8 10.9 788.6 726.1 8.6
Organic growth 4.6 4.6
TAKKT EUROPE 131.6 122.2 7.7 390.8 384.7 1.6
TAKKT AMERICA 151.1 132.6 14.0 398.0 341.6 16.5
EBITDA 40.2 36.2 10.9 118.6 105.2 12.7
EBITDA margin (%) 14.2 14.2 15.0 14.5
EBIT 33.0 29.6 11.6 98.3 85.6 14.9
EBIT margin (%) 11.7 11.6 12.5 11.8
Profit before tax 30.6 26.3 16.3 91.4 76.6 19.4
Pre-tax profit margin (%) 10.8 10.3 11.6 10.5
TAKKT cash flow 27.7 24.4 13.5 86.8 75.0 15.7
TAKKT cash flow margin (%) 9.8 9.6 11.0 10.3
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,
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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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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