DGAP-News: TAKKT increases turnover through acquisitions
(firmenpresse) - DGAP-News: TAKKT AG / Key word(s): Quarter Results
TAKKT increases turnover through acquisitions
30.04.2013 / 07:30
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P R E S S R E L E A S E
TAKKT increases turnover through acquisitions
- In the first quarter of 2013, consolidated turnover rises by 5.9
percent to EUR 235.9 (2012: 222.8) million
- Acquisition and currency-adjusted fall in turnover of 9.5 percent
- Gross profit margin climbs to 44.4 (43.0) percent
- EBITDA margin amounts to 15.6 (17.9) percent, acquisition-adjusted at
14.6 percent
- Earnings per share amount to EUR 0.27 (0.35)
Stuttgart, Germany, 30 April 2013. In the first quarter of the current
financial year, the turnover and earnings review of the TAKKT Group was
significantly affected by the continuing weakness of the European economy.
In line with expectations, the trend was more positive for the Group's
North American business. Thanks to the acquisitions of the companies
Ratioform (TAKKT EUROPE division) and GPA (TAKKT AMERICA division) in 2012,
consolidated turnover rose by 5.9 percent to EUR 235.9 (222.8) million.
Adjusted for acquisition and currency effects, turnover fell 9.5 percent
due to the economic conditions.
CEO Dr Felix A. Zimmermann is nonetheless optimistic: 'These trends are in
line with our expectations. We had expected a sluggish start to the year,
but remain on course for growth even in difficult economic periods thanks
to our acquisition and diversification strategy.' As well as the economy,
consolidated turnover and earnings were also influenced by base and working
day effects. Due to the very positive trend realised in the first quarter
of 2012 in North America, the percentage decreases are relatively
pronounced. At Group level, there were also approximately two fewer working
days in the first quarter of 2013 than in the previous year's period.
The TAKKT Group's gross profit margin increased to 44.4 (43.0) percent, due
to its high-margin acquisitions. Adjusted for acquisitions, it remained
almost unchanged at 42.9 percent and thus remained well above the 40
percent mark, TAKKT Group's internal target. Earnings before interest,
taxes, depreciation and amortisation (EBITDA) decreased to EUR 36.9 (39.8)
million. The EBITDA margin fell to 15.6 (17.9) percent. If the acquisition
effects are excluded, the EBITDA margin amounts to 14.6 percent. Earnings
were adversely affected, in particular, by the lower order numbers as a
result of the economic conditions, as well as the aforementioned base and
working day effects. In addition, Europe's Business Equipment Group (BEG)
sent its first catalogue of the year in early January 2013 instead of late
December 2012 due to the timing of the holidays. The related postage costs
thus reduced earnings in the period under review.
TAKKT's cash flow (defined as the profit for the period plus depreciation
and amortisation, impairment of non-current assets and deferred tax
affecting profit) fell to EUR 26.0 (28.6) million, corresponding to a cash
flow margin of 11.0 (12.8) percent.
TAKKT EUROPE: economic environment remains difficult
Thanks to the turnover contribution of the Ratioform Group, the turnover of
TAKKT EUROPE increased by 3.1 percent to EUR 135.4 (131.3) million. This
division thus accounted for 57.4 (58.9) percent of consolidated turnover.
Adjusted for acquisition and currency effects, turnover fell 12.9 percent.
The division's groups developed differently. The performance of the
Packaging Solutions Group (PSG) was largely stable compared to the pro
forma turnover of the first quarter of 2012, with a downturn in turnover in
the low single-digit percentage range. Like the Office Equipment Group
(OEG), BEG is suffering in particular due to the restrained investment on
the part of European companies. Both groups reported a fall in turnover in
the low double-digit percentage range. TAKKT EUROPE's EBITDA fell to EUR
26.6 (30.4) million. The EBITDA margin amounted to 19.6 (23.2) percent.
Adjusted for Ratioform, the EBITDA margin amounted to 18.9 percent.
TAKKT AMERICA: GPA generates turnover growth
TAKKT AMERICA's turnover grew to EUR 100.6 (91.6) million, an increase of
9.8 percent compared to the previous year. The division thus contributed
42.6 (41.1) percent of consolidated turnover. This growth is attributable
to GPA's turnover contribution. Adjusted for acquisition and currency
effects, turnover fell by 4.8 percent compared to the same quarter of the
previous year, which saw highly favourable performance with organic
turnover growth of 10.0 percent. Business also developed differently for
TAKKT AMERICA's groups. The Plant Equipment Group (PEG) reported a fall in
turnover in the low double-digit percentage range. The turnover of the
Office Equipment Group (OEG) in the USA suffered a decline in the high
single-digit percentage range. Since its customers include many government
authorities and other public institutions, OEG in North America is
suffering in particular due to the orders postponed in the context of the
current budget dispute in the US. However, the Specialties Group (SPG)
developed positively. Thanks to the integration of GPA, it achieved
turnover growth of more than 30 percent. SPG also realised the most
favourable Group-wide earnings after adjustments for acquisition and
currency effects, achieving turnover growth in the low single-digit
percentage range. TAKKT AMERICA's EBITDA increased to EUR 12.6 (12.0)
million. The corresponding EBITDA margin was 12.5 (13.1) percent. Adjusted
for acquisitions, it amounts to 11.5 percent.
Outlook for 2013: forecast unchanged
For the financial year 2013, the TAKKT Management Board continues to adhere
to the three forecast scenarios which were presented in the 2012 annual
report. 'We still see the middle scenario as the most likely,' says CFO Dr
Claude Tomaszewski. According to this scenario, the Management Board
envisages unchanged or slightly improved GDP growth rates in Europe and
North America and expects TAKKT to achieve acquisition-adjusted turnover
growth of between one and three percent in the current financial year. The
divergence between Europe and North America will thus likely continue.
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 15:00 (CEST) on 30
April 2013, during which we will be open to questions. To take part, please
dial the following number: +49 69 201744-220 (access code: 779134#).
Financial calendar
The figures for the first half-year of 2013 will be published on 30 July
2013. The Annual General Meeting will be held at the Forum Ludwigsburg on
07 May 2013.
IFRS figures for TAKKT Group to the end of Q1 2013:
(in EUR million)
Q1 2013 Q1 2012 Change in %Short profile of TAKKT AG
TAKKT Group turnover 235.9 222.8 5.9
Acquisition-adjusted growth -9.5
TAKKT EUROPE 135.4 131.3 3.1
TAKKT AMERICA 100.6 91.6 9.8
EBITDA 36.9 39.8 -7.3
EBITDA margin (%) 15.6 17.9
EBIT 30.3 35.9 -15.6
EBIT margin (%) 12.8 16.1
Profit before tax 27.1 34.5 -21.4
Pre-tax profit margin (%) 11.5 15.5
TAKKT cash flow 26.0 28.6 -9.1
TAKKT cash flow margin (%) 11.0 12.8
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 business 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.
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 01 January 2003.
Contacts:
Dr Felix A. Zimmermann, CEO, Tel. +49 711 3465-8201
Dr Claude Tomaszewski, CFO, Tel. +49 711 3465-8207
Email: investor(at)takkt.de
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: investor(at)takkt.de
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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