DGAP-News: TAKKT registers economic upturn and welcomes the placement of 20 percent of the shares by the majority shareholder
(firmenpresse) - DGAP-News: TAKKT AG / Key word(s): Half Year Results
TAKKT registers economic upturn and welcomes the placement of 20
percent of the shares by the majority shareholder
30.07.2013 / 07:30
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P R E S S R E L E A S E
TAKKT registers economic upturn and welcomes the placement of 20 percent of
the shares by the majority shareholder
- Consolidated turnover up by 5.9 percent in the first half-year; organic
turnover down by 5.8 percent
- Positive turnover trend in the second quarter (organic: minus 2.1 percent
following minus 9.5 percent in the first quarter)
- Gross profit margin climbs to 44.0 (first half-year 2012: 42.9) percent
- EBITDA margin amounts to 14.3 (15.7) percent
- Earnings per share at EUR 0.48 (0.58)
- Number of TAKKT shares in free float up by 68 percent due to the
successful placement of 20 percent of TAKKT shares by the majority
shareholder Haniel
Stuttgart, Germany, 30 July 2013. The first half-year of the financial year
2013 continued to be affected by the ongoing challenging economic situation
within the Eurozone. The willingness of many companies to invest was
negatively impacted by widespread cuts in public spending in numerous
countries. This had a noticeable influence on the performance of the TAKKT
Group. Despite these factors, TAKKT's business performance improved
significantly in the second quarter compared to the first three months of
the year. The first quarter's decline in organic turnover (minus 9.5
percent) could be significantly reduced with minus 2.1 percent in the
second quarter.
TAKKT was able to increase consolidated turnover by 5.9 percent to EUR
469.5 (443.5) million, thanks to the acquisitions carried out in 2012.
Adjusted for acquisition and currency effects, turnover fell by 5.8 percent
compared to the previous year's period. In addition to factoring out
Ratioform's contribution, GPA's performance in the first quarter was also
excluded as it has only been part of the TAKKT Group since 01 April 2012.
Claude Tomaszewski, CFO of TAKKT AG, comments the development: 'As the
financial year 2012 drew to a close, it became clear that Europe's economic
problems would not be resolved within six months. However, the second
quarter performance was a great improvement over the first quarter. This is
a positive trend, and one we anticipated.' The excellent margins at
Ratioform and GPA gave the gross profit margin a considerable boost over
the previous year, from 42.9 percent to 44.0 percent. When adjusted for
changes since the previous year, the margin was 42.8 percent. Despite an
improved gross profit margin, TAKKT's operating profitability fell as
expected when compared to the previous year's period. Earnings before
interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR
67.3 (69.7) million. The EBITDA margin declined from 15.7 percent in the
first half-year 2012 to 14.3 percent in the period under review. Adjusted
for acquisition effects, the EBITDA margin was 13.3 percent. The decrease
in the margin was partially due to the catalogue being sent out at a
different time. This led to increased shipping costs in the period under
review. Another reason was that GPA clearly exceeded turnover and earnings
expectations in the period under review. This positive performance led to
an increase in the variable purchase price liability for GPA amounting to
EUR 1.3 million. This extraordinary effect had a negative impact on the
TAKKT Group's operating result in the first half-year.
The scheduled depreciation of intangible assets that were revealed as part
of the acquisition of Ratioform and GPA led to a higher level of
depreciation than in the previous year. Overall, this item came to EUR 13.3
(8.5) million. Debt and corresponding interest payments also increased as a
result of the acquisitions. Finance expenses totalled EUR 6.5 (3.6) million
in the first half-year 2013. Earnings per share reached EUR 0.48 (0.58).
TAKKT's cash flow - defined as profit plus depreciation, impairment of
non-current assets and deferred tax affecting profit - amounted to EUR 47.7
(50.8) million in the first six months, which corresponds to a cash flow
margin of 10.2 (11.5) percent.
TAKKT EUROPE: conditions remain challenging
The TAKKT EUROPE division was able to improve its turnover to EUR 263.3
(245.4) million, an increase of 7.3 percent compared to the first half-year
2012, thanks to the turnover contribution of the Ratioform Group. Organic
turnover fell by 9.2 percent due to a decline in order numbers and the
average order value as a result of economic developments. European business
contributed 56.1 (55.3) percent to consolidated turnover. Ratioform's
performance was encouraging, the Packaging Solutions Group (PSG) achieved
stable business volumes compared to the pro forma turnover of the previous
year. In contrast, the reluctance of many European companies to invest had
more of an impact on the sale of plant, office and warehouse equipment.
Because of this, the Business Equipment Group (BEG) reported a decline in
turnover in the high single-digit percentage range, while the Office
Equipment Group (OEG) saw a decrease in the low double-digit percentage
range. The EBITDA of the division amounted to EUR 51.7 (53.6) million in
the first half-year. This resulted in an EBITDA margin of 19.6 (21.8)
percent. Adjusted for Ratioform, the EBITDA margin amounted to 19.0
percent.
TAKKT AMERICA: strong performance from the Specialties Group (SPG)
The second division of the TAKKT Group also benefited from the acquisitions
carried out in 2012 during the first half-year 2013. GPA made a major
contribution to the turnover of TAKKT AMERICA and its increase of 4.1
percent to EUR 206.3 (198.2) million. When adjusted for currency effects
and the turnover contributed by GPA in the first quarter, turnover was down
slightly by 1.7 percent. North American business accounted for 43.9 (44.7)
percent of consolidated turnover in the first half-year. Economic
developments in the USA have been far more stable than those in Europe
since the start of the year. However, the public sector has had to reduce
its spending as a result of the cuts to the federal budget that were
enacted in the USA at the beginning of the year. This had a particularly
significant impact on the amount of turnover that the Office Equipment
Group (OEG) was able to generate, as a number of its customers are public
institutions. The OEG reported a decrease in turnover in the high
single-digit percentage range in the first half-year. The Plant Equipment
Group (PEG) endured a fall in turnover in the low double-digit percentage
range. The turnover of the Specialties Group (SPG) saw an increase in the
double-digit percentage range. This was also due to GPA's good performance.
The increase in organic turnover was in the mid-single-digit percentage
range. TAKKT AMERICA's EBITDA came to EUR 19.9 (20.9) million. The
corresponding EBITDA margin amounted to 9.6 (10.5) percent. When adjusted
for the EBITDA contributed by GPA in the first quarter, the margin was 9.0
percent. When additionally adjusted for the additional costs for the
variable purchase price liability for GPA recognised in the second quarter,
the margin was 9.7 percent.
TAKKT share: significant increase in free float due to Haniel placement
TAKKT's majority shareholder Franz Haniel&Cie. GmbH successfully placed a
total of 13.4 million TAKKT shares on the market between 24 and 27 June
2013 as part of a multi-day book building process. The shares were acquired
by foreign and domestic institutional investors. The Management Board is
especially pleased about the higher level of free float, as this increases
the liquidity of the TAKKT share and makes it more attractive to existing
and new investors.
Outlook: confidently looking forward to the second half-year
Despite the challenging economic situation, particularly in Europe, the
middle scenario of the three scenarios outlined in the forecast report of
the annual report 2012 is still realistic. This scenario predicts a slight
organic turnover growth of between one and three percent over the course of
the entire financial year 2013. TAKKT currently expects organic turnover
growth to come in at the lower end of this range. The company performed in
line with expectations in the second quarter, which is a thoroughly
positive development. The achievement of the forecast scenario depends on
the European economy recovering as expected as well as a noticeable
improvement in business with public institutions in the USA. Economic
indicators are pointing towards an emerging improvement in Europe's
economic situation. The purchasing manager index, which is a reliable
indicator of TAKKT's business, neared the 50-point mark in the Eurozone
recently. It is currently above this mark in the USA.
Under these assumptions, the EBITDA margin will be in the upper third of
the target range of 12 to 15 percent as forecast. The acquisition effect
from the additional turnover contributions by GPA in the first quarter and
Ratioform in the first half-year amounts to around six percentage points
for the full year 2013 and will add to the organic turnover development.
'If Europe's economic recovery begins early enough and the uncertainty
about the budget situation decreases in the US, we are optimistic that we
will be able to reach our objectives for the year as a whole,' said CEO of
TAKKT AG Felix Zimmermann, demonstrating his confidence for the second
half-year.
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
July 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 nine months 2013 will be published on 31 October
2013.
IFRS figures for TAKKT Group to the end of HY1 2013:
(in EUR million)
Q2 Q2 Change in HY1 HY1 Change inShort profile of TAKKT AG
2013 2012 % 2013 2012 %
TAKKT Group turnover 233.6 220.7 5.8 469.5 443.5 5.9
organic growth -2.1 -5.8
TAKKT EUROPE 127.9 114.1 12.1 263.3 245.4 7.3
TAKKT AMERICA 105.7 106.6 -0.8 206.3 198.2 4.1
EBITDA 30.4 29.9 1.7 67.3 69.7 -3.4
EBITDA margin (%) 13.0 13.5 14.3 15.7
EBIT 23.7 25.3 -6.3 54.0 61.2 -11.8
EBIT margin (%) 10.1 11.5 11.5 13.8
Profit before tax 20.4 23.1 -11.7 47.5 57.6 -17.5
Pre-tax profit margin (%) 8.7 10.5 10.1 13.0
TAKKT cash flow 21.7 22.2 -2.3 47.7 50.8 -6.1
TAKKT cash flow margin (%) 9.3 10.1 10.2 11.5
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.
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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223265 30.07.2013
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