TAKKT adjusts Topdeq’s goodwill by EUR 12.9 million and has initiated repositioning of the group; 2010 guidance slightly raised

Ad-hoc statement, 15 December 2010

As the performance of the Topdeq group has continued to develop negatively even after the phase-out of the economic crisis in 2010, TAKKT will completely write off the group’s goodwill amounting to EUR 12.9 million in the fourth quarter. This non-cash item accordingly reduces all earnings figures of the TAKKT Group below the EBITDA. The Group's equity ratio will be at around 45 percent even after the goodwill amortisation.

In the third quarter of 2010, TAKKT has initiated a project for repositioning the Topdeq brand. This includes measures in the areas of assortment, services and advertising. Even after the adjustment, TAKKT considers the Topdeq group as an important component of the TAKKT portfolio with positive prospects for the development of turnover as well as profit.

The goodwill impairment has no effect on the dividend policy or the outlook for the year 2010: The TAKKT Management Board still aims at proposing a dividend amounting to the previous year’s value to the Supervisory Board and the Annual General Meeting. The Management Board now assumes organic turnover growth of around four percent for the financial year 2010 due to the still positive economic dynamics in Europe and North America. Against this background, the Management Board assumes that an EBITDA margin of slightly over twelve percent can be reached. Thereby, it will be within the long-term target corridor of twelve to 15 percent again. 

Contact:
Dr Felix A. Zimmermann, CEO
Phone +49 711 3465-8201

Dr Florian Funck, CFO
Phone +49 711 3465-8207

E-mail: investor@takkt.de