Preliminary figures for 2000 point to record results

TAKKT AG grows 31.3 percent in fourth quarter

The Stuttgart-based TAKKT AG reports an increase in turnover of 31.3 percent to Euro 218.2 million for the final quarter of 2000. In the fourth quarter, the EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 59.1 percent compared with the previous year from Euro 24.4 million to Euro 38.9 million. The EBITDA margin reached 17.8 percent compared with 14.7 percent in the preceding year.

Preliminary figures show that sales for the financial year 2000 totalled just under Euro 763 million. This represents an increase of some 21 percent compared with 1999 and is well above the forecast of Euro 745 million. The EBITDA for last year amounted to Euro 87.6 million, up 24.3 percent on the 1999 figure. In spite of newly founded companies and investment in e-commerce, the operational EBITDA margin excluding the non-recurrent outlay for the IPO of TAKKT AG remained stable at 11.5 percent compared with 1999. This is an increase over the 1999 EBITDA margin of 11.2 percent (after extraordinary charge).

Very good quarter bolsters results for the whole year
Chairman of the management board Georg Gayer comments on the preliminary figures for 2000 as follows: "We have exceeded our own expectations and set new records in terms of both sales and EBITDA." Board member for finance and controlling Dr. Felix A. Zimmermann adds: "The excellent development in the fourth quarter is the principal reason why the results for the year more than fulfilled our forecasts." He points out that because of the comparatively low advertising outlay the final quarter is traditionally the most profitable. Zimmermann goes on to explain that "in 2000, the powerful upsurge in sales and the initial consolidation of Hubert also led to an above-average increase in the EBITDA in the final three months. The EBIT and the pre- and after-tax results for 2000 cannot be compared with the pro forma figures for 1999. This is partly due to the acquisition of Hubert and partly to the consequences of the spin-off from GEHE AG on 1 July 1999. 2000 was the first full financial year where these charges are reflected." Moreover, a one-off outlay of Euro 2 million was earmarked for the initial public offering in 1999.

Steady growth in all areas of business
All divisions in the TAKKT group showed significant growth in the fourth quarter of 2000.

KAISER + KRAFT EUROPA increased its turnover by 17.5 percent to Euro 101.4 million. The companies in Germany, Switzerland and France, in particular, played a key role in the achievement of these results.

Topdeq improved its sales by 11.9 percent from Euro 22.2 million in the fourth quarter of 1999 to Euro 24.8 million in the last three months of 2000. Each of the local companies played its part in attaining these excellent growth figures.

In spite of the downturn in the US economy which began in the third quarter of the year, K + K America succeeded in boosting its turnover by 32.9 percent from US$ 61.0 million during the corresponding period of 1999 to US$ 81.1 million. Converted to Euro, this is a massive 59 percent rise from Euro 57.9 million to Euro 92.1 million. The main reasons behind the growth in terms of US$ were the first-time consolidation of the Hubert acquisition on 16 October 2000 and the stable development of K + K America's core business activities.

Systematic continuation of growth strategy
By expanding its systems business and further increasing its e-commerce activities, TAKKT AG plans to grow further in 2001 - both in the US and Europe.

Since January 2001, the K + K America subsidiary C&H Distributors has been offering to small and midsize enterprises a range of traditional American office furniture on a nation-wide basis, based on its own office furnishings catalogue. All the products in this range can also be ordered via the internet. In addition, C&H offers its customers a guaranteed delivery date. With its new office furnishings catalogue, C&H would like to branch out even more strongly into the service industry.

TAKKT AG is also looking to its e-procurement projects to stimulate its European business operations. A successful pilot project with the Wacker-Chemie chemicals company was launched in June 2000. Over the past six months, TAKKT division KAISER + KRAFT EUROPA has implemented e-procurement projects with numerous prominent companies, including Siemens, Swissair, Hilti and BASF Coating. The initial results of these ventures have been highly promising. Chairman of the management board Georg Gayer says that "we will be expanding in this sector and continue to invest. We will also be expanding our internet activities throughout Europe." He takes an optimistic view of the company's future: "The record results are clear proof that our strategy is the correct one."

Further details of the annual financial statements will be announced at the financial press conference on 23 March 2001 in Stuttgart.

Brief outline of TAKKT
TAKKT AG, which has local companies in 18 countries, is the leading business-to-business mail order house for office, business and warehousing equipment in Europe and North America. It was founded on 1 March 1999 and has been listed on both the Frankfurt and Stuttgart stock exchanges since 15 September 1999. As part of the first-ever "classical" spinoff of a listed German company, TAKKT AG took over the former mail order business division of GEHE AG on 1 July 1999. The TAKKT share has been included in the SDAX index since mid-2000.

Stuttgart, 15 February 2001

Contacts:

Georg Gayer
Phone +49 (0)7 11.50 01-239

Dr. Felix A. Zimmermann
Phone +49 (0)7 11.50 01-861