Stuttgart-based group presents record results for the financial year 2000 at its second annual general meeting

TAKKT wants to continue double-digit growth

The Stuttgart-based TAKKT AG achieved record results in nearly all divisions in the year 2000. Group turnover rose by 21.5 percent to EUR 762.8 million. The EBITDA increased by 24.3 percent to EUR 87.6 million, a disproportionately large improvement compared to the good growth in turnover. At the annual general meeting in Ludwigsburg, Georg Gayer, Chairman of the Board summed up the year by saying, "Business developed very well last year." The positive result was achieved despite capital investment in the expansion of the group. "Had we not established new companies, we would have been able to improve our margins further," said Gayer. The strategy of TAKKT, however, is to expand business to cover new regions and product fields in order to increase the long-term value of the company. The TAKKT group will continue to pursue this goal in 2001.

According to its CEO, the leading business-to-business mail order company for office, business and warehouse equipment in Europe and North America benefited from a growing economy in most European countries in the year 2000 and in North America in the first three quarters. With organic growth of 11.4 percent, the group was again able to gain market share in comparison to traditional retail and wholesale sales channels. The division with the greatest turnover was KAISER + KRAFT EUROPA, recording a turnover share of 48 percent. The Topdeq group, which is specialised in designer office furniture and accessories, achieved 11.5 percent. K + K America - including the subsidiary Hubert, which was acquired in October 2000 - contributed 40.5 percent to the consolidated turnover of the TAKKT group. With the acquisition of Hubert, which is the American market leader in the B2B mail order business with supplies and equipment for retail grocery stores and the food service industry, TAKKT was able to expand its customer base in the service industry with 175,000 new customers.

Europe offsets lacklustre US economy
The only blemish on an otherwise outstanding financial year was the economic downturn on the US market in the fourth quarter of 2000, which carried on into 2001. Nevertheless, Gayer expects the acquisition of Hubert to translate into sustainable growth for the US group. For the other two divisions, KAISER + KRAFT EUROPA and Topdeq, TAKKT AG foresees good growth rates in the three remaining quarters. "Due to the positive development in Europe, we will be able to compensate for the effects of the economic fluctuation in the USA," remarked Gayer.

TAKKT keeps to its strategy
Though the TAKKT share was able to buck the general trend on the stock markets and maintain a stable performance in the financial year 2000, it suffered a price decline in the first quarter of 2001. The reason for this development is the reluctance of potential investors who adopt a wait and see attitude regarding the development of the US economy. Against this backdrop, TAKKT CEO Gayer remained confident. "Long-term business in the US is a fundamental component of our corporate strategy. Up to now, we have been able to achieve outstanding success in the USA, and we will continue to do so in the future. We are therefore convinced that we will overcome the current economic slump in the USA, especially thanks to our good position in Europe, and that we will soon see our usual rates of growth in the USA again," Gayer told the assembled shareholders. The focus of investor relations work, therefore, is to convince investors that TAKKT has a sustainable growth strategy and will continue to achieve very good results despite the weaker US economy.

Stable start to 2001
Despite the current economic situation in the USA, TAKKT AG had a stable start into the first quarter of 2001, increasing its turnover by 18.6 percent to EUR 224.9 million. KAISER + KRAFT EUROPA and Hubert, the first-time consolidated K + K America subsidiary, contributed most to this growth in turnover.

For the whole year, TAKKT expects a double digit increase in turnover and an EBITDA margin of at least 10.5 percent. The group strategy focuses on the acquisition and establishment of additional new companies and the expansion of the e-commerce sales channel.

Annual general meeting approved the expansion of the supervisory board
The annual general meeting agreed to the proposal of the management board to expand the supervisory board from six to nine members. The newly elected members of the supervisory board are Günther Hülse, Dr. Klaus Trützschler - both members of the management board of Franz Haniel & Cie. GmbH, TAKKT's principal shareholder - and Walter Flammer, the organisation manager of KAISER + KRAFT EUROPA. The shareholders also voted in line with the management and supervisory board in all other areas as well.

Stuttgart, 4 May 2001

Contacts:

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

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