First-time presentation of IAS figures

TAKKT performs as expected in weak environment at the start of 2002

In the report for the first quarter of 2002, which was prepared in accordance with IAS for the first time, TAKKT AG shows turnover and earnings figures which, as expected, are weaker than in the previous year. Against the backdrop of the weak economic environment, however, the decline has been moderate. The business-to-business mail-order company for office, business and warehouse equipment, with 2.4 million customers world-wide, expects business development to improve gradually in the course of the year.

In the first quarter of 2002, the TAKKT group achieved turnover of EUR 206.0 million, after reaching EUR 224.9 million in the same quarter last year. This turnover decline of 8.4 percent reveals the effects of the weak development of the global economy. Thanks to strategy of increasing their independence from individual product groups, customer groups and regions and a consistently implemented product portfolio strategy, the three core divisions of the group were able to absorb these negative trends to a certain extent. The fact that the first quarter of 2001 was exceptionally positive and included two additional working days must also be taken into account. The expansion of the group's market presence in Poland, Portugal, Ireland, USA and Canada continues to be successful and has a positive impact on the development of business.

Recovery expected in second half of 2002
As the division with the highest turnover in the group, KAISER + KRAFT EUROPA suffered under the sustained weakness of the economy in Europe, and particularly in Germany. Quarterly turnover still reached EUR 96.3 million (after EUR 108.8 million in the same quarter last year). The 11.5 percent decline must be put into perspective to the strong quarter of the previous year.
According to economic experts, recovery is expected in the second half of the year. The good market position of KAISER + KRAFT EUROPA and its product range of over 30,000 articles of office, business and warehouse equipment should enable this division to benefit quickly from an upswing of the economy.

The turnover of Topdeq was almost stable at EUR 21.1 million in the first quarter of 2002 (after EUR 21.6 million in the same quarter last year). The demand for design-oriented office furniture and accessories remained weak in Germany due to the economic situation. Topdeq USA, which began activities in 2001, performed very well from the start and also headed into the year 2002 with great success. It is therefore expected that Topdeq USA will be a major contributor to the success of the group.

K + K America was able to realise a quarterly turnover of EUR 88.6 million (after EUR 94.5 million in the previous year) in North America, a region that is still marked by the consequences of the recession. Although there have been some signs of recovery, it remains to be seen how long these signs will last and how strongly they will develop. However, management anticipates positive growth rates in the second half of the year.

Earnings expectations fulfilled under given circumstances
The decline in group turnover negatively effected the result. The EBITDA reached EUR 23.7 (29.3) million, the EBIT came in at EUR 16.3 (22.4) million and the profit before tax amounted to EUR 11.5 (16.6) million. This is a respectable achievement given the difficult conditions. Moreover, the comparison figures from the year before were heavily influenced by the positive development in Europe. Cost-cutting measures were able to limit the negative effects of the lack of gross profit, which was caused by the decline in turnover. "In an economic environment that remains difficult, we experienced a weak start to the year 2002, as expected. However, we are convinced that we will come out of this economic trough even stronger than before. This will enable us to benefit immediately from an economic upswing in the second half of the year," said Georg Gayer, chairman of the management board of the TAKKT group, commenting on the figures for the first quarter.

In compliance with the requirements of Deutsche Börse AG, the quarterly report was prepared in accordance with IAS for the first time. Detailed information on the IAS changeover is available on the Internet in the section "Share/Shareholder Information".

Short profile of TAKKT
Active in 21 countries, TAKKT AG is the leading B2B mail-order specialist for office, business and warehouse equipment in Europe and North America. It was established on March 1, 1999 and has been listed on the Frankfurt and Stuttgart stock exchanges since September 15, 1999. In the context of the first classic spin-off of a listed German company, TAKKT AG took over the former mail-order division of GEHE AG on July 1, 1999. Since the middle of 2000, the TAKKT share has been listed in the SDAX.

Stuttgart, 3 May, 2002

Contacts:

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

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