High profitability in the fourth quarter

TAKKT AG increases profit before tax by 9.5 percent in 2002

According to preliminary figures, Stuttgart-based TAKKT AG reported a decline in turnover for the year under review of 4.9 percent to EUR 783.7 (824.1) million. Turnover fell by 1.8 percent to EUR 193.5 (196.6) million in the fourth quarter. Reasons for this remain the stagnant economic climate and the weak US dollar.

Although EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) for the year as a whole fell by 1.2 percent to EUR 85.6 (86.6) million, there was a significant EBITDA margin increase of 10.9 (10.5) percent. "Taking into account the economic environment and the weak US dollar, the TAKKT Group positively asserted itself in 2002 and further consolidated its market position", says Georg Gayer, chairman of the management board of TAKKT AG, of the preliminary figures for the entire year.

Currency-related decline in fourth quarter turnover
The TAKKT Group generated turnover of EUR 193.5 (196.9) million for the fourth quarter. This represents a decline of 1.8 percent. Adjusted for currency fluctuations, turnover would have increased by 2.6 percent. In the quarter under review, EBITDA was increased by 8.7 percent to EUR 21.2 (19.5) million. The EBITDA margin increased to 11.0 (9.9) percent. EBIT improved from EUR 12.0 million to EUR 14.0 million, representing a margin of 7.2 (6.1) percent. Profit before tax increased from EUR 7.0 million to EUR 9.7 million, a plus of 38.6 percent. The pre-tax margin thus increased considerably from 3.6 percent to 5.0 percent.

The TAKKT divisions
Quarter on quarter, fourth quarter turnover for KAISER + KRAFT EUROPA is up 2.0 percent to EUR 93.9 (92.1) million. Topdeq contributed EUR 22.2 (24.0) million to the turnover, a decline of 7.5 percent. K + K America made a loss of 4.3 percent in the reporting currency Euro. This division generated turnover of EUR 77.4 (80.8) million. On USD basis revenue from K + K America increased by 7.0 percent to USD 77.6 (72.5) million.

Increased profitability for the year as a whole
The TAKKT Group's growth and product portfolio strategy and strict cost management have proved themselves in the strained economic climate. Preliminary figures therefore show that the EBITDA margin increased to 10.9 (10.5) percent over the year as a whole. The EBIT margin increased from 7.0 percent to 7.3 percent. Along with active cost management, the reduced interest paid impacted positively on profit before tax. It increased by 9.5 percent from EUR 35.5 million to EUR 38.9 million. The margin thus increased considerably to 5.0 (4.3) percent. "These earnings clearly demonstrate the strength of TAKKT AG's mail-order business. The timely initiation of capacity adjustments to the expected business development and the high and stable cash flow to debt clearance have even enabled us to increase the company's profitability slightly in a difficult environment", says Dr. Felix A. Zimmermann, board member for finance and controlling, of the preliminary IAS figures.

Further details on the annual financial statements and the outlook for 2003 will be given at the financial statements press conference on March 24, 2003 in Stuttgart.

Short profile of TAKKT AG
Represented in more than 20 countries, TAKKT AG is the number one B-to-B mail order company for office, business and warehouse equipment in Europe and North America. The company has been listed on the Frankfurt and Stuttgart stock exchanges since September 15, 1999. In connection with the first classic spin-off of a listed German company, TAKKT AG took over the former mail order business division of GEHE AG on July 1, 1999. The TAKKT share was admitted to the Prime Standard of the German stock exchange on January 1, 2003.

Stuttgart, 14 February 2003

Contacts:

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

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