TAKKT AG clearly boosts first-half earnings
Turnover up 3.9 percent in currency-adjusted terms
TAKKT AG reports a positive business performance for the first half of 2004. The leading B2B mail order company for business equipment in Europe and North America generated EUR 358.4 (H1 2003: 360.8) million in turnover. While this represents a decline of 0.7 percent over the same period of the previous year, turnover rose by 3.9 percent in currency-adjusted terms. Earnings rose at an above average rate, with earnings before tax up 39.1 percent to EUR 26.7 (19.2) million.
TAKKT benefited from the slightly improved economic situation in Europe and North America. Order numbers were up on the previous year, while the average order value increased slightly in currency-adjusted terms.
“The course of business in the previous year gives cause for optimism. However, the further development will primarily depend on a revival of the economy, especially in Germany. We will keep to our currency-adjusted three percent growth target,” said Georg Gayer, CEO of TAKKT AG.
Continued increase in profitability
Earnings before interest, tax and amortisation (EBITA) climbed 16.2 percent to EUR 40.2 (34.6) million, so that the EBITA margin rose from 9.6 to 11.2 percent. Earnings before interest and tax increased by 22.8 percent to EUR 32.3 (26.3) million, which represents an EBIT margin of 9.0 (7.3) percent. At EUR 29.6 (25.3) million, cash flow was also clearly up on the previous year.
“The slightly improved business situation enabled TAKKT to increase its earnings at an above average rate. We are confident that TAKKT will be able to achieve an EBITA margin at the upper end of the 9 to 11 percent target corridor for the full year”, CFO Dr. Florian Funck commenting on the good result for the first six months.
Good business at KAISER + KRAFT EUROPA
KAISER + KRAFT EUROPA increased its first-half turnover by 2.7 percent to EUR 186.5 (181.6) million. Based on stable exchange rates, the increase would have come to 3.4 percent. While the subsidiaries in Eastern Europe, France and Switzerland reported a particularly positive business development, the first signs of a recovery have also become apparent in Germany. KAISER + KRAFT EUROPA’s earnings position remains gratifying, with EBITA totalling EUR 31.0 (27.7) million. The EBITA margin rose to 16.6 (15.3) percent.
Topdeq: Growth in France and Switzerland
Turnover in the Topdeq division declined by 2.8 percent to EUR 34.8 (35.8) million. Based on stable exchange rates, the decline would have come to only 0.8 percent. The persistently weak demand for office furniture is primarily apparent in Germany and the Netherlands. The subsidiaries in France and Switzerland have developed favourably and reported good growth rates. The adjustment of capacities to the course of business had a positive impact on the earnings position of the Topdeq division. The division generated earnings before interest, tax and amortisation of
EUR -0.8 (-1.5) million.
K + K America boosts turnover
The companies of the K + K America Group generated a turnover of USD 168.1 (158.3) million in the first half of the year, which represents a 6.2 percent increase over the previous year. Translated into the reporting currency euro, however, turnover was down 4.4 percent to EUR 137.1 (143.4) million. The positive economic development benefited C&H and Hubert, in particular.
K + K America’s profit-turnover ratio increased significantly, with the EBITA margin reaching 10.0 (8.4) percent. EBITA totalled USD 16.8 (13.3) million, equivalent to EUR 13.7 (12.0) million.
Short profile of TAKKT AG
Represented in more than 20 countries, TAKKT AG is the number one B2B mail order company for office, business and warehouse equipment in Europe and North America. The Group employs approximately 1,900 people and has 2.5 million customers worldwide.
The company is listed in the SDAX and was admitted to Deutsche Boerse’s Prime Standard on January 1, 2003.
IFRS figures of TAKKT AG for the first half-year 2004
Stuttgart, 5 August 2004
Contacts:
Georg Gayer, CEO
Phone +49 (0)711 3 46 58-201
Dr. Florian Funck, CFO
Phone +49 (0)711 3 46 58-207