TAKKT AG grows 4.8 percent in currency-adjusted terms

“All our divisions reported growth rates, so that TAKKT successfully defended its market position – especially in view of the uncertain economic situation in Europe,” CEO Georg Gayer commenting on the figures.

Continued increase in profitability
Earnings before interest, tax and amortisation (EBITA) rose to EUR 23.9 (22.5) million, while the EBITA margin climbed from 12.2 percent to 12.5 percent.

TAKKT adopted IFRS 3 with effect from 1 January 2005, so that, in contrast to the previous year, no scheduled goodwill was amortised. Accordingly, profit before tax increased strongly by a good 35 percent to EUR 21.4 (15.8) million. Cash flow – defined as net income before minority interest plus depreciation and deferred tax – was EUR 17.4 (16.6) million.

“We have traditionally reported strong turnover and earnings in the first three months of a year. We assume that our EBITA margin for the full year will be in the upper half of our 9 to 11 percent target corridor,” said CFO Dr Florian Funck.

KAISER + KRAFT EUROPA grows
Despite the persistently difficult environment – especially in Germany – turnover at KAISER + KRAFT EUROPA rose by 2.5 percent to EUR 100.8 (98.3) million. Based on stable exchange rates, the increase would have been 1.9 percent. Business developed particularly favourably for the subsidiaries in Japan, France, the Slovak Republic and Sweden.

The EBITA margin declined moderately from 17.8 percent to 17.3 percent due to an increase in the number of catalogues and mailings, which will not be effective until the second quarter. At EUR 17.4 (17.5) million, EBITA remained at a high level.

Topdeq reports double-digit growth
First-quarter turnover at Topdeq rose by 12.2 percent to EUR 21.1 (18.8) million. Based on stable exchange rates, turnover would have increased by 12.8 percent. Topdeq reported an increase in both the number of orders and the average order value. While the strongest stimulation for growth was again provided by the US and French companies, the German and Swiss subsidiaries also reported pleasing growth.

Topdeq’s profitability improved, with EBITA climbing from EUR 0.3 million to EUR 1.0 million, which represents an EBITA margin of 4.7 percent (1.6 percent).

Strong turnover growth at K + K America
The companies of the K + K America Group increased their first-quarter sales by 6.9 percent to USD 89.9 (84.1) million. All companies contributed to this increase in turnover. Translated into euros, the division’s turnover reached EUR 68.6 (67.3) million, which represents an increase of 1.9 percent.

K + K America’s EBITA rose by 12.1 percent to EUR 7.4 (6.6) million, with the EBITA margin climbing from 9.8 to 10.8 percent.

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 product range of the TAKKT subsidiaries comprises some 100,000 items from the areas: business and warehouse equipment, classical and design-oriented office furniture and accessories, occupational safety products, sales promotion items for retailers, the food service industry and the hotel market.

TAKKT AG employs approximately 1,900 people, has more than 2.6 million customers worldwide and distributes more than 50 million catalogues and mailings per year.

The company is listed on the SDAX index and was admitted to Deutsche Boerse’s Prime Standard on 1 January 2003

IFRS figures of TAKKT AG for the first quarter 2005

Stuttgart, 28 April 2005

Contacts:

Georg Gayer, CEO
Phone +49 (0)711-3 46 58-201

Dr Florian Funck, CFO
Phone +49 (0)711-3 46 58-207