TAKKT AG remains on growth course in fourth quarter
Significant turnover and profit growth in 2004
TAKKT AG reports good results for FY 2004. According to preliminary figures, the international B2B mail order company for office, business and warehouse equipment increased its turnover by 1.9 percent to EUR 727.6 (713.9) million. Adjusted for changes in exchange rates, the increase would have been 5.8 percent. All three divisions contributed to these favourable results. The TAKKT Group’s profitability also improved in 2004, with all key figures recording impressive growth. Earnings before tax, for instance, grew 26.8 percent to EUR 51.5 (40.6) million.
“A year ago, we projected currency-adjusted growth of three percent for 2004. TAKKT AG managed to exceed this target significantly. We are looking back on a successful financial year,” Georg Gayer, Chairman of the Management Board of TAKKT AG, commented on the preliminary figures.
Strong turnover growth in the fourth quarter
In the fourth quarter of 2004, the TAKKT Group generated EUR 190.8 (181.8) million in turnover. This represents a 5.0 percent increase; in exchange rate adjusted terms, turnover would have been 7.8 percent higher. One-off personnel measures at the management level at Topdeq have affected results, with EBITA increasing from the previous year's quarter only slightly from EUR 19.8 million to EUR 20.0 million. The EBITA margin consequently dropped from 10.9 to 10.5 percent.
The TAKKT divisions
KAISER + KRAFT EUROPA generated turnover of EUR 103.8 (93.7) million in the fourth quarter, which represents an increase of 10.8 percent. Topdeq raised its turnover slightly by 0.4 percent to EUR 22.9 (22.8) million. K + K America’s contribution to Group turnover was EUR 64.1 (65.3) million and 1.8 percent down on the same period of the previous year. K + K America’s turnover figure in local currency was up 7.1 percent on the comparable period (USD 83.3 million, up from USD 77.8 million).
Further increase in profitability in 2004
The preliminary 2004 figures continue to confirm the TAKKT Group’s growth and portfolio strategy combined with strict cost management. The Group’s EBITA margin for the full year rose to 10.7 (9.8) percent, while earnings before tax reflected the dual effect of efficiency gains and lower interest expenses; at EUR 51.5 (40.6) million, earnings before tax were up 26.8 percent on the previous year’s figure. The cash flow amounted to EUR 57.7 (50.5) million, i.e. 7.9 percent of turnover.
“Through consistent optimisation of our product ranges and services as well as through improved utilisation of our infrastructure we managed to further improve the profitability of the TAKKT Group in 2004. Our 10.7 percent EBITA margin is at the upper end of the 9 to 11 percent target corridor,” CFO Dr Florian Funck commented on the preliminary figures.
More details on the 2004 financial statements as well as an outlook for FY 2005 will be published at the financial statements press conference in Stuttgart on 23 March 2005.
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 following areas: business and warehouse equipment, classical and design-oriented office furniture, 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 in the SDAX and was admitted to Deutsche Boerse’s Prime Standard on 1 January 2003.
Preliminary IFRS figures of TAKKT AG for 2004
Stuttgart, 17 February 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