TAKKT AG / Key word(s): Interim Report/Quarter Results P R E S S R E L E A S E
TAKKT Group benefits from regional diversification despite weak European economy Significant events in the first nine months of 2012
Stuttgart, Germany, 30 October 2012. TAKKT Group benefited from the regional diversification of its business activities and its acquisition strategy in the first nine months of 2012. TAKKT Group achieved a 9.8 percent increase in its consolidated turnover to EUR 695.4 (633.6) million in the first three quarters of 2012. Adjusted for acquisition and currency effects, consolidated turnover fell by 1.8 percent due to a lower number of orders. 'The Group's performance is therefore in line with our expectations', said CEO Dr Felix A. Zimmermann. 'We particularly anticipated an economic slowdown in Europe. As expected, we recorded an organic decrease in turnover in the third quarter.' The gross profit margin remained stable at 43.2 (43.2) percent in the first nine months of 2012, on account of the acquisitions. Excluding these two purchases, it fell to 42.6 percent. This is mainly attributable to the regional shift in the share of turnover between North America and Europe. In line with the gross profit margin, operational profitability - adjusted for acquisitions - also declined slightly. In the first nine months of the financial year, the absolute EBITDA (earnings before interest, taxes, depreciation and amortisation), adjusted for acquisitions, fell to EUR 98.8 (99.1) million and the EBITDA margin to 15.2 (15.6) percent. Including the earnings contributions provided by the acquisitions GPA (since 01 April 2012) and Ratioform (since 01 July 2012), absolute EBITDA amounted to EUR 108.1 million and the EBITDA margin to 15.5 percent. The TAKKT cash flow - defined as the profit for the period plus depreciation, goodwill impairment and deferred tax affecting profit - amounted to EUR 77.4 (70.9) million in the first nine months of 2012, thereby remaining at a high level. This corresponds to a cash flow margin of 11.1 (11.2) percent and a TAKKT cash flow per share of EUR 1.18 (1.08).
TAKKT EUROPE benefits from Ratioform acquisition Despite the drop in turnover, TAKKT EUROPE's operating result remained at a high level in the first nine months of the year. The division generated EBITDA of EUR 74.9 million, resulting in an EBITDA margin of 20.1 percent. Excluding the acquisition of Ratioform, the EBITDA amounted to EUR 70.5 (77.6) million and the EBITDA margin to 20.0 (20.8) percent.
TAKKT AMERICA records significant increase in turnover and earnings In the period under review, TAKKT AMERICA generated EBITDA of EUR 40.0 million. This resulted in an EBITDA margin of 12.4 percent. Excluding the acquisition of GPA, in the first nine months of 2012 the EBITDA margin was 11.8 (11.0) percent and the absolute EBITDA amounted to EUR 35.1 (28.7) million. Better utilisation of the direct marketing infrastructure had a positive effect on earnings. By contrast, anticipated start-up losses at the European Hubert companies, as well as at IndustrialSupplies.com and cateringplanet.com had a negative impact on earnings.
TAKKT Group spurs growth through acquisitions Ratioform is the leading B2B direct marketing group for transport packaging in Germany, where around 75 percent of its turnover is generated. It also operates in five other European countries. Its product range is sold to B2B customers from various different sectors using the multi-channel approach. In 2011, the Ratioform Group generated pro forma turnover of EUR 83 million and a pro forma EBITDA of EUR 22.6 million.
TAKKT successfully places debut Schuldschein loan The financing offering attracted wide interest of investors and the order book was noticeably oversubscribed. Maturity periods of three and five years with fixed and variable interest rates were offered. Due to the keen demand, the original volume of EUR 75 million was able to be increased to EUR 140 million and interest conditions could be fixed at the lower end of the marketing spread. 'The strong demand from institutional investors is a sign of confidence in the sustainable cash flow strength and the attractive business model of TAKKT AG even in times of the financial and sovereign debt crisis,' says Tomaszewski. 'With this Schuldschein loan we are taking early action to improve the maturity structure of our borrowings and solidify our long-term financing within a historically favourable interest-rate environment.' This successful transaction was supported by Bayerische Landesbank and Landesbank Baden-Wuerttemberg.
Outlook - economic indicators still advise caution, particularly in Europe
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TAKKT Group employs more than 2,000 staff, has over three million customers worldwide and distributes more than 45 million catalogues and mailings per year. TAKKT AG is listed on the SDAX and was admitted to Deutsche Boerse's Prime Standard on 01 January 2003.
Contacts: Email: investor@takkt.de End of Corporate News 30.10.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | TAKKT AG | |
Presselstr. 12 | ||
70191 Stuttgart | ||
Germany | ||
Phone: | +49 (0)711 346 58 -0 | |
Fax: | +49 (0)711 346 58 - 10 | |
E-mail: | investor@takkt.de | |
Internet: | www.takkt.de | |
ISIN: | DE0007446007 | |
WKN: | 744600 | |
Indices: | SDAX | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, München | |
End of News | DGAP News-Service |
190678 30.10.2012 |