TAKKT AG / Key word(s): Quarter Results
P R E S S R E L E A S E
TAKKT increases turnover through acquisitions
Stuttgart, Germany, 30 April 2013. In the first quarter of the current financial year, the turnover and earnings review of the TAKKT Group was significantly affected by the continuing weakness of the European economy. In line with expectations, the trend was more positive for the Group's North American business. Thanks to the acquisitions of the companies Ratioform (TAKKT EUROPE division) and GPA (TAKKT AMERICA division) in 2012, consolidated turnover rose by 5.9 percent to EUR 235.9 (222.8) million. Adjusted for acquisition and currency effects, turnover fell 9.5 percent due to the economic conditions.
CEO Dr Felix A. Zimmermann is nonetheless optimistic: 'These trends are in line with our expectations. We had expected a sluggish start to the year, but remain on course for growth even in difficult economic periods thanks to our acquisition and diversification strategy.' As well as the economy, consolidated turnover and earnings were also influenced by base and working day effects. Due to the very positive trend realised in the first quarter of 2012 in North America, the percentage decreases are relatively pronounced. At Group level, there were also approximately two fewer working days in the first quarter of 2013 than in the previous year's period.
The TAKKT Group's gross profit margin increased to 44.4 (43.0) percent, due to its high-margin acquisitions. Adjusted for acquisitions, it remained almost unchanged at 42.9 percent and thus remained well above the 40 percent mark, TAKKT Group's internal target. Earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased to EUR 36.9 (39.8) million. The EBITDA margin fell to 15.6 (17.9) percent. If the acquisition effects are excluded, the EBITDA margin amounts to 14.6 percent. Earnings were adversely affected, in particular, by the lower order numbers as a result of the economic conditions, as well as the aforementioned base and working day effects. In addition, Europe's Business Equipment Group (BEG) sent its first catalogue of the year in early January 2013 instead of late December 2012 due to the timing of the holidays. The related postage costs thus reduced earnings in the period under review.
TAKKT's cash flow (defined as the profit for the period plus depreciation and amortisation, impairment of non-current assets and deferred tax affecting profit) fell to EUR 26.0 (28.6) million, corresponding to a cash flow margin of 11.0 (12.8) percent.
TAKKT EUROPE: economic environment remains difficult
TAKKT AMERICA: GPA generates turnover growth
Outlook for 2013: forecast unchanged
IFRS figures for TAKKT Group to the end of Q1 2013:
Short profile of TAKKT AG
TAKKT Group has over 2,500 employees and more than three million customers worldwide. TAKKT AG is listed on the SDAX and was admitted to Deutsche Boerse's Prime Standard on 01 January 2003.
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