TAKKT AG / Key word(s): Quarter Results
P R E S S R E L E A S E
TAKKT realises slight organic turnover growth in the third quarter of 2013
Stuttgart, Germany, 31 October 2013. The first nine months of the financial year 2013 were characterised by a difficult economic situation in the eurozone. Many companies' willingness to invest was accordingly limited. A further factor were the ongoing budget discussions in the USA, which led to budget cutbacks for many federal agencies and thus impacted on the North American business of some TAKKT companies. The eurozone's recovery, which has been looming for some months now, and the continued robust state of overall demand in the USA have provided further buoyancy for the upswing that materialised around halfway through the year. With organic - i.e. adjusted for currency and acquisition effects - turnover growth of 0.1 percent in the third quarter, the TAKKT Group was able to report a return to organic turnover growth by comparison with the previous year's period after five negative quarters.
In the first nine months of the current financial year, the turnover of the TAKKT Group amounted to EUR 713.4 (695.4) million, an increase of 2.6 percent on the previous year's period. Adjusted for currency effects as well as the acquisition effects resulting for GPA in the first quarter and for Ratioform for the first half of the year, turnover declined by 3.7 percent. Halfway through the year, the organic decline in turnover had amounted to 5.8 percent. Claude Tomaszewski, CFO of TAKKT AG, comments: 'It is clear that the positive momentum from the second quarter has continued. However, to date the upswing has fallen short of our expectations. This also reflects imponderabilities such as the US budget dispute.' The two companies acquired in the previous year, GPA and Ratioform, have realised favourable performances. Thanks to their contribution, the gross profit margin has climbed to 43.7 (43.2) percent. Adjusted for the effects of these acquisitions, the gross profit margin was at 42.9 percent.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 103.3 (108.1) million in the period under review. The corresponding margin declined to 14.5 (15.5) percent. This was partly due to a lower level of utilisation of infrastructure. Adjusted for acquisition effects, this figure amounted to 13.8 percent. The TAKKT cash flow - defined as profit plus depreciation, impairment of non-current assets and deferred tax affecting profit - amounted to EUR 71.8 (77.4) million in the first nine months of the year, which corresponds to a cash flow margin of 10.1 (11.1) percent.
TAKKT EUROPE: recovery continues
In the first nine months of the year, the EBITDA of TAKKT EUROPE amounted to EUR 71.8 (74.9) million. This resulted in an EBITDA margin of 18.6 (20.1) percent. Adjusted for the earnings contributed by Ratioform in the first half of the year, the EBITDA margin amounted to 18.1 percent.
TAKKT AMERICA: strong performance from the Specialties Group (SPG)
At EUR 37.8 (40.0) million, the EBITDA of the TAKKT AMERICA division fell by comparison with the same nine-month period in the previous year. The EBITDA margin was also lower than in the previous year at 11.5 (12.4) percent. Adjusted for acquisition effects, the EBITDA margin amounted to 11.2 percent. The earnings of TAKKT AMERICA suffered above all due to a lower rate of capacity utilisation resulting from the falling public-sector demand. The purchase price adjustment completed in the second quarter for GPA's acquisition had an additional negative effect on earnings.
TAKKT intends to phase-out Topdeq's operating business
Outlook: favourable indicators
In view of these trends, the CEO of TAKKT AG, Felix Zimmermann, has an optimistic view of the next few months: 'In Europe we are seeing the first tangible signs of economic recovery. We expect that this positive momentum will remain intact, which should then be reflected in our business figures.'
IFRS figures for TAKKT Group for the first nine months of 2013:
Short profile of TAKKT AG
The 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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