TAKKT AG / Key word(s): Preliminary Results
TAKKT: Solid operating key figures in a difficult financial year
Stuttgart, Germany, February 20, 2014. The financial year 2013 was shaped by the weak economic situation in Europe while the USA showed much stronger economic data. The fiscal disputes at the federal level in the USA did, however, have a negative impact on the US business of some TAKKT companies. In terms of the top line, TAKKT was able to increase consolidated turnover in the reporting currency by 1.3 percent to EUR 952.5 (939.9) million. Adjusted for acquisition and currency effects, consolidated turnover dropped by 2.6 percent. Felix Zimmermann, CEO of TAKKT AG, summed it up: 'The financial year 2013 was not easy for TAKKT due to the general economic conditions. The diversification of our business model proved itself in this environment once again. As a result, we are able to present solid operating key figures today.'
There are three one-time effects to note in the financial year 2013: First, the TAKKT Management Board made the announcement in October of last year to phase-out the operational business of the Topdeq Group. Second, the contingent purchase price liability for the US-based company GPA was adjusted as the company developed better than expected. In the fourth quarter, the purchase price liability was set at a fixed sum together with the former owners. Third, a contractually agreed compensation payment was due in the final quarter as TAKKT had made the decision to pass on the option to expand the warehouse in Kamp-Lintfort. In total, these three one-time effects had an impact of 11.8 million euros on the results.
Adjusted for these one-time effects, the EBITDA margin of 14.1 percent was close to that of the previous year. As a result of higher finance expenses as well as an increase in planned amortization of intangible assets related to the acquisitions made in 2012, the earnings per share amounted to 0.80 (1.02) euros. The TAKKT cash flow - defined as profit plus depreciation and amortization, impairment of non-current assets and deferred tax affecting profit - amounted to EUR 83.4 (92.7) million. This corresponds to a cash flow margin of 8.8 (9.9) percent and a TAKKT cash flow per share of EUR 1.27 (1.41).
CFO Claude Tomaszewski explains: 'TAKKT's business generates high cash flow even in a difficult market environment. Subject to the approval of the Supervisory Board, the Management Board and Supervisory Board of TAKKT will thus propose at the Shareholders' Meeting that a dividend of EUR 0.32 per share be paid out as in the previous year.'
The groups within the TAKKT EUROPE division developed differently. The Packaging Solutions Group (PSG) performed best. It showed slight growth in comparison to pro forma turnover of the previous year. The Office Equipment Group (OEG) had to absorb a decrease in turnover in the two-digit percent range while the Business Equipment Group (BEG), the largest group in the division, recorded losses in turnover in the mid-single figure percentage range.
The EBITDA margin of the division decreased to 17.0 (19.8) percent in light of the weak economy as well as one-time effects from the discontinuation of Topdeq and the compensation payment from the expansion option. Adjusted for the two one-time effects, the margin was 18.6 percent.
The groups within the TAKKT AMERICA division developed differently. The Specialties Group (SPG) achieved turnover growth in the local currency in the mid-single-digit percentage range even without the acquisition effect of GPA. The food retail and food service industries as well as the restaurant industry developed positively and GPA was even able to grow by more than 20 percent. The Plant Equipment Group (PEG), which mainly supplies the manufacturing industry as a full-service provider for storage and material handling equipment, had to accept a decrease in turnover in the high single-digit percentage range due to the demanding competitive environment. The Office Equipment Group (OEG) suffered as a result of the buying reluctance of the American federal institutes and also had to accept a decrease in turnover in the high single-digit percentage range.
The EBITDA margin for TAKKT AMERICA in the year under review came to 9.9 (9.7) percent. Adjusted for the aforementioned adjustments to the purchase price liability of GPA, the EBITDA margin of the division amounted to 10.7 percent.
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 January 1, 2003.
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