TAKKT AG / Key word(s): Final Results
TAKKT: Solid operating key figures thanks to diversification strategy
Felix Zimmermann, CEO of TAKKT AG, explains the reasons for the operational development: "TAKKT has a carefully balanced portfolio of B2B direct marketing specialists. Our Group companies distinguish themselves through their individual focus on different product ranges, sales regions and distribution channels. This allows them to cater to different customer groups from various industries. This strategy has proved itself once again in the year under review. TAKKT is therefore broadly positioned and was also able to produce solid operating key figures even under difficult conditions."
For the 2013 financial year, three one-off effects need to be taken into account: First, the decision to gradually discontinue operations of the European Topdeq group resulted in a negative effect on earnings of EUR 6.2 million. Second, the outstanding variable liability for the US-based company GPA was adjusted as the company developed better than expected. In the final quarter of 2013, the outstanding variable components for the acquisition that had been contractually agreed upon were set to a fixed sum by means of a contract modification together with the former owners. The adjustment and subsequent stipulation of the purchase price liability resulted in an expenditure totaling EUR 3.6 million. Third, the option to expand the central warehouse in Kamp-Lintfort was not exercised, which resulted in a compensation payment of EUR 2.0 million. Adjusted for the one-off effects, the EBITDA margin of 14.1 percent was close to the level of the comparable prior-year figure of 14.4 percent.
Group profit decreased by 21.6 percent to EUR 52.5 (67.0) million. Accordingly, earnings per share fell to EUR 0.80 (1.02).
CFO Claude Tomaszewski sums it up: "A key strength of our business model is its high internal financing power. This allowed us to generate high cash flow even in the difficult economic environment of last year and to pay off a significant portion of our financial debt. Given the solid financing and healthy balance sheet structure, the TAKKT Management Board and Supervisory Board will propose at the Shareholders' Meeting that a dividend of EUR 0.32 per share be paid out as in the previous year."
The EBITDA margin of TAKKT EUROPE 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 not exercising the warehouse expansion option. Adjusted for the two one-time effects, the margin was 18.6 percent.
The EBITDA margin of TAKKT AMERICA in the year under review was 9.9 (9.7) percent. Adjusted for the aforementioned adjustment to the purchase price liability of GPA, the EBITDA margin of the division came to 10.7 percent and thus once again above the level of the previous year (10.4 percent).
Outlook: Early economic indicators point to an upswing
The Management Board currently considers the following scenario for 2014 to be most likely. TAKKT expects the GDP growth rate to improve significantly compared to the past year. In addition, purchasing manager index values that are significantly over 50 points are expected. Given these economic conditions, the Group should be able to realize organic turnover growth of between three and five percent and an EBITDA margin in the mid-range of the self-imposed target corridor of 12 to 15 percent. For the number of orders as well as for the average order value, an increase can be expected compared to the year under review. North American economic forecasts continue to look somewhat more favorable than those in Europe. A deviation from the most likely scenario, depending on the economic development and political events, cannot be ruled out. Zimmermann explains: "The economic improvement in our sales markets is an important condition for TAKKT to be able to show good organic turnover." We also see opportunities in the further diversification of our business model and in the integrated multi-channel concept that we are driving forward with our Group-wide strategic DYNAMIC initiative."
The TAKKT Group has over 2,500 employees and more than three million customers worldwide. TAKKT AG is listed on the SDAX and has been in the Deutsche Boerse Prime Standard since January 1, 2003.
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