TAKKT AG / Key word(s): Final Results
P R E S S R E L E A S E
TAKKT: 2014 financial year successfully concluded
Stuttgart, Germany, March 20, 2015. With different growth dynamics in the core markets of Europe and North America, TAKKT was able to increase consolidated turnover organically in the 2014 financial year (i.e., adjusted for currency effects and the phase-out process of the Topdeq companies) by 5.5 percent over the previous year. Reported consolidated turnover rose by 2.9 percent to EUR 980.4 million (previous year: 952.5). The development of turnover could even slightly exceed the expected organic increase of three to five percent stated in the previous year's forecast report. "We can look back on a successful financial year and report positive figures", concluded Felix Zimmermann, CEO of TAKKT AG. "In Europe, we have done well during the course of the year despite the slowing economic momentum. The business in North America exceeded our expectations. Our portfolio concept proved its worth once again in the 2014 financial year."
EBITDA margin in upper range of target corridor
Significant increase in TAKKT cash flow
CFO Claude Tomaszewski explains: "The cash flow of the TAKKT Groupʼs business remained at its usual high level in the year under review. As in the previous year, the Management Board and Supervisory Board will jointly propose to the Shareholders' Meeting that a dividend of EUR 0.32 per share be paid out." Even after the payout, TAKKT will continue to have sufficient financial flexibility to take advantage of acquisition opportunities at any time. The Group recently announced the acquisition of the Post-Up Stand group of companies in the US, which will be part of the Specialties Group (SPG) of TAKKT AMERICA in the future.
TAKKT EUROPE: Good performance in both divisions
Both divisions within the segment contributed to organic turnover. The Business Equipment Group (BEG) realized an increase in turnover in the low single-digit percentage range, which is due to the growth in virtually all brands and regions, including the home market of Germany. In contrast, the countries of Western Europe fell below expectations. The development in Eastern and Southern Europe was particularly positive. The Packaging Solutions Group (PSG) performed well with an increase in turnover in the mid-single-digit percentage range. Some of the reasons for this were the intensified field sales activities in the German market as well as growth in Italy.
The segmentʼs EBITDA margin rose to 19.1 (17.0) percent. The main reasons for the margin increase were the negative one-off effects of 2013 and the discontinuation of the Topdeq business, which had a negative impact on profitability in the past.
TAKKT AMERICA: Above-average turnover growth in SPG and OEG divisions
The profitability of the segment developed positively with an increase in the EBITDA margin of TAKKT AMERICA to 10.3 (9.9) percent. Earnings in the previous year were adversely affected by the adjustment of the purchase price liability for GPA in the amount of EUR 3.6 million.
Sustainability as a component of TAKKTʼs corporate strategy
Outlook: Cautious start to the year in Europe, strong start in North America
From today's perspective, the Management Board expects that 2015 will most likely develop as follows: TAKKT expects the GDP growth rates in Europe and especially the USA to improve compared to 2014. Under these circumstances, the Group should be able to achieve an increase in organic turnover of three to five percent. According to the general conditions expected, the EBITDA margin of the Group should fall within the upper end of the self-imposed target corridor of 12 to 15 percent.
A deviation from the most likely scenario is dependent on the economic trend and therefore cannot be ruled out. Zimmermann explains in summation: "We see great opportunities in the further development to a multi-channel PLUS company. At the same time, we want to maintain our diversification strategy and also grow through acquisitions that fit well with TAKKTʼs portfolio in the future."
The TAKKT Group has over 2,000 employees and just under three million customers worldwide. The company is listed on the SDAX and the Deutsche Boerse Prime Standard.
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