TAKKT AG / Key word(s): Quarter Results
TAKKT off to a good start in 2015: Strong performance in North America
- Organic consolidated turnover rises by 3.6 percent (relative to Q1/2014); reported consolidated turnover climbs by 5.8 percent to EUR 252.3 (previous year: EUR 238.6) million
- Gross profit margin of 43.0 (Q1/2014: 43.9) percent
- Significant increase of the EBITDA margin to 17.3 (15.7) percent, 16.0 percent after adjusting for the gain on deconsolidation from the sale of PEG
- Earnings per share rise to EUR 0.38 (0.28)
- Successful completion of the sale of PEG effective January 30, 2015 with a gain on deconsolidation in amount of EUR 3.3 million
- Acquisition of the US direct marketing specialist Post-Up Stand; the effective closing date of the transaction was April 01, 2015
Felix Zimmermann, CEO of TAKKT AG, put these numbers in perspective: "We are pleased with the successful start to the 2015 financial year. In particular, our business operations in North America are performing well. In Europe, there are indications of a gradual economic recovery as the year progresses, which makes us generally optimistic as we look ahead to the rest of the 2015 financial year."
As planned, PEG was sold effective January 30, 2015; until this date, the division contributed a further EUR 6.3 million to consolidated turnover. As announced in March, the acquisition of the Post-Up Stand group, an American direct marketing specialist for customized printed displays, was completed effective April 01, 2015. The turnover of Post-Up Stand was therefore not included in the consolidated turnover for the reporting period.
With a margin of 17.3 (15.7) percent, EBITDA (earnings before interest, taxes, depreciation and amortization) rose to EUR 43.8 (37.4) million. The EBITDA figure includes other operating income in the amount of EUR 3.3 million from the deconsolidation of the American PEG. After adjusting for this one-time gain, the EBITDA margin would have been 16.0 percent in the reporting period. The profit for the period rose to EUR 25.1 (18.5) million, whereby the Groupʼs earnings per share climbed to EUR 0.38 (0.28).
The TAKKT cash flow (defined as the profit for the period plus depreciation and amortization, impairment of non-current assets and deferred taxes affecting profit and loss) amounted to EUR 34.4 (26.5) million, also a significant improvement over the prior year's period. This corresponds to an improved cash flow margin of 13.6 (11.1) percent and an improved TAKKT cash flow per share of EUR 0.52 (0.40).
There also was a divergent performance when it came to TAKKT EUROPEʼs two divisions: The Packaging Solutions Group (PSG), a packaging specialist which is more resistant to cyclical trends, booked organic growth in the low single-digit percentage range. The Business Equipment Group (BEG), on the contrary, registered a decrease in organic turnover in the low single-digit percentage range in light of the decline in the purchasing manager indexes in the second half of 2014. The segmentʼs EBITDA took a slight dip to EUR 27.3 (28.5) million, whereby the EBITDA margin amounted to 20.3 (20.6) percent.
Of the divisions within the TAKKT AMERICA segment, the Office Equipment Group (OEG) achieved organic turnover growth well in the double-digit percentage range, thanks to the currently high volume of business being transacted with federal institutions. The Specialties Group (SPG), meanwhile, recorded organic turnover growth in the low double-digit percentage range. The performance of the Group company Central was particularly positive. The TAKKT AMERICA segmentʼs EBITDA rose to EUR 18.5 (11.5) million, whereby the EBITDA margin climbed to 15.7 (11.5) percent. The EBITDA figure includes other operating income in the amount of EUR 3.3 million from the deconsolidation of PEG. Adjusted for this effect, the EBITDA margin was 12.8 percent.
About TAKKT AG
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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