Thursday, March 22, 2012


TAKKT Group continued on its growth course in 2011. By acquiring the US direct marketing company for display products, TAKKT further expands its US portfolio and significantly strengthens its e-commerce competence.

2011 financial facts :

•    Organic turnover growth of 7.3 percent
•    Gross profit margin improves to 43.3 percent
•    Share of online turnover exceeds twenty percent for the first time
•    At 14.2 percent, EBITDA margin reaches the upper third of the target corridor of 12 to 15 percent
•    Earnings per share back to pre-crisis level at EUR 1.01
•    Total dividend of 85 cents per share proposed

In the 2011 financial year, TAKKT Group generated turnover of EUR 852.2 (2010: 801.6) million. This corresponds to a year-on-year increase of 6.3 percent. Adjusted for currency effects, it even achieved a growth rate of 7.3 percent. "2011 was no easy year, even with this strong upswing. The uncertainty in the financial markets also impacted the real economy in the course of the year. We are all the more pleased that we once again markedly improved our operational profitability and earnings compared to the previous year," said CFO Dr Claude Tomaszewski.

Earnings before interest and taxes (EBIT) were also higher than the previous year's figure at EUR 104.1 (68.0) million, in part because there was no need for any goodwill impairment in 2011. The EBIT margin rose to 12.2 (8.5) percent in the year under review, in comparison to a figure of 10.1 percent for 2010, adjusted for the impairment of the Topdeq goodwill.
The tax ratio fell to 31.0 percent in 2011 compared to the previous year's level of 34.0 percent, which was adjusted for the Topdeq goodwill impairment. The profit for the period rose significantly to EUR 66.0 (34.6) million. Earnings per share increased from EUR 0.52 to EUR 1.01 and were therefore back on the same level as in 2008.

The TAKKT cash flow - defined as the profit for the period plus depreciation, goodwill impairment and deferred tax affecting profit - rose by 24.9 percent to EUR 87.8 (70.3) million. The cash flow margin as a proportion of consolidated turnover improved to 10.3 (8.8) percent. After recognising the effects on liquidity due to changes in net current assets and the regular capital expenditure, TAKKT's free cash flow amounted to EUR 70.1 (81.6) million.
As TAKKT Group did not make any major acquisitions or investments in 2011, the positive earnings development had the highest impact on the balance sheet. The Group's total equity amounted to EUR 301.0 (251.7) million at the balance sheet date. At 54.7 (46.5) percent, the equity ratio therefore came close to the upper end of TAKKT's own target corridor of thirty to sixty percent.

"In order to achieve the desired balance between sufficient financial scope for financing growth and the total cost of capital, we propose together with the Supervisory Board the payout of a special dividend of 53 cents per share to the Annual General Meeting (AGM), in addition to an ordinary dividend of 32 cents per share," Tomaszewski announced.

TAKKT EUROPE generated turnover of EUR 507.3 (467.1) million. The growth rate of 8.6 percent (plus 6.8 percent when adjusted for currency effects) was attributable to the very positive development in the KAISER+KRAFT, gaerner, Gerdmans and Certeo brands of the Business Equipment Group (BEG), which together reached a low double-digit increase in turnover.

In the Office Equipment Group (OEG), the repositioning initiated in 2010 and designed to put more emphasis on service-orientation began to bear fruit. The average order value and customer acquisition developed pleasingly, but the number of orders was well below the previous year's figure, as expected. In summary, the turnover generated by the OEG with its Topdeq and Furnandi brands dropped, as anticipated, by a low double-digit percentage.
EBITDA for TAKKT EUROPE again rose faster than turnover year-on-year by 27.7 percent to EUR 101.0 (79.1) million. The EBITDA margin at 19.9 (16.9) percent was above the target corridor for the Group. The BEG was once again well above this level, making it the most profitable group within TAKKT Group. In spite of its downturn in turnover, also the OEG operationally posted a higher, slightly positive result.

TAKKT AMERICA generated turnover of EUR 345.2 (334.7) million in the 2011 financial year. This corresponds to a year-on-year increase of 3.1 percent. Adjusted for the currency effects of the on-average weaker US dollar compared with the euro, turnover grew by 8.0 percent in the period under review.
TAKKT AMERICA generated EBITDA of EUR 28.6 (28.9) million in the year under review, resulting in an EBITDA margin of 8.3 (8.6) percent. Here, it should be noted that earnings were affected by bringing forward advertising costs. Printing the first two catalogues for the year 2012 for the PEG together, led to advanced advertising costs amounting to EUR 1.3 million in 2011. Adjusted for this effect, the EBITDA margin was 8.7 percent. In terms of profitability, the SPG was able to deliver the highest contribution, followed by OEG and PEG. Scheduled start-up losses at the European Hubert companies,, and NBF Canada had a negative impact on earnings.

SOURCE: Reuters


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