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MarketScreener Homepage  >  Equities  >  Xetra  >  TAKKT AG    TTK   DE0007446007

TAKKT AG

(TTK)
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2019-04-25 TAKKT AG: TAKKT sees good organic growth in the first quarter - full-year forecast confirmed

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04/25/2019 | 01:13am EDT

DGAP-News: TAKKT AG / Key word(s): Quarter Results/Quarterly / Interim Statement

25.04.2019 / 07:00
The issuer is solely responsible for the content of this announcement.

TAKKT sees good organic growth in the first quarter - full-year forecast confirmed

  • Reported Group sales up by 11.2 percent
  • Organic sales growth of 5.0 percent, positive effects from portfolio changes totaling 2.6 percentage points and from currency fluctuations of 3.6 percentage points
  • Gross profit margin at 41.7 (42.5) percent
  • EBITDA margin increases to 12.7 (12.1) percent; first-time application of IFRS 16 has a positive effect of around one percentage point
  • E-commerce share climbs to 54.8 percent

Stuttgart, Germany, April 25, 2019. In the first three months of 2019, TAKKT was able to increase sales by 11.2 percent compared to the first quarter of 2018 to EUR 306.9 (276.1) million. 'We had a good start to 2019,' says CEO Felix Zimmermann. The company benefited from continued good organic growth of 5.0 percent. There were positive effects of 2.6 percentage points from portfolio changes as well as 3.6 percentage points from currency fluctuations. As was already the case in the previous quarter, organic growth was somewhat stronger in North America than in Europe. All seven divisions were able to grow organically.

The gross profit margin was 41.7 (42.5) percent. Around half of the difference to the previous year is attributable to structural effects, also because the two acquisitions made in 2018 have a lower gross profit margin than the Group on average. The EBITDA margin improved to 12.7 (12.1) percent compared to the previous year. As expected, the first-time application of the IFRS 16 accounting standard had a positive impact of around one percentage point on the margin. Adjusted for this effect, profitability was slightly below the previous year due to the lower gross profit margin and structural adjustments at Hubert and ratioform. In total, EBITDA increased significantly from EUR 33.4 million to EUR 39.1 million. In addition to the above-mentioned effect from the application of IFRS 16, positive currency effects also contributed to this increase. With an increase to EUR 30.9 (26.6) million, TAKKT cash flow developed positively as well. This was also due to the first-time application of IFRS 16.

The company remains on track with its digital transformation. The share of order intake via e-commerce was 54.8 percent in the first quarter. In addition, the TAKKT investment company was recently able to carry out its ninth investment, acquiring a minority interest in Profishop. Established in 2012, the start-up is a high-growth B2B e-commerce platform for consumables and equipment for business, storage, manufacturing and building services.

'In view of the persistent decline of economic indicators and as a result of the termination of a major customer contract with Hubert starting in March, which was announced in the 2018 annual report, we anticipate lower organic growth rates in the upcoming quarters,' explains TAKKT CFO Claude Tomaszewski. Under current conditions, TAKKT continues to expect slight organic sales growth for the full year and an EBITDA margin in the target corridor of 12 to 16 percent. Even in the event of a significant slowdown in business, the Group attaches great importance to achieving the profitability targets and has prepared measures for flexible cost adjustments. If the persistently weak economic indicators become noticeable in the order intake, TAKKT will implement these measures promptly.

Conference call: April 25, 2019, at 2:00 p.m. (CEST).
The login details to participate in the earnings call are available at the following link:
www.takkt.de/event/

IFRS figures for the TAKKT Group for the first quarter of 2019
(in EUR million)

Q1
2018
Q1
2019
Change in %
TAKKT Group sales 276.1 306.9 +11.2
Organic growth +5.0
TAKKT EUROPE 160.0 176.0 +10.1
Organic growth +4.5
TAKKT AMERICA 116.2 130.9 +12.7
Organic growth +5.8
EBITDA 33.4 39.1 +17.1
EBITDA margin (%) 12.1 12.7
EBIT 26.7 29.4 +10.1
Earnings per share (in EUR) 0.28 0.30 +6.6
TAKKT cash flow 26.6 30.9 +16.2
TAKKT cash flow margin (%) 9.6 10.1

About TAKKT AG
TAKKT is the leading B2B direct marketing specialist for business equipment in Europe and North America. The Group is represented with its brands in more than 25 countries. The product range of the subsidiaries comprises more than one million products for the areas of plant and warehouse equipment, office furniture, transport packaging, display articles and equipment for the food service industry, hotel market and retailers. The TAKKT Group has over 2,500 employees. The company is listed on the SDAX and Deutsche Börse Prime Standard.

Contacts:
Dr. Christian Warns Tel. +49 (0) 711 3465-8222
Giuseppe Palmieri Tel. +49 (0) 711 3465-8250

Email: investor@takkt.de

25.04.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Disclaimer

TAKKT AG published this content on 25 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 April 2019 05:12:12 UTC

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Financials (EUR)
Sales 2019 1 213 M
EBIT 2019 125 M
Net income 2019 85,0 M
Debt 2019 165 M
Yield 2019 5,17%
P/E ratio 2019 9,34x
P/E ratio 2020 8,99x
EV / Sales2019 0,78x
EV / Sales2020 0,73x
Capitalization 778 M
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 17,50  €
Last Close Price 12,10  €
Spread / Highest target 65,3%
Spread / Average Target 44,6%
Spread / Lowest Target -17,4%
EPS Revisions
Managers
NameTitle
Felix A. Zimmermann Chief Executive Officer
Stephan Gemkow Chairman-Supervisory Board
Claude Tomaszewski Chief Financial Officer
Thomas Kniehl Member-Supervisory Board
Florian Funck Member-Supervisory Board
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