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    TTK   DE0007446007

TAKKT AG

(TTK)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 12/07 02:02:48 am
14.05 EUR   +0.36%
11/24TAKKT : Presentation from November 22, 2021
PU
11/09TAKKT : DZ Bank reiterates its Neutral rating
MD
11/02TAKKT : Receives a Buy rating from Berenberg
MD
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TAKKT AG: TAKKT achieves strong organic growth in the second quarter

07/29/2021 | 01:02am EST

DGAP-News: TAKKT AG / Key word(s): Half Year Results/Change in Forecast
TAKKT AG: TAKKT achieves strong organic growth in the second quarter

29.07.2021 / 07:00
The issuer is solely responsible for the content of this announcement.


TAKKT achieves strong organic growth in the second quarter
 

  • Organic sales increase in the second quarter at 24.6 percent
  • Order intake continues to grow stronger than sales
  • EBITDA in the second quarter at EUR 25.4 (27.3) million
  • Adjusted for one-time effects, EBITDA increases stronger than sales in percentage terms
  • Cash flow benefits from sale of two investments in the amount of EUR 13.4 million
  • TAKKT now expects organic growth between 12 and 17 percent for the full year in particular due to an inflation induced higher price level


Stuttgart, Germany, July 29, 2021. With an increase in sales of 24.6 percent, TAKKT achieved the strongest organic growth in the company's history in the second quarter. This confirmed the forecast of significant positive growth rates starting from April after the expected slow start in the current fiscal year. Organically, sales for the second quarter is around two percent below the pre-crisis levels of 2019. Reported sales were negatively affected by currency effects and climbed by 20.5 percent to EUR 291.0 (241.5) million.

The high speed of growth in the second quarter is due both to the comparatively weak baseline of the previous year and to the continuing high demand from customers. "As in the first quarter, this demand could have enabled even stronger sales growth. However, due to the high capacity utilization of manufacturers as well as disruptions in the supply chain, delivery times increased. This resulted in a significant increase in order backlogs throughout the first half of the year", explains CFO Claude Tomaszewski.

Reported EBITDA is affected by one-time effects. Following specification of sales tax legislation requirements for e-commerce distributors in the US, TAKKT made a provision for risk in the second quarter which reduced earnings by EUR 3.3 million. In the previous year, the Group made a one-time gain of EUR 4.5 million from the sale of real estate. This resulted in a slightly lower EBITDA in the second quarter at EUR 25.4 (27.3) million than in the previous year. The EBITDA margin was 8.7 (11.3) percent. Adjusted for the one-time effects, earnings rose more than sales in percent and were at EUR 28.7 million, which was well above the previous year's figure of EUR 22.8 million.

In the first half of the year, sales increased 5.9 percent to EUR 557.3 (526.4) million. Organic growth came to 9.5 percent. EBITDA in the first half of the year reached EUR 51.8 (51.6) million. In both periods, one-time effects reduced earnings by around EUR 3 million. The EBITDA margin was 9.3 (9.8) percent. Free TAKKT cash flow profited from a one-time cash inflow of EUR 13.4 million from the sale of non-controlling interests. In the previous year, inflows resulted from the reduction of net working capital and the sale of real estate. Free TAKKT cash flow of EUR 49.0 (90.9) million was therefore, as expected, significantly lower than in the previous year.

Looking to the second half of the year, TAKKT expects further strong organic growth. Since the comparison basis is increasing significantly, future growth rates will be lower than in the second quarter. The high order backlog may be partially reduced over the course of the year and contribute to additional sales growth. However, it is difficult to gauge how long the current disruptions to the supply chain will last.

TAKKT has passed on the higher prices of many raw materials and the increase in freight costs to customers through price adjustments in the first half of the year. The Group will also pass on future price increases from suppliers. In particular due to the inflation induced higher price level, TAKKT now expects an organic growth rate of between twelve and 17 percent for the full year and thus stronger organic growth than the seven to twelve percent forecast in the annual report. TAKKT passes the higher price level on to customers but does not currently add any additional profit margin to its own pricing. As a result, no major effects on the absolute amount of gross profit and earnings are to be expected. EBITDA is still expected to be between EUR 100 and 120 million in 2021.

As announced in April, the Supervisory Board of TAKKT AG has appointed Maria Zesch as the company's new CEO. She will take over the position on August 1, 2021, succeeding Felix Zimmermann, who left the Management Board at his own request at the end of the Shareholders' Meeting on May 11, 2021.

Earnings call: July 29, 2021, at 2:00 p.m. (CEST).

The login details to participate in the earnings call can be found at: www.takkt.de/event

Financial calendar

TAKKT will publish figures for the first nine months on October 28, 2021.

IFRS figures for the TAKKT Group as of the end of H1 2021
(in EUR million)

  Q2/2020 Q2/2021 change in % H1 2020 H1 2021 change in %
TAKKT Group sales 241.5 291.0 20.5 526.4 557.3 5.9
Organic growth     24.6     9.5
Omnichannel Commerce 132.5 177.4 33.9 307.7 347.2 12.9
Organic growth     3.0     15.4
Web-focused Commerce 57.9 62.6 8.2 120.7 120.0 -0.6
Organic growth     10.0     1.9
Foodservice Equipment & Supplies 52.0 52.0 0.0 100.1 92.3 -7.8
Organic growth     9.0     0.5
EBITDA 27.3 25.4 -7.1 51.6 51.8 0.4
EBITDA margin (%) 11.3 8.7   9.8 9.3  
EBIT 17.4 16.0 -8.2 31.7 33.2 4.7
Earnings per share in EUR 0.19 0.22 18.0 0.33 0.40 22.4
TAKKT cash flow 20.4 24.6 20.6 42.5 47.0 10.6
TAKKT cashflow margin (%) 8.4 8.5   8.1 8.4  
Free TAKKT cash flow 83.6 28.0 -66.5 90.9 49.0 -46.1
 

About TAKKT AG
The TAKKT Group is specialized on B2B distance selling for business equipment in Europe and North America. The group is represented in more than 25 countries with its units KAISER+KRAFT, Ratioform, National Business Furniture, Displays2Go, Newport, Hubert und Central. The portfolio of its subsidiaries offers more than a million of products ranging from durables that companies use for their business activities, office furniture, transport packaging, display articles, food service supplies to commercial kitchens, hotels, and retailers. Largest shareholder is Haniel, holding shares of 50.25%.

Contacts:
Michael Loch phone +49 711 3465-8222
Benjamin Bühler phone +49 711 3465-8223
Email: investor@takkt.de



29.07.2021 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


Language: English
Company: TAKKT AG
Presselstr. 12
70191 Stuttgart
Germany
Phone: +49 (0)711 3465 80
Fax: +49 (0)711 3465 8104
E-mail: investor@takkt.de
Internet: www.takkt.de
ISIN: DE0007446007
WKN: 744600
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Tradegate Exchange
EQS News ID: 1222504

 
End of News DGAP News Service

1222504  29.07.2021 

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ę EQS 2021
All news about TAKKT AG
11/24TAKKT : Presentation from November 22, 2021
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11/09TAKKT : DZ Bank reiterates its Neutral rating
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11/02TAKKT : Receives a Buy rating from Berenberg
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10/29TAKKT : Warburg Research reaffirms its Buy rating
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Financials
Sales 2021 1 172 M 1 324 M 1 324 M
Net income 2021 52,4 M 59,2 M 59,2 M
Net Debt 2021 137 M 155 M 155 M
P/E ratio 2021 17,5x
Yield 2021 4,07%
Capitalization 919 M 1 036 M 1 038 M
EV / Sales 2021 0,90x
EV / Sales 2022 0,84x
Nbr of Employees 2 501
Free-Float 49,7%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 14,00 €
Average target price 16,06 €
Spread / Average Target 14,7%
EPS Revisions
Managers and Directors
Maria Zesch Chief Executive Officer
Claude Tomaszewski Chief Financial Officer
Florian Funck Chairman-Supervisory Board
Thomas Kniehl Member-Supervisory Board
Johannes Haupt Deputy Chairman-Supervisory Board
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