Stuttgart, July 31, 2014. TAKKT continued to grow in the first half of 2014. At the same time, the economic situation in the core markets of North America and Europe had a significant impact on business development. The period of strong growth in the first quarter of 2014 was followed by a slowdown in the second quarter, especially in Europe. North America on the other hand developed very well. In organic terms, i.e., adjusted for currency and acquisition effects, consolidated turnover increased by 4.4 percent. “The first half of 2014 developed according to our expectations,” said Felix Zimmermann, CEO of TAKKT AG. “Our portfolio approach has paid off. The slowdown of growth in Europe can be overcompensated by a good development in North America. TAKKT remains on a growth path.”
Overall, TAKKT was able to increase its reported consolidated turnover in the first half of 2014 by 0.4 percent to EUR 471.3 (469.5) million. The difference between organic and reported consolidated turnover was primarily the result of currency effects as well as the planned dissolution of the Topdeq companies, which are not included in organic turnover. In the second quarter of 2014, TAKKT grew organically by 4.0 percent, while the reported figures revealed a slight drop of 0.4 percent in consolidated turnover to EUR 232.7 (233.6) million.
At 43.2 (44.0) percent, the gross profit margin in the first half of 2014 was lower than in the previous year. Adjusted for the contribution of the Topdeq companies, it would have been 43.4 percent during the reporting period following 43.8 percent in the first half of 2013. The TAKKT Group’s most important earnings figure – earnings before interest, tax, depreciation and amortization (EBITDA) – amounted to EUR 69.0 (67.3) million in the first half of 2014, while the EBITDA margin increased to 14.6 (14.3) percent. The discontinuation of operations of the Topdeq companies had little material impact on the Group’s profitability in the first half of 2014. The TAKKT cash flow (defined as the result for the period plus depreciation and amortization, impairment of non-current assets and deferred taxes affecting profit and loss) amounted to EUR 50.6 (47.7) million in the first half of 2014.
Here you can find the complete press release including a table of the IFRS figures.