Stuttgart, Germany, April 27, 2017. TAKKT kicked off 2017 with good growth in the first three months. Group sales increased 5.5 percent to EUR 288.8 (273.7) million. Organic growth (i.e., adjusted for currency and portfolio effects) was at 4.1 percent, also due to a positive working day effect. While business in the US performed better last year, Europe is witnessing stronger momentum this year. The TAKKT EUROPE segment made a disproportionally high contribution to organic growth, with BEG and PSG on a comparable level. At TAKKT AMERICA, MEG observed weak demand, REG showed good growth, and DPG increased sales slightly. Furthermore, the office furniture business at OEG performed exceptionally once again.
"All in all, we are pleased with the sales growth we've achieved in the first quarter. We are still standing by our forecast of two to five percent organic growth for the year as a whole," says Felix Zimmermann, CEO of TAKKT AG.
The gross profit margin came in at 43.7 (43.6) percent, close to the previous year's level. As expected, EBITDA decreased from EUR 47.2 to 44.9 million. A positive one-time gain in the first quarter of 2016 affected this figure. For 2017, expenses incurred by implementing the digital agenda have to be taken into account. The EBITDA margin was 15.6 (17.2) percent; adjusted for the one-time gain mentioned, the previous year's margin came to 16.0 percent.
TAKKT made good progress in the first quarter of 2017 implementing the digital agenda, which had been approved in 2016. For example, with pruefplaner.de, KAISER+KRAFT has launched a cloud-based solution for the administration of equipment that is subject to statutory inspections. The investment company TAKKT Beteiligungsgesellschaft subscribed to a convertible bond issued by Crowdfox, an innovative marketplace for private and commercial customers.
TAKKT still expects organic growth of between two and five percent for 2017 overall. "We had a satisfactory start to the year, and the number of working days in Europe this quarter also positively affected us. There are still economic and trade policy risks at play, such as Brexit or the possible introduction of import duties in the US," explains TAKKT CFO Claude Tomaszewski.
Conference call: April 27, 2017, at 3:00 p.m. (CEST).
The login details to participate in the earnings call are available at the following link: 4www.takkt.com/event
IFRS figures for the TAKKT Group for the first quarter of 2017
(in EUR million)
|Q1 2016||Q1 2017||Change in %|
|TAKKT Group sales||273.7||288.8||+5.5|
|EBITDA margin (%)||17.2||15.6|
|Earnings per share (in EUR)||0.39||0.37||-5.9|
|TAKKT cash flow||34.0||31.9||-6.2|
|TAKKT cash flow margin (%)||12.4||11.0|
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 500,000 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 2,000 employees and just under three million customers worldwide. The company is listed on the SDAX and Deutsche Börse Prime Standard.