30.07.2020 TAKKT AG  DE0007446007

DGAP-News: TAKKT AG: TAKKT with strong free cash flow in the first half of the year


 

DGAP-News: TAKKT AG / Key word(s): Half Year Results
TAKKT AG: TAKKT with strong free cash flow in the first half of the year

30.07.2020 / 07:00
The issuer is solely responsible for the content of this announcement.


TAKKT with strong free cash flow in the first half of the year
 

  • Noticeable improvement in business performance over the course of second quarter; overall organic sales development at minus 21.2 percent
  • Cost and cashflow management implemented quickly and flexibly
  • Additional income and cash flow from sale of real estate in the US
  • EBITDA at EUR 27.3 million in second quarter
  • Free TAKKT cash flow of EUR 90.9 million in first half of the year


Stuttgart, Germany, July 30, 2020. After a difficult start in April, business performance improved noticeably over the course of the second quarter. Customers preparing to reopen businesses and the sale of products for infection control and home office perked up demand. The decline in sales compared to the previous year, which was still over 30 percent in the second half of March and in April, decreased to 20.0 percent for the second quarter in total. From April to June, TAKKT generated sales of EUR 241.5 (301.8) million. After adjusting for positive acquisition and currency effects, organic development came to minus 21.2 percent.

"Given the current environment, we are placing particular emphasis on flexible cost and cash flow management. In the second quarter, we were able to significantly reduce our receivables and adjusted expenses for marketing and personnel to the lower level of sales", explains CFO Claude Tomaszewski. In addition, TAKKT used the opportunity to generate additional income and cash flow through the sale of real estate in the US. The result of this transaction was a one-time contribution to earnings of EUR 4.5 million. In the second quarter, EBITDA amounted to EUR 27.3 (39.6) million, while the EBITDA margin came to 11.3 (13.1) percent.

In the first half of the year, TAKKT generated sales of EUR 526.4 (608.7) million, corresponding to a 13.5 percent decrease over the previous year's period. Organic development was minus 15.6 percent. In the first half of the year, EBITDA reached EUR 51.6 (78.7) million, while the margin came to 9.8 (12.9) percent. At the same time, the Group generated free TAKKT cash flow of EUR 90.9 (52.9) million. Factors contributing to the sharp increase were the cash inflow of EUR 21.9 million realized from the sale of real estate as well as the systematic reduction of receivables. In addition, TAKKT was able to extend existing credit lines with banks ahead of time and increase the committed volumes. The Group is thus very well positioned to take advantage of opportunities to develop new, additional business in the current environment.

The implementation of TAKKT 4.0 made good headway despite the challenge of the coronavirus crisis. In the Omnichannel Commerce segment, KAISER+KRAFT is realigning itself in order to achieve stronger growth and greater efficiency in the medium term. In the first half of the year, TAKKT brought on a new Management Board member to manage and develop the Web-focused Commerce segment. Since the beginning of June, Tobias Flaitz has been responsible for the web-focused business and digital transformation.

A reliable sales and earnings forecast for the year as a whole is still not possible. "Based on the information available today, we believe that the second quarter represented the low point of business development. At the same time, however, there are still considerable uncertainties. These relate to both economic development as well as how coronavirus infections develop" explains CEO Felix Zimmermann. It is not possible to predict whether a rise in infection numbers in certain target markets will again lead to significantly more extensive restrictions on public and economic life.

In the first half-year, TAKKT showed that the company is prepared for and can deal with these risks. The Group will continue to systematically implement cost and cash flow management and adapt it flexibly to current circumstances. For the year as a whole, TAKKT still expects sales and earnings to be significantly below the level of the previous year. The free TAKKT cash flow will be significantly positive.

Conference call: July 30, 2020, at 2:00 p.m. (CEST).
To participate in the earnings call, please register under the following link:
www.takkt.de/event/

Financial calendar
TAKKT will publish the figures for the first nine months on October 29, 2020.
 

IFRS figures for the TAKKT Group as of the end of H1 2020
(in EUR million)

  Q2
2019
Q2
2020
Change in % H1
2019
H1
2020
Change in %%
TAKKT Group sales 301.8 241.5 -20.0 608.7 526.4 -13.5
Organic growth     -21,2     -15.6
Omnichannel Commerce 240.9 184.5 -23.4 489.6 407.7 -16.7
Organic growth     -24.3     -17.8
Web-focused Commerce 62.1 57.9 -6.8 121.7 120.7 -0.8
Organic growth     -9.2     -6.6
EBITDA 39.6 27.3 -31.1 78.7 51.6 -34.4
EBITDA margin (%) 13.1 11.3   12.9 9.8  
EBIT 29.4 17.4 -40.8 58.8 31.7 -46.1
Earnings per share (in EUR) 0.31 0.19 -39.3 0.60 0.33 -45.7
TAKKT cash flow 31.4 20.4 -35.0 62.3 42.5 -31.8
TAKKT cash flow margin (%) 10.4 8.4   10.2 8.1  
 


About TAKKT AG
TAKKT is the leading B2B distance seller for business equipment in Europe and North America. The Group focuses on two business models - Omnichannel and Web-focused Commerce. The Omnichannel Commerce segment addresses corporate customers with complex requirements over numerous contact points and with a wide range of services. The Web-focused Commerce segment concentrates its offers primarily via web shops on the less complex requirements of more price-conscious B2B customers. The product range of the subsidiaries comprises more than a 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 is represented with its brands in more than 25 countries and employs approximately 2,500 people. The company is listed on the SDAX and Deutsche Börse Prime Standard.
 

Contacts:
Michael Loch Tel. +49 (0) 711 3465-8222
Benjamin Bühler Tel. +49 (0) 711 3465-8223
Email: [email protected]



30.07.2020 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.

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Language: English
Company: TAKKT AG
Presselstr. 12
70191 Stuttgart
Germany
Phone: +49 (0)711 3465 80
Fax: +49 (0)711 3465 8104
E-mail: [email protected]
Internet: www.takkt.de
ISIN: DE0007446007
WKN: 744600
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Tradegate Exchange
EQS News ID: 1105637

 
End of News DGAP News Service

1105637  30.07.2020 

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Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 1.125,05 1.116,08 1.181,09 1.213,67 1.067,43 1.177,97 1.235,00
EBITDA1,2 171,26 150,32 150,07 150,17 92,58 112,64 122,00
EBITDA-Marge3 15,22 13,47 12,71 12,37 8,67 9,56 9,88
EBIT1,4 142,05 123,22 122,54 108,81 52,38 73,92 83,00
EBIT-Marge5 12,63 11,04 10,38 8,97 4,91 6,28 6,72
Jahresüberschuss1 91,38 96,35 88,08 74,69 37,23 57,03 60,40
Netto-Marge6 8,12 8,63 7,46 6,15 3,49 4,84 4,89
Cashflow1,7 116,68 100,38 99,42 130,79 120,52 56,32 80,00
Ergebnis je Aktie8 1,39 1,47 1,34 1,14 0,57 0,87 0,91
Dividende8 0,55 0,55 0,85 0,00 1,10 1,10 0,60
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ebner Stolz

INVESTOR-INFORMATIONEN
©boersengefluester.de
Takkt
WKN Kurs in € Einschätzung Börsenwert in Mio. €
744600 15,180 Kaufen 995,96
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
14,46 14,78 0,98 14,15
KBV KCV KUV EV/EBITDA
1,60 17,68 0,85 10,46
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
Hauptversammlung
1,10 1,10 7,25 18.05.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
28.04.2022 28.07.2022 25.10.2022 30.03.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-0,99% 1,39% -1,17% 8,74%
    
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Handel , 744600 , TTK , XETR:TTK