Preliminary Results 2023
February 15, 2024
2023: TAKKT showed resilience
Challenging environment
Weak GDP, geopolitical crisis, low PMIs, inflationary pressure
Flexible management approach and focus shift
Demand: H1 as expected, H2 much softer
Doubled down on GP margin, costs & cash management
Achieved adjusted FY 23 forecast
Increased GP margin to almost 40%, good cost management, increased free TAKKT CF by 30%
Strategic milestones along Growth/OneTakkt/Caring Two divisions fully integrated, global group functions set-up,value levers up and running
2 | 15.02.2024 |
2023: Strategy implementation on track
Growth | OneTAKKT | Caring |
Relaunch of kaiserkraft and integration of FS leading to steadily increasing cross-sellingrevenues
Good growth development of eProcurement in I&P and more efficient marketing spend due to brand harmonization
Smart pricing capabilities developed and in implementation in I&P
Further reduction and integration of tech platforms across all divisions initiated
Supply chain integration supporting freight saving
Joint purchasing within divisions leading to GP margin improvements
Centralized steering approach of net working capital with significant inventory release and cash contribution
Very positive customer feedback on sustainable enkelfähig products which have grown to 24% of order intake
TAKKT's commitment to sustainability was recognized by winning the
German Sustainability Award 2024
50% women in extended executive leadership team
Continued implementation of value driver initiatives + cost & cash management focus
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15.02.2024
2023: Strong cash flow & special dividend
SALES | GROSS PROFIT | EBITDA | FREE TAKKT |
MARGIN | CASHFLOW | ||
Guidance
Results
Mid single-digit
organic sales
decline
EURm 1,240.0
(-5.9%)
Improvement to
around 40%
39.8%
(2022: 39.3%)
Between EUR 107
and 117 million
EURm 111.9
(-15.3%)
Significant
increase
EURm 91.9
(+30.5%)
Dividend proposal: Very strong cash generation and high equity ratio allow payment of a special dividend in addition to base dividend
Total payout: EUR 1.00 per share (EUR 0.60 base + EUR 0.40 special)
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15.02.2024
FINANCIALS
15.02.2024
Key financial topics in Q4
Cautious expectations confirmed
by very weak environment
Continuation of top-line trend
Tight management of gross profit and costs pays off in Q4
Continued strong cash
generation
Goodwill impairment at
Displays2Go
Stagnation and negative sentiment in
Europe, soft markets in the US
Organic sales decline of 11.3%
1.7%points increase in gross profit margin
and significantly lower cost base
Free TAKKT cashflow
of EUR 31.5m
EUR 37.0m non-cash goodwill
impairment due to rising interest rates and structural change in post-covid displays market; countermeasures initiated
6 | 15.02.2024 |
Q4: TAKKT Group
Sales (in EUR million)
329.2
285.4 |
Q4/22Q4/23
Sales 13.3% below prior year, 2.0% negative currency effects
Organic growth at minus 11.3% in a very challenging environment
FS continues to perform more stable than other two divisions
EBITDA (in EUR million) and margin (in %) | |
27.0 | 24.6 |
8.2% | 8.6% |
Q4/22Q4/23
EBITDA of EUR 24.6 (27.0) million only slightly below prior year, EBITDA margin improved to 8.6% (8.2%)
Strong increase in gross profit margin to 39.9% compared to the weak Q4/22 (38.2%)
Strict cost management pays off with lower cost base in marketing, personnel and other costs
One‐time expenses and gains with a positive net
impact of around EUR 1 million in both periods
7 | 15.02.2024 |
Q4: Industrial & Packaging
Sales (in EUR million) |
183.4 |
162.7 |
Q4/22Q4/23
Sales 11.3% below prior year
Weak environment in European manufacturing results in organic sales of minus 11.5%
Certeo phase-out has negative impact of three percentage points
EBITDA (in EUR million) and margin (in %) | |
23.4 | 23.2 |
12.8% | 14.2% |
Q4/22 | Q4/23 |
EBITDA almost stable at EUR 23.2 (23.4) million despite much lower sales volume
EBITDA margin improved to 14.2% (12.8%)
Strong improvement in gross profit margin, lower marketing and other costs, including positive one-time gain of around EUR 1.5 million from sale of real estate
8 | 15.02.2024 |
Q4: Office Furniture & Displays
Sales (in EUR million) | |
76.2 | |
61.4 | |
Q4/22 | Q4/23 |
Sales decreased by 19.4%, negative currency effects of 4.7%
Organic sales development at minus 14.7%
NBF and D2G both with low double-digit organic sales decline
EBITDA (in EUR million) and margin (in %) | |
5.6 | 5.0 |
7.4% | 8.1% |
Q4/22 | Q4/23 |
EBITDA was EUR 5.0 (5.6) million, EBITDA margin at 8.1% (7.4%)
Strong improvement in gross profit margin of more than 4 percentage points compensates lower sales
Lower cost base due to cost management, especially in marketing and personnel costs
One-time gain of less than EUR 2 million in Q4/22
9 | 15.02.2024 |
Q4: FoodService
Sales (in EUR million) | |
69.6 | 61.5 |
Q4/22 | Q4/23 |
Sales decrease by 11.7% with negative currency impact of 4.9%
Organic sales development at minus 6.8%
Hubert with slightly positive growth in Q4 while Central is clearly below prior year
EBITDA (in EUR million) and margin (in %) | |
4.5 | |
6.5% | 2.4 |
3.8% | |
Q4/22 | Q4/23 |
EBITDA at EUR 2.4 (4.5) million, EBITDA margin at 3.8% (6.5%)
Profitability decrease mostly a result of the lower gross profit margin with some impact from other costs
10 | 15.02.2024 |
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TAKKT AG published this content on 22 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2024 21:37:14 UTC.