Takkt Ag · XETR:TTK
Takkt — Berenberg conference 2024
32 slides from Takkt's conference presentation, September 2024
Slide 1: Investor Presentation
TAKIT Investor Presentation
Slide 2: TAKKT at a glance
TAKKT at a glance Business model Sales Employees B2B Omnichannel EURm 1,240 2,500 Distributor Market cap Earnings Cash Free cash flow EURm ~650 EBITDA EURm 112 EURm 74 2
Slide 3: New CEO: Andreas Weishaar
New CEO: Andreas Weishaar Interim CEO since beginning of August Experienced top executive with background international companies Member of the Executive Team at CNH with responsibility for Strategy, HR, ICT, Digital before driving demerger and IPO of Iveco Group In-depth knowledge of the end and su
Slide 4: Status quo and focus areas
Status quo and focus areas Where we stand What we focus on Difficult economic environment in Implement effective measures to Europe increase order intake Internal challenges from IT system Address business process and IT migration at FoodService business and system topics, especially the challenges
Slide 5: Business model, organization and strategic priorities
BUSINESS MODEL, ORGANIZATION AND STRATEGIC PRIORITIES
Slide 6: Our brands and products
Our brands and products Industrial & Packaging Office Furniture & Displays FoodService 6
Slide 7: Business model
Business model Leading omnichannel distributor for business equipment with focus on service and value-adds Omnichannel marketing with multiple touch points along the customer journey: Webshops and E-Procurement supported by key account managers and print marketing Multi-brand approach to serve the m
Slide 8: Value add beyond distribution
Value add beyond distribution Vendors B2B customers Pre-selection of products to offer an attractive, broad and curated product portfolio Strong focus on sustainable products (low carbon footprint, recycled material, ..) Product expertise and personalized advise for customers Easy ordering, reliable
Slide 9: Organization along 3 divisions
Organization along 3 divisions Manufacturing, Warehouse Service Industry HoReCa 9
Slide 10: Strategic priorities
Strategic priorities Bringing new worlds of work to life GROWTH OneTAKKT CARING Short-term: Short-term: Short-term: Implement order intake Deliver resilience measures Drive customer satisfaction measures with focus on cash, gross and service quality margin and profit Mid-term: Mid-term: Mid-term: Re
Slide 11: Key topics and financials H1 2024
KEY TOPICS AND FINANCIALS H1 2024
Slide 12: Key topics Q2 2024
Key topics Q2 2024 PMIs and RPI remain Weak market environment in contraction territory Top line impacted by subdued demand and challenges at Organic growth at minus 19.0 percent FoodService Good results from Higher gross profit margin, significantly resilience measures lower cost base and good cash
Slide 13: H1: TAKKT Group
H1: TAKKT Group Sales (in EUR million) EBITDA (in EUR million), (adjusted) margin (in %) 57.0 641.2 529.4 8.9% 9.3% 29.9 7.0% 5.7% H1/23 H1/24 H1/23 H1/24 Sales 17.4% below prior year, EBITDA of EUR 29.9 (57.0) million, impacted by 0.3% positive currency effects EUR 7.3 (2.4) million in one-offs Org
Slide 14: H1: Industrial & Packaging
H1: Industrial & Packaging Sales (in EUR million) EBITDA (in EUR million), (adjusted) margin (in %) 350.5 48.1 299.3 13.7% 14.2% 33.1 11.1% 12.2% H1/23 H1/24 H1/23 H1/24 Sales 14.6% below prior year, positive currency EBITDA at EUR 33.1 (48.1) million, negative impact effects of 0.6% of EUR 3.3 (1.6
Slide 15: H1: Office Furniture & Displays
H1: Office Furniture & Displays Sales (in EUR million) EBITDA (in EUR million), (adjusted) margin (in %) 11.4 144.7 119.6 7.2 7.9% 7.9% 7.0% 6.0% H1/23 H1/24 H1/23 H1/24 Sales decreased by 17.3%, no currency effects EBITDA was EUR 7.2 (11.4) million, negative impact of EUR 1.2 million from one-offs
Slide 16: H1: FoodService
H1: FoodService Sales (in EUR million) EBITDA (in EUR million), (adjusted) margin (in %) 6.5 146.0 110.5 4.4% 5.0% H1/24 H1/23 -0.8%-0.6% -0.9 H1/23 H1/24 Sales decrease by 24.3%, no currency effects EBITDA at EUR -0.9 (6.5) million, one-time costs of EUR 0.2 (0.8) million Organic sales development
Slide 17: Strong cash generation
Strong cash generation Free cash flow development in EUR million H1/23 H1/24 Cash flow before change of 45.0 23.5 net working capital Change in net working capital as well -6.9 +14.1 Improvements in cash as other adjustments conversion with continued release of inventories and Cash flow from operati
Slide 18: Very solid balance sheet
Very solid balance sheet Net financial liabilities (of which lease liabilities) (in EUR million) Equity ratio (in %) 63.8% 154.0 58.0% 106.0 57.7 60.3 12/31/2023 06/30/2024 12/31/2023 06/30/2024 Increase in net financial liabilities due to dividend Slight reduction in equity ratio, still at payout a
Slide 19: Outlook 2024
LST OUTLOOK 2024
Slide 20: Outlook 2024
Outlook 2024 Environment and FY forecast Priorities for H2 expectations key financials Challenging economic Organic sales growth Implement effective measures environment expected to between minus 12 and to increase order intake continue with low GDP growth minus 17 percent in Europe and US slow-down
Slide 21: TAKKT share and investment thesis
TAKKT SHARE AND INVESTMENT THESIS
Slide 22: Information about the TAKKT share
Information about the TAKKT share Total Shareholder Return: TAKKT and indices Shareholder structure 2.1% Franz Haniel & Cie. 150 32.9% Free float 125 65.0% Treasury shares 100 Analyst recommendations 75 Buy 50 Hold Sell 25 3 TAKKT DAX MDAX SDAX Average price target of EUR 10.55 22
Slide 23: Dividend policy and share buyback
Dividend policy and share buyback Share buyback Share buyback program with a total volume of up to EUR 25 million until the end of December 2024 To date, 1.4 million shares repurchased for EUR 17.4 million Dividend policy Dividend payout for FY 2023 TAKKT is committed to pay out at least a base Divi
Slide 24: Appendix
LST APPENDIX
Slide 25: Organic sales growth
Organic sales growth Organic growth Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24 Q2/24 H2/24 TAKKT Group -3.3% -1.8% -7.1% -11.3% -5.9% -16.5% -19.0% -17.7% Industrial & -4.2% -4.3% -7.5% -11.5% -6.9% -15.0% -15.4% -15.2% Packaging Office Furniture -5.8% -10.3% -12.2% -12.2% -10.8% -16.7% -17.9% -17.3% & Disp
Slide 26: Structure of sales development
Structure of sales development Q1/24 Q2/24 H1/24 TAKKT Group in EUR -16.4% -18.5% -17.4% organic -16.5% -19.0% -17.7% currency +0.1% +0.5% +0.3% acquisition/divestment - - - Industrial & Packaging in EUR -14.1% -15.1% -14.6% organic -15.0% -15.4% -15.2% currency +0.9% +0.3% +0.6% acquisition/divestm
Slide 27: Financial key figures
Financial key figures 2019 2020 2021 2022 2023 Organic sales development in percent -1.4 -11.8 11.4 -1.0 -11.3 Organic growth in order intake via e-commerce 2.0 -3.6 16.3 1.1 -8.1 in percent Number of orders in thousand 2,642 2,535 2,500 2,190 1,970 Average order value in EUR 460 425 491 607 631 Gro
Slide 28: E-com growth and share
E-com growth and share Organic e-commerce growth of order intake (in %) Share of e-commerce in order intake (in %) 16.3% 60.0% 60.8% 59.0% 55.0% 57.1% 2.0% 1.1% 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 -3.6% -8.1% 28
Slide 29: Product range figures
Product range figures Share of private labels (in %) Share of direct imports (in %) 23.3% 22.5% 29.4% 30.4% 22.0% 21.7% 21.6% 26.5% 24.1% 24.2% 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 29
Slide 30: Value-based figures
Value-based figures TAKKT value added (in EUR million) Return on Capital Employed (in %) 9.8 11.1% 8.0% 8.4% 2020 2021 2022 2023 2019 -1.5 -3.1 5.6% 4.2% -23.2 2019 2020 2021 2022 2023 -30.6 TAKKT value added (in EUR million) - adjusted for impairment Return on Capital Employed (in %) – adjusted for
Slide 31: Internal covenants: Strong balance sheet
Internal covenants: Strong balance sheet Equity ratio (in %) Debt repayment period (in years) 64.7% 62.2% 62.4% 63.8% 58.5% 1.3 0.8 0.9 0.9 0.9 Internal target range: Internal target value: 30 to 60 percent < 5 years 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Interest cover Gearing 20.1 16.7
Slide 32: TAKKT investor relations
TAKKT investor relations IR Contact Upcoming Events Benjamin Bühler Phone: +49 711 3465-8223 October 24, Quarterly Statement 3/2024 Fax: +49 711 3465-8100 e-mail: investor@takkt.de November 21, CIC Forum Market Solutions www.takkt.com November 26, German Equity Forum TAKKT AG is headquartered in Stu