Takkt AG · XETR:TTK
Takkt — FY2011 Earnings Presentation
80 slides from Takkt's earnings presentation, Mar 22, 2012
Slide 1: Analyst Conference Presentation 22 March 2012, Frankfurt/Main
Analyst Conference Presentation 22 March 2012, Frankfurt/Main
Slide 2: Content
Content z introduction z acquisition of GPA z financial year 2011 z covenants & stock market z strategic initiatives & outlook 22/03/2012
Slide 3: Introduction
TAKKTAG BUSINESS EQUIPMENT SOLUTIONS introduction
Slide 4: TAKKT's key themes for the near future
TAKKT‘s key themes for the near future z growth through innovation z quality assurance through modernisation z value enhancement through concentration z responsibility through values 22/03/2012
Slide 5: Acquisition of GPA
TAKKTAG BUSINESS EQUIPMENT SOLUTIONS acquisition of GPA
Slide 6: Acquisition of GPA: overview
Acquisition of GPA: overview z business: B2B direct marketing specialist for GPA displays in the US z headquarters: Rhode Island z employees: ~ 170 key figures z products: > 4,000 financial z turnover 2011: ~ USD 52 million key figures z EBITDA margin 2011: ~ 20% 22/03/2012
Slide 7: Acquisition of GPA: product range
Acquisition of GPA: product range z displays, e.g. brochure holders, countertop frames, poster displays, trade show supplies z around 4,000 SKUs overall (ca. 90% on stock), new products are added continuously z product range consists of Î internationally sourced merchandise (40%) Î US merchandise/ow
Slide 8: Acquisition of GPA: sales channels & logistics
Acquisition of GPA: sales channels & logistics z sales channels Î clear focus on online sales channels one core web site in addition, numerous micro sites around 80% of turnover overall generated online Î furthermore, regular distribution of catalogues two editions with around a hundred page
Slide 9: Acquisition of GPA: purchase price
Acquisition of GPA: purchase price Purchase price GPA Ò in USD 80 70 60 22 50 40 48 20 1st payment 2nd payment fix 2013 2014 2015 2012 variable (expected) 22/03/2012
Slide 10: Acquisition of GPA: impact on covenants 2012
Acquisition of GPA: impact on covenants 2012 Ò 2012 target range after acquisition and dividend equity ratio 30-60% ≥ 40% gearing ≤ 2.0 ≤ 0.75 debt repayment period ≤ 5 years ≤ 2 years interest coverage ≥ 4.0 ≥ 9.0 Î even after acquisition of GPA very solid balance sheet 22/03/2012
Slide 11: Financial year 2011
TAKKTAG BUSINESS EQUIPMENT SOLUTIONS financial year 2011
Slide 12: TAKKT financial year 2011: highlights
TAKKT financial year 2011: highlights z organic turnover growth of 7.3 percent z EBITDA increases by 20 percent z EBITDA margin at 14.2 percent in the upper third of target corridor z earnings per share on pre-crisis level at EUR 1.01 z equity ratio at 55 percent at the upper end of target corridor
Slide 13: Turnover: own expectations exceeded for the full-year
Turnover: own expectations exceeded for the full-year Turnover TAKKT Group Ò 2006 - 2011 in EUR million 1,000 958.5 986.2 932.1 852.2 801.6 800 731.5 600 400 200 2006 2007 2008 2009 2010 2011 +24.0% +2.9% -5.5% -21.5% +9.6% +6.3% change +10.1% +9.2% +0.7% -26.2% +4.8% +7.3% organic 22/03/2012
Slide 14: Turnover: weakening trend in the course of the year
Turnover: weakening trend in the course of the year Organic turnover growth Ò in EUR QI QII QII QIII QIII QIV QIV FY FY TAKKT Group 12.5% 11.0% 5.7% 1.1% 7.3% TAKKT EUROPE 14.4% 9.5% 5.4% -0.6% 6.8% TAKKT AMERICA 9.5% 13.1% 6.1% 3.7% 8.0% 22/03/2012
Slide 15: Turnover: shares of TAKKT EUROPE and TAKKT AMERICA almost unchanged
Turnover: shares of TAKKT EUROPE and TAKKT AMERICA almost unchanged Turnover by divisions Ò 2010 and 2011 in percent 40.5% 41.7% 58.3% 59.5% TAKKT EUROPE TAKKT AMERICA 2010 2011 22/03/2012
Slide 16: Turnover: German business strengthened
Turnover: German business strengthened Turnover by region Ò 2010 and 2011 in percent 35.3% 22.8% 35.5% 24.0% 3.2% 3.2% 38.7% 37.3% USA rest of Europe Germany other 2010 2011 22/03/2012
Slide 17: Turnover: online-growth above the Group average
Turnover: online-growth above the Group average Turnover share e-commerce Ò 2006 - 2011 in percent ~ 3% ~ 12% 25 ~ 6% 21.3 20 19.4 17.4 15 13.1 13.9 12.1 10 5 multi-channel e-Procurement 2006 2007 2008 2009 2010 2011 web-only Î organic growth of 18 percent in 2011 22/03/2012
Slide 18: Gross profit: very good development
Gross profit: very good development Turnover and gross profit Ò 2006 – 2011 in EUR million and percent in % 1,000 50 800 40 600 30 400 20 200 gross profit margin gross profit 2006 2007 2008 2009 2010 2011 turnover 22/03/2012
Slide 19: EBITDA: margin in upper third of target corridor
EBITDA: margin in upper third of target corridor EBITDA Ò 2006 - 2011 in EUR million 142.3 140 133.1 119.5 121.0 120 100.6 z target corridor EBITDA 100 margin: 12 - 15 % 80 68.7 60 40 20 2006 2007 2008 2009 2010 2011 12.5% 14.4% 14.3% 9.4% 12.6% 14.2% margin 22/03/2012
Slide 20: EBITDA: higher capacity utilisation
EBITDA: higher capacity utilisation EBITDA Ò 2010 - 2011 in EUR million 6.8 121.0 120 13.6 100.6 100 80 60 EBITDA 40 + 20.3% profitability-driven 20 improvement of operational result topline-driven 2010 2011 improvement of operational result 22/03/2012
Slide 21: EBITDA: increase in both divisions
EBITDA: increase in both divisions TAKKT EUROPE TAKKT AMERICA Ò 2010 - 2011 in EUR million 101.0 100 80 79.1 60 40 28.9 29.9 1.3 20 2010 2011 2010 2011 16.9% 19.9% 8.6% 8.3% margin 8.7% without advanced advertising costs 22/03/2012
Slide 22: Profit: almost doubled
Profit: almost doubled Profit after taxes Ò 2006 - 2011 in EUR million 80 79.3 75.1 70 66.0 62.5 60 50 40 34.6 30 27.8 20 10 2006 2007 2008 2009 2010 2011 6.5% 8.0% 8.1% 3.8% 4.3% 7.7% margin 22/03/2012
Slide 23: Profit: almost doubled (bridge)
Profit: almost doubled Profit after taxes Ò 2010 - 2011 in EUR million 80 15.8 0.4 -5.2 70 66.0 60 20.4 50 40 34.6 30 profit 20 ∆ EBITDA + 90.8% 10 ∆ depreciation/ impairment ∆ financial result 2010 2011 ∆ taxes 22/03/2012
Slide 24: Cash flow: margin improved
Cash flow: margin improved TAKKT cash flow Ò 2006 - 2011 in EUR million 101.2 100 97.1 87.8 81.7 80 70.3 60 56.1 40 20 deferred tax depreciation 2006 2007 2008 2009 2010 2011 profit 8.5% 10.3% 10.4% 7.7% 8.8% 10.3% margin 22/03/2012
Slide 25: Cash flow generation: remains one of TAKKT's strengths
Cash flow generation: remains one of TAKKT‘s strengths Ò in EUR million 2010 2011 TAKKT cash flow 70.3 87.8 change of net working capital 18.1 -8.4 cash flow from operating 88.4 79.4 activities capital expenditure for rationalisation, maintenance 6.7 9.3 and expansion of business free cash flow 81.6
Slide 26: Employees: the basis for sustainable business success
Employees: the basis for sustainable business success Employees Ò 2006 - 2011 full-time equivalent at 31/12/ 2,027 1,971 1,960 2,000 1,869 1,768 1,807 1,500 1,000 500 abroad 2006 2007 2008 2009 2010 2011 Germany 22/03/2012
Slide 27: Group balance sheet: profit and loan repayment as main changes
Group balance sheet: profit and loan repayment as main changes Non-current assets Total equity Ò 2010 - 2011 in EUR million Ò 2010 - 2011 in EUR million -1m +49m 400 377.8 376.9 400 301.0 300 300 251.7 200 200 100 100 2010 2011 2010 2011 Current assets Liabilities Ò 2010 - 2011 in EUR million Ò 2010
Slide 28: Group balance sheet: stable assets position
Group balance sheet: stable assets position Assets Ò in EUR million at at % % 31/12/2011 31/12/2010 non-current assets 376.9 68.6 377.8 69.8 property, plant and equipment 93.3 17.0 96.5 17.8 goodwill 244.4 44.4 237.5 43.9 other intangible assets 33.2 6.0 37.3 6.9 other 6.0 1.2 6.5 1.2 current assets
Slide 29: Group balance sheet: solid finance position
Group balance sheet: solid finance position Equity and liabilities Ò in EUR million at at % % 31/12/2011 31/12/2010 total equity 301.0 54.7 251.7 46.5 borrowings 95.9 17.5 142.8 26.4 pension provisions 20.7 3.8 18.7 3.4 other non-current provisions 22.2 4.0 20.4 3.8 and liabilities trade payables 22
Slide 30: Borrowings: sound maturity profile
Borrowings: sound maturity profile Borrowings Ò 2006 - 2011 in EUR million 200 184.0 168.7 150 142.8 100 91.3 95.9 83.4 50 < 1 year 1 - 5 years 2006 2007 2008 2009 2010 2011 > 5 years 22/03/2012
Slide 31: Net borrowings: reduced by strong cash flow
Net borrowings: reduced by strong cash flow Net borrowings Ò 2006 - 2011 in EUR million 250 200 180.8 150 139.2 100 93.7 net borrowings 50 currency effects dividend payment acquisition 31/12/09 31/12/10 31/12/11 repayments 22/03/2012
Slide 32: Borrowings: mainly US dollar denominated
Borrowings: mainly US dollar denominated Borrowings by currency and interest rate hedges Ò portion of weighted re- average at total liability maining term interest rate 31/12/11 (in %) (in years) (in %) USD liabilities 77.4 80.7 2.9 4.4 EUR liabilities 18.4 19.2 borrowings 0.8 0.8 0.5 2.1 finance le
Slide 33: Interest expense: early prepayment of interest rate swaps
Interest expense: early prepayment of interest rate swaps Average interest rate Ò 2006 - 2011 in percent 7.1 7.1 6.3 6.0 6.0 1.8 5.0 4.8 z average interest rate 4.0 3.7 (finance expenses*/ average net borrowings) 3.0 5.3 2.0 1.0 one-off costs cancellation inter- 2006 2007 2008 2009 2010 2011 est rat
Slide 34: Covenants and stock market
TAKKTAG BUSINESS EQUIPMENT SOLUTIONS covenants and stock market
Slide 35: Equity ratio: at the upper end of the target corridor
Equity ratio: at the upper end of the target corridor Equity ratio Ò 2006 - 2011 in percent 59.2 61.7 60 54.7 48.1 z equity ratio 45.1 46.5 (total equity/total assets) 40 20 2006 2007 2008 2009 2010 2011 22/03/2012
Slide 36: Gearing: headroom for future growth
Gearing: headroom for future growth Gearing Ò 2006 - 2011 1.25 1.00 z gearing 0.8 (net borrowings/total equity) 0.75 0.6 0.6 0.50 0.3 0.3 0.25 0.2 2006 2007 2008 2009 2010 2011 22/03/2012
Slide 37: Interest cover: increasing again
Interest cover: increasing again Interest cover Ò 2006 - 2011 21.0 18 14.1 z interest cover 14 12.2 (EBITA/net interest expense) 10 8.7 9.0 6.9 6 2 2006 2007 2008 2009 2010 2011 22/03/2012
Slide 38: Debt repayment period: on very solid basis
Debt repayment period: on very solid basis Debt repayment period Ò 2006 - 2011 in years 4.0 z debt repayment period 3.0 (average net borrowings/ 3.0 2.4 TAKKT cash flow) 2.3 2.0 z average exchange rates to 1.2 1.2 match with cash flow 1.0 0.8 2006 2007 2008 2009 2010 2011 22/03/2012
Slide 39: Financial solidity: basis for further growth
Financial solidity: basis for further growth cash flow z flexible cost structure leads to good cash flow generation strength z debt service coverage secured at all times financial z transaction risks hedged conservatively risk under control z translation risks not significant comfortable z equity ra
Slide 40: TAKKT share: developed with the overall market
TAKKT share: developed with the overall market Share price development Ò in EUR z market capitalisation: ~ EUR 722 million at 29/02/ 15.3 z shareholder structure - free float: 29.6 % 13.1 - Franz Haniel & Cie. – GmbH: 70.4 % 10.9 z performance of TAKKT share in 2011: -21% 8.7 z dividend yield (based
Slide 41: Dividend policy: attractive participation in the Group's success
Dividend policy: attractive participation in the Group’s success z in general: payout of ~ thirty percent of the profit for the ordinary period dividend z but: not less than in the previous year Î EUR 0.32 for 2011 proposed z will apply if: equity ratio near sixty percent or above special no maj
Slide 42: Key figures per share: special dividend proposed for 2011
Key figures per share: special dividend proposed for 2011 Key figures per share Ò 2006 - 2011 in EUR 1.2 1.0 0.8 0.6 0.4 0.2 cash flow per share earnings per share dividend per share 2006 2007 2008 2009 2010 2011 special dividend 30% 75% 71% 78% 61% 85% payout ratio 22/03/2012
Slide 43: Strategic initiatives & outlook
strategic initiatives & outlook
Slide 44: Strategic agenda: growth and profitability targets
Strategic agenda: growth and profitability targets z long-term average growth > 10% p.a. growth ~ 50 % organic growth targets ~ 50 % by acquisitions z at least one new foundation or acquisition p. a. organic z further expansion in service sector growth z Asia initiatives z multi-brand strategy (onli
Slide 45: E-Commerce key figures: continuous trend upward
E-Commerce key figures: continuous trend upward z e-commerce share of turnover increased from less than one percent in 2000 to more than 21 percent in 2011 z e-commerce turnover growth in 2011: 18.0 percent z share of online-only brands in Group order intake already at ca. three percent z e-procurem
Slide 46: TAKKT: multiple channel strategy
TAKKT: multiple channel strategy catalogue + e-procurement + large customers key accounts multi- repurchasing channel “regular brands customers“ catalogue + mid-size customers web shop “walk-in web-only pure online customers“: smaller customers brands business new, additional customer base Î web-onl
Slide 47: Project SCORE: from the TAKKT strategy to CR focus areas
Project SCORE: from the TAKKT strategy to CR focus areas TAKKT corporate strategy Corporate Responsibility CR core business environment commitment dimensions sourcing employees marketing natural resources six focus & climate areas logistics society strategy, goals, key figures for each focus area 22
Slide 48: Outlook for 2012
Outlook for 2012 scenario I scenario II 2011 scenario III negative GDP slight unchanged ∆ GDP growth rates decrease as 2011 PMI <50 50 50-55 organic turnover growth <0% ~2% 3-5% EBITDA margin <13% 13-14% 14-15% z Economic indicators suggest that the middle scenario (scenario II) is currently most li
Slide 49: That's why invest in TAKKT
That’s why invest in TAKKT z product diversification balanced z independence from customers and suppliers risk portfolio z regional diversification z duplicable system business sustainable z entering new markets / product groups growth potential z expansion / penetration of established markets (onli
Slide 50: Thank you for your attention.
Thank you for your attention.
Slide 51: Analyst Conference Presentation 22 March 2012, Frankfurt/Main
Analyst Conference Presentation 22 March 2012, Frankfurt/Main
Slide 52: Appendix
TAKKTAG BUSINESS EQUIPMENT SOLUTIONS appendix
Slide 53: Key figures P&L
Key figures P&L Ò in EUR million/other 2006 2007 2008 2009 2010 2011 turnover 958.5 986.2 932.1 731.5 801.6 852.2 EBITDA 119.5 142.3 133.1 68.7 100.6 121.0 EBITA 105.2 125.0 117.3 49.4 80.8 104.1 EBIT 105.2 125.0 117.3 49.4 68.0 104.1 profit before tax 92.9 116.1 111.0 42.4 59.0 95.6 profit 62.5 79.
Slide 54: Key figures balance sheet/covenants
Key figures balance sheet/covenants Ò in EUR million/other 2006 2007 2008 2009 2010 2011 Ø net borrowings 188.7 124.6 82.1 169.8 166.6 106.8 net borrowings (ye) 164.8 81.6 79.9 180.8 139.2 93.7 CAPEX (incl. acquis.) 72.0 47.4 27.9 60.1 6.7 11.5 cha. in working capital 14.5 9.8 4.6 -14.2 -15.4 12.6 g
Slide 55: Key figures personnel
Key figures personnel Ò in EUR thousand/ other 2006 2007 2008 2009 2010 2011 employees (full-time Ø) 2,016 2,040 1,980 1,817 1,775 1,859 turnover per employee 475 483 471 403 452 458 personnel costs per emp. 57.2 55.1 52.1 55.6 61.5 61.0 cash flow per employee 40.5 49.6 49.0 30.9 39.6 47.2 employees
Slide 56: Exchange rates: minor impact on key figures 2011
Exchange rates: minor impact on key figures 2011 Exchange rates Ò QII2011 QIII QIV 2010 FY ∆ in % USD average rate 1.3904 1.3230 +5.1 closing rate 31/12/ 1.2939 1.3362 -3.2 CHF average rate 1.2300 1.3774 -10.7 closing rate 31/12/ 1.2156 1.2504 -2.8 GBP average rate 0.8676 0.8571 +1.2 closing rate 31
Slide 57: Capital expenditure: below long-term average
Capital expenditure: below long-term average Capital expenditure Ò 2006 - 2011 in EUR million 72.0 60.1 60 47.4 z long-term average 45 (without acquisitions): 1-2 percent of sales 30 27.9 15 11.5 6.7 acquisition 2006 2007 2008 2009 2010 2011 capital expenditure incl. finance leasing 7.5% 4.8% 3.0% 8
Slide 58: Free cash flow enables external growth and/or high dividend
Free cash flow enables external growth and/or high dividend target corridor z management instruments outside the operative equity ratio business ~ 60% maximum acquisitions dividend/return of capital debt repayment z reduction of net financial debt clearly under EUR 100 million not wanted z pri
Slide 59: TAKKT EUROPE
TAKKT EUROPE Turnover EBITDA Ò 2006 - 2011 in EUR million Ò 2006 - 2011 in EUR million 800 140 120 115.4 115.9 611.0 622.0 600 537.2 101.0 507.3 100 89.2 467.1 79.1 436.0 80 400 60 55.1 200 40 20 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 margin 16.6% 18.9% 18.6% 12.6% 16.9% 19.9% 2
Slide 60: TAKKT AMERICA
TAKKT AMERICA Turnover EBITDA Ò 2006 - 2011 in EUR million Ò 2006 - 2011 in EUR million 50 500 421.5 400 375.6 40 39.3 36.1 334.7 345.2 310.9 295.6 30 28.9 29.9 300 25.5 1.3 21.1 200 20 100 10 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 margin 9.3% 9.6% 8.2% 7.1% 8.6% 8.3% margin wit
Slide 61: TAKKT in the economic cycle
TAKKTAG BUSINESS EQUIPMENT SOLUTIONS TAKKT in the economic cycle
Slide 62: Economic development: value and growth drivers in the economic cycle
Economic development: value and growth drivers in the economic cycle average order value (AOV) fluctuates gross profit margin is slightly anti-cyclical Δ GDP Δ GDP in % in % GP AOV margin t t order frequency (OF) fluctuates continuous gain of new customers Δ GDP Δ GDP in % in % no. of custo- OF mers
Slide 63: Positive effects of diversification in 4 dimensions throughout cycle
Positive effects of diversification in 4 dimensions throughout cycle diversified industry mix production oriented industry + + service sector non-profit organisations diversified region and diversified product range country portfolio business equipment dimensions of North America office
Slide 64: TAKKT growth strategy: new start-ups as important growth contributors
TAKKT growth strategy: new start-ups as important growth contributors Turnover TAKKT Group Ò 1980 - 2011 in EUR million 250 200 Î focus shifts from new CAGR ~ 10% offline to new online 150 companies 100 50 start-ups 2010s ( 9) start-ups 2000s (22) start-ups 1990s ( 6) start-ups 1980s ( 4) 1980 1990
Slide 65: Flexible cost structure is basis for margin stability throughout cycle
Flexible cost structure is basis for margin stability throughout cycle Ò stable gross margin stable cost of goods margins adv. high low ord. ~10% cash flow CAPEX z business model turnover high free generates high d.t. depr. pers. ~1.5% cash flow free cash flow ~10% d.t. GM ~ 40% oth. ~10% profit pro
Slide 66: Industry trends: fostering TAKKT business model
Industry trends: fostering TAKKT business model consolidation of business partners from product cost to process cost thinking search costs customer supplier selection s t ct s t ct co d u co d u vs costs s s o o pr pr order costs … e-commerce internationalisation of businesses customer supplier @ @
Slide 67: Business model & strategic success factors
business model & strategic success factors
Slide 68: TAKKT: business overview
TAKKT: business overview business z sales channel: B2B direct marketing activity z products: durables/specialties z regional diversification: > 25 countries geographic balance z turnover by region: ~ 60% Europe/ ~ 40% North America z number of customers: ~ 3m z advertising media sent out per year: ~
Slide 69: TAKKT: strategic success factors
TAKKT: strategic success factors clear business focus clear clear organisational TAKKT value-added for structure customer clear strategy for growth 22/03/2012
Slide 70: TAKKT success factors: clear business focus
TAKKT success factors: clear business focus product products TAKKT z price insensitive durables Manutan z ∅ order value ~ €480 Electro- components z broad product range W.W.Grainger specialties MSC Industrial sales channel z direct marketing consum- Office Depot ables Staples z drop/stock shipment d
Slide 71: TAKKT success factors: clear value-added for customers
TAKKT success factors: clear value-added for customers Example: Business Equipment Group suppliers customers customer 1 -D supplier A -F - PL - GB supplier B -… customer 2 supplier C -… services: - short delivery time customer 3 - e-procurement - active supply chain total: management total: ~ 500 su
Slide 72: TAKKT success factors: clear strategy for growth
TAKKT success factors: clear strategy for growth z new product groups 1. acquisitions z new customer groups z roll-out 2. multi-channel z expansion of service and product portfolio activities (organic) z key account management z integrated e-business 3. online-only z development of new brand platfor
Slide 73: TAKKT success factors: clear organisational structure
TAKKT success factors: clear organisational structure holding TAKKT EUROPE TAKKT AMERICA divisions BEG OEG PEG SPG OEG groups & service KAISER + KRAFT Topdeq C&H Hubert NBF companies EUROPA Service Service Service Service multi-channel brands web-only brands BEG = Business Equipment Group PEG = Plan
Slide 74: TAKKT competes in a very attractive industry
TAKKT competes in a very attractive industry Low – high entry threat of barriers via new Low – start-up only 2 cus- losses entrants tomers >1% of turnover, prices insensitive power of rivalry power of suppliers within industry customers Low – fragmented Low – supplier Low – threat of between direct
Slide 75: TAKKT growth strategy: typical profitability life cycle of new foundations
TAKKT growth strategy: typical profitability life cycle of new foundations EBITDA margin profitability development follows established companies typical life cycle curve . . . costs BEP 3-5 years 0 t new foundations . . . since the share of the 100% circulation split advertising circulation going to
Slide 76: Multi-brand strategy – a driver for profitable growth
Multi-brand strategy – a driver for profitable growth z customers like to have limited choice and do not want to reason be dependent on just one supplier z different brands work largely on same platform z pictures, texts and prices in catalogues slightly different mechanics z brands compete against
Slide 77: Clear potential for future growth
Clear potential for future growth product other V V V foodservice- equipment/spec. V in terms office of sales equipment business equipment region Europe North America Asia Î objective: diversified product portfolio via duplication of system business 22/03/2012
Slide 78: Financial calendar 2012
Financial calendar 2012 z 18/01/2012 Cheuvreux German Corporate Conference, Frankfurt z 16/02/2012 preliminary figures 2011 z 22/03/2012 financial statements press conference + analyst presentation z March spring road show z 26/04/2012 interim report for the first quarter 2012 z 08/05/2012 annual ge
Slide 79: Contact
Contact TAKKT AG Presselstrasse 12 70191 Stuttgart Corp. Finance/Investor Relations Germany Mr Frank Schwitalla Phone: +49 711 3465-80 Phone: +49 711 3465-8222 Fax: +49 711 3465-8100 Fax: +49 711 3465-8104 e-mail: service@takkt.de e-mail: frank.schwitalla@takkt.de www.takkt.de www.takkt.de 22/03/201
Slide 80: Analyst Conference Presentation 22 March 2012, Frankfurt/Main
Analyst Conference Presentation 22 March 2012, Frankfurt/Main