Takkt Ag · XETR:TTK
Takkt — Investor Presentation (April 2000)
43 slides from Takkt's investor presentation, Apr 14, 2000
Slide 1: Analyst Presentation of TAKKT AG on 14 April 2000 in Frankfurt
Analyst Presentation of TAKKT AG on 14 April 2000 in Frankfurt
Slide 2: Contents
Contents y Year 1999 y Financial Statements y E-Commerce Strategy 16.08.00 16.08.00 2
Slide 3: Year 1999
TAKKT AG Year 1999
Slide 4: Highlights 1999 – Re-structuring, spin-off and IPO
Highlights 1999 – Re-structuring, spin-off and IPO 1st Jan 1999 1st March 1999 1st July 1999 15th Sep 1999 y Re-structuring y Foundation of y Spin-off of the y TAKKT AG is of the Mail TAKKT AG former Mail Order listed on the stock Order Division Division from exchanges in GEHE AG to Frankfurt and TA
Slide 5: The TAKKT share – Good performance and further growth potential
The TAKKT share – Good performance and further growth potential SHARE PRICE PERFORMANCE ì in Euro y Clearly defined growth strategy 12.0 y Focus on e-commerce 10.7 y Market leadership y TAKKT share y Largely independent 9.4 y SDAX of economic fluctuations 8.0 6.7 5.4 4.0 Sep Nov Jan March 1999 1999
Slide 6: TAKKT has found its shareholders
TAKKT has found its shareholders Shareholder structure ‡ 31.12.1999 Freefloat 22,1 % AXA Colonia Konzern AG 10,0 % Franz Haniel & Cie. GmbH 67,9 % 16.08.00 16.08.00 6
Slide 7: The TAKKT Group – Centralised management and market proximity
The TAKKT Group – Centralised management and market proximity y Knowledge y Synergies / economies of scale y Procurement / advertising y Logistics y Customer database y E-commerce y Distribution companies 16.08.00 16.08.00 7
Slide 8: Milestones – Success through expansion and integration
Milestones – Success through expansion and integration y Expansion of the mail order centre in Kamp-Lintfort, Germany y Successful integration of the Gerdmans group into the merchan- dise management system of KAISER + KRAFT EUROPA y Establishment of the Topdeq branch in France y Successful integrati
Slide 9: Product portfolio – Strong brands combined with a unique service
Product portfolio – Strong brands combined with a unique service y Over 30,000 y Over 2,000 articles: y Over 45,000 articles: articles: transport, design-oriented transport, warehouse, warehouse, busi- office equipment and work safety, business ness, environmental accessories and packaging appli- an
Slide 10: Financial year 1999 – New record figures
Financial year 1999 – New record figures TURNOVER EBITDA 1998 – 1999 1998 – 1999 ì in million Euro ì in million Euro 70.5 700 70 % 627.6 65.1 8.3 600 60 .4% 16 539.2 500 50 400 40 300 30 200 20 100 10 1998 1999 1998 1999 16.08.00 16.08.00 10
Slide 11: E-Commerce – The next logical step
E-Commerce – The next logical step y E-commerce, e-procurement and e-payment define the future – and we are excellently prepared for this future! y Our alliance partners n InterWorld (USA) n POET (Germany) n Stibo (Denmark) 16.08.00 16.08.00 11
Slide 12: 1st quarter – Strong growth continues
1st quarter – Strong growth continues y Increase in turnover exceeds expectations y EBITDA is up despite further investment in e-commerce and advertising 16.08.00 16.08.00 12
Slide 13: Financial Statements
Financial Statements
Slide 14: Special points in the 1999 financial statements
Special points in the 1999 financial statements Despite the spin-off Profit after tax up 8.1% Disclosure of Additional depreciation and hidden reserves interest charges Lower tax rate 37% instead of 49% Spin-off at 1 July 1999 Pro-forma financial statements 16.08.00 16.08.00 14
Slide 15: Unimpeded growth and continuous increase in turnover
Unimpeded growth and continuous increase in turnover TURNOVER TAKKT GROUP 1996 – 1999 ì in million Euro 627.6 600 539.2 500 469.5 400 394.1 300 200 100 1996 1997 1998 1999 16.08.00 16.08.00 15
Slide 16: International position reduces effect of economic fluctuations
International position reduces effect of economic fluctuations TURNOVER by region ‡ 1999 Rest of Europe 31.7 % Germany 32.0 % North America 36.3 % 16.08.00 16.08.00 16
Slide 17: Optimal market coverage with strong brands and subsidiaries
Optimal market coverage with strong brands and subsidiaries TURNOVER by division ‡ 1999 KAISER + KRAFT EUROPA 52.0 % Topdeq 11.7 % K + K America 36.3 % 16.08.00 16.08.00 17
Slide 18: Four-year EBITDA comparison – Continued improvement
Four-year EBITDA comparison – Continued improvement EBITDA 1996 – 1999 ì in million Euro 72.5 70 65.1 60 52.0 50 44.3 40 30 20 Extraordinary expense EBITDA 1996 1997 1998 1999 16.08.00 16.08.00 18
Slide 19: Four-year EBIT comparison – Slight burden due to depreciation
Four-year EBIT comparison – Slight burden due to depreciation EBIT 1996 – 1999 ì in million Euro 60 58.8 58.5 50 46.2 40 39.5 30 20 10 Extraordinary expense EBIT 1996 1997 1998 1999 16.08.00 16.08.00 19
Slide 20: Pre-tax profit – Reflecting spin-off related expenses
Pre-tax profit – Reflecting spin-off related expenses PRE-TAX PROFIT 1996 – 1999 ì in million Euro 60 57.7 52.5 50 45.5 40 38.9 30 20 10 Extraordinary expense Pre-tax profit 1996 1997 1998 1999 16.08.00 16.08.00 20
Slide 21: Profit after tax – Increase due to lower tax rate
Profit after tax – Increase due to lower tax rate Profit after tax 1996 – 1999 ì in million Euro 31.9 30 29.5 25 25.1 20.7 20 15 10 5 1996 1997 1998 1999 16.08.00 16.08.00 21
Slide 22: KAISER + KRAFT EUROPA – Improvement despite slower economies
KAISER + KRAFT EUROPA – Improvement despite slower economies Turnover EBITDA 1996 – 1999 1996 – 1999 ì in million Euro ì in million Euro 326.5 300 313.0 43.6 40 40.3 250 260.8 239.4 200 30 29.9 27.9 150 20 100 50 10 1996 1997 1998 1999 1996 1997 1998 1999 16.08.00 16.08.00 22
Slide 23: Topdeq – Positioning at the top provides further growth
Topdeq – Positioning at the top provides further growth Turnover EBITDA 1996 – 1999 1996 – 1999 ì in million Euro ì in million Euro 9.3 73.1 9 8.3 70 63.0 8 60 7 53.3 50 6 44.5 40 5 4.6 4 3.3 30 3 20 2 10 1 1996 1997 1998 1999 1996 1997 1998 1999 16.08.00 16.08.00 23
Slide 24: K + K America – Above-average growth due to a strong economy
K + K America – Above-average growth due to a strong economy Turnover EBITDA 1996 – 1999 1996 – 1999 ì in million Euro ì in million Euro 228.0 23.2 200 163.2 20 155.4 17.5 150 16.5 15 110.2 13.1 100 10 50 5 1996 1997 1998 1999 1996 1997 1998 1999 16.08.00 16.08.00 24
Slide 25: Consolidated balance sheet of TAKKT AG – Sound financial structure
Consolidated balance sheet of TAKKT AG – Sound financial structure ‡ in million Euro 31.12.99 % 31.12.98 % ASSETS Fixed assets 237.3 64.0 123.9 52.6 Current assets 130.4 35.2 110.0 46.6 Prepayments 3.2 0.8 1.8 0.8 370.9 100.0 235.7 100.0 EQUITY AND LIABILITIES Shareholders' equity 99.1 26.7 104.5 44
Slide 26: Cash flow – Increase of more than 25% compared to 1998
Cash flow – Increase of more than 25% compared to 1998 Cash flow 1996 – 1999 ì in million Euro 60 50 45.8 40 35.9 30.9 30 25.5 20 10 Depreciation Net income 1996 1997 1998 1999 16.08.00 16.08.00 26
Slide 27: Capital expenditure 1999 – Focus on spin-off, IT and human resources
Capital expenditure 1999 – Focus on spin-off, IT and human resources CAPITAL EXPENDITURE TAKKT GROUP 1996 – 1999 ì in million Euro 120 121.1 100 80 73.8 60 40 25.5 20 Tangible assets 5.6 Intangible assets 1996 1997 1998 1999 16.08.00 16.08.00 27
Slide 28: Employees – Good performance creates new jobs
Employees – Good performance creates new jobs EMPLOYEES 1996 – 1999 ì Average numbers (full-time equivalents) 1,500 1,497 1,330 1,200 1,165 1,101 900 600 300 0 1996 1997 1998 1999 16.08.00 16.08.00 28
Slide 29: Outlook – Dynamic growth and investment in e-commerce
Outlook – Dynamic growth and investment in e-commerce y TAKKT AG will continue to grow dynamically y The Group intends to increase its global market penetration considerably y E-commerce investment is the next logical step in the development of our business y We are very well prepared for the challe
Slide 30: E-Commerce Strategy
E-Commerce Strategy
Slide 31: B-to-B will dominate the E-commerce market in the US
E-Commerce B-to-B-Market B-to-B will dominate the E-commerce market in the US US E-Commerce ($ billions) B2B Goods $1.400 $1.331 $1.200 $1.000 $843 B2B Services $800 $600 $499 B2C $400 $251 $200 $109 $0 1999 2000 2001 2002 2003 Source: Forrester Research 16.08.00 16.08.00 31
Slide 32: E-Procurement – Comparable importance of Internet business in US and Europe
E-Procurement B-to-B-Market Comparable importance of Internet business in the US and Europe How important is the Internet business for companies? Unimportant Not very 43% important 39% 39% Important 24% 25% 26% Very important 20% 16% 18% Essential USA Europe Germany Source: Mori Research 16.08.00 16
Slide 33: E-Procurement Concepts: Supplier-driven approach: Own website
E-Procurement Concepts Supplier-driven approach: Own website Characteristics y Supplier's proprietary system y No interfaces to customer systems Supplier 1 Customer 1 y Not compatible with customer systems Supplier 2 Website Customer 2 Advantages y Fast response time for supplier Supplier 3 Customer
Slide 34: E-Procurement Concepts: Customer networks
E-Procurement Concepts Customer-driven approach: Customer networks Characteristics y First step towards vertical integration Supplier 1 Customer 1 y Interfaces to customer systems y Compatibility is required Supplier 2 Intranet Customer 2 Advantages Extranet y Customer-specific offering is possible
Slide 35: E-Procurement Concepts: Transactions via an e-commerce platform
E-Procurement Concepts Customer-driven approach: Transactions via an e-commerce platform Characteristics y Standardisation of processes y Interfaces to and compatibility Supplier 1 Customer 1 with customer systems Commerce Advantages Supplier 2 platform Customer 2 (e. g. commerce y Customer-specific
Slide 36: E-Procurement Concepts: Market places
E-Procurement Concepts Supplier and customer driven approaches: Market places Characteristics y Supplier and customer systems y Interfaces to all market Supplier 1 Customer 1 participants Supplier 2 Market Advantages Customer 2 places y Unlimited scalability y High market transparency Supplier 3 Cus
Slide 37: E-Procurement Concepts: New value and growth drivers
E-Procurement Concepts New value and growth drivers Community Content Content Market position is determined by content quantity and quality Community Community Supplier 1 Customer 1 Commerce Transaction- Supplier 2 orientated business Website Customer 2 models are defined by technology Supplier 3 Cu
Slide 38: E-Procurement Examples: Content: Media-neutral database
E-Procurement Examples Content: Media-neutral database Catalogue 1 Print media Catalogue 2 Catalogue 3 Media-neutral database CD 1 CD-ROM > 30,000 items CD 2 in ten languages Website 1 Internet / Website 2 E-commerce Website 3 Flexible basis for supplier-driven e-business systems 16.08.00 16.08.00 3
Slide 39: E-Procurement Examples: Commerce
E-Procurement Examples Commerce: New communication opportunities . . . Intranet L XM Market /CBL CXML places / Media-neutral Procurement Portals database system CIF Commerce service XM provider L Commerce platform . . . create new business opportunities in customer-driven e-commerce systems 16.08.00
Slide 40: E-Procurement Examples: Community: Partnerships along the value chain
E-Procurement Examples Community: Partnerships along the value chain . . . L Intranet XM Market XML/CBL places / C Media-neutral Procurement Portals database system CIF Commerce service provider XM L Commerce platform Stibo Poet InterWorld . . . provide access to these new business opportunities 16.
Slide 41: E-Procurement: Who will be the winner?
E-Procurement Who will be the winner? Who will profit from entering the market? Critical success factors Open and flexible Partnerships / corporate Alliances structure10% 25% Technology and system leadership 45% Brands / Content and Advertisement service 10% quality 10% TIME-TO-MARKET = First mover
Slide 42: E-Procurement: Who will survive the competition?
E-Procurement Who will be the winner? Who will survive the competition? Critical success factors Open and flexible Partnerships / corporate Alliances structure 10% 10% Content and service quality 60% Brands / Technology Advertise- and system ment 10% leadership 10% = Key competitive advantage! 16.08
Slide 43: Analyst Presentation of TAKKT AG on 14 April 2000 in Frankfurt
Analyst Presentation of TAKKT AG on 14 April 2000 in Frankfurt