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Titelfolie mit Hintergrundbild: Vollflächiges Bild hell. Logo wird in der Fußzeile als Bild eingesetzt, Fußzeilendaten entfallen. Kommt ausschließlich für externe Zwecke zum Einsatz. Unruhiges Bildmaterial wird aufgehellt eingesetzt. Bildmaße: (B x H) 33,87 x 17,73 cm Präsentationstitel: Calibri Regular, 50 pt., Farbe Dunkelgrau Subtitel: Calibri Regular, 24 pt., Farbe Dunkelgrau
Unicredit & Kepler Cheuvreux GCC, Frankfurt
Shaping digital transformation
TAKKT AG
Trennseite mit Hintergrund in Grau: Immer vollflächig. Das Logo in der Fußzeile wird in geschriebener Form eingesetzt. Kommt dann zum Einsatz, wenn innerhalb der Präsentation Themen optisch voneinander getrennt werden sollen. Trennfolientitel: Calibri Regular, 50 pt., Farbe Dunkelgrau Subtitel: Calibri Regular, 24 pt., Farbe Dunkelgrau Business model
January 2018 Unicredit & Kepler Cheuvreux GCC 2
TAKKT AG
TAKKT is a portfolio of B2B direct marketing specialists
January 2018 Unicredit & Kepler Cheuvreux GCC 3
TAKKT AG
TAKKT is organized into seven divisions (as of January 1, 2018)
January 2018 Unicredit & Kepler Cheuvreux GCC 4
TAKKT AMERICA TAKKT EUROPE
Kaiser+Kraft group
ratioform group
newport group
Hubert group
Central group
D2G group
NBF group
TAKKT AG
restaurant equipment
Our divisions are product specialists and sell equipment and specialties with an average order value of 470 EUR
January 2018 Unicredit & Kepler Cheuvreux GCC 5
Kaiser+Kraft group
plant, warehouse and office equipment
ratioform group
packaging solutions
newport group
new business models and
start-ups
D2G group
display products
Hubert group
merchandising and food
equipment
NBF group
office equipment
Central group
TAKKT EUROPE TAKKT AMERICA
TAKKT AG
newport group established as an additional division to develop new business models
January 2018 Unicredit & Kepler Cheuvreux GCC 6
sales brands and start-up investments
• Bundle the web-based brands BiGDUG, certeo and Mydisplays and TAKKT start-up investments
• Provide an environment for the younger, fast-growing business models
• Allow a more independent positioning in their branding, product assortments and technology
• Enable a better focus on the requirements of smaller business customers
strategic target
TAKKT start-up investments
TAKKT AG
Our role in the market – value-add services for customers and suppliers beyond pure distribution
January 2018 Unicredit & Kepler Cheuvreux GCC 7
Our suppliers Our portfolio companies Our corporate customers
Fragmented supplier structure:
• Plant and warehouse equipment
• Office equipment
• Packaging solutions
• Display articles
• Food service supplies and sales promotion
Added values:
• Preselection of quality products
• Individual quotes
• Project consulting
• Custom-made products
• Digital solution (e-procurement)
• Real-time track and trace
• Sustainability
Fragmented customer structure:
• Corporations
• Medium-sized companies
• Small businesses
Several hundred suppliers per division Customer solutions along the value chain
Up to 1 million customers per division
TAKKT AG
Our multi-channel strategy offers multiple touch points for our customers according to individual preferences
January 2018 Unicredit & Kepler Cheuvreux GCC 8
Small
businesses
Mid-sized
corporates
Large
corporates
Customer Characteristics Channels
• Frequent and regular demand
• Focus on efficiency of procurement process and services
• Customer lifetime value (loyal)
• Less frequent, irregular demand
• Focus on price
• Transaction-oriented and less loyal
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TAKKT AG
B2B direct marketing: business model at a glance
January 2018 Unicredit & Kepler Cheuvreux GCC 9
• Most efficient way to market and distribute in the B2B market
• Constant gain of market share versus local, store-based retail network
• Clear business model which will benefit from the trends towards e-commerce and digitalization
• High profitability (EBITDA margin 12-15%) with a comparably low capex need (capex 1-2% of sales)
TAKKT AG
Trennseite mit Hintergrund in Grau: Immer vollflächig. Das Logo in der Fußzeile wird in geschriebener Form eingesetzt. Kommt dann zum Einsatz, wenn innerhalb der Präsentation Themen optisch voneinander getrennt werden sollen. Trennfolientitel: Calibri Regular, 50 pt., Farbe Dunkelgrau Subtitel: Calibri Regular, 24 pt., Farbe Dunkelgrau Strategy
January 2018 Unicredit & Kepler Cheuvreux GCC 10
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Strong business model with clearly defined targets
January 2018 Unicredit & Kepler Cheuvreux GCC 11
Diversify risk
• Diversified sales across regions and customer groups
• Balanced product range
Organic growth of 4 to 5% p.a. on average
• Efficiency of direct marketing
• Shaping the digital transformation with our digital agenda
Act sustainably
• Industry role model for sustainability
• Sustainability as “built-in” rather than an “add-on”
Growth via opportunistic acquisitions (average 5% p.a.)
• Well-established B2B market leaders in attractive market niches
• Access to new products, markets, customers and business models
EBITDA margin
corridor of 12-15%
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Organic growth above GDP also due to efficiency of direct marketing model
January 2018 Unicredit & Kepler Cheuvreux GCC 12
Total market volume of EUR 100bn+ with growth potential in line with GDP
Store-based business: ~ 70-90%
Direct marketing: ~10-30%
Direct marketing is steadily gaining market share vs store-based business
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Digitalization: our vision 2020
January 2018 Unicredit & Kepler Cheuvreux GCC 13
The implementation of our Digital Agenda will increase our midterm
organic sales growth.
We will invest up to EUR 50 million until 2020 in our people and new technologies.
VISION 2020
We want to double our e-commerce business until 2020 by creating an outstanding customer experience through digitalization.
We strive to transform our organization in a step change by putting digital first and
focusing on customer centricity.
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
E-Commerce channels today account for just below half of the business
January 2018 Unicredit & Kepler Cheuvreux GCC 14
28.0% 30.1%
36.5% 39.0%
46.3%
2013 2014 2015 2016 9M/2017
21.0%
15.7%
9.6%
from multi-channel webshops
from web-focused webshops
from e-procurement
9M/2017
Share of e-commerce in order intake (in %) Split between e-commerce channels (in %)
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Gross profit margin stable above 40 percent, also due to private label and direct imports
January 2018 Unicredit & Kepler Cheuvreux GCC 15
13.9% 14.7%
15.9%
18.3%
20.6%
2013 2014 2015 2016 9M/2017
9.6% 10.0%
12.1%
13.7%
15.0%
2013 2014 2015 2016 9M/2017
Share of private labels in order intake (in %) Share of direct imports in purchase volume (in %)
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Our 6 focus areas of the digital agenda
January 2018 Unicredit & Kepler Cheuvreux GCC 16
Strategy & Innovation
Process Automation
Technology
Customer Journey
Organization & Culture
• Marketplaces
• newport group
• TAKKT start-up investments
• Vendor Integration
• Smart shipping solutions
• Digitalization of workflows
• New ERP systems
• Improve web-shop technology
• Focused customer segmentation
• Personalized marketing
• Self service features
• Recruitment of 100 talents
• New ways of working
• New workspace
Data & Analytics
• Better use of customer data
• Business Intelligence
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Our plan is to invest up to EUR 50 million until 2020 for the implementation of our digital agenda
January 2018 Unicredit & Kepler Cheuvreux GCC 17
(in EUR million) 2017 2018 2019 2020
opex investment (incl. personnel) 10 m 5 m 5 m 5 m
capex investment 10 m 5 m 5 m 5 m
We will recruit up to 100 additional employees with digital expertise
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
M&A activity as further driver for growth
January 2018 Unicredit & Kepler Cheuvreux GCC 18
2000 2006 2007 2009 2012 2012 2014 2015 2015 2017
Acquisition criteria
• mainly medium-sized companies (and smaller ones as add-on acquisitions)
• high EBITDA and gross margins • well established market leaders • ensure diversification and gain new expertise for the Group
Divestment criteria
• strategic fit • growth potential • profitability expectations
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Diversification of regions, customer groups and product ranges
January 2018 Unicredit & Kepler Cheuvreux GCC 19
48%
29%
22% 1%
Regions
USAEurope without GermanyGermanyOthers
2016
Balanced contribution to sales from two continents
28%
28% 13%
14%
17%
Customer groups
ManufacturingServicesTradeNon-profit and public organizationsOthers
2016
Low dependency from single customer groups
18%
18%
22%
17%
9%
14% 2%
Product ranges
Storage and TransportPlant and EnvironmentOfficeFood and DiningPackaging and ShippingSales Promotion
2016
Broad product portfolio – multi-purpose use
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Role model for sustainability in our industry
January 2018 Unicredit & Kepler Cheuvreux GCC 20
New long-term goal for the year 2020 have been defined
9.8%
1.7%
2016
2011
Examples
Percentage of sales from sustainable product ranges
Paper consumption per EUR million sales in t
13.7
34.9
2016
2011
TAKKT AG
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January 2018 Unicredit & Kepler Cheuvreux GCC 21
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Key financial indicators
January 2018 Unicredit & Kepler Cheuvreux GCC 22
in EUR million 2012 2013 2014 2015 2016
Organic turnover development in percent -2.8 -2.6 5.5 4.7 5.2
Number of orders in thousand 2,016 2,171 2,182 2,225 2,409
Average order value in EUR 465 440 450 482 469
Gross profit margin in percent 43.3 43.6 42.6 42.6 42.6
EBITDA margin in percent 14.2 12.9 14.0 14.8 15.2
TAKKT cash flow in EUR million 92.7 83.4 98.7 114.2 125.6
Capital expenditure ratio in percent 0.9 1.0 1.4 1.3 1.4
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Value-based KPIs
January 2018 Unicredit & Kepler Cheuvreux GCC 23
18.1%
12.5%
14.4% 15.7%
16.5%
2012 2013 2014 2015 2016
Return on capital employed (in %)
32.4
9.7
18.9
28.5
38.3
5.9
8.3
7.6
8.4
8.5 38.3
18.0
26.5
36.9
46.8
2012 2013 2014 2015 2016
TAKKT value added (in EUR million)
* Adjusted for amortization of intangible assets resulting from acquisitions and the related tax impact.
*
*
*
*
*
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Strong free cash flow and solid balance sheet
January 2018 Unicredit & Kepler Cheuvreux GCC 24
324.9
273.0
217.5 244.0
177.5
2012 2013 2014 2015 2016
34.7% 39.0%
43.8% 49.1%
55.2%
2012 2013 2014 2015 2016
2.4 2.2
1.6 1.6
1.0
2012 2013 2014 2015 2016
95.3
68.4
88.1 89.5 101.4
2012 2013 2014 2015 2016
Free TAKKT cash flow (in EUR million)
• Strong cash conversion
• Low maintenance capex
Net financial debt (in EUR million)
• Quick deleve-raging in years without acquisitions
Equity ratio (in %)
• Equity ratio guided in a range between 30 and 60%
Net financial debt/EBITDA
• Comparably low debt to EBITDA ratio
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
TAKKT dividend policy
January 2018 Unicredit & Kepler Cheuvreux GCC 25
Annual payment of base dividend increased or stable since IPO in 1999
Payout ratio of 40% for 2016
EUR 0.55 per share
Reliable dividend policy
• Future payout ratio within a corridor of 35 to 45 percent of the profit
• TAKKT aims for a consistent and reliable dividend stream
• Willingness to return funds to shareholders via a special dividend when equity ratio is high and funds cannot be reinvested. Payment of special dividend in 2007, 2008 and 2011.
Attractive dividend
0.32 0.32 0.32
0.48 0.48 0.53
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Dividend per share in Euro 0.85 0.80 0.80
0.32 0.32 0.32 0.32 0.32
0.50 0.55
TAKKT AG
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January 2018 Unicredit & Kepler Cheuvreux GCC 26
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Sales growth in the first nine months slowed down by US activities
January 2018 Unicredit & Kepler Cheuvreux GCC 27
137.4
119.7
16.3% 14.2%
9M/16 9M/17
841.8 845.4
9M/16 9M/17
Sales (in EUR million)
+0.4% growth +0.5% organic growth
Adjusted for one-offs, the margin in 9M/16 was 15.3%
EBITDA (in EUR million) and margin (in %)
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Good growth in Europe
January 2018 Unicredit & Kepler Cheuvreux GCC 28
81.9
74.1
19.8% 17.5%
9M/16 9M/17
413.9 423.2
9M/16 9M/17
Sales (in EUR million) EBITDA (in EUR million) and margin (in %)
+2.2% growth +2.8% organic growth
Adjusted for one-offs, the margin in 9M/16 was 18.7%
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Uncertainty in food retail und food service markets weighs on performance in the US
January 2018 Unicredit & Kepler Cheuvreux GCC 29
-1.3% decline -1.7% organic decline
65.3
53.9
15.3%
12.7%
9M/16 9M/17
428.1 422.4
9M/16 9M/17
Sales (in EUR million) EBITDA (in EUR million) and margin (in %)
Adjusted for one-offs, the margin in 9M/16 was 14.3%
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
High cash flow margin
January 2018 Unicredit & Kepler Cheuvreux GCC 30
in EUR million 9M/16 9M/17
EBITDA 137.4 119.7
- net interest exp. -6.3 -6.4
- current taxes -31.0 -27.7
TAKKT CF 100.1 85.6
in EUR million 9M/16 9M/17
profit 75.0 61.9
+ depreciation +21.4 +20.4
+ deferred taxes +3.7 +3.3
TAKKT CF 100.1 85.6
100.1
85.6
11.9% 10.1%
9M/16 9M/17
TAKKT cash flow (in EUR million) and margin (in %)
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Strong cash flow generation
January 2018 Unicredit & Kepler Cheuvreux GCC 31
in EUR million 9M/16 9M/17
TAKKT cash flow 100.1 85.6
Change of net working capital as well as other adjustments -4.1 +2.2
Cash flow from operating activities 96.0 87.8
Capital expenditure on non-current assets -11.2 -20.0
Divestiture from non-current assets +0.3 +0.2
Proceeds from the disposal of consolidated companies +1.5 +0.0
Free TAKKT cash flow (for acquisitions, payout to shareholders and loan repayments)
86.6 68.0
TAKKT AG
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January 2018 Unicredit & Kepler Cheuvreux GCC 32
TAKKT AG
Organic growth overview
January 2018 Unicredit & Kepler Cheuvreux GCC 33
Organic growth 2014 2015 2016 Q1/17 Q2/17 Q3/17 9M/17
TAKKT Group +5.5% +4.7% +5.2% +4.1% -2.3% -0.1% +0.5%
TAKKT Europe +3.3% +0.7% +3.5% +6.6% -2.5% +4.6% +2.8%
TAKKT America +8.1% +10.0% +7.0% +1.5% -2.2% -3.8% -1.7%
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TAKKT AG
Outlook for 2017
• After Q3, TAKKT anticipates organic sales growth of 0 to 1 percent for the financial year 2017.
• At the same time, the Board continues to expect the EBITDA margin to come in at the middle of the target corridor. The EBITDA margin is anticipated to be between 13.2 and 13.5 percent.
January 2018 Unicredit & Kepler Cheuvreux GCC 34
TAKKT AG
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January 2018 Unicredit & Kepler Cheuvreux GCC 35
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
Group companies are market-leaders in attractive market niches with high operational margins
TAKKT equity story at a glance
January 2018 Unicredit & Kepler Cheuvreux GCC 36
TAKKT is a worldwide, diversified portfolio of B2B direct-marketing specialists for business equipment
Growth opportunities through organic initiatives (digital agenda) as well as upside from opportunistic acquisitions
Business model generates high free cash flows and allows stable dividend payouts
EBITDA margin corridor between 12 and 15%
Stable, long-term oriented shareholder structure with Franz Haniel & Cie. GmbH as majority shareholder
TAKKT AG
Chartfolie mit Headline: Calibri Regular, 24 pt Farbe Dunkelgrau
February 15.02. Preliminary figures 2017 March 21.03. Publication of the annual report 2017 and analysts' conference
TAKKT investor relations
January 2018 Unicredit & Kepler Cheuvreux GCC 37
IR Contact
Christian Warns / Benjamin Bühler Phone: +49 711 3465-8222 / -8223 Fax: +49 711 3465-8100 e-mail: [email protected] www.takkt.com TAKKT AG is headquartered in Stuttgart, Germany.
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Basic data TAKKT share Historic share price development (Xetra)
ISIN / WKN / Ticker DE0007446007 / 744600 / TTK
No. shares 65,610,331
Type No-par-value bearer shares
Share capital EUR 65,610,331
Listing September 15, 1999
Index SDAX, prime standard
Designated sponsors Equinet, Oddo Seydler, Kepler, Hauck & Aufhäuser
TAKKT AG
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