TAKKT with strongest organic growth in company's history
 

• Fourth-quarter sales up organically by 14.4 percent, surpassing the pre-crisis level of 2019
• TAKKT realized organic growth of 11.4 percent for the full year
• EBITDA increased more strongly than sales to EUR 112.6 (92.6) million
• TAKKT sees considerable growth potential for 2022 despite challenges from inflation and difficulties in supply chains

Stuttgart, Germany, February 24, 2022. TAKKT concluded the 2021 fiscal year very successfully with a significant increase in sales and earnings. Although the final quarter of the previous year was only slightly impacted by the effects of the pandemic, organic growth improved to 14.4 percent. Compared to the fourth quarter of 2019, currency-adjusted sales were ten percent higher. "It took us around 18 months to recover from the dent to our top line caused by the pandemic and we have reached the pre-crisis level faster than expected. Without the global supply chain difficulties, we would have been able to post even stronger growth. We are now optimistic about the future and want to continue driving growth," says CEO Maria Zesch regarding the published figures. In the fourth quarter, sales reported in euros benefited from a positive currency effect from the US dollar and rose by 17.3 percent to EUR 317.5 (270.6) million. TAKKT was able to significantly improve EBITDA and increase it to EUR 30.5 (18.5) million.

TAKKT achieved a sales plus of 10.4 percent to EUR 1,178.0 (1,067.4) million in 2021. Organic sales growth came to 11.4 percent, rising to the highest level in the history of the company. The easing of protective measures and sustained economic recovery led to a noticeable surge in customer demand. Bottlenecks in production and transport capacities resulted in limited product availability, which also affected the TAKKT companies. Since the difficulties affected the entire market, cancellations remained at a low level. The order backlog of the TAKKT companies increased by around EUR 55 million over the course of the year. "The constraints in the supply chain did not change significantly in the fourth quarter and will continue to be a major issue at least in the first half of 2022," explains CFO Claude Tomaszewski.

TAKKT increased EBITDA to EUR 112.6 (92.6) million in 2021. One-time expenditures had an overall negative impact on earnings of EUR 6.1 (8.6) million, although to a somewhat lesser extent than in the previous year. Adjusted for the one-time effects in both years, EBITDA rose by around 17 percent and thus much more sharply than sales. The EBITDA margin was 9.6 (8.7) percent. The marked increase in delivery times for orders placed by TAKKT companies with suppliers and rising purchase and transport prices led to significantly higher inventories over the course of the year. Receivables from customers also increased as a result of the good growth trend. As expected, due to the increase in net working capital, the free TAKKT cash flow of EUR 51.9 (129.8) million was significantly lower than in 2020. TAKKT's balance sheet structure remained very solid in 2021. At 62.2 (64.7) percent, the equity ratio at year-end was still above the target corridor of 30 to 60 percent. Bank liabilities were reduced to a low double-digit million euro amount following the increase as a result of the dividend payment.

The Group also got off to a good start in the new year following the successful close to 2021. "Most likely, 2022 is not going to be an easy year as we continue to deal with inflation and delivery difficulties. Nevertheless, we feel optimistic about the future and see a great deal of potential for growth," says Maria Zesch confidently. TAKKT will provide further information on the 2021 consolidated financial statements and assessment of future business development 2022 with the publication of the annual report on March 30. At that time, the Group will also share further information on the strategic direction as well as long-term growth and earnings targets.

Earnings call: February 24, 2022, at 2:00 p.m. (CET).
The login details to participate in the earnings call are available at the following link: www.takkt.de/event

Financial calendar
TAKKT will publish the final figures for the 2021 fiscal year as well as the annual report on March 30.

Preliminary IFRS figures for the TAKKT Group for the 2021 Fiscal Year
(in EUR million)

About TAKKT AG
TAKKT AG is the leading B2B distance seller for business equipment in Europe and North America. The Group is represented in more than 25 countries with its Industrial & Packaging, Office Furniture & Displays and FoodService divisions. The product range of the subsidiaries comprises more than 600,000 products for the areas of plant and warehouse equipment, office furniture, transport packaging, display articles and equipment for the food service industry, hotel market and retailers.

Contacts:
Michael Loch Tel. +49 (0) 711 3465-8222
Benjamin Bühler Tel. +49 (0) 711 3465-8223
Email: investor@takkt.de