GMCC Presentation

1
GMCC Presentation

• Dr. Felix Zimmermann, CFO
• December 3, 2002 - Frankfurt

2
Contents

• business overview and model

• financial statements 2001 according to German GAAP

• TAKKT strategy

• appendix

3
Business overview
4
Market overview and business model
Focus on durables and specialties via mail order

• products
• price insensitive
• durable
• ? order value 400
• broad product range

• sales channel
• pure mail order
• complete infra-structure in USA and Europe
• central warehouse
• low transaction costs

5
The TAKKT group centralised management and
market proximity
6
Product portfolio strong brands with unique
service
7
financial statements 2001German GAAP
8
TAKKT group turnover growth rate 8.0
CAGR 15
9
TAKKT group turnover KAISER KRAFT EUROPA
strongest division
10
TAKKT stable gross profit margin
11
EBITDA sound margin despite foundations and
economic environment
CAGR 13
12
Cash flow solid figure and key strength of TAKKT
13
Capital investment on a normal level
14
Consolidated balance sheet
15
Consolidated balance sheet strengthened equity
16
TAKKT share reflected recession

• market capitalisation total (11/26/2002)EUR
  281.4m
• free float market capitalisation(11/26/2002)EUR
  59.8m
• 72.9 million shares

• TAKKT share
• SDAX (indexed)

17
IAS nine months 2002 figures of the TAKKT group
18
IAS third quarter 2002 figures of the TAKKT group
19
TAKKT strategy
20
Winning new customers

• Topdeq 1994
• Gerdmans 1998
• Conney 1998
• Hubert 2000

• acquisitions

• Topdeq USA 2001
• KAISER KRAFT P 2001
• KWESTO SK 2002

• new foundations

catalogue circulation in m

• increase of catalogue circulation

? in the past 15 years 1 foundation or
acquisition per year
21
Winning new customers
New foundations
new foundations are investments . . .
. . . in winning new customersby leveraging the
existinginfrastructure
winning market shares
customer base
22
Value oriented management
Business segments along the phases of the life
cycle
? assured growth financing through established
companies
23
Consistent duplication of system business

• KAISER KRAFT Europa 1945 - 2001

• K K America 1988 - 2001

• Topdeq 1994 - 2001

24
Growth potential for TAKKTs system business
? objective diversified product portfolio via
duplication of system business
25
Balanced product portfolio
26
Optimal portfolio of customers and suppliers
e. g. KAISER KRAFT EUROPA
? maximum independence from customers and
suppliers
27
Strategy
28
GMCC Presentation

• Dr. Felix Zimmermann, CFO
• December 3, 2002 - Frankfurt

29
appendix
30
KAISER KRAFT EUROPA strongest share of
turnover in group
EBITDA
31
Topdeq EBITDA influenced by new foundations
EBITDA
32
K K America acquisition of Hubert
EBITDA
33
Level of stocks influenced by expected turnover
and stock turn
HGB (German GAAP)in million Euro
99/00
06/30
12/31
03/31
09/30
2001 higher level due to acquisition of Hubert
Q IV/2000 without Hubert
34
Level of trade debtors influenced by turnover
and payment habit
HGB (German GAAP)in million Euro
99/00
06/30
12/31
03/31
09/30
2001 higher level due to acquisition of Hubert
Q IV/2000 without Hubert
35
Impact of economic cycle on TAKKTs value and
growth drivers

• average order value fluctuateswith the economic
  trend

• order frequency fluctuateswith the economic trend

36
Impact of economic cycle on TAKKTs value and
growth drivers

• gross profit margin remainsstable

• independent of economic trendsnew customers /
  market sharesare acquired

37
TAKKT share traded volume
VOLUME
2001
Q 1
Q 2
Q 3
Q 4
Total
traded volume
987,973
826,409
1,195,263
656,441
3,666,086
averagedays
15,682(63 days)
13,548(61 days)
18,676(64 days)
10,761(61 days)
14,723(249 days)
in of free float(15.61m shares)
6.3
5.3
7.7
4.2
23.5
VOLUME
2002
Q 1
Q 2
traded volume
819,672
982,266
averagedays
13,221(62 days)
15,592(61 days)
in of free float
5.3
6.3
free float 15.61m shares free float
15.5m shares
38
key figures according to IAS
39
Changeover to IAS (IFRS)

• effect on fixed assets
• treatment of goodwill
• leasing

• effect on current assets
• stocks
• trade debtors
• treatment of catalogues
• deferred tax assets

• effect on liabilities and accruals

• other
• derivative financial instruments
• method of changeover

40
Key figures
PL
in million Euro
1998
1999
2000
2001
margin
pro forma
41
Key figures
balance sheet
42
Key figures
personnel
43
Key figures
current multiples
44
Key figures
covenants
1999
2000
2001
internal targets
2.0
2.4
2.7
max 1.5 - 1.75X
gearing
8.3
2.6
5.2
min 2.25 - 2.5X
interest coverage
4.7
7.5
6.9
max 3.5 - 4 years
time to reduce liabilities (y)
26.4
24.7
22.6
min 25 - 30
equity ratio (excl. minorit.)
pro forma
45
Financial calendar 2002 / 2003

• 0910/2002 road shows Frankfurt, London,
  Edinburgh, Paris
• 11/07/2002 interim report for the third quarter
  2002
• 12/03/2002 GMCC presentation Frankfurt
• 02/14/2003 preliminary results 2002
• 03/24/2003 financial statements press conference
• March 2003 DVFA analyst conference
• April 2003 road shows
• 04/29/2003 interim report for the first quarter
  2003
• 05/06/2003 annual general meeting in Ludwigsburg
• 08/06/2003 interim report for the first half-year
  2003

?
46
Contact

• TAKKT AGNeckartalstrasse 13170376
  StuttgartGermanyPhone 49 (0)711
  5001-02Fax [phone]e-mail service_at_t
  akkt.dewww.takkt.de

• Corp. Finance / Investor RelationsMr Hanns
  Ruesch Phone [phone]Fax 49
  (0)711 5001-1972e-mail hanns.ruesch_at_takkt.dewww
  .takkt.de