For today's earnings call of the TAKKT AG, following the preliminary figures for the full year 2024. TAKKT is represented by CEO Andreas Weishaar and CFO Lars Bolschö, so the gentlemen will speak shortly and guide us through the presentation and the figures. Following the presentation, we will move over to a Q&A session in which you will be allowed to place your questions via the audio line or chat, and having said this, we are looking forward to the numbers, and I hand over to you, Andreas.
Thank you, Ingmar. Welcome also from my side to our earnings call for the preliminary results 2024. I'm hosting the call together with our CFO, Lars Bolschö, who will give you more details on our financials in a few moments. To start off, I will comment on our key financials 2024 and then give you an update on the progress made to resolve our internal issues. Looking at the preliminary full-year results we published today, you can see that we reached the upper end of our guidance range that we communicated in October. This was due to improved sales performance and very strong cash generation in the last quarter. We delivered on quarter four and see the measures we initiated taking hold. That said, financially, 2024 was an overall disappointing year for TAKKT. Organic sales development was -15.4% due to both internal challenges and an overall weak environment.
I've talked to you in detail about our internal issues during the quarter three call and will provide a progress update in just a moment. Talking about the environment, in Euroope, we saw the impact of the weakness in manufacturing with the relevant PMIs being consistently and significantly below the 50-point threshold all year long. In the U.S., demand for office furniture and sentiment in the restaurant and food service industries was also more of a headwind than a tailwind. On earnings, our Adjusted EBITDA margin came in at 6.9%. This was mostly due to the very weak top line, which negatively impacted profitability and to costs related to the resolution of internal issues.
In response to the weak top line, we have implemented effective cost management last year and continued with this also during quarter four while making important investments into our commercial growth and operational process and system performance, and on cash, our focus on structural improvements in our cash conversion cycle paid off in 2024. This allowed us to generate a free cash flow only slightly below prior year's level despite much lower earnings. Lars will provide more details on these in a moment. Based on our strong cash performance, we're in a comfortable position to fund necessary investments into the business as well as pay out a dividend of Euro 0.60 per share. This confirms our commitment to our dividend policy and our reliability as a dividend stock. During our quarter three call, we transparently highlighted key internal issues impacting our performance.
In quarter four, we rigorously addressed these and as a result, stabilized the overall situation. Allow me to provide an update on where we stand by division. In I&P, as you may recall, we did not provide adequate customer service and lost visibility in the market following the temporary discontinuation of the Ratioform brand and the integration of our packaging business into Kaiserkraft. We have in the meantime resolved our backlog issues, stabilized processes, and brought service levels back up to the level we saw before the Ratioform brand discontinuation. This has led to a much improved customer experience with CNPS numbers increasing. In Germany, for example, CNPS increased by 20 points overall. Numbers now have returned to the level they were at before the brand migration. Also, we have reintroduced Ratioform as a category brand for packaging and will continue to build on that in the coming months.
Still, we've lost customers and their trust, and it will take time to fully win it back. This is what we are addressing with a specific customer experience program that we initiated in I&P. We are embedding customer centricity as a core cultural value in the organization with fully aligned targets, improved systems, and processes. At OF&D, we're faced with two topics, as already explained in our quarter three call. Number one is a weakness in lead generation at NBF after we changed our marketing approach towards a more brand-centric one and relied too much on online channels instead of marketing the products we're selling and bidding on related keywords. Number two is related to one of our key suppliers relocating his manufacturing operations, which led to sourcing delays as well as matching and availability issues.
We therefore had some gaps in our assortment and only limited availability for several items. We have addressed the go-to-market issues at NBF with a shift to more performance marketing in online, the launch of a new webshop in January, and an intensified catalog mailing to key customers in early 2025. We're confident that we will see improvements out of these measures, but it will take some time for the full effect to be reflected on order intake and sales. On the supplier side, we have resolved the related issue in January and are on track to restock all relevant categories. Looking at FoodService, let me first touch on the top line performance. You might have seen that sales development was more negative in quarter four compared to quarter three.
This is a result of the very strong order backlog reduction that we saw in the previous quarter and highlighted in our last call. Underlying order intake growth improved in quarter four. So we're on the path to return this business to growth step by step after the fallout from the ERP migration in quarter two last year. We overcame major system challenges and processes, and systems are running reliably again. We're now working on further improving process automation and speed. We have mostly restocked our call center team and see increased activity in terms of customer touchpoints and quotes we are sending out. And we have made the decision to discontinue the unprofitable bid contract business since it's more volume-driven and not really a good fit with our positioning as a value-add providers.
We see good growth in web and marketplace channels at food service, which demonstrates the strength of our Hubert and Central brands in the market. Overall, we have addressed and resolved our primary internal issues and seen an improvement in performance as a result. A big thank you to the global TAKKT team for their hard work and the progress delivered. We're still seeing an impact on top line performance from these issues as it takes some time for our measures to show their full impact and win back customers. I'm confident that the positive trend will continue into 2025 as we shift the focus of our activity from cleanup and repair towards driving growth, operational efficiency, and customer centricity. This is closely connected to our new strategy. More insights into that in a few minutes. But first, over to Lars for a closer look at our financials.
Thank you, Andreas. Welcome to all of you from my side as well. Let me start with a summary about key financials in Q4 before we then look at the more detailed numbers for the group and for our divisions. Looking at the environment, Andreas already gave an update on the internal topics, which have still impacted performance in Q4 in all of our three divisions, and as said, the market environment remained non-supportive also in Q4, especially in the Eurozone with a low manufacturing PMI. On sales, we see a continued stabilization in growth rates thanks to the measures we have implemented in the last month. Organic sales for the group was still negative at -11.5%, anyhow up 2.6 percentage points in growth rate versus Q3 due to better development, especially at I&P and OF&D.
Gross profit margin in Q4 was significantly lower than the year before at 36.6% and also lower than in the first nine months. Compared to prior year, we saw a decline of 3.3 percentage points. Part of this decline we had already expected and discussed in our Q3 call. Around two-thirds of the lower gross margin is due to non-recurring effects resulting from low margin bid contract orders in food service, from impacts on freight at our U.S. activities, and from some inventory valuation. Additionally, we have run in Q4 some commercial initiatives which had a negative impact on our gross margin and are not expected to repeat in the same magnitude, for example, driving down our slow-moving inventories or running some price tests.
The remainder of the gross margin decline is due to conscious investments into growth and keeping the right balance between attractive pricing and our positioning as a value-add provider with high margins. We expect some of the non-recurring effects to still be visible starting into Q1. At the same time, our gross margin in January is developing positively compared to Q4. In Q4, we continue to do a good job in cost management with savings in personnel and other costs while keeping up marketing spend roughly on prior year level to invest in visibility and leads. Adjusted EBITDA margin was 4.6%, confirming our guidance of a weak profitability in Q4 due to non-recurring impacts and investments into growth lowering the gross profit margin. I'm glad to report on a very positive development in cash generation in Q4.
We were very successful with releasing additional net working capital of Euro 38 million in Q4. In the last quarter, mostly out of improvements in receivables and payables. With that, we generated a free cash flow of Euro 31.5 million in Q4, which was even better than the already quite good figure of Euro 23.9 million from the year before. Good to see our intense activities in cash management paying off. Before we jump into group and division figures in more detail, I want to give you an update on an impairment we had to book for our food service activities. We had highlighted the increased impairment risk already in our last calls. After completing the multi-year plans and the tests, we had to adjust the value of our Central and Hubert cash-generating unit by Euro 63 million.
As you're all aware, this impairment has no cash impact and therefore also no impact on our ability to pay dividends. Balance sheet remains very solid with the equity ratio being slightly below 60% at year-end 2024. So overall, a Q4 which came in slightly better than expected in growth and profitability and clearly very strong in cash generation, confirming that financials developed into the right direction quarter by quarter. Let's now start with some more details for TAKKT Group and the Q4. Sales were at Euro 254.5 million after Euro 285.5 million the year before. That's an organic growth, so growth adjusted for currency impact of -11.5%. As we have already mentioned, a continued stabilization we already saw in Q3. Let's continue with profit development in Q4. Reported EBITDA was significantly lower at Euro 5.3 million compared to Euro 24.6 million in 2023.
Biggest driver here in Q4 is again the lower top line with Euro 12 million impact, while the declining gross profit margin also has a very relevant impact in Q4 with minus Euro 8 million. I've just talked about the reasons for the lower margin on the last slide, so just to repeat, around two-thirds are due to various non-recurring effects. Some more color on that when we look at our three divisions. On costs, we again saw good cost compensation in personnel and other costs. In personnel costs, we saved Euro 5 million versus prior year. The Euro 4 million in savings you see at marketing and other costs is coming out of other cost savings in the quarter. On marketing spend, we are on a similar level to prior year or even slightly above.
One-time costs were Euro 6.4 million in Q4 this year, while the year before we had a net gain of Euro 1 million out of a sale of real estate in 2023. One-time costs in Q4 were mainly due to structural adjustments, selling our displays business, Mydisplays in Euroope, and further adjusting our organization with related personnel one-time costs. The sale of Mydisplays led to a one-time loss of slightly less than Euro 2 million. Mydisplays is selling displays products here in Germany and was part of our office furniture and displays division. Sales were a bit less than Euro 5 million, and we are happy to have found a strategic buyer who will keep investing into the business. The sale of this business is in line with our focus on core activities. Our adjusted EBITDA margin in Q4 was at 4.6%, and with that, significantly below prior year.
As explained, mainly due to a low gross margin, that's in line with our guidance from October, where we talked about balancing profitability of Q4 with investments into growth and the business, but obviously not a profitability level we want to operate our business at. Let's now look at what that means for the full year figures on TAKKT Group level. As usual, I'll keep it a bit shorter here since most of the developments have the same background and reasoning as already shared for the single quarter. On sales, we achieved Euro 1.05 billion compared to Euro 1.24 billion in 2023. Organic growth was at minus 15.4% as a result of the internal challenges we see in our three divisions and the weak market we are operating in. Our updated guidance of October was indicating a range of minus 15% to minus 17%.
All three divisions finalized the year with a double-digit decline. I&P still a bit better than the U.S. activities, and with a continuously positive trend in the second half. Office furniture and displays and food service with noticeable impacts from their internal topics. On profit reported EBITDA is at Euro 55.7 million after Euro 111.9 million in 2023. Looking at the lower top line, we see this having a negative impact on absolute gross profit of Euro 74 million. Gross profit margin was below prior year at 39.3%, down from 39.8%. This is due to lower margins at both U.S. divisions, which I will provide more details on on the next slides. Profit impact from the lower gross margin is minus Euro 5 million. Going further into the profit bridge, we see good impact from our cost management with a reduction of Euro 22 million in personnel and Euro 17 million in marketing and others.
Before one-off cost management allowed us to compensate around Euro 40 million for full year 2024. One-time costs were at Euro 17.1 million this year, in line with our guidance of between Euro 15 million and Euro 20 million. With that, Euro 15.7 million higher than prior year. Reasons for one-time costs were structural adjustments to adapt to the lower top line and closing down some smaller activities and locations. Adjusted EBITDA margin came in with 6.9%, down from 9.1% last year, again mainly due to our weak top line. With this, we end up in the upper range of the updated guidance from October, which was 6.3%-7.1% adjusted EBITDA margin. Anyhow, on a very low profit and profitability level in a challenging year and clearly below our own ambition for our business.
Let's then go over to our three divisions and performance in both Q4 and for the full year, starting with industrial and packaging I&P. On sales, we saw continued stabilization in Q4 with organic decline back in the negative single digits. We are moving into the right direction here despite a continued weak environment. It's still too early to call it a solid trend. Anyhow, we are seeing the impact of the measures we implemented last year. For the full year, sales came to Euro 589.5 million after Euro 672.9 million in 2023. Organic growth rate for 2024 was minus 13%, resulting, as already said, both from internal challenges and non-supportive markets. Looking at profit, gross profit margin was above prior year for the full year. At the same time, some impact of the weaker TAKKT gross profit margin in Q4 came also from I&P, mainly from commercial activities.
Cost management worked out well in 2024 with all cost positions clearly below prior year when adjusted for one-time costs. One-time costs were just below Euro 2 million for Q4 and just below Euro 7 million for the full year. For the prior year, you see the net gain out of the sale of real estate already mentioned. The comparatively low profitability in Q4 with 10.7% adjusted EBITDA margin is mainly coming from the mentioned lower gross margin in Q4. For the full year, this brings our adjusted EBITDA margin to 11.8%, and with that, 1.6 percentage points lower than 2023. Given the double-digit decline in sales, this shows that we did a good job in cost management and also confirms the profitability of our core business even in challenging times. Let's now get to our division, office furniture and displays, or OF&D, and start with sales development here.
You might remember that we had a rather negative development in Q3 in this division. Partly, this was a result of a changed marketing approach and of assortment gaps and limited availability of some products due to issues with one of our major suppliers. Sales development in Q4 is better now than in Q3 as we reduced backlog of orders with, again, higher product availability, while the run rate and order intake didn't change much. So we are still dealing with the impact from the changed marketing approach and positioning of the brand at NBF. At Displays2go, we saw a slight improvement quarter over quarter. So both businesses are down double-digit for Q4 and for the full year as well. For the full year with Euro 233.9 million sales, a decline of -16.9%.
On profit, as you might remember, we have had very high gross profit margins in all OF&D in 2023 and also beginning of 2024. This was a result of passing on decreases in freight costs to our customers with some time delay. So the higher margin was always more of a temporary positive impact. We consciously adjusted to a more sustainable level over the course of the year and had a full year gross profit margin of 43.0% for 2024. For Q4, in addition to the mentioned longer-term adjustments, we also had non-recurring impacts in gross margin. At OF&D, a lot of this was freight-related. We decided to fulfill and ship as many orders as possible despite some assortment gaps that Andreas has already mentioned.
This led to some orders with more than one item being split into several parcels or being shipped from a distribution center further away from the customer, and with this, freight costs increased, and we also did run promotions where we offered reduced shipping costs or more competitive pricings to improve order intake and sell down inventories. As already mentioned, to some extent, these impacts will still be visible in Q1. Overall, a gross margin being at 38.6% for Q4 and with this clearly below last year. On costs, we have adjusted all relevant cost positions and we see good savings in personnel, marketing, and others. For the full year, we still see a slight increase in cost ratios due to lower sales levels. One-time costs amounted to Euro 2.8 million in the full year.
This leads to a significantly lower EBITDA of Euro 12.8 million after Euro 26.4 million the year before and to an adjusted EBITDA margin of 6.7%, down from 9.4% in 2023. Part of the one-time cost is the negative profit impact out of the Mydisplays sale. Overall, a very visible impact on profitability from the weaker top line and the lower gross profit margin for the full year, which was even more pronounced in Q4 due to the non-recurring margin impacts I have explained. Let's conclude the detailed view of our divisions with our division, FoodService FS and Sales Development. Q4 sales was quite negative with a -16.8% organic growth and with this weaker than Q3. This recent slowdown is due to Q3 benefiting significantly from backlog conversion. We had shared this when we presented our results in October.
Order intake as a leading KPI actually improved quarter over quarter, so we are still clearly in negative territory, but we are confident to see the continued improvement in the coming month as our measures gain traction. For the full year, we end up with a minus 19.5% organic growth and with that, a very relevant decline in a year that was heavily impacted by our internal challenges. On profit, gross profit margin is down 1.8 percentage points for the full year, which is largely a result of the gross margin decrease in Q4. In Q4, the delta in gross margin to prior year was 6 percentage points. Biggest factor here was the conversion and valuation of backlog orders in the bid contract business with a very low gross profit margin.
We have since already mentioned decided to discontinue this business, so we won't have any more new orders coming in, but we'll still convert some remaining orders in 2025. On costs, we achieved over the year 2024 some relevant savings in marketing costs, while savings in personnel and other costs were much more limited due to our internal focus to first resolve the challenges around the ERP migration and to rebuild our sales teams. This was the right decision to take, anyhow, it had a negative impact on profitability. One-time costs didn't play much of a role in Foodservice, so to summarize, a very weak top line, lower gross profit margin, and only limited compensation from cost savings. This results in a negative EBITDA at Foodservice of - Euro3.3 million in Q4 and - Euro0.6 million for the full year. On adjusted profitability, we are...
There is no audio line. Hopefully, you can hear me now, and we try to fix that in a minute.
Goodwill resulting in the mentioned impairment of Euro63 million . Anyhow, we expect a significant improvement in profitability in food service in the coming quarters as negative top line effects become less significant and as we shift our priorities from tackling the internal challenges more towards generating and driving profitable growth. The gross profit margin impact out of the remaining bid contract orders could still be visible in the coming month, but will be clearly less pronounced than in 2024. Let's look at much more positive results, which we can present in our cash flow development for 2024. The cash flow before change of net working capital was with 40.4 million Euro, less than half of prior year, reflecting the low sales and profit levels I have presented.
Anyhow, if we look at the overall free cash flow of Euro 68 million, you can see that we were quite successful in compensating this negative impact. Most of this compensation coming out of strong improvements in cash conversion cycle. We freed up Euro 53.4 million liquidity out of net working capital. The release of net working capital came out of higher trade payables around Euro 27 million, inventory reductions Euro 18 million, and lower trade receivables with Euro 11 million. Part of this is due to our cash attractive business model with cash compensation in weaker top line years. The majority of the impact is coming out of active cash measures, and those measures included, amongst others, improved terms and conditions with suppliers and also customers, selling off slow-moving inventories, a better inventory management, and also a reduction of overdue receivables.
I'm quite happy that we see very good and structural improvements becoming visible here in our cash conversion cycle, and we will continue to improve also in 2025. CAPEX was at Euro 11.8 million, and with this Euro 4 million below prior year in 2024, with some more CAPEX spent in the second half compared to the first. We expect this higher level of CAPEX in the second half to continue into 2025 as we improve systems and processes to further prepare for growth. In total, we generated free cash flow of Euro 68 million in 2024, and with that, only Euro 6 million less than the year before compared to the profit development, a good and important success. Looking at our balance sheet, we saw a relatively stable development of net financial liabilities in 2024.
This is the result of the strong cash development, while at the same time having been able to pay our dividend and to invest into our share buyback program. Lease liabilities being part of the net financial liabilities were pretty much unchanged. Our equity ratio per end of 2024 was at 58.8%, a bit lower than last year due to the impact of the impairment, but still at the upper end of our internal target range of 30%-60%. That means we continue to have a very strong and very healthy balance sheet. This brings me to my last talking point for today, and again, a positive message, which is our dividend proposal. Most of you will be familiar with our dividend policy.
We are committed to pay out a base dividend of currently at least Euro 0.60 per share and use the option to propose special dividends in years of strong financial performance and no major M&A invest. For 2024, despite the clearly negative sales and profit development, we generated, as shown, a good Free Cash Flow. This allows us to stick to our dividend policy and propose the payment of a dividend of Euro 0.60 per share, which would imply a dividend yield of more than 7% based on the current share price. We are aware that our performance has been disappointing to our shareholders, and this is a performance we are working hard to improve. Against this background, we want to highlight our commitment to focus on cash and pay out reliable and attractive dividends also in the future.
Let me also give a short update on our share buyback program. The program was completed end of December 2024. The total volume from the start of October 2022 to December 2024 was 1.6 million shares, which amounted to Euro 19.4 million. Cash out in the year 2024, so just last year, was Euro 8.5 million. Before I hand back to Andreas for the outlook and comments around our strategy review, let me summarize our financial performance in Q4 and in full year 2024. Our Q4 came in at the upper range of our expectations, with sales still being negative versus prior year and, as expected, a comparatively low gross margin due to one-time effects. Anyhow, with improvements in growth over the last quarters due to the measures we have taken.
For the full year, our weakness in sales was our biggest challenge, resulting mainly from our internal challenges and also a non-supportive business environment, especially in Euroope. Despite compensation in costs, we were facing a weak profit development. On cash flow, we were able to compensate through reduction of net working capital, benefiting from lower sales levels, and even more from structural improvements in cash conversion cycle, allowing us to invest into the share buyback program and to propose a dividend of Euro 0.60 per share to be paid out this year in May. With this, back over to you, Andreas.
Thank you, Lars. As you've seen, we've improved in many areas, but we're still far from where we want to be. Allow me to share how we expect to continue short-term in 2025, as well as longer-term with our new strategy.
Let me start with the first glance into 2025 and the environment we will most likely operate in. In Euroope, we expect the economy to remain unsupported. PMIs for the manufacturing sector have improved recently, but are still clearly below the 50-point threshold and point to contraction rather than expansion. In the U.S., it's a different picture. On the one hand, we see improvements in many sentiment indicators. Among them, the Restaurant Performance Indicator, which surpassed the 100-point threshold in October and stood at 100.1 in December. This implies a more positive environment for our food service activities. On the other hand, we also expect a more restricted approach to federal government spending, which could lower demand for office furniture in our NBF brand, offsetting a potential positive impact from the return to office directive.
Around 25% of sales here is with government customers, including both the federal and the state level. So we're talking about schools, agencies, and military installations. Hard to predict the impact, but at least part of this business could be under pressure in 2025, and then there also is the broader risk from increasing trade conflicts driven by the introduction of tariffs by the U.S. government. The impact of tariffs will very much depend on how they are finally implemented. We are in a very similar situation to our competitors here. Still, we have put in place clear and proactive actions to mitigate impact, and as required, we'll pass on price increases from tariffs to our customers. We expect competitors to do the same. There could, however, be temporarily negative effects on the gross profit margin, and demand for certain products could decrease due to a higher price level.
Let's look at our current expectations. The beginning of the year will still be affected by internal topics. We've talked about the progress we see here in detail today, but also about lingering effects. We expect an impact to still be visible in quarter one and potentially to a lesser degree in quarter two. For our top line, this means a continued stabilization of organic growth rates out of the measures we implemented last year and to an increasing degree also out of growth initiatives we are now rolling out. We expect to return to positive growth later in the year as these commercial programs show their full effect. On profitability, we expect a slight increase in adjusted EBITDA margin, similar to top line.
Profitability is expected to be comparatively low in quarter one due to the gross profit margin impacts that Lars mentioned in detail and continued investments into growth and performance. We expect an increase in profitability over the course of the year in parallel with the improvement in top line and out-of-operational programs. On cash, we achieved very good results in improving our cash conversion cycle last year and will continue to work on that in the current year and compensate for the increasing demand on working capital out of our top line improvement. CapEx spent will also increase as we invest into processes and systems. As usual, a more detailed guidance will follow at the end of March with the publication of the annual report.
But I think you can see that we head into the new year with a confident attitude based on the measure we implemented last year and the plans we initiated for 2025. Looking at our priorities this year, we will highly focus on putting the customer first in everything we do, be it changes in assortment, services we provide, or changes in operational processes and back-end systems. All decisions will be guided by improving customer experience and delivering excellent service. Part of this will be growing our commercial performance and shifting to an even stronger omnichannel focus where we have our strength and where we want to differentiate ourselves versus our competition. And part of this is also to continue our improvements in operational efficiency and capabilities with increased investments into processes and systems.
Last point is the further improvement of cash generation capabilities that I've just highlighted when talking about financial expectations. Let me conclude my remarks for today by announcing our strategy capital market update. We will present our new strategy on March 27th together with the full year guidance for 2025. I'm very much looking forward to sharing with you our vision for the future of TAKKT, as well as our plans and our targets. I hope to see many of you participate. For the past few months, the TAKKT management has been working on a strategy process in close alignment with the supervisory board. Part of this was a review of our long-term positioning and targets. Right now, I want to give you kind of a sneak peek of what you can expect and how we're currently looking at these topics.
In the strategy review, we have discussed and worked on three specific questions. Firstly, how do we organize and focus our portfolio, and how do we strengthen our core business around the I&P division through a more focused portfolio structure? Part of this is also the discontinuation of unprofitable activities. At the end of last year, we therefore sold the Mydisplays activities in Germany and decided not to continue the project business in the FoodService division. Secondly, how we can profitably increase our organic growth through a more customer-oriented approach and benefit from our strong brands and our omnichannel approach. And thirdly, how do we realize the full potential offered by technology, including artificial intelligence, harmonized systems, as well as by scaling and streamlining the organization faster and more consistently to further improve profitability and cash conversion?
Use of innovative tools and automated processes offers the opportunity to evolve in a step change in our industry instead of just gradual improvements. This will be a key driver for us to further differentiate ourselves from competition and become a more customer-centric and better-performing company. Out of these topics, we're developing a concrete target picture and clear implementation plans for where and what we want TAKKT to be a few years down the line. We're confident that we can unlock the full potential of our business, and I'm looking forward to sharing and discussing more details with you at the end of March, and with that, we're happy to take your questions over to the operators for the Q&A.
Yes, thank you, Andreas and Lars, for your presentation and the deep dive into your numbers, so dear participants, we will now open for your questions, if you may have.
And for a dynamic conversation, we kindly ask you to ask questions in person via the audio line. To do so, click on the raise your hand button by the lower part of your screen. If you have joined by phone and would like to ask a question, please use the key combination star nine followed by star six. And if you do not have the opportunity to speak freely today, you can also place your question in our chat box. So we have a question. Mr. Bruhns, you should be able to speak now.
Yes, hello. Thank you, Ingmar. Thank you, Andreas, Lars. Yeah, a question on your exited business. What is the impact on sales in 2025? So you exited the bid contract business and you exited Mydisplays. So could you give us a number here? Yeah, sure. Lars.
Yeah, starting with Mydisplays, which was, as I said, like part of the office furniture and displays division, we had in 2024 sales of a bit lower than Euro 5 million on profit. That was very close to zero, right? So no negative impact on profit in 2025 and around, let's say, Euro 4 million to Euro 5 million missing sales. On the bid contract piece, this is a bit more difficult to forecast because we still have an open order backlog in our hands, which we will still convert into sales. Hopefully, most of that in 2025, and some of that maybe also a bit later. We will see that. Again, also here, no impact on profit or no relevant impact on profit expected.
We have accrued for some of the potential losses from larger projects where we already know that they are profit negative, and we don't expect like bigger positive impact on that. The business will also be, or the lost sales out of this business will also compensate it as we are investing more into other channels at food service. Yeah, but could you give me a ballpark number on this on the bid contract business? I understood that you will still do some sales in 2025. So overall, the level of the business is around, no, it's around a 20 million business for the full year. Yeah, okay. And now it's a bit the question, how much will we still convert into 2025?
Okay, thank you. And if I may, I would like to ask a second question. Of course. On your goodwill impairment, 63 million Euro, I think that is a little bit less than half of the overall goodwill in this division. I think it's 139 million Euro, and that means so there is still some goodwill left. The other question on impairments is you did an impairment of Displays2go last year, and there was no need to do a further impairment on this display business.
Yeah, so thank you for the question. Starting with your second question, yes, you are correct. Like we have impaired end of 2023 Displays2go. And our current business plan is strong enough and good enough to, yeah, hold this asset we still have on the books for Displays2go, which is around the whole net assets for Displays2go on our books is a bit less than 80 million Euro, eight zero. Coming to Central, right?
It's not just the goodwill, it's also other assets. Our book value of those net assets before our impairment was at $213 million. This is now down to $144 million. Now, please be aware the impairment I mentioned that was calculated in Euroo, that you understand our impact, the numbers I've just mentioned were in US dollars.
Okay, thank you very much. You're welcome.
Okay, dear participants, if anyone has a question, please click on the raise your hand button or write in our chat box. I'll wait a few moments. If anyone has another question, yes, we have another one. Mr. Bruhns, you should be able to speak now. Should be possible to place your question if there is any.
Sorry, sorry, I was not able to unmute me. Now I hope it's better.
So I have another question on your one-time costs, Euro 17 million. I think that these costs might, will not again happen in 2025, and there will also be a beneficial effect in 2025 from these mainly personal costs. Could you give us some idea on this swing factor?
Yeah, absolutely. So overall, close to Euro 18 million one-time costs in the year 2024, which is a high level for us, like compared to the past and also compared to what we expect for the future. Most of that, as you correctly said, around Euro 12 million of that coming out of personal costs. And then the other smaller pieces were selling Mydisplays and closing some of our locations. And yes, out of the personal cost reductions or out of the personal changes, we have already seen in 2024 the impact. You've seen that on the profit bridge.
For the full year, we expect like the reduction piece of that to amount to around Euro 20 million impact on full year as cost savings. And last year was the level of savings in 2024 already? Yeah, in 2024, out of those like ring fence activities, probably around Euro 50 million. You've seen in the profit bridge that the reductions in personnel costs in total were higher, right? Because outside of those active measures, we also were avoiding some backfilling of open positions. And of course, we also had some, yeah, let's say positive impact out of lower bonus payments. So the number on the profit bridge is higher out of those ring fence activities around Euro 15 million.
And if I may, another question on acquisitions. I mean, you were clear in stating that you see I&P as your core segment.
I would assume that if you would look for acquisitions, you would also look into the environment of I&P. Is that correct?
So for 2025, we very clearly outlined our priorities and will provide additional color as part of our strategy process. What is clear is that we are active in an evolving and in certain areas also consolidating industry. And we, through additional focus, want to be able to participate. For sure, I&P, given its importance for our overall business, is a key pillar of our future growth.
Of course. Okay, then I wait until the end of March.
Thank you for that. We look forward to discussing in more detail. Yeah.
Yes. And it seems that some other participants are looking forward to this capital market update on the late March as well, because in the meantime, we have received no further questions by now. I'll wait a few moments. If there are some upcoming, no, so everything appears to be answered by now, and should further questions arise at a later time, please contact investor relations of TAKKT. That means we come to the End of today's earnings call. Thank you for joining and your shown interest in TAKKT, and a big thank you to you, Andreas and Lars, for your detailed presentation and answering the questions. To all of you, have a lovely remaining week with us, and I hand back to Andreas for some final words.
Thank you very much for your continued interest in TAKKT. We very much look forward to presenting our long-term strategy as well as our 2025 guidance end of March. Thank you and have a great day. Thanks. Bye.