Corporate | 18 April 2016 08:45
DGAP-News: Weng Fine Art AG / Key word(s): Forecast
2016-04-18 / 08:45
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE | 18 APRIL 2016
Weng Fine Art AG returns to Growth Path in 2015 - Positive Outlook for
2016
Weng Fine Art AG returned to a growth path in the short fiscal year 2015
(01.02. - 31.12.). Based on preliminary figures, consolidated sales
amounted to about EUR 6.2 million (previous year EUR 5.5 million). Compared
to the 2014/15 financial year (01.02.2014 - 31.01.2015), the art trading
Company operating now from Monheim am Rhein has thus achieved a total
growth of about 13% - in contrary to the general trend on the art market
(-8%). Compared to the same time period last year (01.02. - 31.12.2014),
sales growth amounted to ca. 25%. Because margins have risen in parallel,
the profits have increased considerably more - income figures are expected
to be published by the Company in late June.
The main sales drivers in the short fiscal year 2015 were the newly
structured trading business and the successful start-up of the e-commerce
platform "Weng Contemporary" focussing on art multiples.
From the portfolio deals reported in autumn 2015, revenues of around
290,000 euros were recorded in the 4th quarter; the rest of the portfolio
sales will be accounted for during this year (and possibly 2017).
For 2016, Weng Fine Art AG anticipates even greater growth in sales and
earnings than in 2015, although the sentiment has deteriorated in the art
market since the fall of 2015. Depending on the settlement of some
portfolio transactions, sales for the Group over the 2016 financial year
are expected to range from 7.5 to 10.0 million EUR with a pre-tax profit of
between EUR 1.0 and 2.0 million.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and
Switzerland, is a leading internationally operating art dealing and art
service company. The founder-led company combines a long-term expertise in
the art market with economic know-how. Other factors of success are the
large inventory of artworks of the 20 and 21st century as well as the
access to attractive funding. In addition to the traditional art dealing
activities the company targets a leading role in the art e-commerce. Market
know-how, the lack of competition and the comprehensive company-owned stock
of high quality artworks will be the key to success of WFA Online AG in
this segment. The shares of Weng Fine Art AG are listed in the Entry
Standard of the Frankfurt stock exchange.
CONTACT
Weng Fine Art AG
Rüdiger K. Weng, Vorstand
Rheinpromenade 8 | 40789 Monheim am Rhein | Germany
Phone +49 (0)2173 690 8700 | Fax +49 (0)2173 690 8701
E-Mail rkweng@wengfineart.com
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2016-04-18 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Weng Fine Art AG
Rheinpromenade 8
40789 Monheim am Rhein
Germany
Phone: +49(0)2173 6908700
Fax: +49(0)2173 6908701
E-mail: art@wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Regulated Unofficial Market in Berlin; Open Market (Entry
Standard) in Frankfurt
End of News DGAP News Service