Corporate | 12 August 2002 09:00

A.S. Création Tapeten english

Continued sales and earnings growth in the first half of 2002 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– On August 12, 2002, A.S. Création Tapeten AG, Germanys largest wallpaper manufacturer, published its interim report for the six-month period ended June 30, 2002. The full report is available at www.as-creation.de/Investor Relations or may be ordered at: A.S. Création Tapeten AG, Mrs. Börngen, Südstr. 47, D-51645 Gummersbach, phone +49-(0)2261/542-350, e-mail: investor@as-creation.de. A summary of the report is provided below: Sales At EUR 63.4 million, first-half sales were up EUR 6.0 million or 10.5% on the same period of the previous year. Of this increase, EUR 4.0 million or 7.1% were accounted for by FUGGERHAUS Stoffe GmbH, Gummersbach, and H. Strehl & Co. GmbH, Augsburg, which operate in the furnishing fabrics sector. Both companies were not consolidated in the first half of FY 2001. Adjusted for these changes in the consolidated entity, sales were up 3.4%. Against the background of the difficult economic situation and the general consumer spending restraint prevailing in the first half of 2002, the Managing Board of A.S. Création Tapeten AG considers the internal sales growth to be satisfactory. Financial and earnings position In the first half of the year, earnings were affected not only by the poor economic situation but also by the unfavourable cost structure at FUGGERHAUS Stoffe GmbH, which was taken over together with the companys business operations. First-half earnings before taxes nevertheless increased by 4.5% from EUR 4.6 million to EUR 4.8 million. DVFA/SG earnings per share amounted to EUR 0.99 in the first half of 2002, compared to EUR 0.98 in the same period of the previous year. A.S. Créations financial position continues to be healthy and very robust. As at June 30, 2002, the equity ratio stood at 49.5% (December 31, 2001: 50.4%). Net financial debt was reduced from EUR 17.2 million to EUR 15.1 million in the first half of 2002, despite the dividend payment of EUR 2.2 million, which was the highest in the companys history. This reduction was supported by the strong gross cash flow, which amounted to EUR 7.8 million in the reporting period (previous year: EUR 8.1 million). Outlook In the Furnishing Fabrics Division, the second half of the year will be marked by the ongoing integration of FUGGERHAUS Stoffe GmbH and H. Strehl & Co. GmbH. The Division aims to concentrate the activities at Gummersbach-Derschlag and to close the facilities in Cologne and Augsburg by spring 2003 at the latest. At the same time, the product range and marketing activities of FUGGERHAUS Stoffe GmbH will be expanded selectively in order to increase sales of the FUGGERHAUS, TULIPAN and VOLLAND premium brands. FUGGERHAUS Stoffe GmbH is to establish sales and cost structures which will lead to positive profit contributions by FY 2003. Despite the prevailing uncertainties about the future economic development, the Managing Board of A.S. Création Tapeten AG has confirmed its full-year sales and net profit (DVFA/SG result) projections of approx. EUR 126 million and approx. EUR 6.5 million, respectively. The Groups key figures for the first half of 2002 at a glance: 01.01.- 01.01.- 30.06.2002 30.06.2001 Change Sales T EUR 63.370 57.373 0,5% Earnings before interest and taxes (EBIT) T EUR 5.436 5.268 3,2% Earnings before income taxes T EUR 4.784 4.580 4,5% Net profit T EUR 2.757 2.692 2,4% DVFA/SG earnings per share Eur/share 0,99 0,98 1,0% Gross cash flow T EUR 7.819 8.099 -3,5% Capital expenditures T EUR 2.867 3.971 -27,8% Deprecation T EUR 4.257 4.236 0,5% Number of employees (average) 612 555 10,3% Gummersbach, 12. August 2002 Inquiries: Maik Krämer, Director of Finance, phone +49 (0)22 61/542-387, fax +49 (0)22 61/542-304, e-mail m.kraemer@as-creation.de end of message, (c)DGAP 12.08.2002 ——————————————————————————– WKN: 507990; ISIN: DE0005079909; Index: SDAX Listed: Amtlicher Markt in Frankfurt (SMAX), Freiverkehr in München, Hamburg, Berlin, Düsseldorf, Hannover und Stuttgart 120900 Aug 02