Corporate | 3 August 2009 09:06
A.S. Création Tapeten AG / Half Year Results/Interim Report
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A.S. Création maintains return on sales at a good level of 7% in the first
half of 2009.
A.S. Création Tapeten AG, the leading wallpaper manufacturer in Europe,
today published its interim report for the period ended June 30, 2009. A
summary of the report is provided below:
Sales approximately on par with prior year due to acquisitions
Group sales in the first half of 2009 came in at EUR 91.9 million, only
0.5% down on the previous year's EUR 92.4 million. However, the 2009
figures for the first time include MCF Investissement SAS und SCE SAS, the
two French wallpaper wholesalers acquired in December 2008. Adjusted for
their sales contributions, comparable sales in the first six months of the
current financial year were down 21.0%. Reduced sales in the Eastern
European markets were a major factor in this negative sales trend.
First-half 2009 sales in this region slumped by 52% compared to the
previous year. The depreciation of the Eastern European currencies, changes
in customs regulations as well as financing constraints experienced by
trading partners in Eastern Europe significantly impacted A.S. Création's
exports to this region. In contrast, sales in the European Union showed
gratifying resilience, declining by only approximately 5% against the
previous year on a like-for-like basis.
Earnings position considered satisfactory against the overall economic
background
The lower level of sales led to underutilisation of A.S. Création's
capacities, resulting in a deterioration of the company's internal cost
structure. This is reflected in operating expenses including personnel
expenses accounting for a higher share of total output. As these negatives
were partly cushioned by the improved gross profit margin, earnings before
taxes declined by 20.6% from the previous year's EUR 7.9 million to EUR 6.3
million in the first half of 2009. Return on sales before taxes
consequently fell to 6.8% (2008: 8.6%). In view of the overall economic
environment, the Managing Board is nevertheless satisfied with the results
achieved in the first six months of the year.
Clearly improved financial position
The financial position of A.S. Création improved noticeably in the course
of the first six months of 2009. Net financial liabilities were reduced by
EUR 7.9 million from EUR 37.8 million on December 31, 2008 to EUR 29.9
million on
June 30, 2009. The equity ratio rose to 54.1% as of June 30, 2009 (December
31, 2008: 50.7%). Against the background of the strong cash flow and the
good balance sheet ratios, the financial structure of A.S. Création still
deserves to be described as very robust and sound.
Subdued outlook
The outlook for the further course of the financial year 2009 is subdued,
given that all forecasts of the overall economic trend remain subject to
great insecurity. Important factors influencing the business trend in the
second half of the year will include the severity of price competition on
the sales side as well as the development of the procurement prices of raw
materials, consumables and supplies over the coming months. At this point
it is not possible to present a reliable forecast of sales and earnings for
the full year 2009.
The Group's key figures for the first six months of 2009 are summarised
below:
01.01.- 01.01.-
30.06. 30.06.
2009 2008 Change
----------------------------------------------- ------- ------- -------
Sales T-EUR 91,900 92,378 - 0.5%
Earnings before interest and taxes (EBIT) T-EUR 7,318 8,488 - 13.8%
Earnings before income taxes T-EUR 6,273 7,898 - 20.6%
Net profit T-EUR 4,228 5,417 - 21.9%
Earnings per share EUR/Share 1.44 1.95 - 26.2%
Cash-flow T-EUR 8,337 9,996 - 16.6%
Capital expenditures T-EUR 2,557 5,733 - 55.4%
Depreciation T-EUR 3,839 4,104 - 6.5%
Number of employees (average) 802 692 15.9%
Gummersbach, August 3, 2009
A.S. Création Tapeten AG
The Managing Board
The full interim report is available at:
www.as-creation.de
or from:
A.S. Création Tapeten AG,
Mrs. Börngen,
Südstr. 47,
D - 51645 Gummersbach,
phone +49-22 61-542 350,
e-mail: investor@as-creation.de
Contact:
Maik Krämer
Vorstand Finanzen
Südstr. 47
D-51645 Gummersbach
Telefon + 49 - (0)22 61/542-387
Fax + 49 - (0)22 61/542-304
E-Mail: m.kraemer@as-creation.de
03.08.2009 Financial News transmitted by DGAP
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Language: English
Issuer: A.S. Création Tapeten AG
Südstraße 47
51645 Gummersbach
Deutschland
Phone: +49 22 61 54 2-0
Fax: +49 22 61 54 2-3 04
E-mail: investor@as-creation.de
Internet: http://www.as-creation.de
ISIN: DE0005079909
WKN: 507990
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
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