Corporate | 2 November 2009 09:08
A.S. Création Tapeten AG / Quarter Results
02.11.2009
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
Sound financial and earnings position confirmed in Q3 2009
A.S. Création Tapeten AG, the leading wallpaper manufacturer in Europe,
today published its interim report for the period ended September 30, 2009.
A summary of the report is provided below:
Sales almost reach prior year level thanks to acquisitions
Due to the initial consolidation of MCF Investissement SAS and SCE SAS, the
two French wallpaper wholesalers acquired in December 2008, Group sales for
the first nine months of 2009, at EUR 135.1 million, were down by only 1.4%
on the previous year's EUR 137.0 million. An increase in Group sales was
made impossible by the situation in the Eastern European markets, where the
depreciation of the local currencies against the euro, changes in customs
regulations and limited financing possibilities had an adverse impact on
A.S. Création's exports. As a result, nine-month sales in the region were
approx. 53% below the prior year level.
EBIT only just below the prior year level in Q3
In the third quarter of 2009, A.S. Création was able to further slow down
the year-on-year decline in sales. At EUR 3.5 million, earnings before
interest and taxes were down by only 4.1% on the EUR 3.7 million reported
in the third quarter of 2008. Earnings before interest and taxes for the
nine-month period amounted to EUR 10.8 million, down 10.9% on the previous
year's EUR 12.2 million. The EBIT margin stood at 8.0% (previous year:
8.9%), which is satisfactory given the macroeconomic environment.
Excellent financial position
As a result of the French acquisitions made in December 2008, A.S. Création
started the fiscal year 2009 with much higher net financial liabilities.
Due to the financing of the purchase price and the financial liabilities
taken over by the company, net financial liabilities reached EUR 37.8
million as of December 31, 2008. A.S. Création's financial situation has
improved noticeably in the first nine months of 2009, with net financial
liabilities reduced by EUR 15.1 million to EUR 22.7 million as of September
30, 2009. The equity ratio increased to 54.7% as of the reporting date
(December 31, 2008: 50.7%). The higher equity ratio and the reduced net
financial liabilities testify to A.S. Création's excellent financial
position.
Moderately positive outlook
The outlook on the fourth quarter of 2009 is moderately optimistic. The
Managing Board expects sales to remain stable, with full-year sales more or
less reaching the prior year level (2008: EUR 176 million). The decline in
EBIT, which came to 10.9% in the first nine months of the fiscal year,
should be reduced further by the end of 2009, as the Managing Board expects
the cost cutting measures implemented by the company in the meantime to
take effect in the fourth quarter, leading to an improved result.
The Group's key figures for the first nine months of 2009 are summarised
below:
01.01. 01.01.
-30.09. -30.09.
2009 2008 Change
------------------------------------------------- ------- ------- --------
Sales EUR'000 135,067 136,974 - 1.4 %
Earnings before interest and taxes (EBIT) EUR'000 10,843 12,165 - 10.9 %
Earnings before income taxes EUR'000 9,130 11,243 - 18.8 %
Net profit EUR'000 6,152 7,743 - 20.5 %
Earnings per share EUR/share 2.12 2.79 - 24.0 %
Cash-flow EUR'000 12,537 14,689 - 14.7 %
Capital expenditures EUR'000 4,118 7,670 - 46.3 %
Depreciation EUR'000 5,993 6,112 - 1.9 %
Number of employees (average) 793 711 11.5 %
Gummersbach, November 2, 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-(0)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
02.11.2009 Financial News transmitted by DGAP
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Language: English
Company: 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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