Corporate | 2 November 2010 08:05
A.S. Création Tapeten AG / Key word(s): Interim Report/Quarter Results
02.11.2010 08:05
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A.S. Création on the growth track
A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer has today
published the report on the nine-month period ended September 30, 2010. A
summary is provided below:
Sales at record level
In the first nine months of 2010, A.S. Création increased its Group sales
by 2.6% from
EUR 135.1 million in the previous year to a historical high of EUR 138.5
million. At 79.5%, the European Union accounts for the major portion of
Group sales. In this region, Germany, the UK and the Benelux countries
showed a particularly positive trend. Sales in non-EU Eastern European
countries also gave cause for joy. While revenues in this region had
declined by 9.7% in the first six months of 2010, this negative trend was
halted in the third quarter. Thanks to an impressive 15.5% increase in the
third quarter, sales in this important region were back to the prior year
level at the nine-month stage of the current fiscal year.
Earnings up by 17%
The increase in sales had a positive impact on the company's earnings
position. At EUR 6.7 million, net profit in the first nine months of 2010
was up by 16.9% on the previous year's EUR 5.8 million. It was good to see
that both the Wallpaper Division and the Furnishing Fabrics Division
contributed to this growth. However, the Managing Board is concerned about
the sharp rise in commodity prices in the year to date. At 48.7%, the gross
profit margin for the first nine months of 2010 nevertheless held steady at
the prior year level of 48.5%.
Very stable financial position improved even further
The improvement in the financial position, which began in 2009, continued
in the current fiscal year. Net financial liabilities were reduced from EUR
20.6 million on December 31, 2009 by EUR 5.1 million to EUR 15.5 million on
September 30, 2010. The equity ratio stood at 52.4% on September 30, 2010
(September 30, 2009: 50.5%). Overall, the financial structure of A.S.
Création is very robust and sound.
Projections for 2010 confirmed
From the point of view of the Managing Board, the overall trend in the
first nine months of the current fiscal year was positive. The Managing
Board believes that A.S. Création will be able to boost its sales revenues
also in the fourth quarter of the year, thus expanding its market position.
The high commodity prices and the aggressive price competition on the sales
side are likely to have an adverse impact on the gross profit margin,
though. From today's point of view, the Managing Board believes that the
sales revenues and net profit of the
A.S. Création Group will reach the projected targets of EUR 185 - 190
million
(2009: EUR 181.3 million) and EUR 8.5 - 9.5 million (2009: EUR 7.5
million), respectively.
The Group's key figures for the first nine months of 2010 are summarised
below:
01.01.- 01.01.-
30.09. 30.09.
2010 2009 Change
-------------------------------------------------- ------- ------- -------
Sales EUR' 000 138,540 135,067 2.6 %
Earnings before interest and taxes (EBIT) EUR' 000 11,247 9,935 13.2 %
Earnings before income taxes EUR' 000 9,859 8,222 19.9 %
Net profit EUR' 000 6,748 5,775 16.9 %
Earnings per share EUR/share 2.45 2.10 16.7 %
Cash-flow EUR' 000 14,034 12,707 10.4 %
Capital expenditures EUR' 000 5,106 4,118 24.0 %
Depreciation EUR' 000 7,577 7,071 7.2 %
Number of employees (average) 772 793 - 2.6 %
Gummersbach, November 2, 2010
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,
Frau 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
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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 Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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