Corporate | 3 May 2012 15:14
|
A.S. Création Tapeten AG / Key word(s): AGM/EGM/Quarter Results
A.S. Création Tapeten AG, Gummersbach
A.S. Création reports 13.5% increase in earnings in Q1 2012. AGM decides on dividend of EUR 0.75 for 2011. A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer, presented the report for the 3-month period ended March 31, 2012 at today's Annual General Meeting in Gummersbach. The Group's first-quarter sales revenues were up by 3.4% on the previous year's EUR 53.3 million to EUR 55.1 million. Overall, the Managing Board was satisfied with the sales performance. The earnings position of A.S. Création improved markedly in the first three months of 2012. Earnings before interest and taxes climbed 11.1% from EUR 4.7 million to EUR 5.2 million; accordingly, the EBIT margin reached 9.4% (2011: 8.7%). The improved earnings position was attributable not only to the increase in sales revenues but also to higher selling prices and a moderate easing in the procurement markets. Against the background of the dramatic rise in commodity and energy costs in 2011, A.S. Création has raised the selling prices of some of its products with effect from March 1, 2012. Although the price increase did not fully offset the higher procurement costs, the gross profit margin showed a positive trend and climbed from 47.9% in Q1 2011 to 49.1% in the current fiscal year, laying the foundation for an improved earnings position. Net profit rose at an even higher rate than EBIT and was up by 13.5% on the previous year's EUR 2.9 million to EUR 3.3 million. Accordingly, the Managing Board was satisfied with the result achieved. Based on the improved earnings position, A.S. Création was able to reduce its net financial liabilities from EUR 29.4 million on December 31, 2011 by EUR 3.4 million to EUR 26.0 million on March 31, 2012. This helped to improve the company's financial position, which the Managing Board described as very robust. In spite of all uncertainties, the Managing Board sees A.S. Création well on track to realise the Group projections for the year 2012, which provide for sales revenues of between EUR 195 million and EUR 205 million and a net profit of EUR 6.0 million to EUR 7.0 million. The start-up of wallpaper production in Russia, in which A.S. Création is making investments together with a partner, is also proceeding to plan, which is why the Managing Board continues to expect the new factory to take up operations in September 2012. The start-up losses incurred in conjunction with the construction and the start-up of production and the creation of the sales organisation will weigh on the bottom line as planned in the coming months. The Group's key figures for the first three months of 2012 are summarised below:
The Annual General Meeting thanked all employees of A.S. Création for their commitment. Discharge of the acts of the Managing Board and the Supervisory Board was granted almost unanimously. In addition, it was decided to pay out a dividend of EUR 0.75 per share from the profit for the year 2011. At over 44%, the payout ratio is at the high level that is typical of A.S. Création. The company has distributed a dividend every year since the 1998 IPO. Gummersbach, May 3, 2012 A.S. Création Tapeten AG The Managing Board
Inquiries:
The full 3-month report is available at
End of Corporate News 03.05.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | A.S. Création Tapeten AG | |
| Südstraße 47 | ||
| 51645 Gummersbach | ||
| Germany | ||
| 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, Düsseldorf, Hamburg, München, Stuttgart | |
| End of News | DGAP News-Service |
|
|
| 167991 03.05.2012 |