DGAP-News: A.S. Création Tapeten AG: A.S. Création reports very strong results for H1 2012
(firmenpresse) - DGAP-News: A.S. Création Tapeten AG / Key word(s): Interim Report/Half
Year Results
A.S. Création Tapeten AG: A.S. Création reports very strong results
for H1 2012
13.08.2012 / 09:01
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
A.S. Création reports very strong results for H1 2012
A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer, today
published the interim report for the six-month period ended June 30, 2012.
A summary is provided below:
Sales at record level
Having increased by 3.4% in the first quarter of 2012, sales revenues
picked up by an even more dynamic 5.8% in Q2 2012. Total sales for the
first six months of 2012 amounted to
EUR 103.6 million, up 4.5% on the previous year's EUR 99.1 million, which
marks a new record in the history of A.S. Création.
Greatly improved earnings position
The earnings position of A.S. Création improved notably in the first six
months of 2012. Earnings before interest and taxes (EBIT) were up by 22.3%
from the previous year's
EUR 7.5 million to EUR 9.2 million in the reporting period, while the EBIT
margin reached 8.9% (2011: 7.6%). This positive trend is attributable to
the higher gross profit margin. This increase reflects two key factors.
First, A.S. Création has been able to raise its average sales prices with
the help of an appropriate product policy, which focuses on higher-quality
products, and price adjustments for part of the product range. Second,
commodity and energy prices eased in the first half of 2012, having surged
dramatically in the course of 2011. The improved margin helped offset part
of the anticipated higher losses incurred in conjunction with the start-up
of production and distribution structures in Russia. Accordingly, the
Managing Board was satisfied with the performance in the current fiscal
year.
Reduced debt levels
The financial situation improved markedly, too. A.S. Création was able to
reduce its net financial liabilities by EUR 2.5 million in the course of
the first half of 2012, whereas the prior year period had seen net
financial liabilities rise by EUR 8.3 million. As of June 30, 2012, A.S.
Création's net financial liabilities totalled EUR 26.9 million. Based on
the cash flow, this resulted in a short debt repayment period of 1.3 years.
Together with the high equity ratio of 54.7% as of June 30, 2012 this
underlines the very robust and healthy financial structure of A.S.
Création.
Projections for full year 2012 confirmed
With regard to the further course of the fiscal year, the Managing Board
expects the increase in sales revenues to continue. The newly developed
products have met with a good response from customers, which means that the
foundation has been laid for further sales growth. It is uncertain,
however, to what extent the slowdown in economy activity will have a
negative impact on demand for wallpapers and furnishing fabrics. The
fragile economic situation in the European Union, in particular, increases
the uncertainty for the outlook on the second half of 2012. The start-up of
production and the related distribution structures in Russia is proceeding
according to plan. The Managing Board continues to expect the new factory
to take up operations in the fourth quarter of 2012 and assumes that A.S.
Création and the second shareholder, Kof Palitra, will each have invested
over EUR 14 million in the joint venture by this date. 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.
Overall, the Managing Board believes that A.S. Création is 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 Group's key figures for the first six months of 2012 are summarised
below:
01.01.- 01.01.- Change
30.06. 30.06.
2012 2011
Sales EUR '000 103,552 99,084 4.5 %
Earnings before interest and EUR '000 9,194 7,520 22.3 %
taxes (EBIT)
Earnings before income taxes EUR '000 8,175 6,610 23.7 %
Net profit EUR '000 5,461 4,489 21.7 %
Earnings per share EUR/share 1.98 1.63 21.5 %
Cash-flow EUR '000 10,061 9,105 10.5 %
Capital expenditures EUR '000 7,965 6,607 20.6 %
Depreciation EUR '000 4,800 5,076 - 5.4 %
Number of employees (average) 809 786 2.9 %
Gummersbach, August 13, 2012
A.S. Création Tapeten AG
The Managing Board
The full 6-month 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(at)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(at)as-creation.de
End of Corporate News
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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(at)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
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181349 13.08.2012
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