DGAP-News: Annual forecasts revised upwards once again: Weng Fine Art AG expects profits of more than EUR 2 million
(firmenpresse) - DGAP-News: Weng Fine Art AG / Key word(s): Change in Forecast
Annual forecasts revised upwards once again: Weng Fine Art AG expects
profits of more than EUR 2 million
03.09.2012 / 09:30
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PRESS RELEASE | 3 SEPTEMBER 2012
Annual forecasts revised upwards once again: Weng Fine Art AG expects
profits of more than EUR 2 million
Weng Fine Art AG (WFA) has increased its profit forecasts for the current
financial year for the third time and is now anticipating EBIT of at least
EUR 2.5 million (previous year: 1.35 million) as well as considerably
higher high pre-tax earnings of EUR 2.6 million (previous year: EUR 1.1
million). The revision of these figures is due to economies of scale: The
growth in sales in the B2B core business segment by more than 30% has not
been accompanied by higher costs.
Furthermore, revenue from the sale of shareholdings such as Artnet is
expected to generate positive financial income. The company is therefore
expecting the annual net profit to be more than EUR 2.0 million - almost
three times the record profit achieved the previous year (EUR 763,000).
After the number of outstanding shares changed as a result of the capital
increase, which was placed in July from 500,000 to 550,000, the profit per
share is now estimated at EUR 3.60 (previous year: EUR 1.53).
In addition to this, the cash inflow from the capital increase (EUR 3.1
million) combined with the cash flow from operative business, has led to a
further improvement of the already comfortable ratios of the balance sheet.
'Although we are doubling the dividends to EUR 0.30 per share, the
shareholders' equity ratio at the end of this year should be over 50%',
says Weng Fine Art's CEO Rüdiger K. Weng. 'Together with our unique market
position and our international network, we have created an ideal basis upon
which to achieve further dynamic growth in the coming years.'
Weng Fine Art AG will present its report for the first half of the 2012/13
financial year (1 February - 31 July 2012) at the Annual General Meeting in
Krefeld on 24 September.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is currently the fastest-growing,
internationally active art traders on the European continent. The company
uses a B2B model, focusing on trading more than 500 blue chip artists from
the 20th century. Important clients are, beside others, Sotheby's,
Christie's and Phillips. The retail market is served by its 100% subsidiary
Weng Fine Art Editions GmbH that offers on various worldwide platforms,
multiple works of art by some of the most important contemporary artists.
Weng Fine Art AG shares have been traded on the Frankfurt Stock Exchange
(Entry Standard) since 2 January 2012.
CONTACT DETAILS
Weng Fine Art AG
Rüdiger K. Weng, Vorstand
Kimplerstrasse 294 | D-47807 Krefeld
Telefon +49(0)2151 93713-0 | Telefax+49(0)2151 93713-29
E-Mail weng(at)wengfineart.com | Internet www.wengfineart.com
End of Corporate News
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03.09.2012 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,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Weng Fine Art AG
Kimplerstraße 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art(at)wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Open Market (Entry Standard) in Frankfurt
End of News DGAP News-Service
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