DGAP-News: Weng Fine Art AG in the first half year 2012/13 with EUR 1.3 million profit after taxes: 75 % more profit than in the entire previous year
(firmenpresse) - DGAP-News: Weng Fine Art AG / Key word(s): Half Year Results
Weng Fine Art AG in the first half year 2012/13 with EUR 1.3 million
profit after taxes: 75 % more profit than in the entire previous year
21.09.2012 / 14:30
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PRESS RELEASE | 20 SEPTEMBER 2012
Weng Fine Art AG in the first half year 2012/13 with EUR 1.3 million profit
after taxes: 75 % more profit than in the entire previous year
In the first six months of the current financial year 2012/13, Weng Fine
Art AG has already earned 75 % more than in the entire previous year.
According to preliminary data, the post-tax result for the period
01/02/2012-31/07/2012 is EUR 1,332,000. Compared to the similar period of
the previous year (EUR 569,000), the art dealer, listed on the Frankfurt
stock exchange since the beginning of 2012, was able to increase its
profitability by 134 % and therefore grow its profit by four times as much,
as with turnover, which increased by 32 % to EUR 4,887,000.
FOCUS AND SCALING PROVE SUCCESSFUL
'The past six months has been an extraordinary and a considerable
unexpected success not only in terms of absolute figures, but also based on
the demanding market environment and competitors,' WFA CEO Rüdiger K. Weng
commented on the results. The focus of the company on internationally
renowned artists has also proved as successful as the successive expansion
into the upper middle market. Thus, WFA was able to sell five art objects
around the six figure mark in the reporting period and in addition achieve
the highest individual deal in the company's history with EUR 340,000 for
an oil on canvas by German painter Gabriele Münter.
STRONG TURNOVER GROWTH THROUGH CONSTANTLY HIGH MARGINS AND DECREASING COSTS
At Weng Fine Art, scaling is not at the cost of profitability - whilst the
average price of art objects dealt by WFA increased in comparison to the
first half year 2011/12 by more than 38 %, the gross margin was maintained
at nearly 80 %. Furthermore, the scaling effect of the business model is
contributing to the fact that the significant increase in turnover has not
yet lead to higher costs. On the contrary, despite expenses associated with
the stock exchange listing, total costs even decreased compared to the
similar period in the previous year by 10 % to EUR 651,000. In addition,
WFA was also successful in some investment transactions in the first half
year 2012/13 (including partial liquidation of the shareholding in Artnet
AG).
EBIT DOUBLES, INTEREST EXPENSE DECLINES DESPITE BUSINESS EXPANSION
The EBIT thus doubled compared to the first half year of the previous year
(EUR 938,000) to EUR 1,888,000. With the financial result, the company
benefits from their investment grade rating and their comfortable equity
base. Therefore, although the volume of business has risen strongly, the
interest expense has declined. Consequently, the growth of the pre-tax
result (+115 % to EUR 1,770,000) is even higher than the EBIT.
'FLIGHT' INTO TANGIBLE ASSETS CAN STIMULATE THE ART MARKET IN THE 2ND HALF
YEAR
The company is cautiously optimistic for the months ahead: 'The slight
easing of the global debt crisis and the 'flight' into tangible assets
resulting from increasing fears about inflation could also have a
stimulating effect on the art market,' states WFA CEO Rüdiger K. Weng. The
company recently increased its forecast on 3 September for the third time
this year. Subsequently, the company expects for the full year an increase
in turnover to around EUR 8.5 million, an EBIT of at least EUR 2.5 million
and a profit per share of at least EUR 3.60.
Key figures Current year Previous year Change
(in EUR k) 01/02/2012-31/07/2012 01/02 2011-31/07/2011 comp.to prev.
year
Sales revenues 4,887 3,707 +31.8 %
Gross profit 2,142 1,635 +31.0 %
Other operating income 398 27 +1,385.0 %
Gross result 2,539 1,663 +52.7 %
Total costs 651 724 -10.1 %
EBIT 1,888 938 +101.2 %
Result before tax 1,770 821 +115.7%
Final result 1,332 569 +134.2 %
Gross profit margin 78.0 % 78.9 % -1.2 %
EBIT margin 38.6 % 25.3 % 52.6 %
Net profit margin 27.3 % 15.3 % 78.4 %
Weng Fine Art AG will provide the detailed half year report in October.
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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21.09.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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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