DGAP-News: A.S. Création Tapeten AG: Successful fiscal year 2012 and positive outlook for 2013
(firmenpresse) - DGAP-News: A.S. Création Tapeten AG / Key word(s): Final Results
A.S. Création Tapeten AG: Successful fiscal year 2012 and positive
outlook for 2013
21.03.2013 / 09:55
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
Successful fiscal year 2012 and positive outlook for 2013
Sales growth in both divisions
At EUR 198.9 million, A.S. Création's consolidated sales reached the
highest level in the company's history in 2012 (2011: EUR 192.3 million).
Both Divisions contributed to this 3.5% increase in sales; the Wallpaper
Division posted a growth rate of 3.2%, while the Furnishing Fabrics
Division boosted its sales by 6.3%. The basis for this sales growth was
laid by the good business trend in Germany, the non-EU Eastern European
markets and some Asian countries. Overall, the extended product development
activities and marketing concepts had a positive impact.
Greatly improved earnings position
Based on the above sales growth, the earnings position of A.S. Création
improved markedly. Earnings before interest and taxes (EBIT) soared by
64.1% to EUR 15.7 million (2011: EUR 9.6 million), and the EBIT margin
reached 7.9% (2011: 5.0%). In the previous year, the company had generated
the lowest EBIT margin since 1998, the year of the adoption of IFRS, which
is why the Managing Board was highly satisfied with the progress made in
improving the company's earnings position. Besides the above sales growth,
another reason for this improvement was the increased gross profit margin.
At 49.8% (2011: 45.8%), this margin reached a level which was last reported
in 2005. At EUR 7.4 million, net profit for the year 2012 was up by 58.2%
on the previous year's EUR 4.6 million in spite of the start-up losses
incurred in conjunction with the start-up of the production and sales
organisations in Russia.
Excellent financial position
The improved profitability of A.S. Création also led to much higher
internal financial resources in 2012. At EUR 19.3 million, cash flow was up
by EUR 5.0 million on the previous year's EUR 14.3 million and reached the
highest level in the history of the company. Accordingly, net financial
liabilities were reduced by EUR 8.3 million from EUR 29.4 million on
December 31, 2011 to EUR 21.1 million on December 31, 2012. The equity
ratio rose to 58.6% as of the balance sheet date (2011: 56.9%). The high
equity ratio and the reduced liabilities confirm the excellent financial
position of A.S. Création.
Consistent dividend policy
Payment of a dividend of EUR 1.20 per share (2011: EUR 0.75) will be
proposed to the Annual General Meeting. Based on earnings per share of EUR
2.67 (2011: EUR 1.69), this is equivalent to a payout ratio of 44.9% (2011:
44.4%). A.S. Création will thus continue its dividend policy, which
provides for a high payout ratio as long as this is permitted by the
company's financial situation, and underline the A.S. Création share's good
reputation as a high-yield paper.
Improved earnings position expected for 2013
The Managing Board expects the market environment to remain difficult in
2013 and projects an upward trend in commodity and energy prices. As both
divisions should be able to expand their respective market positions in
this environment, Group sales revenues are projected to reach between EUR
210 million and EUR 220 million in 2013. In spite of the uncertainties
arising from the start-up phase in Russia and the uncertain macroeconomic
environment, the Group's net profit for 2013 is projected to increase
sharply to between EUR 9 million and EUR 11 million.
The Group's key figures for 2012 at a glance:
2012 2011 ChangeGummersbach, March 21, 2013
Sales EUR '000 198,909 192,262 3.5 %
Earnings before interest and taxes EUR '000 15,727 9,587 64.1 %
(EBIT)
Earnings before income taxes EUR '000 11,346 7,325 54.9 %
Net profit EUR '000 7,358 4,650 58.2 %
Earnings per share EUR/share 2.67 1.69 58.0 %
Cash-flow EUR '000 19,276 14,338 34.4 %
Capital expenditures EUR '000 13,071 19,667 - 33.5 %
Depreciation EUR '000 9,813 9,933 - 1.2 %
Number of employees (average) 820 796 3.0 %
A.S. Création Tapeten AG
The Managing Board
Inquiries:
Maik Krämer, CFO, phone +49-(0)22 61/542-387, fax +49-(0)22 61/542-304,
e-mail m.kraemer(at)as-creation.de
The 2012 Annual 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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21.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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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