DGAP-News: A.S. Création Tapeten AG: Group sales and cash flow reach historical highs in 2010
(firmenpresse) - DGAP-News: A.S. Création Tapeten AG / Key word(s): Final Results
A.S. Création Tapeten AG: Group sales and cash flow reach historical
highs in 2010
25.03.2011 / 10:07
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
Group sales and cash flow reach historical highs in 2010
Sales growth in both divisions
Group sales climbed 1.8% from EUR 181.3 million in the previous year to EUR
184.6 million, which was the highest level in the history of A.S. Création.
Both divisions contributed to this growth, with the Wallpaper Division
achieving a growth rate of 1.6% and the Furnishing Fabrics Division
reporting a 3.8% increase in sales. The basis for these sales revenues was
laid by the good business trend in Germany, in non-EU Eastern European
countries and in some Asian countries. The extended product development
activities had a positive effect in this context. By contrast, the sales
performance in France, the largest wallpaper market in the EU, was
unsatisfactory. The French market was characterised by weak demand in the
second half of the year, which prevented a stronger increase in Group
sales.
Improved earnings position
Building on the above sales growth, the earnings position of A.S. Création
improved. Earnings before interest and taxes rose by 6.6% from EUR 13.4
million in 2009 to EUR 14.3 million; as a result, the EBIT margin reached
7.8% (2009: 7.4%). This shows that the company was able to offset the
unexpectedly strong increase in commodity and energy prices in 2010 by
improved capacity utilisation and higher staff productivity. It was also
positive to see that both divisions are profitable and that the Furnishing
Fabrics Division reported the best result of the past ten years in fiscal
2010. At EUR 8.4 million, net profit for the year 2010 was up by 11.9% on
the previous year's EUR 7.5 million.
Excellent financial position
Building on the improved earnings position, cash flow reached EUR 19.0
million (2009: EUR 17.6 million), which was the highest level in the
history of A.S. Création and underlines the Group's high internal funding
resources. As a result, net financial liabilities were reduced by EUR 4.3
million from EUR 20.6 million on December 31, 2009 to EUR 16.3 million on
December 31, 2010. The equity ratio increased to 54.9% on the balance sheet
date (2009: 51.8%). The high equity ratio and the reduced debt show that
the financial situation of A.S. Création is excellent.
Consistent dividend policy
A dividend of EUR 1.35 per share (2009: EUR 1.20) will be proposed to the
General Meeting of Shareholders. Based on earnings per share of EUR 3.05
(2009: EUR 2.72), this represents a payout ratio of 44.3% (2009: 44.1%).
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 inancial
situation, and underlines the A.S. Création share's good reputation as a
high-yield paper.
High capital expenditures planned in 2011
The Managing Board assumes that the market environment in 2011 will remain
difficult and be marked by overcapacity and rising commodity and energy
prices. In this environment, both divisions are expected to expand their
respective market positions; accordingly, Group sales of EUR 195 million to
205 million are projected for the Group in 2011. As a result of the planned
acquisition of the remaining shares in the two French subsidiaries, SCE SAS
and MCF Investissement SAS, and the planned start-up of a wallpaper
production facility in Russia, capital expenditures will probably reach a
very high level of EUR 26 million in 2011. The resulting financing charges
and the start-up losses incurred in Russia will weigh on the result in the
fiscal year 2011. Accordingly, the Managing Board expects the Group's net
profit to reach between EUR 6.5 million and EUR 7.5 million, which would be
below the prior year level. For 2012, the Managing Board projects a further
increase in sales revenues to a new historical high as well as earnings
that exceed the level of 2010.
The Group's key figures for 2010 at a glance:
2010 2009 Change.Gummersbach, March 25, 2011
Sales EUR '000 184,603 181,325 1.8 %
Earnings before interest and taxes EUR '000 14,318 13,428 6.6 %
(EBIT)
Earnings before income taxes EUR '000 12,352 10,834 14.0 %
Net profit EUR '000 8,395 7,499 11.9 %
Earnings per share EUR/share 3.05 2.72 12.1 %
Cash-flow EUR '000 19,027 17,568 8.3 %
Capital expenditures EUR '000 6,826 5,771 18.3 %
Depreciation EUR '000 10,504 9,864 6.5 %
Number of employees (average) 772 787 - 1.9 %
A.S. Création Tapeten AG
The Managing Board
The full annual report is available at:
www.as-creation.de
or from:
A.S. Création Tapeten AG, Mrs. 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
Deutschland
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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116997 25.03.2011Unternehmensinformation / Kurzprofil:
Datum: 25.03.2011 - 10:07 Uhr
Sprache: Deutsch
News-ID 33586
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Kategorie:
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