DGAP-News: A.S. Création Tapeten AG starts FY 2011 with 3% sales growth; Annual General Meeting decides dividend of EUR 1.35 for 2010; continuity in the composition of the Supervisory Board
(firmenpresse) - DGAP-News: A.S. Création Tapeten AG / Key word(s): AGM/EGM/Quarter
Results
A.S. Création Tapeten AG starts FY 2011 with 3% sales growth; Annual
General Meeting decides dividend of EUR 1.35 for 2010; continuity in
the composition of the Supervisory Board
05.05.2011 / 15:42
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Press Release
A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
A.S. Création starts FY 2011 with 3% sales growth; Annual General Meeting
decides dividend of EUR 1.35 for 2010; continuity in the composition of the
Supervisory Board
A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer,
presented the report for the three-month period ended March 31, 2011 at
today's Annual General Meeting in Gummersbach. First-quarter Group sales
revenues rose by 3.0% from the previous year's EUR 51.8 million to a new
historical high of EUR 53.3 million. The increase in sales is primarily
attributable to the domestic market and to exports to non-EU Eastern
European countries. Stronger sales growth was prevented by the
unsatisfactory situation in other EU countries, where sales revenues
remained below the already low level of the previous year.
Due to higher commodity and energy prices, the increased sales revenues did
not result in an improved earnings position. As the higher procurement
prices were not fully offset by higher sales prices, the gross profit
margin remained below the previous year's 50.6% and reached 47.9% in the
first quarter of 2011. While the better utilisation of the company's
production capacity helped to partially offset these burdens, earnings
before taxes, at EUR 4.3 million, were down 6.8% on the previous year's EUR
4.6 million. Accordingly, the profit margin before taxes fell short of the
previous year's 8.8% at 8.0%.
An equity ratio of 53.2% on March 31, 2011 (2010: 50.4%) and a low debt
repayment period (net financial liabilities divided by cash flow) of 0.9
years (2010: 0.9 years) mean that the financial structure of A.S. Création
remains robust and healthy. It gives the company sufficient scope to
finance the start-up of a wallpaper production facility in Russia, which
A.S. Création will implement together with Russian cooperation partner Kof
Palitra. Construction will resume in spring 2011 and each of the two
partners will invest about EUR 13.0 million by mid-2012.
While the Managing Board is not satisfied with the performance in the first
quarter, it does not regard it as an indicator for the full year 2011.
Deliveries to new customers should additionally stimulate sales in the
coming months. In spite of the uncertain future trend in commodity and
energy prices, the Managing Board believes that A.S. Création is well on
track to realise the Group projections for the year 2011, which provide for
sales revenues of between EUR 195 million and EUR 205 million and a net
profit of EUR 6.5 million to EUR 7.5 million.
The Group's key figures for the first three months of 2011 are summarised
below:
01.01. 01.01. ChangeThe Annual General Meeting thanked all employees of A.S. Création for their
-31.03. -31.03.
2011 2010
Sales EUR '000 53,326 51,779 3.0 %
Earnings before interest and taxes (EBIT) EUR '000 4,658 5,048 - 7.7 %
Earnings before income taxes EUR '000 4,257 4,569 - 6.8 %
Net profit EUR '000 2,897 3,128 - 7.4 %
Earnings per share EUR/share 1.05 1.13 - 7.1 %
Cash-flow EUR '000 5,132 5,155 - 0.4 %
Capital expenditures EUR '000 2,291 1,608 42.5 %
Depreciation EUR '000 2,559 2,318 10.4 %
Number of employees (average) 781 766 2.0 %
commitment. Discharge of the acts of the Managing Board and the Supervisory
Board was granted almost unanimously. In addition, it was decided to pay
out a dividend of EUR 1.35 per share from the profit for the year 2010.
This represents an increase of 12.5% on the previous year's dividend of EUR
1.20 per share.
The regular election of the Supervisory Board members did not result in any
changes on the Supervisory Board. Mrs Benner-Heinacher, Dr. Liebs, Dr.
Schadt and Mr Schneider were re-elected shareholder representatives by a
vast majority of the shareholders. The employees had re-elected their
representatives, Mr Mourschinetz and Mr Schmuck, already prior to the AGM.
At the constituent meeting of the Supervisory Board, which was held after
the Annual General Meeting, Mr Schneider and Dr. Liebs were elected
Chairman and Vice Chairman, respectively.
Gummersbach, May 5, 2011
A.S. Création Tapeten AG
The Managing Board
The full 3-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
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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Datum: 05.05.2011 - 15:42 Uhr
Sprache: Deutsch
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