DGAP-News: A.S. Création Tapeten AG: A.S. Création reports 9.0% sales growth for the second quarter of 2011
(firmenpresse) - DGAP-News: A.S. Création Tapeten AG / Key word(s): Half Year
Results/Interim Report
A.S. Création Tapeten AG: A.S. Création reports 9.0% sales growth for
the second quarter of 2011
04.08.2011 / 09:14
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
A.S. Création reports 9.0% sales growth for the second quarter of 2011
A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer has today
published the report on the six-month period ended June 30, 2011. A summary
is provided below:
Sales at record level
Following on from the 3.0% rise in sales in the first quarter of 2011, the
second quarter saw an even more successful performance with sales growing
at a rate of 9.0%. All told, A.S. Création realised consolidated sales of
EUR 99.1 million, up 5.7% on the prior-year's figure of EUR 93.8 million
and marking a new record in company history. Both divisions of A.S.
Création contributed to this growth, with the Wallpaper Division reporting
a 5.9% increase and the Furnishing Fabrics Division achieving a growth rate
of 2.5%.
Increase in commodity prices weigh on earnings position
The sales growth realised during the period failed to improve the earnings
position since the considerable increase in commodity prices pushed up A.S.
Création's production costs to a degree which was impossible to offset by
raising sales prices. From today's point of view, the price increases
implemented for parts of the product range effective March 1, 2011 were
insufficient against the background of trends in commodity prices.
Consequently the gross profit margin was down on the year, standing at
47.3% (2010: 50.0%) at the end of the first half of 2011. Based on the
total output of EUR 103.1 million in the first six months of the current
year, this translates into a gross profit shortfall of EUR 2.8 million.
Moreover, profitability was weighed down by start-up costs incurred with
the construction of the Russian production facility. The factors discussed
above are also reflected in consolidated net profit which declined by 6.5%
from EUR 4.8 million in the prior-year period to EUR 4.5 million in the
first half of 2011. All told, the 6.5% decline in net profit during the
first six months of the current year is lower than provided for in the
full-year budget for 2011 which assumes a decline by between 10.7% and
22.6% in consolidated net profit to between EUR 6.5 million and EUR 7.5
million. This means that net profit for the first half of 2011 looks good
in comparison to the original targets.
Full-year guidance for 2011 confirmed
There is no way of forecasting the extent of the negative impacts on
consumer spending of the current sovereign debt crisis and the debate about
the possibility of eurozone disintegration. Even so, the Managing Board
expects A.S Création to draw on its strong product range and to continue
growing its sales in year-on-year terms also during the second half of
2011. The future trend in commodity and energy prices remains the biggest
factor of uncertainty for the company's earnings situation. Should these
prices increase to such an extent that they can no longer be offset by a
corresponding product range and sales price policy as well as by internal
productivity improvements, the earnings position may deteriorate further.
Despite all uncertainties, 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 six months of 2011 are summarised
below:
01.01.- 01.01.-Gummersbach, August 4, 2011
30.06. 30.06.
2011 2010 Change
Sales EUR' 000 99,084 93,764 5.7%
Earnings before interest and taxes (EBIT) EUR' 000 7,520 8,046 - 6.5%
Earnings before income taxes EUR' 000 6,610 7,034 - 6.0%
Net profit EUR' 000 4,489 4,800 - 6.5%
Earnings per share EUR/share 1.63 1.74 - 6.3%
Cash-flow EUR' 000 9,105 9,434 - 3.5%
Capital expenditures EUR' 000 6,607 3,348 97.3%
Depreciation EUR' 000 5,076 4,892 3.8%
Number of employees (average) 786 769 2.2%
A.S. Création Tapeten AG
The Managing Board
The full 6-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
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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Datum: 04.08.2011 - 09:14 Uhr
Sprache: Deutsch
News-ID 41814
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