DGAP-News: A.S. Création Tapeten AG / Key word(s): Quarter Results
A.S. Création continues to grow and raises earnings forecast
06.11.2012 / 08:20
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
A.S. Création continues to grow and raises earnings forecast
A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer has today
published the report on the nine-month period ended September 30, 2012. A
summary is provided below:
Sales at record level
A.S. Création was able to increase its Group sales by 3.6% from EUR 146.6
million in the previous year to EUR 151.9 million in the first nine months
of the current fiscal year. It was good to see that both divisions
contributed to this increase to a new record level. The overall sales
performance to date has been in line with expectations.
Greatly improved earnings position
The earnings position exceeded expectations in the current fiscal year.
Earnings before interest and taxes (EBIT) climbed 36.4% from EUR 8.5
million in the first nine months of 2011 to EUR 11.6 million in the
reporting period, while the EBIT margin reached 7.6% (2011: 5.8%). This
gratifying result is attributable to the higher gross profit margin, which
reflects two material effects. First, A.S. Création has been able to raise
its average sales prices with the help of an appropriate product policy
focusing on higher-quality products as well as price adjustments
implemented for part of the product range. Second, commodity and energy
prices eased in the current fiscal year, having surged dramatically in the
course of 2011. The improved margin situation helped to offset the expected
increase in the start-up losses incurred in conjunction with the start-up
of the production and sales organisation in Russia.
Further reduction in liabilities
The financial position improved materially, too. A.S. Création was able to
reduce its net financing liabilities from EUR 29.4 million on December 31,
2011 by EUR 8.1 million to EUR 21.3 million on September 30, 2012. Based on
the cash flow, this resulted in a short debt repayment period of 1.2 years.
Together with the high equity ratio, which stood at 55.5% as of September
30, 2012, this underlines the very robust and healthy financial structure
of A.S. Création.
Earnings forecast for 2012 raised
The Managing Board is satisfied with the fiscal year to date and expects
the growth in sales to continue up to the end of the year. The new
production facility in Russia was taken into operation and the first
wallpaper rolls were produced in October. It will take some time before all
processes run smoothly and the factory reaches its full capacity. The
distribution of the locally produced wallpaper rolls will therefore have no
material impact on full year sales, which are expected to reach the planned
level of EUR 195 million to EUR 205 million.
With regard to the earnings position, the Managing Board does not expect
any major surprises for the final quarter of 2012. The situation in the
commodity and energy markets has improved, although current price levels
are still very high by historical standards. The Managing Board currently
believes that procurement prices will rise only moderately up to the end of
the year. Accordingly, the gross profit margin for the full year 2012 will
probably be much higher than the previous year's margin. This suggests that
the overall earnings position in 2012 will be positive. Uncertainties
primarily exist with regard to the amount of the start-up losses that will
be incurred in Russia. The Managing Board nevertheless believes that A.S.
Création will close the full year 2012 with a better result than planned
and will post a net profit of between EUR 7.0 million and EUR 8.0 million
instead of the originally projected EUR 6.0 million to EUR 7.0 million.
The Group's key figures for the first nine months of 2012 are summarised
below:
<pre>
01.01.- 01.01.- Change
30.09. 30.09.
2012 2011
Sales EUR '000 151,930 146,602 3.6 %
Earnings before interest and EUR '000 11,558 8,474 36.4 %
taxes (EBIT)
Earnings before income taxes EUR '000 10,193 6,989 45.8 %
Net profit EUR '000 6,811 4,581 48.7 %
Earnings per share EUR/share 2.47 1.66 48.8 %
Cash-flow EUR '000 13,866 11,667 18.8 %
Capital expenditures EUR '000 10,258 16,735 -38.7 %
Depreciation EUR '000 7,362 7,558 -2.6 %
Number of employees (average) 828 792 4.5 %
</pre>
Gummersbach, November 6, 2012
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@as-creation.de
The full 9-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@as-creation.de
End of Corporate News
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Language: English
Company: A.S. Création Tapeten AG
SüdstraÃe 47
51645 Gummersbach
Germany
Phone: +49 22 61 54 2-0
Fax: +49 22 61 54 2-3 04
E-mail: investor@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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191636 06.11.2012
DGAP-News: A.S. Création continues to grow and raises earnings forecast
| Source: EQS Group AG