DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous
Weng Fine Art AG exceeds Expectations for its transitional Year of
2013: Record Sales and 40% Growth in the second Half
08.01.2014 / 10:00
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PRESS RELEASE | 8 JANUARY 2014
Weng Fine Art AG exceeds Expectations for its transitional Year of 2013:
Record Sales and 40% Growth in the second Half
Weng Fine Art AG (WFA) significantly exceeded its goals for the fiscal year
of 2013/2014, which ends on January 31, by recording a turnover of more
than 8 million EUR. The main reason for this record is the surprisingly
strong growth in the second half - compared to the same period last year,
revenues have increased by more than 40 percent.
This development is noteworthy because WFA has allocated stronger focus and
resources towards strategic decisions rather than on short-term operational
success in 2013. 'Taking into account that we are in a transitional period,
this new sales record speaks for the quality of our business model and our
team', notes WFA CEO Rüdiger K. Weng, whom also refers to a significant
improvement in market sentiment: 'By looking at the dynamics of the fall
season it can be concluded that the middle market, which is the most
relevant for us, is significantly improving. We are seeing an end in the
sideways trend this sector has experienced for the last three years and are
confident that this turn-around will accelerate further in 2014 and even
more so in 2015.'
WFA took advantage of this positive environment by selling inventory and
generating additional liquidity for its upcoming acquisitions and
investments. In the second half of 2013 alone, the company was able to
achieve a positive cash flow of approximately 3 million EUR - of which
550,000 EUR came from the exercise of a put option for 100,000 Artnet
shares at a price of 5.50 EUR (further explanation of this deal on the
company website under 'News').
However, WFA reported no significant income from equity transactions, which
is why the profits in 2013/2014 won't reach the same level as the year
before. Nevertheless, it is to be expected that the full year of 2013/2014
will generate the second best result in the company's history. And Rüdiger
K. Weng emphasi-zes: 'We are well positioned financially to engage in M&A
transactions and joint ventures in 2014, which we have identified as
particularly attractive and have prepared for in recent months. This will
move WFA to a new level.'
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and
financially strongest art dealerships on the European continent. The
company focuses on works of internationally renowned artists from the 20th
century and, in its core business, exclusively supplies commercial
addresses (B2B) - among them the leading auction houses, dealerships and
galleries. The expertise and market positioning gained over nearly 20 years
serves as a basis for new business segments such as auctions, e-commerce
and art consulting. Weng Fine Art AG shares are traded on the Frankfurt
Stock Exchange since 2 January 2012.
CONTACT
Weng Fine Art AG
Kimplerstr. 294 | D-47807 Krefeld | Germany
Phone +49(0)2151 93713-0 | Fax +49(0)2151 93713-29
E-Mail weng@wengfineart.com | Internet www.wengfineart.com
End of Corporate News
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08.01.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Weng Fine Art AG
KimplerstraÃe 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art@wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Freiverkehr in Berlin; Frankfurt in Open Market (Entry
Standard)
End of News DGAP News-Service
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247189 08.01.2014
DGAP-News: Weng Fine Art AG exceeds Expectations for its transitional Year of 2013: Record Sales and 40% Growth in the second Half
| Source: EQS Group AG