Earnings Release • Mar 21, 2013
Earnings Release
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Corporate | 21 March 2013 09:55
A.S. Création Tapeten AG: Successful fiscal year 2012 and positive outlook for 2013
A.S. Création Tapeten AG / Key word(s): Final Results
21.03.2013 / 09:55
A.S. Création Tapeten AG, Gummersbach
(ISIN DE0005079909)
Successful fiscal year 2012 and positive outlook for 2013
Sales growth in both divisions
At EUR 198.9 million, A.S. Création's consolidated sales reached the highest level in the company's history in 2012 (2011: EUR 192.3 million). Both Divisions contributed to this 3.5% increase in sales; the Wallpaper Division posted a growth rate of 3.2%, while the Furnishing Fabrics Division boosted its sales by 6.3%. The basis for this sales growth was laid by the good business trend in Germany, the non-EU Eastern European markets and some Asian countries. Overall, the extended product development activities and marketing concepts had a positive impact.
Greatly improved earnings position
Based on the above sales growth, the earnings position of A.S. Création improved markedly. Earnings before interest and taxes (EBIT) soared by 64.1% to EUR 15.7 million (2011: EUR 9.6 million), and the EBIT margin reached 7.9% (2011: 5.0%). In the previous year, the company had generated the lowest EBIT margin since 1998, the year of the adoption of IFRS, which is why the Managing Board was highly satisfied with the progress made in improving the company's earnings position. Besides the above sales growth, another reason for this improvement was the increased gross profit margin. At 49.8% (2011: 45.8%), this margin reached a level which was last reported in 2005. At EUR 7.4 million, net profit for the year 2012 was up by 58.2% on the previous year's EUR 4.6 million in spite of the start-up losses incurred in conjunction with the start-up of the production and sales organisations in Russia.
Excellent financial position
The improved profitability of A.S. Création also led to much higher internal financial resources in 2012. At EUR 19.3 million, cash flow was up by EUR 5.0 million on the previous year's EUR 14.3 million and reached the highest level in the history of the company. Accordingly, net financial liabilities were reduced by EUR 8.3 million from EUR 29.4 million on December 31, 2011 to EUR 21.1 million on December 31, 2012. The equity ratio rose to 58.6% as of the balance sheet date (2011: 56.9%). The high equity ratio and the reduced liabilities confirm the excellent financial position of A.S. Création.
Consistent dividend policy
Payment of a dividend of EUR 1.20 per share (2011: EUR 0.75) will be proposed to the Annual General Meeting. Based on earnings per share of EUR 2.67 (2011: EUR 1.69), this is equivalent to a payout ratio of 44.9% (2011: 44.4%). 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 financial situation, and underline the A.S. Création share's good reputation as a high-yield paper.
Improved earnings position expected for 2013
The Managing Board expects the market environment to remain difficult in 2013 and projects an upward trend in commodity and energy prices. As both divisions should be able to expand their respective market positions in this environment, Group sales revenues are projected to reach between EUR 210 million and EUR 220 million in 2013. In spite of the uncertainties arising from the start-up phase in Russia and the uncertain macroeconomic environment, the Group's net profit for 2013 is projected to increase sharply to between EUR 9 million and EUR 11 million.
The Group's key figures for 2012 at a glance:
| 2012 | 2011 | Change | ||
| Sales | EUR '000 | 198,909 | 192,262 | 3.5 % |
| Earnings before interest and taxes (EBIT) | EUR '000 | 15,727 | 9,587 | 64.1 % |
| Earnings before income taxes | EUR '000 | 11,346 | 7,325 | 54.9 % |
| Net profit | EUR '000 | 7,358 | 4,650 | 58.2 % |
| Earnings per share | EUR/share | 2.67 | 1.69 | 58.0 % |
| Cash-flow | EUR '000 | 19,276 | 14,338 | 34.4 % |
| Capital expenditures | EUR '000 | 13,071 | 19,667 | – 33.5 % |
| Depreciation | EUR '000 | 9,813 | 9,933 | – 1.2 % |
| Number of employees (average) | 820 | 796 | 3.0 % |
Gummersbach, March 21, 2013
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 [email protected]
The 2012 Annual 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 [email protected]
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: [email protected]
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: | [email protected] |
| 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 |
| - - - |
| 204711 21.03.2013 |
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