A.S. Creation Tapeten AG

Earnings Release • Mar 20, 2003

News Details

Corporate | 20 March 2003 10:31

A.S. Création Tapeten english

Press Release for Annual Report 2002 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Sales and net profit for FY 2002 increased despite difficult economic environment – Dividend reaches historic high of EUR 0.90 per share A.S. Création Tapeten AG, Germany’s largest wallpaper manufacturer closed FY 2002 successfully despite the difficult economic environment. This was announced by the Managing Board at today’s annual press conference. At EUR 119.7 million, Group sales were up approx. 4% on the previous year (EUR 151.1 million). Most of the sales growth is attributable to the first-time full-year consolidation of FUGGERHAUS Stoffe GmbH, Gummersbach, and H. Strehl & Co. GmbH, Augsburg. Both companies were taken over with effect from September 1, 2001, so that they contributed to the previous year’s Group sales for only four months. The integration of FUGGERHAUS into the Furnishing Fabrics Division weighed on the result more heavily than expected. Net profit nevertheless increased by 1% to EUR 6.3 million (2001: EUR 6.2 million). Accordingly, DVFA/SG earnings per share rose from the previous year’s EUR 2.24 to EUR 2.25. Overall, the company’s 2002 sales and net profit projections of EUR 126 million and EUR 6.5 million, respectively, were missed only just. The Managing Board and the Supervisory Board of A.S. Création Tapeten AG will continue their dividend policy, which has been characterized by a high payout rate and a high dividend yield, and propose to the General Meeting of Shareholders on May 14, 2003 payment of a dividend of EUR 0.90 per share (2001: EUR 0.80). This means that the dividend has been raised each year since the IPO and has now reached a record high. The payout rate stands at 40%, while the dividend yield, based on a year-end closing price of EUR 16.50, amounts to 5.5%. This means that the A.S. Création share will again live up to its reputation as a high-yield paper. The share price also improved in the course of the year, rising by 4.4% from EUR 15.81 at the beginning of the year to EUR 16.50 at year-end 2002. This means that the A.S. Création share clearly outperformed the SDAX and the DAX, which lost 28.4% and 44.0%, respectively, in the course of the year. FY 2003 will see the A.S. Création Group continue its growth strategy. The Wallpaper Division’s production capacities at Wiehl-Bomig will be expanded. This capacity extension includes the construction of a new production building and the purchase of a combined 10-colour rotary screen/gravure printing press for the development and production of new, high-quality wallpapers. The project has a total capital expenditure volume of EUR 6.5 million, of which EUR 2.0 million were already included in the capital expenditure of FY 2002. After completion of the restructuring program, the Furnishing Fabrics Division will focus on expanding its sales. Building on new collections and a clearly improved service level, the Division is to reach the break-even point in 2003. The Group’s sales target for FY 2003 is approx. EUR 126 million, up 5.3% on the previous year. The Managing Board of A.S. Création Tapeten AG plans to generate disproportionate earnings growth despite the uncertain economic environment in FY 2003. Net profit is projected to rise by 11.9% to EUR 7.0 million. The Group’s key figures for 2002 at a glance: 2002 2001 Change Sales EUR’000 119.660 115.111 4,0 % Earnings before interest and taxes EUR’000 11.139 11.855 – 6,0 % Earnings before income taxes EUR’000 9.933 10.433 – 4,9 % Net profit EUR’000 6.255 6.195 1,0 % DVFA/SG earnings per share EUR/Share 2,25 2,24 0,4 % Gross Cash flow EUR’000 15.422 16.699 – 7,6 % Capital expenditures EUR’000 6.948 7.487 – 7,2 % Depreciation EUR’000 7.739 7.681 0,8 % Number of employees (average) 613 583 5,10% Gummersbach, March 20, 2003 Inquiries: Maik Krämer, Director of Finance, phone +49 – (0) 22 61/542-387, fax +49 – (0) 22 61/542-304, e-mail m.kraemer@as-creation.de The full Annual Report is available at www.as-creation.com/investor or from: A.S. Création Tapeten AG, Frau Börngen, Südstr. 47, D-51645 Gummersbach, Tel. +49 – (0) 22 61/542-350 end of message, (c)DGAP 20.03.2003 ——————————————————————————– WKN: 507990; ISIN: DE0005079909; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 201031 Mär 03