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Weng Fine Art AG — Earnings Release 2012
Nov 7, 2012
4531_rns_2012-11-07_c167be15-bf0f-4a2e-881e-6eba1e37b719.html
Earnings Release
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Corporate | 7 November 2012 09:30
On the way to being a leading art dealer in Europe: Weng Fine Art AG presents half-year financial statement
Weng Fine Art AG / Key word(s): Half Year Results
07.11.2012 / 09:30
PRESS RELEASE | 7 NOVEMBER 2012
On the way to being a leading art dealer in Europe: Weng Fine Art AG
presents half-year financial statement
Weng Fine Art AG has released its final results for the first half of the
current financial year 2012/2013 (details at wengfineart.com - Investor
Relations). The company, focused on the works of internationally renowned
artists of the 20th century, achieved an EBIT of EUR 1.85 million from a
turnover of EUR 4.81 million. The profit after tax in the Group totalled
EUR 1.30 million.
Exactly ten months after the stock market flotation of Weng Fine Art AG,
CEO Rüdiger K. Weng is using the presentation of the half-year results and
the share split executed on 2 November to give an update of the company he
founded in 1994. 'The performance of the WFA share reflects the great
progress that we have made in the last few months, both in the scale of
operations as well the financial results,' Weng comments, and points to the
shareholders' equity which has approximately doubled within six months.
Including bank credit lines, the company has the opportunity to increase
the purchasing budget to EUR 20 million annually, and thus it is already
one of the financially strongest art dealerships in continental Europe.
Awareness of Weng Fine Art has been significantly increased by the
successful stock market flotation and this has enabled numerous
springboards for new business models independent of the core business -
from participations in auction houses to trading in the B2C area to
acquiring art objects in the premium segment. 'With our strong financial
position and international expertise, we are a highly interesting partner
for both collectors and other art dealers, who do not only want to be
served by agents but would like to sell valuable art objects directly to
serious buyers at a fair price,' explains Rüdiger K. Weng.
Expansion to the structure and business model of Weng Fine Art, originally
planned for 2013, is beginning as early as the fourth quarter of the
current year. At the same time, the company is evaluating additional
financing instruments with its financing banks and investors. 'In February,
at the start of the new financial year, we will then present our strategy
for the next two to three years in detail,' announces Rüdiger K. Weng, and
continues: 'We remain optimistic that we can shape the most efficient and
profitable art dealership in Continental Europe'
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is currently one of the
fastest-growing, internationally active art traders on the European
continent. The company uses a B2B model, focusing on trading more than 500
blue chip artists from the 20th century. Important clients are, beside
others, Sotheby's, Christie's and Phillips. The retail market is served by
its 100% subsidiary Weng Fine Art Editions GmbH that offers on various
worldwide platforms, multiple works of art by some of the most important
contemporary artists. Weng Fine Art AG shares have been traded on the
Frankfurt Stock Exchange (Entry Standard) since 2 January 2012.
CONTACT DETAILS
Weng Fine Art AG
Rüdiger K. Weng, Vorstand
Kimplerstrasse 294 | D-47807 Krefeld
Telefon +49(0)2151 93713-0 | Telefax+49(0)2151 93713-29
E-Mail [email protected] | Internet www.wengfineart.com
End of Corporate News
07.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Weng Fine Art AG
Kimplerstraße 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: [email protected]
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Open Market (Entry Standard) in Frankfurt
End of News DGAP News-Service
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