DGAP-News: A.S. Création Tapeten AG: Managing Board satisfied with the performance in 2009
(firmenpresse) - A.S. Création Tapeten AG / Final Results
17.03.2010 09:53
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---------------------------------------------------------------------------Press Release
A.S. Création Tapeten AG, Gummersbach/Germany
(ISIN DE0005079909)
Managing Board satisfied with the performance in 2009
Group sales reach new record in 2009 due to acquisitions
Thanks to the takeover of two French wallpaper wholesalers, MCF
Investissement SAS und SCE -Société de conception et d'édition SAS, in
December 2008, Group sales of A.S. Création reached a new historical high.
A 2.9% increase in sales from the previous year's EUR 176.2 million to EUR
181.3 million in 2009 means that A.S. Création expanded its market position
as the leading European wallpapermanufacturer. A stronger increase in
Group sales was prevented by the situation in the Eastern European markets,
where the depreciation of the local currencies, changes in customs
regulations as well as financing constraints experienced by Eastern
European customers impacted A.S. Création's exports. As a result, gross
sales in this region were down by 50.1% on the previous year in 2009.
Like-for-like sales (i.e. excluding the two French companies) declined by
17.8% in 2009.
EBIT at the prior year level
Due to the sales trend described above, A.S. Création was unable to fully
utilise its production capacity in 2009. In spite of the resulting
deterioration in the cost structure, the operating result came in at EUR
13.4 million, which was on a par with the previous year (EUR 13.5 million).
While the EBIT margin deteriorated moderately from 7.7% in the previous
year to 7.4% in fiscal 2009, it is still satisfactory given the
macroeconomic environment. It is also positive that both the Wallpaper
Division and the Furnishing Fabrics Division were profitable in 2009. At
EUR 7.5 million, the Group's net profit for the year was down by 16.0% on
the previous year's EUR 8.9 million, though. This was attributable to
increased interest expenses and, above all, to accounting-related
(non-cash) special effects.
Excellent financial position
As a result of the December 2008 acquisitions, A.S. Création's leverage at
the beginning of the fiscal year 2009 was greatly increased. Due to thefinancing of the purchase price and the financial liabilities of the
companies acquired, net financial liabilities rose to EUR 37.8 million as
of December 31, 2008. In the course of 2009, the financial position of A.S.
Création improved markedly. Between the beginning of the year and December
31, 2009, net financial liabilities were reduced by EUR 17.2 million to EUR
20.6 million. The equity ratio climbed to 51.8% as of the balance sheet
date (previous year: 46.8%). The increased equity ratio and the reduced
liabilities testify to A.S. Création's excellent financial position
Reliable dividend policy
A dividend of EUR 1.20 per share (previous year: EUR 1.40) will be proposed
to the General Meeting of Shareholders. This dividend is equivalent to a
payout ratio of 44.1% (previous year: 43.5%) based on earnings per share of
EUR 2.72 (previous year: EUR 3.22). A.S. Création thus continues its
traditional dividend policy, which provides for a high payout ratio as long
as this is warranted by the company's financial situation, and underlinesthe excellent reputation of the A.S. Création share as a high-yield paper.
Continued sales growth projected for 2010
The Managing Board projects a continued difficult market environment for
2010, which will be characterised by overcapacity and an upward trend in
commodity and energy prices. In spite of this adverse environment, A.S.Création should be able to increase its sales, as the course for growing
sales was set already in 2009, when the company stepped up its product
development activities. In view of the large bandwidth of possible economic
scenarios in the year 2010, the Managing Board currently feels unable to
issuea reliable earnings forecast.
The Group's key figures for 2009 at a glance:
2009 2008 ChangeGummersbach, March 17, 2010
Sales EUR '000 181,325 176,216 2.9%
Earnings before interest and taxes EUR '000 13,428 13,502 - 0.5%
(EBIT)
Earnings before income taxes EUR '000 10,834 12,856 - 15.7%
Net profit EUR '000 7,499 8,925 - 16.0%
Earnings per share EUR/share 2.72 3.22 - 15.5%
Cash-flow EUR '000 17,568 18,058 - 2.7%
Capital expenditures EUR '000 5,771 23,893 - 75.8%
Depreciation EUR '000 9,864 8,215 20.1%
Number of employees (average) 787 719 9.5%
A.S. Création Tapeten AG
The Managing Board
The full annual report is available at:
www.as-creation.de
or from:
A.S. Création Tapeten AG
Mrs. Börngen
Südstr. 47
D - 51645 Gummersbach
phone +49-(0)22 61/542-350
e-mail: investor(at)as-creation.de
Kontakt:
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: m.kraemer(at)as-creation.de
17.03.2010 09:53 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: A.S. Création Tapeten AG
Südstraße 47
51645 Gummersbach
Deutschland
Phone: +49 22 61 54 2-0
Fax: +49 22 61 54 2-3 04
E-mail: investor(at)as-creation.de
Internet: http://www.as-creation.de
ISIN: DE0005079909
WKN: 507990
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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