03.11.2016
A.S. Création Tapeten AG DE000A1TNNN5
DGAP-News: A.S. Création Tapeten AG: Earnings after taxes improve notably
DGAP-News: A.S. Création Tapeten AG / Key word(s): 9-month figures
A.S. Création Tapeten AG: Earnings after taxes improve notably
03.11.2016 / 08:01
The issuer is solely responsible for the content of this announcement.
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE000A1TNNN5)
Earnings after taxes improve notably
A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer, today
published the interim report for the period ended September 30, 2016. A
summary is provided below:
Revenues decline because of difficult environment
At EUR 116.3 million, A.S. Création's consolidated sales revenues were down
by EUR 10.5 million or 8.3% on the previous year's EUR 126.8 million in the
first three quarters of 2016. The strongest declines in revenues were
recorded in non-EU Eastern European countries, where the framework
conditions remain difficult and are having an adverse impact on exports to
these countries. But the EU wallpaper markets, especially Germany, France
and Great Britain as well as the Baltic States, are not in a good state
either. The overall revenue trend in the current fiscal year is not
satisfying, although it is in line with the projections for the fiscal year
2016, according to which the Managing Board expects Group sales revenues of
between EUR 150 million and EUR 160 million.
Earnings after taxes above prior year level
The decline in sales revenues by EUR 10.5 million weighed on A.S.
Création's bottom line in the first three quarters of 2016. Thanks to the
measures taken to secure the company's profitability, the decline in EBIT
was limited to EUR 1.9 million. Accordingly, earnings before interest and
taxes of EUR 4.9 million (previous year: EUR 6.8 million) are projected for
the current financial year.
By contrast, earnings after taxes improved notably to EUR 5.5 million, up
EUR 2.1 million or 59.7% on the previous year's EUR 3.4 million. This is
mainly attributable to the improved earnings position of the Russian
production company, A.S. & Palitra, in which A.S. Création holds a share of
50%. This joint venture has benefited from the changed conditions in
Russia, which have led to a shift in demand towards Russian-produced
wallpapers. As a result of the increased sales revenues, the joint
company's capacity utilisation and, hence, its earnings improved. Given
that A.S. Création holds a 50% stake in A.S. & Palitra, this improved
result is not reflected in earnings before interest and taxes, however, but
in the financial result of the A.S. Création Group. While a pro-rated loss
of EUR 1.3 million was posted in the first nine months of the previous
year, A.S. Création benefited from a pro-rated profit of EUR 2.4 million in
the current fiscal year. Thanks to the greatly improved profit contribution
made by the Russian joint venture, the Group's earnings after taxes, at EUR
5.5 million, already exceeded the EUR 3.3 million posted for the full year
2015 at the nine-month state of 2016.
Earnings forecast for full year 2016 confirmed
The Managing Board had projected a notable improvement in earnings provided
that no significant burdens exceeding the amount recognised as an expense
in the previous years arise from the antitrust proceedings and that the
Russian rouble does not depreciate extremely against the euro by the end of
2016. The earnings trend in the first three quarters of 2016 was in line
with the expectations for the full year, which is why the Managing Board
has confirmed its earnings forecast.
In keeping with the company's dividend policy to date, such an improvement
in earnings would lead to a higher dividend for the fiscal year 2016. In
view of A.S. Création's excellent financial position as at September 30,
2016, the Managing Board does not see any financial reasons that would
speak against a higher dividend. Financial liabilities have been repaid in
full, and A.S. Création had a net credit position of EUR 7.6 million as of
September 30, 2016. The equity ratio of 64.4% on September 30, 2016
additionally underlines the excellent financial position of A.S. Création.
The Group's key figures for the first nine months of 2016 are summarised
below:
01.01.-30.09. 01.01.-30.09. Change 2016 2015 Sales EUR '000 116,290 126,839 -8.3 % EBIT EUR '000 4,908 6,751 -27.3 % Earnings before EUR '000 7,600 5,566 36.5 % income taxes Earnings after EUR '000 5,503 3,445 59.7 % taxes Earnings per share EUR/share 2.00 1.25 60.0 % Cash-flow EUR '000 11,378 10,181 11.8 % Capital EUR '000 3,809 3,489 9.2 % expenditures Depreciation EUR '000 5,827 6,362 -8.4 % Number of employees 767 805 -4.7 % (average)Gummersbach, November 3, 2016 A.S. Création Tapeten AG The Managing Board Inquiries Maik Krämer, Director of Finance and Controlling, phone +49-(0)22 61/542-387, fax +49-(0)22 61/542-304, e-mail [email protected] The full 9-month 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] --------------------------------------------------------------------------- 03.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- 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: DE000A1TNNN5 WKN: A1TNNN Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 516789 03.11.2016
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