A.S. Création Tapeten AG

  • ISIN: DE000A1TNNN5
  • Land: Deutschland

Nachricht vom 07.11.2019 | 08:15

A.S. Création Tapeten AG: Improved sales and earnings position in 2019

DGAP-News: A.S. Création Tapeten AG / Key word(s): 9 Month figures/Interim Report

07.11.2019 / 08:15
The issuer is solely responsible for the content of this announcement.

A.S. Création Tapeten AG, Gummersbach

Improved sales and earnings position in 2019

A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer, today published its interim report for the period ended September 30, 2019. A summary is provided below:

Continued revenue growth in Q3 2019
Having increased by 3.9% in the first six months of the year, A.S. Création's sales revenues again picked up by an impressive 9.4% in the third quarter of 2019. This means that A.S. Création was able to boost its consolidated revenues by EUR 5.6 million or 5.5% from EUR 102.7 million in the previous year to EUR 108.3 million in the first three quarters of 2019. This successful revenue growth is attributable to the deliveries to an international DIY store chain which implemented a major product range update as well as to the increased revenues generated by the Belarusian production company and the successful sale of the new collections. Both the Wallpaper Division and the Furnishing Fabrics Division contributed to this growth.

Greatly improved earnings position
A.S. Création has been able to improve its earnings position significantly in the current fiscal year. While an operating loss of EUR -2.0 million was incurred in the first nine months of 2018, an operating profit of EUR 4.2 million was posted in the reporting period. The EBIT margin stood at 3.9% (previous year: -2.0%). Growing by EUR 4.9 million from EUR 49.8 million in the previous year to EUR 54.7 million, gross profit was a key earnings driver in the reporting period. This gratifying performance is attributable to the revenue growth achieved and the simultaneous improvement in the gross profit margin from 48.9% to 50.4%. According to the Managing Board, it is positive that both divisions of A.S. Création were able to increase average sales prices through an active product and sales policy in a very competitive environment. Besides the improved product mix, reduced spending on sample material in both divisions had a positive effect on A.S. Création's gross profit margin. In addition, A.S. Création has benefited from a reduced personnel expense ratio in the current fiscal year.

At EUR -0.7 million, the consolidated financial result was slightly lower in the first nine months of 2019 (previous year: EUR -0.5 million). This is due to increased interest expenses under loan agreements signed in the second half of 2018 to cover the long-term financing requirements.

Taking into account the earnings contributions made by A.S. & Palitra, the Russian joint venture which has meanwhile been renamed OOO Aspect Ru, A.S. Création posted earnings after taxes of EUR 4.4 million for the first nine months of 2019. In the corresponding prior-year period, a loss after taxes of -EUR 4.2 million was incurred.

Earnings forecast for the fiscal year upgraded
The Managing Board expects consolidated sales revenues for the full year 2019 to come in at the upper end of the previously announced range of EUR 135 million to EUR 140 million. Because of the positive development, the Managing Board also expects earnings to improve in the fiscal year 2019. Adjusted for extraordinary effects, earnings before interest and taxes are expected to amount to between EUR 2 million and EUR 3 million, with earnings after taxes expected to total between EUR 11 million and EUR 12 million.

The Group's key figures for the first nine months of 2019 are summarised below:

    01.01.-30.09. 01.01.-30.09. Change
    2019 2018  
Sales EUR '000 108,303 102,659 5.5%
Earnings before interest and taxes (EBIT) EUR '000 4,208 -2,031 n.a.
Earnings after taxes EUR '000 4,391 -4,223 n.a.
Earnings per share EUR/share 1.59 -1.53 n.a.
Cash flow from operating activities EUR '000 -4,748 2,762 n.a.
Capital expenditures EUR '000 4,226 6,023 - 29.8%
Depreciation EUR '000 4,721 4,714 0.1%
Number of employees (average)   749 753 - 0.5%

Gummersbach, November 7, 2019

A.S. Création Tapeten AG

The Managing Board

Maik Krämer
Director of Finance and Controlling
phone +49-2261-542 387
fax +49-2261-542 304
e-mail: m.kraemer@as-creation.de

The full interim report is available at:
www.as-creation.de or from

A.S. Création Tapeten AG
Frau Börngen
Südstr. 47, D - 51645 Gummersbach
phone +49-2261-542 350
e-mail: investor@as-creation.de

07.11.2019 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.
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