23.03.2017
A.S. Création Tapeten AG DE000A1TNNN5
DGAP-News: A.S. Création Tapeten AG: Earnings improve notably in spite of revenue shortfall
DGAP-News: A.S. Création Tapeten AG / Key word(s): Final Results
A.S. Création Tapeten AG: Earnings improve notably in spite of revenue
shortfall
23.03.2017 / 09:50
The issuer is solely responsible for the content of this announcement.
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A.S. Création Tapeten AG, Gummersbach
(ISIN DE000A1TNNN5)
Earnings improve notably in spite of revenue shortfall
Sales revenues drop sharply in fiscal 2016
A.S. Création's sales revenues declined by EUR 13.9 million or 8.4% from EUR
166.5 million in the previous year to EUR 152.6 million in the fiscal year
2016. As in the previous year, A.S. Création recorded the strongest
reduction in sales revenues in non-EU Eastern European countries, where
gross revenues were down by 16.4% on the previous year. Besides the poor
economic situation in this region, the weakness of the local currencies
against the euro was one of the main reasons for this slump in revenues. It
made German-made wallpapers much more expensive than those produced by local
competitors, which led to a decline in wallpaper exports, especially to
Russia and Belarus. Wallpaper markets in the EU, where A.S. Création
generates over 80% of its revenues, failed to stimulate growth that would
have offset this reduction in sales revenues.
Earnings before taxes improve notably
In spite of the above-mentioned EUR 13.9 million drop in sales revenues,
A.S. Création was able to reduce the decline in the operating result from
EUR 7.9 million in the previous year by EUR 2.0 million to EUR 5.9 million
in the fiscal year 2016. By contrast, consolidated earnings before taxes
improved thanks to the much higher earnings contribution made by A.S. &
Palitra, the Russian joint venture. At EUR 10.2 million, consolidated
earnings before taxes in 2016 were up by 81.5% on the previous year's EUR
5.6 million, which means that the strong increase in earnings projected by
the Managing Board for the fiscal year 2016 was achieved. However,
consolidated earnings before taxes were materially influenced by special
factors such as exchange gains in fiscal 2016.
Excellent financial position
A.S. Création was able to fully deleverage the company already in the past
fiscal year. The net credit position, which had amounted to EUR 0.3 million
on December 31, 2015, was increased to EUR 11.7 million in the course of
fiscal 2016. At 68.8%, the equity ratio exceeded the previous year's high
level of 66.4% as of the balance sheet date. The Managing Board is of the
opinion that the financial position of A.S. Création is very solid and will
allow the company to continue its growth strategy in spite of the uncertain
environment.
Consistent dividend poliy - dividend of EUR 1.25
A.S. Création's dividend policy provides for a high payout ratio as long as
this is permitted by the company's financial situation. With A.S. Création's
earnings position having improved notably in the financial year 2016 - as
reflected in earnings after taxes of EUR 7.4 million and earnings per share
of EUR 2.70 - a dividend of EUR 1.25 per share will be proposed to the
Annual General Meeting of Shareholders. In relation to earnings per share,
this is equivalent to a dividend ratio of approx. 46%.
Outlook on 2017 subject to great uncertainty
The Managing Board projects consolidated sales revenues of between EUR 155
million and EUR 160 million for 2017. Due to the extraordinary uncertainty
surrounding the factors that will influence earnings in 2017, the Managing
Board expects earnings after taxes to decline to between EUR 4 million and
EUR 5 million, provided that no additional burdens result from the
anti-trust proceedings and no exchange losses are incurred.
The Group's key figures for the fiscal year 2016 are summarised below:
2016 2015 Change
Sales revenues EUR m 152.6 166.5 - 8.4 %
Earnings before interest and taxes EUR m 5.9 7.9 - 24.9
(EBIT) %
Earnings before taxes EUR m 10.2 5.6 81.5 %
Earnings after taxes EUR m 7.4 3.3 126.2 %
Earnings per share EUR/shar- 2.70 1.19 126.9 %
e
Cash flow EUR m 13.9 13.5 3.2 %
Capital expenditures EUR m 5.0 5.3 - 6.1 %
Depreciation EUR m 7.6 8.6 - 11.9
%
Number of employees (average) 768 801 - 4.1 %
Gummersbach, March 23, 2017
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 2016 Annual 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]
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23.03.2017 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.
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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
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557251 23.03.2017
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