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| Datum : | 15.05.2014 |
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DGAP-News: A.S. Création has a moderate start to the new fiscal year |
| Meldung : | DGAP-News: A.S. Création Tapeten AG / Key word(s): Interim Report/Quarter Results A.S. Création has a moderate start to the new fiscal year 15.05.2014 / 08:01 --------------------------------------------------------------------- A.S. Création Tapeten AG, Gummersbach (ISIN DE000A1TNNN5) A.S. Création has a moderate start to the new fiscal year A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer, today published the interim report for the period ended March 31, 2014. A summary is provided below: Sales revenues adversely affected by Ukraine crisis A.S. Création's sales performance in the individual regions served by the company differed considerably in the first quarter of 2014. While A.S. Création was able to increase its gross revenues by 7.2% in Germany and by 3.4% in other EU countries, wallpaper exports to Russia and Ukraine dropped sharply in the first three months of the year. The events in Ukraine led to a drop in consumer spending and to a depreciation of the local currencies against the euro. This combination was reflected in sharply declining demand for German-made wallpapers from A.S. Création. While sales of Russian-made wallpapers went up strongly at the same time, this increase was insufficient to offset the decline in export sales. Accordingly, A.S. Création's sales revenues in non-EU Eastern European countries dropped by 20.6% in the first three months of 2014. At EUR 54.3 million, the Group's total first-quarter revenues were down by a moderate 0.4% on the previous year's EUR 54.5 million. This means that sales revenues in the first three months of 2014 fell short of the company's projections, according to which revenues in the full year 2014 will grow by between 2.6% and 7.6%. Given, however, that the external effects resulting from the Ukraine crisis had a very strong influence on first-quarter revenues, the Managing Board is satisfied that A.S. Création's sales revenues almost reached the prior year level. Positive signs despite reduced earnings Compared to the first quarter of 2013, earnings before taxes fell by EUR 2.4 million or 51.6% from EUR 4.6 million to EUR 2.2 million. Besides the lower high-margin export sales, this trend also reflects exchange losses resulting from the depreciation of the Russian rouble against the euro, which weighed on earnings before taxes in an amount of EUR 1.9 million in the first quarter of 2014. In spite of the poorer earnings position, business in the first quarter of 2014 also showed some positive signs. For instance, the downward trend in the gross profit margin seen in 2013 could be halted. Moreover, the measures taken to support sales of Russian-made products have taken effect and resulted in better utilisation of the Russian production capacity. In the first quarter of 2014, the Russian production company posted an almost balanced result, adjusted for exchange losses. The Managing Board is therefore of the opinion that the Russian production company is on a good course. Overall, however, the Managing Board is not satisfied with the business trend in the first quarter of 2014. The company has therefore initiated rationalisation and austerity measures aimed at improving the cost structure. Modest outlook The uncertain environment is also weighing on the outlook for the further course of the fiscal year 2014. The Managing Board is confident that sales revenues in the EU will increase. Sales revenues generated by the Russian distribution company should pick up as well, as customers' response to the product range is good and the company meanwhile also supplies larger customers. At this stage, it is impossible to predict what wallpaper exports from Germany to Eastern Europe will look like at the end of the year and what the exchange rate of the Russian rouble will be at that time. However, both factors will have great influence on A.S. Création's earnings position. If the Russian rouble maintains the present level, no further exchange losses will incur. The Group's key figures for the first three months of 2014 are summarised below: 01.01.- 01.01.- Change 31.03. 31.03. 2014 2013 Sales EUR '000 54,328 54,529 -0.4 % Earnings before interest and EUR '000 3,661 5,248 -30.2 % taxes (EBIT) Earnings before taxes EUR '000 2,208 4,567 -51.7 % Net profit EUR '000 932 2,936 -68.3 % Earnings per share EUR/share 0.34 1.07 -68.3 % Cash flow EUR '000 4,374 5,668 -22.8 % Capital expenditures EUR '000 1,832 1,523 20.3 % Depreciation EUR '000 2,360 2,281 3.5 % Number of employees (average) 828 834 -0.7 % Gummersbach, May 15, 2014 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 m.kraemer@as-creation.de The full 3-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: investor@as-creation.de End of Corporate News --------------------------------------------------------------------- 15.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 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: investor@as-creation.de Internet: http://www.as-creation.de ISIN: DE000A1TNNN5 WKN: A1TNNN Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 268522 15.05.2014 |
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