DGAP-News: A.S. Création Tapeten AG
/ Key word(s): Annual Report/Annual Results
A.S. Création Tapeten AG: Successful fiscal year 2020
25.03.2021 / 10:00
The issuer is solely responsible for the content of this announcement.
A.S. Création Tapeten AG, Gummersbach
(ISIN DE000A1TNNN5)
Successful fiscal year 2020
Increased revenues
In spite of the difficult environment caused by the COVID-19 pandemic, A.S. Création was able to clearly grow its revenues in the fiscal year 2020. At ? 144.9 million, consolidated revenues were up by 2.7% on the previous year's ? 141.1 million. The successful revenue trend was primarily supported by strong growth in Germany.
Greatly improved results from operations
Earnings before interest and taxes stood at ? 4.4 million (previous year: ? 4.5 million) and earnings after taxes from continuing operations at ? 1.5 million (previous year: ? 2.4 million). As the Russian and Belarusian roubles depreciated against the euro in the course of 2020, A.S. Création had to absorb significant exchange losses in the year under review, compared to exchange gains in the previous year. Adjusted for these non-cash currency effects, earnings before interest and taxes for 2020 stood at ? 8.8 million (previous year: ? 3.4 million) and earnings after taxes from continuing operations at ? 5.5 million (previous year: ? 1.4 million). The clearly improved result is primarily due to the increase in revenues, which was achieved with a simultaneous increase in the gross profit margin from 50.5% in the previous year to 53.0% in the fiscal year 2020. This growth primarily reflects the expansion of the share of higher-value products in the total product range as well as the increased share of high-margin low-volume business in 2020.
Constant dividend of ? 0.90 per share planned
Against the background of the improved results from operations, the very good financial position and the positive outlook, the Managing Board and the Supervisory Board propose to distribute an unchanged dividend of ? 0.90 per share to the shareholders for the fiscal year 2020. A decision on this proposal will be made by the Annual General Meeting of Shareholders scheduled for May 6, 2021.
Positive outlook
Despite all the short-term uncertainties and risks, the Managing Board believes that A.S. Création is very well positioned for the medium term, i.e. for post-COVID times. Wallpapers and furnishing fabrics benefit from mega trends such as individualisation or people's growing appreciation of their own home. A.S. Création has made great strides in its own internationalisation, both in terms of product portfolio and organisation, and is therefore in a position to react quickly to market changes and to take advantage of growth opportunities. What is more, the investments made in the modernisation of logistics and in an innovative digital printing press as well as the planned future investments in digitalisation and modernisation will additionally stimulate growth.
It is currently not possible to make a reliable estimate of the effects the coronavirus pandemic will have in the short term, i.e. the current fiscal year 2021. In spite of the uncertainty, however, the Managing Board sticks to its plans and budgets for the fiscal year 2021, which provide for sales revenues of between ? 147 million and ? 157 million, earnings before interest and taxes adjusted for currency effects of between ? 9 million and ? 11 million and earnings after taxes of between ? 6 million and ? 7.5 million. The critical question is how long the renewed COVID-19 restrictions in the private, public and commercial sectors will last and whether there will be any catch-up effects later in the year - similar to the fiscal year 2020 - once the lockdowns are lifted.
Gummersbach, March 25, 2021
A.S. Création Tapeten AG
The Managing Board
Inquiries:
Maik Krämer, Director of Finance and Controlling, phone +49-2261-542 387, e-mail: m.kraemer@as-creation.de
The 2020 Annual Report is available at
http://www.as-creation.com/investor-relations/annual-reports.html 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
25.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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