DGAP-News A.S. Création Tapeten AG: Gratifying results in Q3 2020
DGAP-News: A.S. Création Tapeten AG / Key word(s): 9 Month figures/Quarterly / Interim Statement
A.S. Création Tapeten AG, Gummersbach (ISIN DE000A1TNNN5)
Gratifying results in Q3 2020
A.S. Création Tapeten AG, Europe's leading wallpaper manufacturer, today published its interim report for the period ended September 30, 2020. A summary is provided below:
Revenues rise sharply in Q3
Following the far-reaching measures that were taken in many countries as of mid-March to contain the spread of the coronavirus, the gradual easing of the COVID-19 restrictions in the various countries sent demand for wallpapers and furnishing fabrics rising as of June, with A.S. Création growing its consolidated revenues by 13.3% from € 32.7 million to € 37.1 million in the third quarter of 2020. This means that the 9.3% decline in revenues recorded in the first half of 2020 as a result of the coronavirus pandemic was offset almost entirely. At € 105.6 million, A.S. Création's consolidated nine-month revenues were only 2.5% below the prior-year level of € 108.3 million. The revenue trend in Germany is particularly pleasing, as gross revenues in the first nine months of 2020 rose by 6.7% from € 47.8 million in the previous year to € 51.0 million. Against the background of the positive revenue trend in the third quarter, the Managing Board now projects consolidated sales revenues of between € 135 million and € 140 million for the full year 2020.
Earnings improve in current fiscal year
For the first nine months of 2020, A.S. Création reports earnings before interest and taxes of € 1.4 million, down by € 2.8 million on the previous year's € 4.2 million. The decline is exclusively due to exchange losses resulting from the strong depreciation of the Russian and Belarusian rouble against the euro in the course of the first nine months of 2020, which resulted in a translation-related exchange loss of € 4.6 million (2019: exchange gain of € 1.3 million). Adjusted for these non-cash currency effects, EBIT amounted to € 6.0 million in the fiscal year 2020, up € 3.1 million on the previous year's € 2.9 million. This doubling of the result means that A.S. Création's operating performance has improved noticeably in the current fiscal year 2020. The positive trend is greatly influenced by the improved gross profit margin, with the successful product policy and the increased share of high-margin low-volume business in total sales revenues having a positive effect.