ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

Introduction
The A.S. Création Group comprises two Divisions
(segments), the Wallpaper Division and the
Furnishing Fabrics Division. The Wallpaper
Division produces and markets wallpapers and
borders on a global scale; accounting for 93%
of 2011 Group sales, it is the larger of the two
Divisions. The Furnishing Fabrics Division markets
curtains and furnishing fabrics and has
no manufacturing resources of its own.
As had been expected, the fiscal year was
marked by a difficult macroeconomic environment.
In the euro-zone - which, accounting
for 78% of total Group sales, is the most important
output market of A.S. Création – the
constant discussion about the effects of the euro
crisis caused uncertainty among consumers.
Accordingly, private consumption provided no
material stimulation. A.S. Création benefited
from the positive stimuli coming from the export
markets only to a limited extent, as they mostly
related to other product groups, e.g. capital
goods. By contrast, the company felt the
negative effect of the commodity and energy
prices, which again picked up markedly in
2011 following the sharp rise in 2010. In this
environment, sales revenues and earnings of
A.S. Création moved in different directions:
• Group sales grew by 4.1% from € 184.6
million in the previous year to € 192.3
GROUP MANAGEMENT REPORT
million, which was almost in line with the
company’s plans for 2011, which had provided
for sales between € 195 million and
€ 205 million.
• By contrast, net profit declined by 44.6%
from the previous year’s € 8.4 million to
€ 4.6 million. This was a stronger reduction
than had been expected, not least because
of the higher commodity and energy prices.
According to the company’s plans, net
profit was to come in at between € 6.5
million and € 7.5 million in fiscal 2011.
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