ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

More documents

Recommendations

Info

GROUP MANAGEMENT REPORT 36 were down by 0.4% and 4.3%, respectively, on the previous year. As in the previous years, the Furnishing Fabrics Division of A.S. Création was able to isolate itself from the general market trend and reported a 0.8% increase in sales from € 12.6 million in the previous year to € 12.7 million in 2011. Sales Sales performance in € m 181.3 184.6 2009 2010 192.3 2011 200 15 0 10 0 50 2011 was another fiscal year in which A.S. Création was able to increase its Group revenues. At € 192.3 million, sales revenues were up by 4.1% on the previous year’s € 184.6 million. Following an increase of only 1.8% in the previous year, A.S. Création thus achieved much more dynamic growth, which is attributable to the following factors: 0 • In the German market, A.S. Création was able to increase its gross revenues by 13.8% (2010: 6.3%), primarily by winning new customers in the DIY store segment, and isolate itself from the general market trend. Accordingly, the German market was one of the main growth drivers for A.S. Création in the past fiscal year. Even though this sales growth includes one-off effects that are related to the first-time deliveries to the new customers, the Managing Board is very satisfied with the sales performance in the domestic market. • The company achieved double-digit sales growth also in countries outside (Western and Eastern) Europe, where gross revenues increased by 15.0% (2010: 32.7%) on the previous year. This trend primarily reflects the dynamic growth in some Asian markets such as China. • In the non-EU Eastern European countries, gross sales revenues were up by 4.5% (2010: 7.3%) on the previous year. This growth was mainly attributable to increased business with existing customers, for whom specific products were developed. The Managing Board nevertheless considers the growth rates currently achieved by A.S. Création in this region to be not yet satisfactory, as they are insufficient to offset the sales declines of the past. Sales
evenues generated by A.S. Création in non-EU Eastern European countries in 2011 were still about 44.1% below the pre-crisis level of the year 2008. Also, the other wallpaper manufacturers that are members of the German Wallpaper Industry Association were able to increase their exports to non-EU Eastern European markets more strongly than A.S. Création in 2011. In the other EU countries, the euro crisis seems to be having a stronger effect on general consumer sentiment and wallpaper consumption than in Germany. Accordingly, A.S. Création reported another 2.6% drop in sales revenues in this region, following a decline by 5.9% in 2010. According to the Managing Board, the sales trend in this region is disappointing and the current level of revenues is unsatisfactory. On the upside, the downward trend in sales has slowed down markedly from 11.3% in the second half of 2010 to 3.6% in the first six months of 2011 to 1.4% in the second half of 2011. The Managing Board nevertheless believes it is too early to speak of a turnaround, as the signs, especially from France, the largest wallpaper market in the EU, are still not giving much cause for optimism. As had been planned, SCE – Société de conception et d’édition SAS and MCF Investissement SAS, the two French wallpaper wholesalers acquired in late 2008, continued to replace part of their product ranges with products of A.S. Création Tapeten AG. While this resulted in better capacity utilisation, it did not lead to rising Group sales in France due to the decline in external sales. Given that the sales growth in Germany more than offset the declines in other EU countries, the above factors did not lead to material shifts in the regional breakdown of Group sales. Accounting for 77.9% (2010: 78.4%) of Group sales, the European Union remains the largest output market of A.S. Création. Non-EU Eastern European countries contributed 15.6% to Group sales in 2011 (2010: 15.7%). The other markets, including Asian countries such as China, are currently playing only a minor role for A.S. Création, which is reflected in contribution to total Group sales of only 6.5% (2010: 5.9%). This percentage is expected to increase, though. Gross-Sales 2011 by regions in % € m 36.8 77.5 Germany 41.1 86.7 EU (excl. Germany) 77.9 164.2 European Union (EU) 15.6 32.9 Other Eastern Europe 6.5 13.7 Other countries 10 0.0 210.8 Sales (gross) GROUP MANAGEMENT REPORT 37
Page 1 and 2: ANNUAL REPORT 2011 A.S. CRÉATION T
Page 3 and 4: Foreword 8 Managing Board and Super
Page 5 and 6: account, however, the A.S. Créatio
Page 7 and 8: higher sales also in the Eastern Eu
Page 9 and 10: January February April May November
Page 11 and 12: Board has transferred decision-maki
Page 13 and 14: • discussion about the recommenda
Page 15 and 16: CORPORATE GOVERNANCE STATEMENT AND
Page 17 and 18: Declaration of conformity pursuant
Page 19 and 20: to the Supervisory Board in writing
Page 21 and 22: Accounting and audit The consolidat
Page 23 and 24: Introduction The A.S. Création Gro
Page 25 and 26: possible. On the other hand, there
Page 27: homing or cocooning, which they see
Page 31 and 32: the fiscal year is due to the revis
Page 33 and 34: dards by an independent auditor on
Page 35 and 36: with effect from March 1, 2011. In
Page 37 and 38: Cash-flow in € m 17.6 19.0 2009 2
Page 39 and 40: production facility in Russia, the
Page 41 and 42: from the performance-oriented syste
Page 43 and 44: up to € 4,500,000 through the iss
Page 45 and 46: or its Audit Committee for the audi
Page 47 and 48: product for PVC, which would result
Page 49 and 50: with supplies to joint customers. A
Page 51 and 52: 5% are projected for Russia’s GDP
Page 53 and 54: start-up losses incurred in Russia
Page 55 and 56: Political stock markets weigh on sh
Page 57 and 58: light of this fact, the Managing Bo
Page 59 and 60: Shareholder Structure Free float 41
Page 61 and 62: CONSOLIDATED FINANCIAL STATEMENTS A
Page 63 and 64: Equity and Liabilities Notes 31.12.
Page 65 and 66: A.S. Création Tapeten AG, Gummersb
Page 67 and 68: A.S. Création Tapeten AG, Gummersb
Page 69 and 70: of domestic and foreign companies i
Page 71 and 72: In accordance with IAS 21, foreign
Page 73 and 74: attributable cost but also the fact
Page 75 and 76: conditions, shorter useful lives re
Page 77 and 78: (2) Intangible fixed assets The tab
Page 79 and 80:
(5) Other assets A breakdown of oth
Page 81 and 82:
(8) Inventories Inventories compris
Page 83 and 84:
As in the previous year, capital re
Page 85 and 86:
(13) Other liabilities The breakdow
Page 87 and 88:
The table below shows the changes i
Page 89 and 90:
administrative offence proceedings.
Page 91 and 92:
(21) Depreciation A breakdown of de
Page 93 and 94:
Complementary information (26) Cash
Page 95 and 96:
The table below shows a breakdown o
Page 97 and 98:
(31) Additional disclosures on fina
Page 99 and 100:
(34) Supervisory Board In FY 2011,
Page 101 and 102:
on its website. The declaration of
Page 103 and 104:
In our opinion, based on the findin
Page 105 and 106:
PROFIT APPROPRIATION PROPOSAL Balan
Page 107 and 108:
Equity and Liabilities 31.12.2011 3
Page 109 and 110:
March 22, 2012 Analyst presentation
Page 111:
Cover photo: A fascinating microcos
show all

ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

Create successful ePaper yourself

Delete template?

Save as template?