ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

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GROUP MANAGEMENT REPORT 38 Both divisions contributed to the 4.1% increase in sales revenues from € 184.6 million to € 192.3 million, which is the highest level reached in the history of A.S. Création. While the Wallpaper Division accounted for 4.4% of this growth, the Furnishing Fabrics Division contributed 0.8%. The company thus almost met its sales projections, which provided for sales revenues of between € 195 million and € 205 million in the fiscal year 2011. Employees The average headcount of A.S. Création increased by 24 people or 3.1% from 772 in 2010 to 796 in 2011. 726 employees (2010: 706) worked in the Wallpaper Division and 70 (2010: 66) in the Furnishing Fabrics Division. As in the previous year, approx. 82% of the employees work at domestic Group companies, while about 18% are employed abroad. The increase in the average headcount in the past fiscal year is mainly attributable to two factors. First, additional employees were required in Germany to manage the increased sales, especially in conjunction with the first-time deliveries to the new DIY store customers. Second, the Russian sales organisation continued to be expanded as planned so as to be able to market the locally manufactured wallpapers starting Number of employees (average) 787 42 335 410 2009 772 42 337 393 2010 September 2012. As the increase in the headcount was only slight lower than the rise in sales, staff productivity improved only moderately in the fiscal year, with sales per employee reaching € 0.242 million (2010: € 0.239 million). Staff productivity is thus still below the € 0.248 million reported in 2007. 796 39 359 398 2011 A.S. Création’s long tradition of training young people should be seen against the background of the long-term development of the company. The Managing Board of A.S. Création is convinced that the training and further education of its workforce are important factors for the future of the company. Accordingly, the company decided to expand its training activities already back in 2007. This decision was not questioned even under the difficult economic conditions prevailing in the past years. The fact that the number of trainees and apprentices declined nevertheless from 42 to 39 in Trainees and apprentices White-collar workers Blue-collar workers
the fiscal year is due to the revision of the examination regulations for some commercial professions. This was the reason why fewer industrial trainees were employed in the course of 2011. These uncertainties have been eliminated in the meantime, which means that more trainees will again be taken on in the next fiscal year. Trainees and apprentices accounted for 5.9% (2010: 6.6%) of the German workforce, which is still a good level in spite of the decline in the number of trainees and apprentices. The Managing Board would like to take this opportunity to thank the employees of A.S. Création for their commitment in the past fiscal year, which helped both divisions to perform well in a difficult market and competitive environment. Our thanks also go to the members of the Staff Council and the employee representatives on the Supervisory Board for the trusting cooperation, which was marked by the will to contribute to both the well-being of the staff and the successful and secure future of A.S. Création. Capital expenditures At € 19.7 million (2010: € 6.8 million), capital expenditures in 2011 reached the second highest level in the history of A.S. Création, the highest Capital expenditures and depreciation in € m 5.8 9.9 6.8 10.5 2009 2010 2011 Capex Depreciation level having been reached in 2008. The high capital expenditures are attributable to two factors: • In July 2011, A.S. Création (France) SAS acquired the remaining shares in SCE – Société de conception et d’édition SAS and MCF Investissement SAS at a total price of € 7.0 million (2010: € 0 million). The acquisition of the remaining shares had been firmly agreed at the time of the original takeover in 2008 but became effective only in the past fiscal year. • In 2008, A.S. Création Tapeten AG and OOO Kof Palitra, Russia’s leading wallpaper manufacturer, established a joint venture under the name of OOO A.S. & Palitra. The purpose of this joint venture is to produce higher-quality wallpapers for the Eastern 19.7 GROUP MANAGEMENT REPORT 9.9 20 10 0 39
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 and 28: homing or cocooning, which they see
Page 29: evenues generated by A.S. Création
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
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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
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Complementary information (26) Cash
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The table below shows a breakdown o
Page 97 and 98:
(31) Additional disclosures on fina
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(34) Supervisory Board In FY 2011,
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on its website. The declaration of
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In our opinion, based on the findin
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PROFIT APPROPRIATION PROPOSAL Balan
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Equity and Liabilities 31.12.2011 3
Page 109 and 110:
March 22, 2012 Analyst presentation
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Cover photo: A fascinating microcos
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ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

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