ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

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GROUP MANAGEMENT REPORT 44 adjustment of the discount factor from 5.0% to 4.9% led to interest expenses of € 0.1 million. As the Russian joint venture, A.S. & Palitra, continued to build up a production facility in Russia, the related start-up losses increased. The start-up losses attributable to A.S. Création amounted to € -0.2 million (2010: € -0.1 million) and are included in the financial result as loss from investments accounted for at equity. The operating result and the financial result led to earnings before taxes of € 7.3 million, down 40.7% on the previous year’s € 12.4 million. Due to the increase in the imputed tax ratio from 32.0% in 2010 to 36.5% in the past fiscal year, net profit declined more strongly than earnings before taxes, namely by 44.6% from € 8.4 million in 2010 to € 4.6 million in 2011. The higher imputed tax ratio is primarily attributable to two factors. First, the pro-rated loss for the year of the joint venture, A.S. & Palitra, which is recognised in the financial result in the income statement (and hence in earnings before taxes), does not lead to reduced consolidated tax expenses. Second, the tax audit carried out at A.S. Création Tapeten AG in 2011 for the fiscal years from 2006 to 2009 resulted in tax payments for prior years, which increased the imputed tax ratio for the fiscal year. Based on the number of shares outstanding, which remained unchanged at 2,756,351 in 2011, earnings per share amounted to € 1.69 (2010: € 3.05). Financial position Earnings per share in € 2.72 2009 3.05 2010 1.69 2011 Due to the poorer earnings position, cash flow declined by 24.6% or € 4.7 million from the previous year’s € 19.0 million to € 14.3 million. The reduced cash flow contrasted with greatly increased funding requirements, which were primarily attributable to the higher capital expenditures. As outlined under “Capital expenditures”, the latter amounted to € 19.7 million in the past fiscal year, up € 12.9 million on the previous year’s € 6.8 million due to the acquisition of the remaining shares in SCE – Société de conception et d’édition SAS and MCF Investissement SAS as well as to the start-up of wallpaper production in Russia. 4 3 2 1 0
Cash-flow in € m 17.6 19.0 2009 2010 14.3 2011 Fortunately, A.S. Création was able to release capital tied up in current assets in the past fiscal year. Given that a major portion of the assets of A.S. Création is tied up in inventories and trade receivables, the company has traditionally kept a close eye on these items. The analysis of the underlying figures shows that the capital tie-up in relation to sales revenues improved on balance in 2011. The imputed receivables collection period declined markedly from 70 days in the previous year to 65 days in fiscal 2011, while the imputed inventory turnover remained unchanged from the previous year at 4.2 times per year. In spite of these positive factors, A.S. Création’s internal financing capability was insufficient to finance the exceptionally high capital expenditures of the year 2011. Accordingly, net financial liabilities (difference between interestbearing financial liabilities and cash and cash 20 15 10 5 0 equivalents) increased from € 16.3 million on December 31, 2010 by € 13.1 million to € 29.4 million on the balance sheet date. As € 8.4 million of this increase related to the use of cash and cash equivalents, the interest-bearing financial liabilities of A.S. Création rose by only € 4.7 million in the course of 2011 to € 31.8 million on December 31, 2011 (2010: € 27.1 million). The increase in net financial liabilities had already been anticipated in the Group’s budget for 2011. A.S. Création’s conservative financing policy, which is characterised by long-term debt at fixed interest rates as well as by repayments during the term of the loans, has proven its worth especially in the financial crisis. Unlike other companies, A.S. Création did not face a reduction in credit lines or had to renegotiate the conditions of its existing loans. Only where unused credit lines appeared to be too high were they reduced in agreement with the lending banks. The Group has a very robust and sound financial structure, which is reflected in the following balance sheet figures: • Based on equity capital of € 89.6 million as of December 31, 2011 (2010: € 88.8 million), the equity ratio reached a high level of 56.9% (2010: 54.9%). • Equity capital and long-term debt capital are more than sufficient to finance non- GROUP MANAGEMENT REPORT 45
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 and 30: evenues generated by A.S. Création
Page 31 and 32: the fiscal year is due to the revis
Page 33 and 34: dards by an independent auditor on
Page 35: with effect from March 1, 2011. In
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
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ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

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