ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

THE SHARE AND OUR SHAREHOLDERS
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A.S.Création share and SDAX 2011
Ja n Feb Mar Ap r May Ju n Ju l Au g Sep Oct No v Dec
A.S.Création share SDAX
two ad-hoc releases at short notice which
had a negative impact on the share price. On
October 27, 2011, the Managing Board reported
that the earnings projections for the fiscal
year 2011 would probably not be met due
to the sharp rise in commodity and energy
costs. Second, the Federal Cartel Office notified
the company that administrative offence proceedings
had been opened, of which the
Managing Board informed the public on
November 15, 2011. As a result, the price of the
A.S. Création share slumped and hit an annual
low of € 16.73 on November 25, 2011. At this
time, the market capitalisation of A.S. Création
amounted to only € 46.1 million. This slump in
the share price was accelerated by the decision
of two major investors, US investment company
Royce & Associates LLC and Belgium BNP
Inde x
120
100
80
60
40
Paribas Investment Partners SA to divest their
interests in A.S. Création. This led to additional
pressure on the share price. Compared to the
company’s equity capital - which amounted to
€ 89.5 million according to the interim report
for the period ended September 30, 2011, which
was published on November 30, 2011 - the
market capitalisation of A.S. Création stood at
a very low € 46.1 million. Against the background
of this attractive stock market valuation,
Lins Wallpaper Ltd., UK, acquired over 5%
of the shares in A.S. Création Tapeten AG by
December 15, 2011. Lins Wallpaper Ltd. is the
majority shareholder of OOO Kof Palitra, the
leading Russian wallpaper manufacturer, with
whom A.S. Création Tapeten AG has established
a joint venture to build up a wallpaper
manufacturing organisation in Russia. In the