DGAP-News: Weng Fine Art AG / Key word(s): Forecast/Miscellaneous
08.01.2015 / 09:00

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Press Release │ 8 January 2015

Weng Fine Art AG revises its sales forecast for the fiscal year 2014/15
Sales in the 2nd half will exceed 1st half of this year
Start-up costs of e-commerce subsidiary are significantly lower than planned

Capital increase in subsidiaries WFA Trading GmbH and WFA Online AG
Weng Fine Art AG (WFA) is recording a development in business, which is more positive than the forecast of October 2014.

In the 1st half of the fiscal year 2014/15 there was a significant decrease in sales and earnings as a result of a transformation process, that is expected to last until the end of 2015, and the downward trend was expected to continue throughout the remaining fiscal year. Now the company expects a double-digit percentage increase in sales in the second half compared to the first half of this year. The sales for the full year, however, will still be lower than in the previous year. The overall positive trend is in line with the increasing share of high-value transactions within the trading business.

The group earnings for the current fiscal year cannot yet be predicted, as there still are additional factors to be taken into account. However, it is already clear that the trade margins have remained level over the year, and that the strength of the US dollar against the euro has a positive effect on the profits of WFA AG.

Furthermore, the start-up costs of the new Swiss subsidiaries are running lower than previously estimated. While WFA Fine Art Services GmbH will already be profitable in its first year, the costs of the e-commerce activities of WFA Online AG resulted in less than 200,000 EUR, significantly lower than forecasted, which is explained by the faster development of the transaction platform than expected.
This Friday the subsidiary WFA Trading GmbH, which takes over trading activities of WFA AG from 1 February, increases its share capital of 25,000 euros to 500,000 euros. All new shares will be acquired by the parent company.

WFA Online AG, which operates all e-commerce activities in the WFA group, also increases its share capital this week from 100,000 CHF to 2,500,000 CHF. All new shares will be bought by Weng Fine Art AG.
ABOUT WENG FINE ART AG

Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and Switzerland, is a leading internationally operating art dealing and art service company. The founder-managed company combines a long-term expertise in the art market with economic know-how. Other factors of success are the large inventory of artworks of the 20 and 21st century as well as the access to attractive funding. In addition to the traditional art dealing activities the company targets a leading role in the art e-commerce. Market know-how, the lack of competition and the comprehensive company-owned stock of high quality artworks will be the key to success of WFA Online AG in this segment. The shares of Weng Fine Art AG are listed in the Entry Standard of the Frankfurt stock exchange.

INVESTOR RELATION CONTACT

Weng Fine Art AG
c/o Rüdiger K. Weng 
Kimplerstrasse 294 | 47807 Krefeld 
Telefon +49 (0)2151 937130 | Telefax +49 (0)2151 93713-29 E-Mail RKWeng@Wengfineart.com 



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08.01.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English Company: Weng Fine Art AG Kimplerstraße 294 47807 Krefeld Germany Phone: 02151 937130 Fax: 02151 93713-29 E-mail: art@wengfineart.com Internet: www.wengfineart.com ISIN: DE0005181606 WKN: 518160 Listed: Freiverkehr in Berlin; Frankfurt in Open Market (Entry Standard)  
 
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