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PRESS RELEASE: Weng Fine Art AG exceeds Expectations for its transitional Year of 2013: Record Sales and 40% Growth in the second Half

DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous Weng Fine Art AG exceeds Expectations for its transitional Year of 2013: Record Sales and 40% Growth in the second Half

08.01.2014 / 10:00

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PRESS RELEASE | 8 JANUARY 2014

Weng Fine Art AG exceeds Expectations for its transitional Year of 2013: Record Sales and 40% Growth in the second Half

Weng Fine Art AG (WFA) significantly exceeded its goals for the fiscal year of 2013/2014, which ends on January 31, by recording a turnover of more than 8 million EUR. The main reason for this record is the surprisingly strong growth in the second half - compared to the same period last year, revenues have increased by more than 40 percent.

This development is noteworthy because WFA has allocated stronger focus and resources towards strategic decisions rather than on short-term operational success in 2013. 'Taking into account that we are in a transitional period, this new sales record speaks for the quality of our business model and our team', notes WFA CEO Rdiger K. Weng, whom also refers to a significant improvement in market sentiment: 'By looking at the dynamics of the fall season it can be concluded that the middle market, which is the most relevant for us, is significantly improving. We are seeing an end in the sideways trend this sector has experienced for the last three years and are confident that this turn-around will accelerate further in 2014 and even more so in 2015.'

WFA took advantage of this positive environment by selling inventory and generating additional liquidity for its upcoming acquisitions and investments. In the second half of 2013 alone, the company was able to achieve a positive cash flow of approximately 3 million EUR - of which 550,000 EUR came from the exercise of a put option for 100,000 Artnet shares at a price of 5.50 EUR (further explanation of this deal on the company website under 'News').

However, WFA reported no significant income from equity transactions, which is why the profits in 2013/2014 won't reach the same level as the year before. Nevertheless, it is to be expected that the full year of 2013/2014 will generate the second best result in the company's history. And Rdiger K. Weng emphasi-zes: 'We are well positioned financially to engage in M&A transactions and joint ventures in 2014, which we have identified as particularly attractive and have prepared for in recent months. This will move WFA to a new level.'

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