DGAP-News: Haikui Seafood AG: Q1 results reflect positive business development
(firmenpresse) - DGAP-News: Haikui Seafood AG / Key word(s): Quarter Results
Haikui Seafood AG: Q1 results reflect positive business development
31.05.2012 / 08:01
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Haikui Seafood AG: Q1 results reflect positive business development
* Revenues increased by 50.3% to EUR 39.9 million
* EBIT margin of 20.9%
* Optimistic outlook
Frankfurt, 31 May 2012 - Haikui Seafood AG ('Haikui'), an established
seafood processing company with sales in international markets and China,
had a successful start into the financial year 2012.
Due to higher sales in both product segments, namely frozen and canned
seafood, the revenues of the Group increased by 50.3% to EUR 39.9 million
in the first quarter 2012 compared to the same period in 2011. In
particular, first quarter 2012 saw higher sales of crab meat products which
were higher in value and gross margins. Total gross profit grew by 52.1% to
EUR 9.5 million in the first quarter 2012 (Q1 2011: EUR 6.2 million). The
gross profit margin for this period also improved to 23.8% from 23.5% in
the same period in 2011.
Showing a rise of 58.2%, the operating income (EBIT) of the first three
months went up from EUR 5.3 million in 2011 to EUR 8.3 million in 2012.
This represents an EBIT margin of 20.9%, being about 1.1 percentage points
higher than in 2011, mainly due to fair value adjustments made in Q1 2011.
Despite higher income tax rates in 2012, net profit of Haikui Seafood AG
increased by 62.0% to EUR 6.1 million in the first quarter 2012 (Q1 2011:
EUR 3.8 million), resulting in a net profit margin of 15.4% (Q1 2011:
14.3%).
Optimistic outlook
Arising from the increasing purchasing power of the Chinese middle class
and consumers' rising health awareness, the demand for seafood products
would continue to grow. Moreover, as lifestyles become more hectic, the
demand for higher value, ready-to-eat convenience products such as
processed seafood is expected to be much stronger compared to the demand
for fresh seafood.
Haikui Seafood would prepare itself to capitalise on this development. The
Company intends to increase sales by doubling its existing processing
capacity within the next 3 years through upgrading of its existing
facilities and constructing a new factory in Dongshan Island.
Furthermore, the Company aims to capture greater market share in China by
appointing experienced regional distributors in China to sell Haikui
branded products. In order to create higher brand awareness and to
facilitate sales of Haikui branded products, Haikui plans to open six
Haikui branded specialty stores in major cities in China over the next
three years.
'We're pleased with the overall results of the first quarter of 2012.
Haikui Seafood has continued to grow in terms of revenue, profit and cash
generation despite the challenging business environment', said Chen
Zhenkui, CEO of Haikui Seafood AG.
On the basis of current market circumstances, Haikui expects a full year
revenue growth of 20% with stable gross profit and EBIT margins for 2012.
The full Q1 report 2012 of Haikui Seafood AG is available on the website
www.haikui-seafood.com.
About Haikui Seafood AG
Haikui Seafood AG processes fish and seafood for the Chinese and
international markets. The product portfolio comprises more than 100
different products from frozen or canned fish and seafood, produced from a
large variety of species of raw fish and seafood, including prawn, crab,
various fish species and shellfish as well as cephalopods. Clients of
Haikui Seafood are distributors in China and overseas, located mainly in
Asia, the U.S and Europe. Haikui Seafood employs around 600 permanent
employees and on average around 1,600 additional temporary workers. The
Company has an annual processing capacity of around 28,500 tons (output).
The processing facilities are located in the South-East of China on
Dongshan Island, Zhangzhou, Fujian Province. The Haikui-Group operates a
streamlined supply chain including self-owned processing facilities,
in-house research and product development capacities as well as warehouses
and cold storage facilities, while simultaneously cooperating closely with
raw goods suppliers.
For further information please visit www.haikui-seafood.com or contact
Kirchhoff Consult AG
Dr. Kay Baden
Phone: +49 (0)40 609 186 39
baden(at)kirchhoff.de
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to
buy securities of Haikui Seafood AG. The shares have already been sold.
This document is not an offer of securities for sale in the United States
of America. Securities may not be offered or sold in the United States of
America absent registration or an exemption from registration under the
U.S. Securities Act of 1933, as amended. The shares in Haikui Seafood AG
have not been and will not be registered under the U.S. Securities Act of
1933, as amended, and are not being and will not be offered or sold in the
United States of America.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'qualified persons'). All securities
referred to herein are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such securities will
be engaged in only with, qualified persons. Any person who is not a
qualified person should not act or rely on this document or any of its
contents.
End of Corporate News
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Language: English
Company: Haikui Seafood AG
c/o Ashurst LLP, OpernTurm, Bockenheimer Landstraße 2-4
60306 Frankfurt am Main
Germany
Phone: +49 40 60 91 86 - 0
Fax: +49 40 60 91 86 - 60
E-mail: haikui(at)kirchhoff.de
Internet: www.haikui-seafood.de
ISIN: DE000A1JH3F9
WKN: A1JH3F
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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