DGAP-News: Ultrasonic AG: Growth path continued in 2011
(firmenpresse) - DGAP-News: Ultrasonic AG / Key word(s): Preliminary Results/Forecast
Ultrasonic AG: Growth path continued in 2011
16.03.2012 / 08:04
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Ultrasonic AG: Growth path continued in 2011
- Group sales up by 16.9%, totaling EUR 119.4 million (2010: EUR 102.1
million)
- Sales of Urban footwear segment (incl. accessories) under own
'ULTRASONIC' brand as well as Sandals and Slippers segment grew
Year-on-Year by 33.3% and 25.4% respectively
- Group gross profit margin slightly decreased to 30.9% in 2011 (2010:
31.5%) as a result from the lower margins in the Shoe Soles segment
partially offset by the strong growth in the other segments
- Group profit before income tax (EBT) increased by 10.2% -12.9% to EUR
32.4 million - EUR 33.2 million (2010: EUR 29.4 million), depending on
IPO cost assignment
- Distributor network in China expanded to a total number of 7
distributors in 7 provinces and 2 municipal cities
- Number of mono-label ULTRASONIC-stores increased to 84 shops as at 31
December 2011
- Growth to continue in FY 2012, new sales boost expected with expansion
of capacities in FY 2013
Cologne, 16 March 2012 - Ultrasonic AG (Prime Standard, ISIN DE000A1KREX3,
US5), the German holding of an established Chinese manufacturer and
provider of high quality branded urban footwear products, today published
its preliminary results for the fiscal year 2011.
Group sales* increased by 16.9% from EUR 102.1 million in FY 2010 to EUR
119.4 million in FY 2011. Year-on-year, gross profit* rose by 14.6% from
EUR 32.2 million to EUR 36.9 million. The total IPO costs were
approximately EUR 1.2 million. Depending on the amount of these costs
assigned directly to equity, the management board expects group profit
before income tax (EBT)* to range from around EUR 32.4 million to EUR 33.2
million in FY 2011 (2010: EUR 29.4 million), which represents a 10.2 -12.9%
increase to the previous year. Cash and cash equivalents as at 31 December
2011 were EUR 77.5 million (31 December 2010: EUR 43.4 million), an
increase of almost 79%. Cash per share as at 31 December 2011 was EUR 7.31.
In 2011, all three segments contributed around one third to the company's
sales. The growth drivers were Ultrasonic's Urban Footwear as well as
Sandals and Slippers segments. The Urban Footwear segment (incl.
accessories) under its 'ULTRASONIC' brand increased sales by 33.3% compared
to the previous year to a total of EUR 19.6 million (2010: EUR 14.7
million), whereas sales under OEM brands grew by 12.8% compared to the
previous year to a total of EUR 16.7 million (2010: EUR 14.8 million). The
Sandals and Slippers segment was able to grow its sales by 25.4% from EUR
34.7 million to EUR 43.5 million. Due to high rates of utilisation of
around 86% and 92% in 2010 and 2011 respectively, the Shoe Soles segment
only advanced about 4.5% to EUR 39.6 million (2010: EUR 37.9 million).
The gross profit margin of the Urban Footwear segment (incl. accessories)
under the 'ULTRASONIC' brand slightly increased to 30.5% (2010: 30.1%),
while the gross profit margin of the Urban Footwear segment under OEM
increased to 29.4% (2010: 29.1%). The Sandals and Slippers segment also
expanded its gross profit margin to 31.2% (2010: 30.9%). As expected by the
management of Ultrasonic, especially a price incline for the major raw
materials of around 3% and consistently increased labor costs in
combination with only slightly increased selling prices for the current
product range lead to a decrease of the gross profit margin in the Shoe
Soles segment to 31.4% (2010: 33.7%).
Again, the continued strong growth in the Urban Footwear segment for
'ULTRASONIC' branded products contributed to the increase in the company's
profitability, as the company was able to pass higher costs for the
production of the labelled goods to its customers. The Management Board
expects this segment to continue to grow in terms of sales and profit and
to take a larger portion of total group sales in the years to come. In
2011, the Urban Footwear segment advanced its share of total sales of the
group to 30% (2010: 29%). Because of the lack of capacities, Ultrasonic
currently uses outsourcing partners for the production of its
ULTRASONIC-labelled goods. For the future, the company plans to repatriate
production for this segment and already invested in the construction of a
new production plant in order to foster future growth.
By the end of fiscal 2011, the distribution network for ULTRASONIC-labelled
footwear and accessories comprised of 7 distributors in 7 provinces and 2
municipal cities. The number of mono-label ULTRASONIC-stores increased to
84 shops as at 31 December 2011 (31 December 2010: 58 stores).
'The fact that our Urban Footwear segment is able to constantly keep up
with the high growth rates of the Chinese premium leather shoe market,
proves to us, that we made the right decision to enter into this market.
The distributors in our sales network keep reporting on the ongoing high
demand from consumers for our labelled footwear products. We think this
trend will continue and believe in our vision to make ULTRASONIC the
largest Chinese brand for urban footwear. Increasing the number of
distributors in our network, while at the same time maintaining a high
quality for the points of sale is crucial for us in order to achieve this
goal', commented Qingyong Wu, the company's CEO and chairman of the
Management Board.
For 2012, the Management Board expects group sales to continue to grow at
around 15% - 20%. With the expansion of the company's production capacities
by around 20%, which will be completed early in FY 2013, the company
expects a new boost in group sales.
The audited financial statements and the full annual report for fiscal 2011
will be available at Investor Relations/Publications on the company's
website at www.ultrasonic-ag.de as of 26 April 2011.
* Sales and Earnings figures are 12-month consolidated figures of
Ultrasonic AG and all subsidiaries of Ultrasonic AG. The average exchange
rate for 2011 is 1 Euro = 9.01676 RMB
About Ultrasonic
The Cologne based Ultrasonic AG is the German holding of the Chinese
Ultrasonic-Group, an established manufacturer and provider of high quality
branded urban footwear. With almost 1,400 employees the group operates in
three market segments, each of which contributing about a third to the
group's revenue. Ultrasonic produces sandals and slippers for the upper
price segment and is a long-term supplier of shoe soles for leading
manufacturers of the booming Chinese sport shoe industry such as Anta, Xtep
and Unisuper. Moreover, the company has successfully established an own
'Urban Footwear' collection which is marketed under the brand ULTRASONIC
and specifically designed to the needs and taste of the growing urban
middle class. Ultrasonic's branded urban footwear collection is currently
marketed in 90 mono-label ULTRASONIC-shops, that realize selling prices in
a range from RMB 400 to RMB 1,200 per pair, which is equivalent to approx.
EUR 50 to EUR 140. Within the last three years Ultrasonic's business had a
compounded annual growth rate of more than 34.4 percent. In FY2011, the
company generated a total revenue of EUR 119.4 million and achieved profit
before income tax of approximately EUR 32.4 million to EUR 33.2 million.
For further information about the company visit: www.ultrasonic-ag.de
Disclaimer:
This publication is not anoffer of any securities for sale or a
solicitation of an offer to purchase any securities. The shares have been
offered in Germany and Austria exclusively through and on basis of the
prospectus issued 28 November 2011. The prospectus is available on the
website of Ultrasonic AG at www.ultrasonic-ag.de.
This document is no offer for the purchase of securities in the United
States of America. Securities may only be sold or offered for sale with the
previous registration under the U.S. Securities Act of 1933 in the actual
valid version or without previous registration only pursuant to an
exemption.
The shares of Ultrasonic AG (the 'Shares') have not been registered under
the U.S. Securities Act of 1933 in the actual valid version and may not be
sold or offered in the United States.
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 'relevant persons'). The Shares,
which are referred to, are only available to relevant persons and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire
such securities will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this document or any
of its contents.
For Enquiries:
Chi Kwong Clifford Chan
Member of the Management Board and CFO
Email: clifford.chan(at)suoli.cc
Phone +86 1525 947 9902 (China)
Phone +852 966 227 40 (Hong Kong)
End of Corporate News
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16.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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Language: English
Company: Ultrasonic AG
c/o BPG Beratungsund Prüfungsgesellschaft mbH,
Graf-Adolf-Platz 12
40213 Düsseldorf
Germany
Phone: +49 (0)211 172 980; +86 1525 947 9902 (China); +852 966 227
40 (Hong Kong)
Fax: +49 (0)211 172 9829
E-mail: clifford.chan(at)suoli.cc
Internet: www.ultrasonic-ag.de
ISIN: DE000A1KREX3
WKN: A1KREX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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