DGAP-News: Powerland AG offers a dividend in its first financial year
(firmenpresse) - DGAP-News: Powerland AG / Key word(s): Final Results/Dividend
Powerland AG offers a dividend in its first financial year
30.04.2012 / 10:14
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POWERLAND AG offers a dividend to shareholders
in its first financial year as a listed company
- Group revenues in EUR rose by 30.5% year-on-year to EUR 146.9 million
- Gross profit improved by 45.2% to EUR 65.0 million
- EBIT increased by 19.4% to EUR 32.2 million
- Earnings per Share (EPS) were EUR 1.22 in 2011
- Dividend of EUR 0.25 per ordinary share will be proposed to
shareholders
- Expansion of sales network in China to a total number of 164 shops
Frankfurt/Main, 2012-04-30 - POWERLAND AG (ISIN DE000PLD5558 / Prime
Standard), the leading Chinese manufacturer of exclusive luxury handbags
and leather goods, listed on the Frankfurt Stock Exchange since April 2011,
presented today its annual report 2011 and closed successfully its first
financial year as a listed company. Year-on-year POWERLAND Group revenue
increased by 30.5% to EUR 146.9 million. Gross profit increased by 45.2% to
EUR 65.0 million. EBIT for the financial year 2011 grew by 19.4% to EUR
32.2 million. Profit before tax increased by 5.3% to EUR 27.5 million.
Earnings per share were EUR 1.22.
'Due to our successful financial year 2011 and against the background of
the expected constant growth in the Chinese and the worldwide luxury
markets POWERLAND will be able to pursue its successful and ambitious
growth strategy and its targets even faster', stated Shunyuan Guo, CEO of
POWERLAND AG. Because of the successful business development and the high
level of profitability POWERLAND AG aims to pay a dividend of EUR 0.25 per
ordinary share to its shareholders for the financial year 2011. Therefore
shareholders will be able to participate at the company's success just in
the first financial year as a listed company.
Group Revenue increased from EUR 112.6 million in 2010 by EUR 34.3 million
to EUR 146.9 million in 2011. Revenue in the Luxury segment increased by
51.7% or EUR 27.3 million from EUR 52.9 million to EUR 80.2 million which
corresponds to 54.6% of total Group revenue. For 2011, EBIT for the Luxury
segment amounted to EUR 15.1 million, an increase of 58.8 % over previous
year. Revenue in the Casual segment increased by 11.7% to EUR 66.8 million
in 2011. EBIT of the segment amounted to slightly lower EUR 17.2.
Gross profit of POWERLAND Group was up 45.2 % reaching EUR 65.0 million in
2011 after EUR 44.8 million in 2010. Gross profit margin improved to 44.2 %
as a result of the strong growth in the Luxury segment.
Selling and distribution (S&D) costs increased from 2010 to 2011 by EUR 8.4
million to EUR 19.6 million driven by increases in marketing costs for
higher advertisement cost upon commencement of airport advertisement and
launching POWERLAND Luxury Products. Administrative and other expenses
increased to EUR 13.2 million.
Group EBIT of POWERLAND advanced by 19.4 % to EUR 32.2 million
year-on-year. Profit before tax increased from EUR 26.0 million in 2010 to
EUR 27.5 million in 2011. As a result of several external factors net
profit of POWERLAND Group decreased by EUR 4.3 million to EUR 18.3 million.
The decline of net profit occurred in particular due to higher net finance
cost as a result of dramatic devaluation of the Euro against the Chinese
currency (RMB),the expiration of the tax holiday and the enhanced
marketing acitivities in the Luxury segment. In addition, the successful
public listing expenses of EUR 2.3 million had also caused the decline of
net profit. The total cost of POWERLAND's IPO in April 2011 was
approximately EUR 7.5 million, all of which was charged to equity in the
second quarter.
Assuming China's macroeconomic situation will remain healthy in 2012
management aims to achieve higher sales in 2012 and 2013 than in previous
years. The consolidated EBIT should also rise, both as reported and on
adjusted basis. The Luxury segment is anticipated to be the company's
primary source of higher sales and earnings. New store openings and
increased productivity from the 54 stores opened in 2011 will contribute
substantially to segment growth in 2012. Overall, mid- and long-term growth
will be achieved by broadening the product portfolio, in particular by
adding new and innovative Luxury segment's products and also by upgrading
the Casual segment's product mix. It is also POWERLAND's clear goal to
further strengthen its position as a leading brand in China's mid- to
high-end luxury market. The Company aims to be among the most profitable
companies in the industry. The Company believes that its average annual
sales growth in 2012 and 2013 will be higher than China's overall luxury
goods consumption growth. The Company will also continue its successful
path of expanding its overall distribution network and launching more and
more self-operated stores in particular. POWERLAND aims to have a total of
300 stores by 2014.
The aim of POWERLAND is for its shareholders to participate proportionately
in the Company's future success.
in EUR'000 FY 2010 FY 2011 Change
Revenue 112,635 146,948 30.5 %
Gross profit 44,770 64,994 45.2 %
Gross profit margin in % 39.7 % 44.2 %
ebit 27,018 32,249 19.4
%
ebit margin in % 24.0 % 21.9 %
Net profit 22,617 18,337 -18.9 %
Net profit margin 20.1 % 12.5 %
Earnings per share* 1.51 1.22 -19.2 %
Luxury segment
Revenue 52,847 80,170 51.7 %
Gross profit 23,536 39,892 69.5 %
Gross profit margin 44.5 % 49.8 %
ebit 9,492 15,077 58.8
%
ebit margin in % 18.0 % 18.8 %
Casual segment
Revenue 59,788 66,778 11.7 %
Gross profit 21,234 25,102 18.2 %
Gross profit margin 35.5 % 37.6 %
ebit 17,526 17,172 -2.0
%
ebit margin in % 29.3 % 25.7 %
in EUR'000 31 Dec 2010 31 Dec 2011
Total equity and liabilities 72,501 176,334
Total equity 27,205 129,358
Equity ratio in % 37.5 % 73.4 %
Cash and cash equivalents 15,319 76,146
Net debt (-)/net cash -?6,547 50,885
Employees 31 Dec 2010 31 Dec 2011* Earnings per share calculation is based on 15.0 million shares
Total 1,075 1,398
About POWERLAND
POWERLAND is a leading Chinese producer of fashionable luggage and bags
with a main focus on high-quality luxury women's handbags made of genuine
leather. POWERLAND operates two business segments - a luxury segment under
the POWERLAND brand and a casual segment under the Sotto brand. POWERLAND's
operating subsidiaries are located in Fujian province and Guangdong
province in China.
For additional information please refer to www.POWERLAND.ag
For additional information, please contact:
POWERLAND AG
Investor Relations Tel: + 49 172 - 674 97 92
Joerg Peters Fax: + 49 6196 - 777 99 66
Hauptstrasse 129 E-Mail: ir(at)powerland.ag
65760 Eschborn Internet: http://www.powerland.ag
Public Relations Tel: + 49 6196 - 776 41 10
Karl-Friedrich Brenner Fax: + 49 6196 - 776 41 22
Hauptstrasse 129 E-Mail: pr(at)powerland.ag
65760 Eschborn Internet: http://www.powerland.ag
End of Corporate News
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30.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Powerland AG
Lyoner Straße 14
60528 Frankfurt am Main
Germany
Phone: +49 172 - 67 49 792
Fax: +49 6196 - 777 99 66
E-mail: info(at)powerland.ag
Internet: www.powerland.ag
ISIN: DE000PLD5558
WKN: PLD555
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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167355 30.04.2012
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