DGAP-News: Ultrasonic AG: Ultrasonic AG increases sales and earnings in Q1 - EBT margin of 27.7%
(firmenpresse) - DGAP-News: Ultrasonic AG / Key word(s): Quarter Results/Interim Report
Ultrasonic AG: Ultrasonic AG increases sales and earnings in Q1 - EBT
margin of 27.7%
29.05.2012 / 07:45
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- Group sales increased 8.4% year-on-year, totaling EUR 28.3 million (3M
2011: EUR 26.1 million)
- Group profit before income tax (EBT) was EUR 7.9 million (3M 2011: EUR
7.5 million)
- EBT margin of 27.7% (3M 2011: 28.6%)
- Cash and bank balances increased as a result of the high cash flow to
EUR 82.4 million in the reporting period
- Number of mono-label ULTRASONIC-stores further increased to 91 as of 31
March 2012
- Outlook for FY 2012 confirmed
Cologne, 29 May 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 interim report for the first three months of fiscal 2012.
Group sales* increased 8.4% year-on-year, from EUR 26.1 million in the
first quarter of 2011 to EUR 28.3 million in the first three months of
2012. Sales were thus in line with the Management Board's expectations. For
seasonal reasons, the first quarter is normally the weakest of the year as
production slows down during Chinese New Year. Thus, the company generated
around 21.9% of annual sales in the first quarter of 2011, while the third
and fourth quarters accounted for more than 27% of total sales for fiscal
2011. The increase in sales was mainly due to higher selling prices in all
segments except for the accessories segment. While revenue increased 10.0%
to EUR 9.8 million in the Shoe soles segment, the Urban footwear segment
(including accessories) posted even a higher growth rate, lifting revenue
by 11.1% to EUR 9.9 million. Sandals and slippers, the segment with a high
export volume through sales to PRC trading companies, increased its sales
by 3.8% to EUR 8.6 million.
In the Urban footwear segment (including accessories), sales of the
'ULTRASONIC' brand increased sales by 17.9% compared to the year-back
figure to a total of EUR 5.3 million (3M 2011: EUR 4.5 million), whereas
OEM sales grew 4.1% compared to the first quarter of the previous year to a
total of EUR 4.6 million (3M 2011: EUR 4.4 million). As anticipated,
'ULTRASONIC' brand sales inclined further from 50.7% of segment sales in
the first three months of 2011 to 53.8% in the first quarter of 2012.
The Group's gross profit increased by 6.7% or EUR 0.6 million from EUR 8.1
million in the first three months of 2011 to EUR 8.7 million in the
reporting period, largely as a result of the increase in revenue of the
shoe sole segment and the Urban footwear segment. Due to higher selling
prices, the increase in raw material and personnel expenses was almost
fully passed on to customers resulting in a gross profit margin of 30.7%
(3M 2011: 31.0%).
Especially an increase in the gross profit margin of the Urban footwear
segment (climbing from 30.5% to 31.0%) stabilized overall margins, while
the gross profit margins in the other business units slightly decreased.
In the first three months of 2012, EBITDA increased 4.2% year-on-year from
EUR 7.8 million to EUR 8.2 million. Group EBIT also increased in the first
three months of 2012 to EUR 7.8 million (3M 2011: EUR 7.5 million). As a
result the EBITmargin was around 27.7%. Profit before income taxes was EUR
7.9 million in the reporting period, a rise of 5.1% from the year-back
figure of EUR 7.5 million. The EBT margin was around 27.7%. Group net
profit for the reporting period therefore increased by 5.6% to EUR 5.9
million (3M 2011: EUR 5.5 million). That equates to basic and diluted
earnings per share in the reporting period of EUR 0.55 (3M 2011: EUR 0.55
per share).
The cash flow from operating activities increased by about 49% to EUR 5.6
million (3M 2011: EUR 3.7 million). Cash and cash equivalents totalled EUR
82.4 million on 31 March 2012, which was EUR 4.9 million higher than on 31
December 2011. With an equity ratio of around 82%, the Group still has a
sound financial base and still has low liabilities to banks.
'ULTRASONIC is pursuing an extensive growth strategy. To meet rising demand
for shoes in China, we need to continue our policy of selective investment
in new sites, new production facilities and suitable machinery. In addition
to raising production capacity, in order to achieve our ambitious growth
plans it is extremely important to extend the distribution network for the
ULTRASONIC brand of urban footwear. However, since we do not wish to
operate our own stores, we need to identify regional distributors,
familiarise them with our offering and support them in their activities',
states Qingyong Wu, the company's CEO and chairman of the Management Board.
Thus, ULTRASONIC intends to increase the number of points of sale in the
provinces where it already has a presence and enter at least 3 other
provinces. By the end of 2012, the company intends to have established up
to 9 distributor partnerships and 150 retail outlets. As of 31 March 2012,
ULTRASONIC's distributors already operated 91 mono-label 'ULTRASONIC'
stores in China (31 December 2011: 84 stores).
Revenue growth should also be supported by the construction of a new
factory complex and the acquisition of new production lines or production
facilities. The construction of the new production facility is expected to
be completed by the middle of 2013 and the first new production lines at
the new premises are scheduled for completion around September 2013, so
ULTRASONIC will be able to use the additional capacities in the last
quarter of 2013.
The Management Board does not see any reason to alter the guidance for
fiscal 2012. Accordingly, it still expects that group sales will increase
by 15-20% this year. More detailed information on whether this forecast is
achieved will not be available until the end of the third quarter at the
earliest, as this is normally the strongest quarter of the year in terms of
sales. Over the year, the pre-tax margin (pre-tax earnings relative to
sales) is still expected to be around the year-back level at 25-30%.
The full interim report for the first three months of fiscal 2012 is
available at Investor Relations/Publications on the company's website at
www.ultrasonic-ag.de.
* Sales and Earnings figures are 3-month consolidated figures of Ultrasonic
AG and all subsidiaries of Ultrasonic AG. The average exchange rate for 3M
2012 is 1 Euro = 8.3916 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 more than 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 a Net profit of EUR 24.9 million.
For further information about the company visit: www.ultrasonic-ag.de
Disclaimer:
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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29.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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
Indices: CDAX, Classic All Share, DAXsector All Consumer, DAXsector
Consumer, DAXsubsector All Clothing&Footwear,
DAXsubsector Clothing&Footwear, Prime All Share
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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