DGAP-News: FAST Casualwear AG plans IPO at the Frankfurt Stock Exchange in July 2012
(firmenpresse) - DGAP-News: FAST Casualwear AG / Key word(s): IPO
FAST Casualwear AG plans IPO at the Frankfurt Stock Exchange in July
2012
22.06.2012 / 15:14
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FAST Casualwear AG plans IPO at the Frankfurt Stock Exchange in July 2012
* IPO in the Prime Standard
* Thriving manufacturer of casual footwear and apparel in China
* Revenues of more than EUR 82 million in 2011
* EBIT of EUR 16.8 million
* Further growth expected in 2012
Cologne, June 22, 2012 - FAST Casualwear AG, a thriving manufacturer of
casual footwear and apparel in China, is preparing its IPO in the Regulated
Market / Prime Standard of the Frankfurt Stock Exchange in July 2012. FAST
designs and produces casualwear including footwear, apparel and accessories
under its own brand 'FAST' and as contract manufacturer for international
brand owners, mainly from Europe and the United States.
Distinguished brand in the Chinese market
FAST focuses on comfortable, high quality casual products with fashionable
designs. Within the casualwear market segment, FAST has developed a clear
and distinct brand image, targeting consumers aged between 16 and 35. FAST
aims to penetrate the mass population in China primarily in lower-tier
cities, which are experiencing rapid expansion as a result of China's
growing GDP, combined with rapid urbanization and rising disposable income.
In China, FAST has already become a distinguished brand through a
combination of what FAST believes are fashionable and trendy designs at
affordable prices, as well as by the rapid expansion of the national
distribution network that promotes its brand image.
FAST's own brand products include two product groups: casual footwear and
casual apparel. FAST operates three shoe production facilities with a total
of 14 production lines (as of March 31, 2012) in Jinjiang City, Fujian
Province, one of the largest footwear manufacturing hubs in China. In 2011
FAST produced an output of approximately 12 million self-produced pairs of
footwear, while the production in the FAST apparel segment is outsourced to
third party contract manufacturers.
Rapid expansion of the distritbution network
FAST sells its own brand products to distributors on a wholesale basis and
its distribution network has increased continuously since the launch of the
FAST brand. FAST had 5 distributors as of December 31, 2009 and had
increased this number to 8 and 19 as of December 31, 2010 and 2011,
respectively. Taken together, all distributors directly operated or
indirectly managed a network of 471 retail outlets in China as of December
31, 2009 and had increased this number to 712 and 758 as of December 31,
2010 and 2011, respectively, providing widespread geographical coverage
throughout China. More than 100 of these retail outlets are exclusive FAST
shops, which means that they exclusively sell products under the FAST
brand. In the first quarter of FY 2012, 19 new retail outlets opened. The
goal is to add over 100 sales points per year within the next three years.
Highly profitable growth during the last three years
Total revenues of FAST grew from EUR 58.3 million in 2009 to EUR 82.2
million in 2011. Revenues with products under the FAST brand nearly doubled
from EUR 30.9 million in 2009 to EUR 59.5 million in 2011. In the FAST
OEM/ODM segment revenues also increased from EUR 15.9 million in 2009 to
EUR 19.4 million in 2011. In the same period the total profit from
operations (EBIT) almost tripled from EUR 5.9 million in 2009 to EUR 16.8
million in 2011, representing an EBIT margin of 20.4% in 2011 (2009:
10.1%).
A strong first quarter 2012 with revenues of EUR 21.1 million (first
quarter 2011: EUR 16.8 million) and an EBIT of EUR 5.5 million (2011: EUR
2.9 million) indicate further highly profitable growth for the financial
year 2012.
About FAST Casualwear AG
FAST Casualwear AG is the German holding company of FAST Group, a Chinese
group of companies engaged in the design, production and sale of
casualwear, consisting of footwear and apparel including accessories. It
mainly designs and produces casualwear under its own brand name 'FAST',
targeting consumers aged between 16 and 35 primarily in the lower tier
cities in China. FAST distributes its own brand products through 21
unaffiliated regional distributors, who sell the products via retail
outlets operated either by themselves or by third party sub-distributors.
Its distribution network consists of more than 770 retail outlets in over
100 cities throughout China. FAST also designs and produces footwear as
contract manufacturer for international brand owners, mainly from Europe
and the U.S. FAST's operating facilities are located in the southeast of
China in Jinjiang City, Fujian Province, one of the largest footwear
manufacturing hubs in China. FAST employs more than 1,100 employees.
For further information please visit www.fast-casualwear.com or contact
Kirchhoff Consult AG
Dr. Kay Baden
Tel: +49 (0)40 609 186 39
E-mail: baden(at)kirchhoff.de
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to
buy securities. The offer will be made solely by means of and on the basis
of a securities prospectus which will be published after approval by BaFin.
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 FAST Casualwear 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 directed at and/or for distribution in the U.K. only to
(i) persons who have professional experience in matters relating to
investments falling within article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (ii)
high net worth entities falling within article 49(2)(a) to (d) of the Order
(all such persons being together referred to as 'relevant persons'). This
document is directed only at relevant persons. Any person who is not a
relevant person should not act or rely on this document or any of its
contents. Any investment or investment activity to which this document
relates is available only to relevant persons and will be engaged in only
with relevant persons.
End of Corporate News
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