DGAP-News: FAST Casualwear: Strong growth and improved profit margins in H1 2012
(firmenpresse) - DGAP-News: FAST Casualwear AG / Key word(s): Half Year Results
FAST Casualwear: Strong growth and improved profit margins in H1 2012
30.08.2012 / 08:21
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Half-year results 2012
FAST Casualwear: Strong growth and improved profit margins in H1 2012
* Revenues increase by 38.0% to EUR 54.0 million
* EBIT margin improves to 27.8%
* New distributors support further growth
Hamburg, 30 August 2012 - In the first six months 2012 FAST Casualwear AG,
a thriving manufacturer of casual footwear and apparel in China, realized
revenues of EUR 54.0 million, representing a strong increase of 38.0%
compared to the first six months 2011. The gross profit of the company grew
by 74.2% to EUR 16.3 million and also EBIT margin improved significantly by
8.2 percentage points to 27.8%.
FAST Casualwear looks back on a successful first half year 2012. Due to
increased sales of its own brand casualwear products in both product
segments casual footwear and apparel, and the further expansion of the
distribution network the company could increase its revenues by 38.0% to
EUR 54.0 million from EUR 39.1 million in the first six months of 2011.
Measured in local currency RMB, revenues grew by 22.6% in H1 2012. The
company sold a total of 9.4 million units of footwear and apparel in the
first half year 2012, 14.2% more than one year ago. Measured in RMB the
average unit selling price grew by 27.0% for footwear products and by 20.8%
for apparel products.
As a result of the accelerated sales, gross profit went up during the
reporting period by 74.2% to EUR 16.3 million (H1 2011: EUR 9.3 million),
while gross profit margin increased from 23.8% in H1 2011 to 30.2% in H1
2012. EBIT even increased by 96.0% from EUR 7.4 million in H1 2011 to EUR
14.5 million in H1 2012. Also the net result for the first half year 2012
rose considerably by 69.8% from EUR 6.4 million in the first six months
2011 to EUR 10.8 million for the same period 2012, representing a net
profit margin of 20.0% (H1 2011: 16.2%).
Disposing of an equity of EUR 61.5 million as of 30 June 2012, representing
a ratio of equity to total assets of 59.7% (31 December 2011: 67.1%), the
company is well prepared for further investments and a successful future
development.
In the first half of 2012 the company's distribution network has further
expanded, providing widespread geographical coverage throughout China. As
at 30 June 2012 FAST Casualwear had 25 distributors, an increase of six new
distributors joining the Group in the first half of 2012 and an increase of
30 new sales points in the second quarter 2012.
Thereby, FAST Casualwear is currently present in 807 retail outlets,
respectively, in over 100 cities throughout China. More than 100 of the
retail outlets exclusively sell products under the FAST brand.
Promising outlook
On the basis of this successful development, FAST Casualwear is optimistic
for the future. The Group is convinced that the domestic footwear and
apparels retail market in China will continue to grow and consumer
sentiment will remain positive.
FAST Casualwear is constantly striving to create high quality products
featuring stylish designs in order to tap market potential and attract even
more consumers. Further, the company plans to enhance the quality of its
stores in order to increase the in-store traffic and the overall sales.
The Groupexpects an increase in revenues for the financial year 2012 due
to its strong production capabilities and the expanding distribution
network. More precisely, the Group is confident to maintain a similar
revenue growth rate measured in RMB terms in the second half 2012 as
achieved in the first half 2012. With respect to profitability the Group
expects EBIT margin to amount to at least 20% for the financial year 2012
(including the IPO expenses).
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 25
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 807 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 concerning prognoses
This communication contains forward-looking statements. Forward-looking
statements are statements that are not historical facts instead they
reflect FAST Casualwear's current views and expectations and the
assumptions underlying them about future events. Forward-looking statements
are subject to many risks and uncertainties. If any of such risks and
uncertainties materialise or if the assumptions underlying any of FAST
Casualwear's forward-looking statements are proving to be incorrect, FAST
Casualwear's actual results may be materially different from those
expressed or implied by such forward-looking statements. FAST Casualwear
does not intend or assume any obligation to update these forward-looking
statements. Any forward-looking statement speaks only as of the date on
which it is made.
End of Corporate News
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Language: English
Company: FAST Casualwear AG
Am Herrengraben 1
20459 Hamburg
Germany
Phone: 040 60 91 86 0
Fax: 040 60 91 86 60
E-mail: parkotam(at)fastfashion.com.hk
Internet: www.fast-casualwear.com
ISIN: DE000A1PHFG5
WKN: A1PHFG
Listed: Regulierter Markt in Frankfurt (Prime Standard)
End of News DGAP News-Service
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183447 30.08.2012
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