DGAP-News: Haikui Seafood AG: H1 2012 results reflect positive business development
(firmenpresse) - DGAP-News: Haikui Seafood AG / Key word(s): Half Year Results
Haikui Seafood AG: H1 2012 results reflect positive business
development
31.08.2012 / 08:03
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Haikui Seafood AG: H1 2012 results reflect positive business development
* Revenues increased by 34.0% to EUR 79.5 million
* EBIT up by 28.4% to EUR 16.0 million, representing an EBIT margin
of 20.1%
* Growth momentum expected to continue into H2 2012
Frankfurt, August 31, 2012 - For the first six months of the financial year
2012, Haikui Seafood AG ('Haikui'), an established seafood processing
company with sales in international markets and China, continued its growth
path. Revenues of EUR 79.5 million exceeded the half year results of 2011
by 34.0%. Gross profit increased from EUR 14.5 million in H1 2011 to EUR
18.7 million in H1 2012, a rise of 29.0%. The slight decline of the gross
profit margin by 0.9 percentage points to 23.5% in H1 2012 is a result of
an increase in raw material prices, which slightly exceeded the increase of
the selling price.
As sales of both business segments - frozen and canned seafood products -
improved while maintaining fairly comparable gross margins, EBIT grew by
28.4% from EUR 12.4 million in the first half year 2011 to EUR 16.0
million.
Despite higher corporate taxes and expenses incurred during the IPO
process, net profit increased from EUR 9.8 million in the first half of
2011 to EUR 11.6 million in the first half of 2012, representing a growth
of 17.7%. Net profit margin was down by 2.0 percentage points from 16.6% in
H1 2011 to 14.6% in H1 2012. Higher tax rates (the tax concession period
ended in 2011) and one-off expenses which were incurred during the IPO
process, had a negative impact on net profit margin.
Haikui's financial position remains strong given its strong cash position
and stable cash flows. Equity amounts to EUR 133.0 million as of June 30,
2012 (December 31, 2011: EUR 114.7 million), representing 93.9% of total
assets.
Optimistic outlook
The rising purchasing power of the Chinese middle class, consumers' rising
health awareness, as well as increasingly hectic urban lifestyle are
expected to lead to greater demand for higher value, ready-to-eat
convenience products such as processed seafood. This phenomenon could
similarly be observed in other countries.
To benefit from this positive development, Haikui intends to increase sales
by doubling its existing processing capacity within the next three years
through upgrading its existing facilities and constructing a new factory in
Dongshan. Furthermore, it aims to capture greater market share in China by
further appointing experienced regional distributors to sell Haikui-owned
branded products and continue strengthening its presence in the
international markets by attracting new customers through participations in
trade fairs and leveraging on its export and international quality
accreditations.
Due to its competitive product offering, investments in growth and
expansion of distribution network, Haikui believes it could continue to
deliver a strong performance in the second half of 2012. On the basis of
current market circumstances, Haikui expects a full year revenue growth of
20% with stable gross profit and EBIT margins for 2012.
The full H1 2012 report of Haikui Seafood AG is available on the website
www.haikui-seafood.com.
About Haikui Seafood AG
Haikui Seafood AG processes fish and seafood for the Chinese and
international markets. The product portfolio comprises more than 100
different products from frozen or canned fish and seafood, produced from a
large variety of species of raw fish and seafood, including prawn, crab,
various fish species and shellfish as well as cephalopods. Clients of
Haikui Seafood are distributors in China and overseas, located mainly in
Asia, the U.S and Europe. Haikui Seafood employs around 600 permanent
employees and on average around 1,600 additional temporary workers. The
Company has an annual processing capacity of around 28,500 tons (output).
The processing facilities are located in the South-East of China on
Dongshan Island, Zhangzhou, Fujian Province. The Haikui-Group operates a
streamlined supply chain including self-owned processing facilities,
in-house research and product development capacities as well as warehouses
and cold storage facilities, while simultaneously cooperating closely with
raw goods suppliers.
For further information please visit www.haikui-seafood.com or contact
Kirchhoff Consult AG
Dr. Kay Baden
Phone: +49 (0)40 609 186 39
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 Haikui Seafood'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 Haikui Seafood's
forward-looking statements are proving to be incorrect, Haikui Seafood's
actual results may be materially different from those expressed or implied
by such forward-looking statements. Haikui Seafood 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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31.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Haikui Seafood AG
c/o Ashurst LLP, OpernTurm, Bockenheimer Landstraße 2-4
60306 Frankfurt am Main
Germany
Phone: +49 40 60 91 86 - 0
Fax: +49 40 60 91 86 - 60
E-mail: haikui(at)kirchhoff.de
Internet: www.haikui-seafood.de
ISIN: DE000A1JH3F9
WKN: A1JH3F
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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