DGAP-News: Ultrasonic AG: ULTRASONIC publishes the financial statements for FY 2012
(firmenpresse) - DGAP-News: Ultrasonic AG / Key word(s): Final Results
Ultrasonic AG: ULTRASONIC publishes the financial statements for FY
2012
15.04.2013 / 16:37
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ULTRASONIC publishes the financial statements for FY 2012
- Group sales of EUR 149.0 million confirmed (+25%; 2011: EUR 119.4
million)
- Group profit before income tax (EBT) climbs by around 26% to EUR 41.8
million (2011: EUR 33.2 million)
- EBT margin was 28.1% (2011: 27.8%)
- Net profit increases by around 24% to EUR 30.8 million (2011: EUR 24.9
million)
- Revenue growth of 10-15% and an EBT margin of 23-26% for FY 2013
expected
Cologne, April 15, 2013 - Ultrasonic AG (Prime Standard, ISIN DE000A1KREX3,
US5), the German holding company of an established Chinese manufacturer and
supplier of high-quality branded urban footwear products, publishes today
the audited financial statements for fiscal 2012 and confirms the
preliminary results announced earlier this year.
The Group raised sales revenue 24.8% from EUR 119.4 million in 2011 to EUR
149.0 million in 2012. It should be noted that the increase in sales
revenue was partly because the Chinese renminbi appreciated by an average
of roughly 10.7% against the euro during the year. Gross profit increased
even faster, rising by 25.0% to EUR 46.1 million in 2012 (2011: EUR 36.9
million). Overall, there was a rise in both wage costs and raw material
prices in 2012. However, this was offset - and in the case of Urban
footwear overcompensated for - by higher selling prices. Profit before
income taxes increased by EUR 8.6 million (25.9%) to EUR 41.8 million in
2012 (2011: EUR 33.2 million). The EBT margin was 28.1% (2011: 27.8%).
Group net income therefore rose 23.6% to EUR 30.8 million (2011: EUR 24.9
million). That corresponds to earnings per share (basic and diluted) of EUR
2.69 (2011: EUR 2.30 (restated)).
ULTRASONIC still has a very sound capital and financing structure. As a
result of the strong cash flow, cash and cash equivalents showed only a
slight decrease despite considerable investment. Cash and cash equivalents
totaled EUR 74.5 million as of 31 December 2012 (31 December 2011: EUR 77.5
million) and are available for most of the planned investments in the next
years. Moreover, the company has low liabilities to banks and is therefore
not dependent on the banks' more stringent lending conditions. Equity
increased in the reporting period to EUR 122.3 million as of 31 December
2012. That was 30.7% above the prior-year's level of EUR 93.6 million. The
equity ratio improved from 79.1% to 81.8%.
'As well as being the most successful year in ULTRASONIC's history, 2012
was very important for the future strategic development of the Group', says
Qingyong WU, founder and CEO of the company. 'Especially in the second half
of 2012 we took important strategic investment decisions. We will expand
our product portfolio and distribution channels. Our plans include
manufacturing children's shoes for distribution via partners to large
supermarket chains in China such as Walmart, as well as setting up an
online portal for direct marketing of urban footwear. The implementation of
this strategy over the coming months and years will position the company to
participate even more strongly in the increase in consumer spending in
China.'
In view of the new production capacity, which willbe in part put into
operation already in 2013, the Management Board expects Group sales in
euros to rise by around 10-15% in 2013 (assuming no currency effect). A
successful expansion of the distribution channels and product offering
provide a further potential for growth at the same time increasing the
company's working capital requirements. However, production start-up costs
and set-up expenses for gaining access to the new distribution channels
will probably result in a temporary slightly lower margin over the next 1-2
years. The Management Board therefore anticipates a slight dip in the
pre-tax margin (EBT) to 23-26% in 2013 and 2014.
Further information regarding the profit participation for the shareholders
for fiscal 2012 will be published before the end of April. The audited
consolidated financial statements for fiscal 2012 will be available later
today at Investor Relations/Publications on the company's website at
www.ultrasonic-ag.de.
About Ultrasonic
The Cologne-based company Ultrasonic AG is the German holding company of
the Chinese ULTRASONIC Group, an established manufacturer and supplier of
high-quality branded urban footwear. The Group has more than 1,400
employees and operates in three market segments, each of which currently
contributes about a third of revenue. ULTRASONIC produces sandals and
slippers for the upper price segment for the local and international
market. It is also a long-term supplier of shoe soles to leading
manufacturers in the established Chinese sport shoe industry such as Anta,
Xtep and Unisuper. Moreover, the company has developed its own very
successful high-quality urban footwear collection which is marketed under
the ULTRASONIC brand and targets China's young, fashion-conscious urban
middle class, which has high purchasing power and expects high quality. The
ULTRASONIC product line is currently marketed via more than 100 mono-label
shops. The ULTRASONIC Group has reported a compound annual growth rate
(CAGR) of 31 percent per year since 2009. In 2012 it generated sales of
around EUR 149 million and a net profit of EUR 30.8 million.
For further information about the company visit: www.ultrasonic-ag.de
For enquiries:
Ultrasonic AG
Chi Kwong Clifford Chan
Vorstand und CFO
E-Mail: ir(at)ultrasonic-ag.de
Tel.: +86 1525 947 9902 (China), +852 966 227 40 (Hong Kong)
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.
End of Corporate News
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Language: English
Company: Ultrasonic AG
c/o BPG Beratungsund Prüfungsgesellschaft mbH,
Graf-Adolf-Platz 12
40213 Düsseldorf
Germany
Phone: +86 1525 947 9902 (China); +852 966 227 40 (Hong Kong)
Fax: +49 (0)211 172 9829
E-mail: ir(at)ultrasonic-ag.de
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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207086 15.04.2013
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