DGAP-News: Firstextile AG: Firstextile AG publishes final figures for 2012 and positive outlook for 2013
(firmenpresse) - DGAP-News: Firstextile AG / Key word(s): Final Results
Firstextile AG: Firstextile AG publishes final figures for 2012 and
positive outlook for 2013
23.04.2013 / 08:03
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Firstextile AG publishes final figures for 2012 and positive outlook for
2013
- 36.3% increase in revenue to EUR 179.5 m and 35.9% increase in net
profit to EUR 32.5 m
- EBIT up 36.3% to EUR 40.1 m at an EBIT margin of 22.3%
- Liquid funds of EUR 49.5 m to finance the company's further expansion
strategy
- Revenues between EUR 204 m and EUR 221 m and EBIT margin between 20%
and 24% expected for 2013
Frankfurt, 23 April 2013 - Firstextile AG (FT8) today published its annual
report for the full financial year 2012. The company is the holding company
of a leading Chinese producer of high-end yarn-dyed fabrics, provider of
fabrics as well as shirts designed for uniforms and of its own branded
premium men's shirts. The disclosed financial figures confirm Firstextile's
strong performance in 2012 as already indicated by the preliminary figures.
For 2013, the management expects continuous growth both in revenues and
earnings.
In 2012, Firstextile's three business segments Fabric, Uniforms and Shirts
showed strong growth, with the Uniforms segment showing the strongest
growth both in absolute and relative terms. This positive development led
to total revenues increasing by 36.3% to EUR 179.5 m (2011: EUR 131.7 m).
The company's gross profit is up 38.5% to EUR 56.4 m corresponding to an
improved gross profit margin of 31.4% (2011: EUR 40.7 m; 30.9%). According
to the final figures, Firstextile's earnings before interest and taxes
(EBIT) increased by 36.3% to EUR 40.1 m (2011: EUR 29.4 m) with an EBIT
margin of 22.3% (2011: 22.3%). Adjusted for the non-recurring IPO costs the
EBIT margin even improved to 24.0%. Net profit increased 35.9% to EUR 32.5
m (2011: EUR 23.9 m), resulting in a net profit margin of 18.1% (2011:
18.2%; 19.8% adjusted for IPO costs). The difference of EUR -1.8 m to the
preliminary figures published on 28 February 2013 mainly results from
reclassifying a larger portion of the IPO costs of EUR 1.2 m (EUR 3.0 m vs.
previously EUR 1.8 m) to expenses in the P&L statement instead of adjusting
equity directly, as well as EUR 0.6 m changes of deferred tax assets
recognized on loss carried-forward of the single entity Firstextile AG.
Both of these two late adjustments are non-recurring in nature and do not
have an impact on the operating cash flows or adjusted EBIT of the group.
Overall, earnings per share (EPS) amounted to EUR 3.17 (2011: EUR 2.39).
Fred Yang, founder and CEO of Firstextile, comments on the company's final
figures: 'We are very satisfied with our business performance in the
financial year 2012 since we continued to grow in all three business
segments. This underlines the high potential of our business strategy to
focus on domestic high-growth markets for garment and textile.' Fred Yang
is also very confident for the current financial year: 'Due to the positive
business environment and the corresponding high demand for our products we
intend to expand our production capacities in 2013. Our liquid funds of
around EUR 50 m and the positive cash flow are an excellent basis to
realize our expansion plan on schedule. Overall, we expect an increase in
revenues upto an amount of between EUR 204 m and EUR 221 m for 2013. With
a stable EBIT margin between 20% and 24% this growth should result in
increasing earnings per share.'
In 2012, Firstextile reported a positive cash flow from operating
activities amounting to EUR 14.4 m (2011: EUR 25.4 m). The decrease
compared to 2011 is due to an increase in inventories as well as trade and
other receivables as a result of the company's strong operative growth in
2012. Besides, Firstextile AG continues to enjoy an excellent cash position
together with a high equity ratio of 67.1% (2011: 49.2%).
As the German holding, Firstextile AG reports in Euro (EUR) currency, the
increase in revenues and earnings is also influenced by the development of
the exchange rate Euro (EUR) to Renminbi (RMB). In terms of Renminbi,
Firstextile's revenues increased by 22.8% in 2012 compared to 2011 (EUR:
36.3% increase), while net profit rose by 22.5% (EUR: 35.9% increase).
As of today, the full 2012 annual report is available for download from the
company's website at www.firstextile.de within the 'Investor Relations'
section.
Overview of key financial figures (in EUR m):
2012 2011 ChangeCompany profile
Revenue Group Total 179.5 131.7 +36.3%
Revenue Fabric Segment 113.3 101.2 +11.9%
Revenue Uniform Segment 46.7 17.9 +160.8%
Revenue Shirt Segment 19.5 12.6 +55.1%
Gross Profit 56.4 40.7 +38.5%
Gross Profit Fabric Segment 31.3 24.6 +27.6%
Gross Profit Uniform Segment 9.7 5.7 +71.7%
Gross Profit Shirt Segment 15.4 10.5 +46.1%
EBIT 40.1 29.4 +36.3%
Net Profit 32.5 23.9 +35.9%
EPS (in EUR) 3.17 2.39 +32.6%
Total assets 142.3 98.9 +44.0%
Equity 95.5 48.7 +96.2%
Equity ratio 67.1% 49.2% +17.9 pp
Financial debt 29.4 26.0 +13.2%
Liquid funds 49.5 25.7 +92.9%
Firstextile is the leading manufacturer of high-end yarn-dyed fabric in the
Chinese market with a market share of approx. 9% in terms of volume in
2011. It also markets fabric and shirts specifically designed for uniforms
used by Chinese government institutions and enterprises, as well as its own
branded men's shirts with the two brands 'Varpum' and 'Firstextile' for the
Chinese premium market segment. The company operates modern production
facilities in Jiangyin near Shanghai, China, which is one of the main
centres of the Chinese textile industry and it focuses particularly on high
product quality. As the company already operates almost at its maximum
capacity it plans to use the net proceeds from the successful completion of
the IPO in November 2012 and further cash flows to double the current
after-finishing capacity of 36 million metres to 72 million metres in order
to meet future demand. At the same time, weaving capacity is intended to be
expanded from short of 11 million metres to 27 million metres and dyeing
capacity from 7,900 tons to 15,800 tons.
End of Corporate News
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23.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Firstextile AG
Lyoner Str. 14
60528 Frankfurt am Main
Germany
Phone: +49 (0)69 6655 4416
E-mail: ir(at)firstextile.de
Internet: www.firstextile.de
ISIN: DE000A1PG8V8
WKN: A1PG8V
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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208061 23.04.2013
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Datum: 23.04.2013 - 08:03 Uhr
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