DGAP-News: Ming Le Sports AG: Revenues of 286 million Euros in 2012 exceed expectations
(firmenpresse) - DGAP-News: Ming Le Sports AG / Key word(s): Preliminary Results
Ming Le Sports AG: Revenues of 286 million Euros in 2012 exceed
expectations
30.04.2013 / 13:41
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Preliminary Results 2012
Ming Le Sports AG: Revenues of 286 million Euros in 2012 exceed
expectations
- Revenues increased significantly by 47.3 per cent to 286 million Euros
- Gross profit margin improved to 34.3 per cent
- EBIT grew by 45.4 per cent amounting to 69.8 million Euros, representing
an EBIT margin of 24.4 per cent
- Rapid expansion of distribution network planned to more than 4,350 retail
outlets by the end of 2013
Frankfurt, 30 April 2013 - Ming Le Sports AG, a rapidly growing branded
sportswear company in China, presents its preliminary results for the
fiscal year 2012, reflecting a strong business performance. During the
fiscal year, the company was able to increase its revenues by 47.3 per cent
(33.0 per cent in Renminbi terms) to 286 million Euros, which were entirely
generated by the sale of the company's innovative sportswear products and
clearly surpassed the forecasted revenue threshold of 250 million Euros.
Gross profit grew to 98.1 million Euros in 2012, which shows an increase of
about 50 per cent year-on-year. This is mainly driven by the strong sales
growth in both of the company's business segments 'footwear' and 'apparel
and accessories'. While revenues for the footwear segment increased by 41.9
per cent to 170.2 million Euros, apparel and accessories achieved improved
revenues of 116.0 million Euros, an increase of 56.1 per cent compared to
2011. The gross profit margin added up to 34.3 per cent in 2012, driven by
higher sales and increased selling prices of footwear and apparel,
exceeding the increases in costs for raw materials, labour, overheads and
outsourced manufacturing.
In the same period EBIT improved by 45.4 per cent to 69.8 million Euros
(2011: 48.0 million Euros) resulting in an EBIT margin of 24.4 per cent.
Net profit increased from 42.0 million Euros by 45.7 per cent to 61.1
million Euros while the net profit margin of 21.4 per cent nearly remained
on the same high level (2011: 21.6 per cent) despite an increase in
administrative expenses in context of the IPO. Therefore Ming Le achieved
the announced net profit margin target of 21 to 23 per cent.
Within Ming Le's strategy to ensure a sustainable and profitable growth,
the company rapidly expanded its distribution network in the fast growing
consumer markets within the Tier 3 and 4 cities throughout China. Compared
to the previous year, the number of retail outlets increased by 21 per cent
to 3,790 as of 31 December 2012, including ten new flagship stores that the
company opened during 2012 as well.
The company also maintained a strong liquidity position of 89.1 million
Euros as of 31 December 2012 and a solid financial basis with a total
equity of 155.2 million Euros. The equity ratio amounted to 81.9 per cent
as of 31 December 2012.
After the good development of the financial position, the Management and
Supervisory Board decided to initiate a share buyback program of up to 10
per cent of its share capital instead of a cash dividend payment. Ming Le's
Management and Supervisory Board came to this conclusion in order to make
the Ming Le share more attractive in the interest of its shareholders.
Outlook
Ming Le remains confident that China's macroeconomic situation will remain
healthy in 2013, meaning that the market demand for its products will
continue to rise. Moreover the Management Board expects that the rapid
urbanisation and government policies increasing the domestic consumption
will have a positive impact on the company's profitable business.
By the end of 2014, Ming Le plans to open up to 100 self-owned flagship
stores by investing parts of its earnings combined with operating cash flow
to finance the openings. In line with the expansion, the company plans to
further support its distributors to increase retail stores from 3,790 to
more than 4,350 by the end of 2013. By this Ming Le's Management Board aims
to achieve higher sales results in 2013 and 2014, which will enable the
company to penetrate its target markets more efficiently and further
establish its brand throughout China. Especially with regards to the
apparel segment, Ming Le expects increasing sales and plans to place a
particular emphasis on the respective segment. In addition, the company is
also planning to invest into a 60,000 square meters foot-sole production
plant, which will reduce the cost of sales significantly and will allow
Ming Le to have better control over the timing and quality of its footwear
products.
As for 2013, the Management estimates revenue growth to amount to
approximately 25 per cent, while expecting EBIT to increase by 23 to 25 per
cent.
The full Annual Report 2012 of Ming Le Sports AG will be available on May
3, 2013 on the website at
http://www.mingle-sportswear.com/investor-relations/publications
/financial-reports.html.
Ming Le Sports AG decided to postpone its publication date due to a delay
concerning the translation of the report into German. By this the company
wants to ensure that both reports are published simultaneously in the
interest of its shareholders.
About Ming Le Sports AG
Ming Le Sports AG is a rapidly growing branded sportswear company in China
targeting 16 to 35-year-old men and women who lead an urban, vibrant and
active lifestyle. Ming Le's products include footwear, apparel, accessories
and equipment. The company strives to offer comfortable, fashionable and
affordable lifestyle and leisure sportswear. Ming Le designs its own
products and manufactures them at Ming Le's facilities or through contract
manufacturers. Ming Le markets and sells its products through a network of
26 distributors to about 3,800 retail outlets in China. At present, Ming Le
has 1,361 employees.
For further information, please contact:
Kirchhoff Consult AG
Dr. Kay Baden
Tel: +49(0) 40 609 186 39
Mail: baden(at)kirchhoff.de
Or visit http://www.mingle-sportswear.com
Disclaimer concerning prognoses
This communication contains forward-looking statements Forward-looking
statements are statements that are not historical facts instead they
reflect the current views and expectations of Ming Le Sports 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 materialize or if the assumptions underlying any of the
forward-looking statements of Ming Le Sports are proving to be incorrect,
the actual results of Ming Le Sports may be materially different from those
expressed or implied by such forward-looking statements. Ming Le Sports
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: EnglishCompany: Ming Le Sports AG
Westhafenplatz 1
60327 Frankfurt am Main
Germany
Internet: www.mingle.cn
ISIN: DE000A1MBEG8
WKN: A1MBEG
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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