DGAP-News: FAST Casualwear AG: Further details to new production facility
(firmenpresse) - DGAP-News: FAST Casualwear AG / Key word(s): Strategic Company
Decision
FAST Casualwear AG: Further details to new production facility
09.08.2013 / 08:58
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FAST Casualwear AG: Further details to new production facility
Hamburg, August 09, 2013 - FAST Casualwear AG, a manufacturer of casual
footwear and apparel in China, intends to establish a new production
facility for casual shoes and apparel in order to support further growth.
Therefore the company concluded a pre-engaged agreement with the
representatives of the Development Management Committee of Lake District of
Chendai Town of Jinjiang City, which was assigned to locate a suitable
property. The Management Board expects a total investment volume of around
300 million RMB (about 37 million Euros).
The new production facility shall be located in Jinjiang City, the main hub
for shoe production in China. The investment includes land acquisition as
well as the construction of production buildings, machinery and working
capital. It is scheduled to start operation in 2016. With a planned
property space of 100,000 square metres and a factory floor space of 60,000
square metres during the first construction phase, the production plant is
smaller than initially planned. Correspondingly, the company will receive a
refund of the deposit for the land already paid in 2012 and the first half
of 2013, which shall be reflected in the interim report Q3 2013.
According to the planning, the new facility will comprise a shoe sole
production and two production lines for casual footwear and casual apparel.
The annual production capacity shall amount to around 4 million pairs of
shoe soles, 2 million pairs of casual shoes and 2 million pieces of casual
apparel.
FAST intends to finance the new plant mainly by its operating cash flow and
only to a small extent by external financing. As reported in the Interim
Report Q1 2013 as of March 30, 2013 the company has deposited 17 million
Euros in land use rights for the planned production facility.
With the new facility FAST aims to expand its production capacity whereby
also revenues and the gross profit margin should be influenced positively
in the future. Furthermore FAST will thus gain a better control of the
production process and therefore the quality of its products. The planned
investment is in line with FAST's long-term strategy to enhance production
volume in order to meet the expected increasing demand of FAST products in
the medium and long term.
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 26
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 900 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 around 860 employees.
For further information please visit www.fast-casualwear.com or contact
Kirchhoff Consult AG
Anja Ben Lekhal
Tel: +49 (0)40 609 186 55
E-mail: anja.benlekhal(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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09.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: FAST Casualwear AG
c/o Kirchhoff Consult AG, Herrengraben 1
20459 Hamburg
Germany
Phone: 040 60 91 86 0
Fax: 040 60 91 86 60
E-mail: contact(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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224972 09.08.2013
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