28.02.2013 – 08:18

Firstextile AG

EANS-News: Firstextile AG /

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Financial Figures/Balance Sheet/Preliminary Figures 2012

Frankfurt am Main (euro adhoc) - Firstextile AG preliminary figures indicate a
strong performance in 2012
 
- 36.3% increase in revenue to EUR 179.5 m and 43.4% increase in net profit to
EUR 34.3 m
- Gross profit up 38.5% to EUR 56.4 m with a gross profit margin of 31.4%
- EBIT up 41.5% to EUR 40.9 m with an EBIT margin of 22.8%
 
Frankfurt, 28 February 2013 - Firstextile AG (FT8) publishes its preliminary
figures for the full year 2012 today. The company is theholding of the leading
Chinese producer of high-end yarn-dyed fabrics and provider of fabrics and
shirts designed for uniforms and of its own branded premium men's shirts. The
disclosed financial figures indicate that Firstextile's operations continue to
outperform the market with strong increases in both revenue and net profit.

In 2012 Firstextile's revenue increased 36.3% to EUR 179.5 m (vs. EUR 131.7 m,
2011). All of the three business segments Fabric, Uniforms and Shirts showed
strong growth, especially the fast-growing Uniform segment. The company's gross
profit is up 38.5% to EUR 56.4 m with a gross profit margin of 31.4% (vs. EUR
40.7 m, 30.9%, 2011). Firstextile's earnings before interest and taxes (EBIT)
increased by 41.5% to EUR 40.9 m (vs. EUR 28.9 m, 2011) with an EBIT margin of
22.8% (vs. 21.9%, 2011), adjusted for the non-recurring charge for the IPO cost
the EBIT margin improved to 23.8%. The net profit increased 43.4% to EUR 34.3 m
(vs. EUR 23.9 m) with a margin of 19.1% (vs. 18.2%, 2011; 20.1% adjusted for IPO
cost) and earnings per share (EPS) climbed 40.2% to EUR 3.4 (vs. EUR 2.4, 2011).
 
Fred Yang, founder and CEO of Firstextile, comments on the preliminary figures:
"The preliminary figures for 2012 mirror our strong operative performance and
are a continuation of our excellent performance in the previous years. Overall,
it affirms our business strategy to focus on domestic high-growth markets for
garment and textile."
 
In the core business segment Fabric revenue increased by 11.9% to EUR 113.3 m
(vs. EUR 101.2 m, 2011). The Fabric segment is still the largest contributor to
overall revenue with a share of 63.1%, down from 76.9% in 2011 mainly due to the
fast-growing Uniform segment. Gross profit developed nicely, up 27.6% to EUR
31.3 m (vs. EUR 24.6 m in 2011).
 
Again, the Uniform segment outperformed the other two segments by far as revenue
grew 160.8% to EUR 46.7 m (vs. EUR 17.9 m, 2011). The Uniform segment almost
doubled its share of overall revenue to 26.0% (vs. 13.6%, 2011). The gross
profit in the Uniform segment increased significantly as well by 71.7% to EUR
9.7 m (vs. EUR 5.7 m, 2011).
 
The Shirt segment, which is the most profitable segment (78.7% gross profit
margin, 2012), increased 46.0% in gross profit to EUR 15.4 m (vs. EUR 10.5 m,
2011) and 55.1% in revenue to EUR 19.5 m (vs. EUR 12.6 m, 2011). The Shirt
segment's contribution to total revenue is 10.9%, up from 9.6% last year.
 
The guidance for the current financial year 2013 will be published together with
the final financial figures 2012. You may download the full 2012 annual report
from the company's website at www.firstextile.de, within the "Investor
Relations" area, starting from 23 April 2013.
 
Overview over preliminary financials (in EUR m):
 

                           2012        2011              Change
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%
EBIT                       40.9        28.9               41.5%
Net Profit                 34.3        23.9               43.4%
EPS (in EUR)                3.4         2.4               40.2%

 

Company profile
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 on 12 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 tonnes to 15,800 tonnes.


Further inquiry note:
Firstextile AG
Maggie Wang 
Lyoner Straße 14, 60528 Frankfurt am Main
Telefon: +86 (0) 1390 100 9306	
E-Mail:  maggie.wang@firstextile.com

cometis AG
Henryk Deter / Claudius Krause
Telefon: +49 (0) 611 205855 -13 / -28
Email:  deter@cometis.de /  krause@cometis.de

end of announcement                               euro adhoc 
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company:     Firstextile AG
             Lyoner Str.  14
             D-60528 Frankfurt am Main
WWW:         http://www.firstextile.de
sector:      Consumer Goods
ISIN:        DE000A1PG8V8
indexes:     
stockmarkets: designated to listed: regulated dealing/prime standard: Frankfurt 
language:   English