- WKN: A0XFMW
- ISIN: DE000A0XFMW8
- Land: Deutschland
Nachricht vom 19.04.2012 | 08:05
KINGHERO AG: Successful financial year 2011
KINGHERO AG / Key word(s): Final Results 19.04.2012 / 08:05 --------------------------------------------------------------------- - Revenues of EUR 101.5 million leading to a net profit of EUR 18.3 million - Gross margin rises to 36.5% - EBIT increases by 32.0% to EUR 24.0 million - Positive Outlook Munich, 19 April 2011. KINGHERO AG, the German holding company of a fast-growing Chinese fashion group, has continued to grow profitably in financial year 2011. The revenues of KINGHERO Group amounted to EUR 101.5 million and thus increased by 39.6% from EUR 72.8 million in the previous year. Despite higher material costs during the past financial year, gross margin grew by 5.2 percentage points to 36.5%. Earnings from operations (EBIT) recorded a plus of 32.0% and reached EUR 24.0 million. This represents an EBIT margin of 23.7%, which is slightly lower than in 2010 (25.0%). The reasons for the lower EBIT margin were higher marketing and distribution costs for the flagship stores opened in 2011, as well as higher administrative expenses, among others due to the capital increase carried out in May 2011. Net profit was up 27% to EUR 18.3 compared to the previous year's figure. This led to a net profit margin of 18.0%. KINGHERO continues to have a very sound balance sheet structure. On 31 December 2011 equity amounted to EUR 96.8 million; in relation to total assets an equity ratio of 85.6%. The cash flow from operations was EUR 12.9 million (2010: EUR 4.7 million). Overall KINGHERO disposed at the end of the year of liquid assets of EUR 52.0 million (2010: EUR 32.0 million). Flagship stores support growth Up to the end of 2011, the company has strengthened its sales network by opening 58 flagship stores. Although many of the flagship stores were opened in the course of the year, they already contributed 6.3% to 2011 Group revenues. Next to the growing brand awareness, the flagship stores helped increase the average selling price by 41.6% to EUR 14.4. Increasing production capacity In addition, KINGHERO purchased six factory buildings in Xiamen, which cover an area of overall 70.000 sqm. The opening of the new facility enables the company to increase its production capacity by 20%. Through this investment the company further increases its manufacturing flexibility, which leads to a significantly lower time-to-market of new products. New collection KINGHERO also was successful in the development of new collections. The new upscale 'AUVADIS' women's wear collection, which is distributed since the beginning of this year in the own flagship stores, KINGHERO addresses the target group of high-earning and successful Chinese women. 'We're very happy, that our company has achieved very positive results in the financial year 2011. With the expansion of our flagship stores and the cooperation with new business partners, we have strengthened our distribution network as planned. We're confident, that we will also reach our targets in 2012 and that KINGHERO will continue to grow', said Zhang Yu, CEO and founder of KINGHERO. Positive Outlook Also in 2012, KINGHERO will continue to systematically implement its growth strategy that is associated with strengthening the brand, increasing production capacity and integrating new technologies. With the expansion of its network of flagship stores, the introduction of the new women's wear collection 'AUVADIS' and the extended production capacities, KINGHERO has built a firm foundation for further growth. Due to these measures the company not only expects to increase its sales, but also to improve the brand awareness in the closely monitored flagship stores. By the end of 2012, KINGHERO expects to have 100 total flagship stores. For the current financial year KINGHERO expects overall sales of approx. EUR 125 million and solid margins at previous year's level. In case this positive business development continues, the company intends to pay a dividend for the financial year 2012 in the range of 10% to 15% of consolidated net profit. The full Annual Report 2011 of KINGHERO AG will be available on 27 April 2012 at the website www.kinghero.de. About KINGHERO AG KINGHERO AG is the German Holding Company of the KINGHERO Group of companies, mainly active in the Peoples Republic of China (PRC). The Group is a strongly growing apparel manufacturer and designer, featuring a leading Chinese fashion brand for the strongly growing urban middle class in China. The key to the Company's success is a high fashion degree with a European 'touch and feel' as well as an upscale quality. The high speed of the design and marketing of new collections ensures a fit to the changing demands of the growing urban middle class in China. Being in this business for more than 25 years, the group and its more than 1,000 employees produce attire for all seasons under the KINGHERO brand. The product portfolio includes suits, jackets, shirts, pants, sweaters for men and women and is divided into a business casual range and a general casual range. For further information please contact: Kirchhoff Consult AG Dr. Kay Baden Phone: +49 (0)40 60 91 86 39 firstname.lastname@example.org KINGHERO AG Xiaoping Zhao-Moll Gustav-Heinemann-Ring 44 81739 Munich Germany Phone: +49 (0)89 6734 6884 email@example.com Disclaimer This publication is not an offer of any securities for sale or a solicitation of an offer to purchase any securities. The shares have been sold. This document is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares of KINGHERO AG (the 'Shares') have not been registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act') and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offering of the Shares in the United States and the Shares will not be registered under the Securities Act. 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 are only available to, 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 --------------------------------------------------------------------- 19.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: KINGHERO AG Gustav-Heinemann-Ring 44 81739 München Germany Phone: 089 - 6734 6884 Fax: 089 - 6734 6887 E-mail: firstname.lastname@example.org Internet: www.kinghero.de ISIN: DE000A0XFMW8 WKN: A0XFMW Listed: Freiverkehr in Düsseldorf, Hamburg, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News-Service --------------------------------------------------------------------- 165560 19.04.2012
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