DGAP-News: Ultrasonic AG: Ultrasonic AG publishes the annual report for FY 2011 and signs agreement with new distributor
(firmenpresse) - DGAP-News: Ultrasonic AG / Key word(s): Final Results/Contract
Ultrasonic AG: Ultrasonic AG publishes the annual report for FY 2011
and signs agreement with new distributor
26.04.2012 / 21:45
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Ultrasonic AG publishes the annual report for FY 2011 and signs agreement
with new distributor
- Group sales of EUR 119.4 million confirmed
- Group profit before income tax (EBT) increased to EUR 33.2 million
(2010: EUR 29.4 million), EBT margin was 27.8% (2010: 28.8%)
- Personnel cost ratio declined despite an increased wage level to 4.8%
(2010: 5.1%)
- Sales growth of around 15% to 20% and an EBT margin of around 25% to
30% for FY 2012 expected
- Ultrasonic signs agreement with new distributor to access Yunnan
province with a population of around 50 million citizens
Cologne, 26 April 2012 - Ultrasonic AG (Prime Standard, ISIN DE000A1KREX3,
US5), the German holding of an established Chinese manufacturer and
provider of high quality branded urban footwear products, confirms the
previously announced preliminary figures for fiscal 2011* and today will
publish the annual report for FY 2011. The Supervisory Board of Ultrasonic
AG today approved the consolidated financial statements of Ultrasonic AG
and the combined management report of the Ultrasonic Group and Ultrasonic
AG. Therefore the financial statements of Ultrasonic AG are adopted.
'We achieved all our goals in 2011 and managed to meet both our revenue
expectations and our profit targets. In all, the company raised revenues by
17% in fiscal 2011. We posted new records for both gross profit and
operating earnings. In recent years we have achieved strong growth in the
highly competitive Chinese footwear manufacturing market. This was made
possible by timely investments in new markets and a systematic pursuit of
our own-brand strategy. Nevertheless we are convinced that we are only at
the start of a growth trajectory and see enormous future potential to grow,
especially on the Chinese market', commented Qingyong Wu, the company's CEO
and chairman of the Management Board.
New employees hired as a result of capacity increases in the Shoe soles and
Sandals and slippers segments increased the Group's headcount from 1,379
full-time employees as at 31 December 2010 to 1,397 full-time employees as
at 31 December 2011. In 2011, an average of 92% employees worked in
production (2010: 93%). Because of rising gross profits and the
continuously improving productivity, the personnel cost ratio (total
personnel expenses including management remuneration in relation to group
revenue) decreased to around 4.8% (2010: 5.1%), despite rising wages. At
the same time, the performance-oriented production employees of Ultrasonic
earn a multiple of the legal minimum wage.
Income before taxes was EUR 33.2 million in 2011, a rise of 13.0% from the
year-back figure of EUR 29.4 million. The EBT margin was 27.8%. Group net
income therefore increased by 13.8% to EUR 24.9 million (2010: EUR 21.9
million). That equates to earnings per share of EUR 2.48 (2010: EUR 2.19
per share).
As at the end of fiscal 2011, cash and cash equivalents totalled EUR 77.5
million, an increase of EUR 34.1 million or 78.7% from EUR 43.4 million at
31 December 2010. Cash per share as at 31 December 2011 was EUR 7.31.
The Management Boardexpects group sales to grow around 15% to 20% in 2012.
The pre-tax return on sales (ratio of pre-tax earnings to sales) is
expected to be in a range of 25% to 30%. As in 2011, growth impetus should
come from the 'Sandals and slippers' as well as 'Urban footwear' segments,
which aim to increase sales year-on-year by more than 20%. The Management
Board is forecasting a further rise in Group sales and earnings following
start-up of the new production facilities in 2013.
In April, Ultrasonic signed a contract with an additional large distributor
to open Yunnan province, located in the south-west of China with a
population of around 50 million citizens. Yunnan is a well-known tourist
area with fast growing 2nd tier cities such as Kunming, Lijiang and Pu'er
which are ideally suited for Ultrasonic products. The first mono-label
store of the distributor is already operating, with a target of opening
5-10 new stores in the Yunnan province in 2012 alone.
The audited financial statements and the full annual report for fiscal 2011
will be available at Investor Relations/Publications on the company's
website at www.ultrasonic-ag.de later today.
* Sales and Earnings figures are 12-month consolidated figures of
Ultrasonic AG and all subsidiaries of Ultrasonic AG. The average exchange
rate for 2011 is 1 Euro = 9.01676 RMB.
About Ultrasonic
The Cologne based Ultrasonic AG is the German holding of the Chinese
Ultrasonic-Group, an established manufacturer and provider of high quality
branded urban footwear. With almost 1,400 employees the Group operates in
three market segments, each of which contributing about a third to the
Group's revenue. Ultrasonic produces sandals and slippers for the upper
price segment and is a long-term supplier of shoe soles for leading
manufacturers of the booming Chinese sport shoe industry such as Anta, Xtep
and Unisuper. Moreover, the Company has successfully established its own
'Urban Footwear' collection which is marketed under the brand ULTRASONIC
and specifically designed to the needs and taste of the growing urban
middle class. Ultrasonic's branded urban footwear collection is currently
marketed in more than 90 Ultrasonic mono-label shops, that realize selling
prices in a range from RMB 400 to 1,200 per pair, which is equivalent to
approx. EUR 50 to 140. Within the last three years Ultrasonic's business
had a compounded annual growth rate of more than 34.4 percent. In FY2011,
the Company generated a total Revenue of EUR 119.4 million and achieved a
Net profit of EUR 24.9 million.
For further information about the company visit: www.ultrasonic-ag.de
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
offered in Germany and Austria exclusively through and on basis of the
prospectus issued 28 November 2011. The prospectus is available on the
website of Ultrasonic AG at www.ultrasonic-ag.de.
This document is no offer for the purchase of securities in the United
States of America. Securities may only be sold or offered for sale with the
previous registration under the U.S. Securities Act of 1933 in the actual
valid version or without previous registration only pursuant to an
exemption.
The shares of Ultrasonic AG (the 'Shares') have not been registered under
the U.S. Securities Act of 1933 in the actual valid version and may not be
sold or offered in the United States.
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,
which are referred to, are only available to relevant persons 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.
Contact:
Chi Kwong Clifford Chan
Member of the Management Board and CFO
Email: clifford.chan(at)suoli.cc
Phone +86 1525 947 9902 (China)
Phone +852 966 227 40 (Hong Kong)
End of Corporate News
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26.04.2012 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,
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Language: English
Company: Ultrasonic AG
c/o BPG Beratungsund Prüfungsgesellschaft mbH,
Graf-Adolf-Platz 12
40213 Düsseldorf
Germany
Phone: +49 (0)211 172 980; +86 1525 947 9902 (China); +852 966
227 40 (Hong Kong)
Fax: +49 (0)211 172 9829
E-mail: clifford.chan(at)suoli.cc
Internet: www.ultrasonic-ag.de
ISIN: DE000A1KREX3
WKN: A1KREX
Indices: CDAX, Classic All Share, DAXsector All Consumer, DAXsector
Consumer, DAXsubsector All Clothing&Footwear,
DAXsubsector Clothing&Footwear, Prime All Share
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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166850 26.04.2012
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