DGAP-News: Powerland AG: Annual General Meeting of POWERLAND AG
(firmenpresse) - DGAP-News: Powerland AG / Key word(s): AGM/EGM/Dividend
Powerland AG: Annual General Meeting of POWERLAND AG
21.06.2012 / 18:30
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- Dividend payment of EUR 0.25 per share resolved
- Supervisory Board reelected for another three-year term
- Sales growth of at least 20 percent predicted for current financial
year 2012
Frankfurt/Main, June 20, 2012 - The shareholders of POWERLAND AG (ISIN
DE000PLD5558 / Prime Standard), leading Chinese supplier of exclusive
handbags and leather goods and listed on the Frankfurt Stock Exchange since
April 2011, formally approved the actions of the members of the Management
Board and the Supervisory Board in financial year 2011 at the company's
Annual General Meeting held today. All items on the General Meeting's
agenda were resolved with approval rates close to 100 percent. The
attendance rate was 78.72%. The dividend proposal providing for a
distribution of EUR 0.25 per share was adopted by the General Meeting with
100 percent approval. The acting members of the Supervisory Board were
reelected for another term of three years.
Against the backdrop of the positive business performance of the past year
and a continued strong growth in the field of luxury goods in China, the
CEO of POWERLAND AG, Mr. Shunyuan Guo, has an optimistic view of the
future: 'We feel encouraged in our strategy in view of the recent
development of business. Our focus on the luxury segment yields strong
profitable growth. Our sales strategy, counting increasingly on retail
stores under our own management, proves considerably successful as well,
particularly regarding the higher gross margins generated by our own shops.
The emphasis on our core target group, the rapidly growing Chinese middle
class, supports us in our business model. POWERLAND is this target group's
market leader already and will keep expanding this position consistently.'
Based on the assumption of a continued healthy macroeconomic situation of
the Chinese market, the Management Board aims for another increase in sales
in the years 2012 and 2013. The luxury segment will make a substantial
contribution to the sales growth by the opening of further stores and an
increase in the efficiency of the distribution network in place. The luxury
segment's share of the group's total revenue is scheduled to come to about
70 percent by the year 2014. The overall medium and long-term growth will
be driven by a diversification of the product portfolio, in particular by
the introduction of additional new and innovative products in the luxury
segment, and by upgrading the product mix in the casual segment. POWERLAND
will thus further consolidate its position as a leading brand in the medium
and upper segment of the Chinese market for luxury goods. The company
believes that a sales increase of at least 20 percent in RMB is achievable
in 2012, thus significantly above the growth of the market for luxury
goods. The company will continue its successful expansion strategy and will
open up to 70 retail stores under its own management over the next three
years. The goal is to operate 300 stores altogether by the year 2014. The
group EBIT is expected to grow further in 2012, both in absolute terms and
on an adjusted basis, and to turn out significantly above the prior-year
figures.
About POWERLAND
POWERLAND is a leading Chinese manufacturer of fashionable luggage and
bags, with an emphasis on high-quality luxury ladies' bags made of genuine
leather. POWERLAND operates in two business segments: in the luxury segment
under the brand name POWERLAND and in the casual segment under the brand
name Sotto. POWERLAND's operating subsidiaries are located in China's
Fujian and Guangdong Provinces.
For further information please visit www.POWERLAND.ag.
If you have questions, please contact:
POWERLAND AG
Investor Relations Phone: +49 172 - 674 97 92
Jörg Peters Fax: +49 6196 - 777 99 66
Hauptstrasse 129 E-mail: ir(at)powerland.ag
65760 Eschborn Internet: www.powerland.ag
Public Relations Tel: +49 6196 - 776 41 10
Karl-Friedrich Brenner Phone: +49 6196 - 776 41 22
Hauptstrasse 129 E-mail: pr(at)powerland.ag
65760 Eschborn Internet: www.powerland.ag
End of Corporate News
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21.06.2012 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
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Language: English
Company: Powerland AG
Lyoner Straße 14
60528 Frankfurt am Main
Germany
Phone: +49 172 - 67 49 792
Fax: +49 6196 - 777 99 66
E-mail: info(at)powerland.ag
Internet: www.powerland.ag
ISIN: DE000PLD5558
WKN: PLD555
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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