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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 the holding 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.
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