Haikui Seafood AG
Haikui Seafood revises outlook for 2013 due to challenging market environment
Haikui Seafood AG / Key word(s): Preliminary Results/Forecast 25.07.2013 17:30 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Haikui Seafood revises outlook for 2013 due to challenging market environment Frankfurt am Main, July 25, 2013 - On the basis of the challenging market environment impacting on the preliminary figures for H1 2013, Haikui Seafood revises its outlook for the full financial year 2013. The challenging market conditions continued to prevail in Q2 2013 and had a negative impact on Haikui Seafood's results for H1 2013. Based on preliminary figures, revenue decreased by 12.7 per cent to 69.4 million Euros (H1 2012: 79.5 million Euros). As a result of a lower revenue and gross margin as well as higher distribution and administrative expenses, Haikui's earnings before interest and taxes (EBIT) went down by 39.1 per cent to 9.7 million Euros (H1 2012: 16.0 million Euros) representing an EBIT margin of 14.0 per cent (H1 2012: 20.1 per cent). The stronger market competition led to higher raw material costs as well as an increase in direct labour wages, which could not be fully passed on to the customers. Due to the heightened competitive situation, Haikui had to lower its selling prices to compete effectively and retain its customers. Furthermore, export sales of all Chinese seafood processing companies were delayed due to the longer time taken by China Inspection & Quarantine Authorities (CIQ) to inspect the end product quality. The resulting slowdown in export shipments had negatively affected Haikui's revenue. Given the expected slowdown in the global and Chinese economy, the increasing competition and the preliminary H1 2013 results, Haikui Seafood has revised its outlook for the full year 2013. Haikui currently forecasts revenue to decrease by around 20 per cent in RMB terms as compared to 2012 with an EBIT margin of approximately 14 per cent. Previously, Haikui had expected revenue to grow by 5 per cent in RMB terms as compared to 2012 and EBIT margin to reach around 15 per cent for the full financial year 2013. Haikui Seafood will publish its half-year report 2013 on August 21, 2013. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: About Haikui Seafood AG Haikui Seafood processes fish and seafood for the Chinese and international markets. Its products range includes frozen or canned fish and seafood, produced from a large variety of species of raw fish and seafood, including prawn, crab, various fish species and shellfish as well as cephalopods. Clients of Haikui Seafood are distributors in China and overseas, located mainly in Asia, the U.S. and Europe. Haikui Seafood employs around 700 permanent employees and on average around 1,500 additional temporary workers. The company has an annual processing capacity of more than 34,000 tonnes (output). The processing facilities are located in the South-East of China on Dongshan Island, Zhangzhou, Fujian Province. Haikui Seafood operates a streamlined supply chain including self-owned processing facilities, in-house research and product development capacities as well as warehousing and cold storage facilities while simultaneously cooperating closely with raw goods suppliers. For further information please visit www.haikui-seafood.com or contact Kirchhoff Consult AG Anja Ben Lekhal Phone: +49 (0)40 609 186 55 anja.benlekhal@kirchhoff.de Disclaimer concerning prognoses This communication contains forward-looking statements. Forward-looking statements are statements that are not historical facts instead they reflect Haikui Seafood's current views and expectations and the assumptions underlying them about future events. Forward-looking statements are subject to many risks and uncertainties. If any of such risks and uncertainties materialise or if the assumptions underlying any of Haikui Seafood's forward-looking statements are proving to be incorrect, Haikui Seafood's actual results may be materially different from those expressed or implied by such forward-looking statements. Haikui Seafood does not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. 25.07.2013 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: Haikui Seafood AG c/oAshurst,OpernTurm,Bockenh.Landstr.2-4 60306 Frankfurt am Main Germany Phone: +49 40 60 91 86 - 0 Fax: +49 40 60 91 86 - 60 E-mail: haikui@kirchhoff.de Internet: www.haikui-seafood.de ISIN: DE000A1JH3F9 WKN: A1JH3F Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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