Snowbird AG
Snowbird AG: Closing of 400 million Renminbi (ca. 55 milion Euro) bond financing – additional working capital enables growth and higher future profits
DGAP-News: Snowbird AG / Key word(s): Issue of Debt/Bond 2015-09-23 / 11:04 --------------------------------------------------------------------- Closing of 400 million Renminbi (ca. 55 milion Euro) bond financing - additional working capital enables growth and higher future profits Snow Bird (Hong Kong) Holding Company Limited, a wholly owned subsidiary of Snowbird AG (ISIN: DE000A1PHEL8, Ticker Symbol: 8S9), listed on the Frankfurt Stock Exchange, Prime Standard Segment, closed the transaction for a 3-year 400 million Renminbi (RMB) guaranteed bond subscribed by Haitong International Financial Products Limited ("Haitong International"). The bond is guaranteed by Snowbird AG. Use of the bond proceeds The liquidity provided by the issuance of the bond will be used to finance future growth and to provide sufficient working capital for the Chinese operational company. In the course of its business, Snowbird has to make payments to the suppliers in between 0 to 30 days from delivery while receiving payments from customers in between 90 to 120 days after delivery. Therefore, due to this gap of payments, growing the business requires additional financing to provide sufficient working capital and to ensure liquidity of the company. "With our investments during the last two years we have significantly increased our production capacities, extended our added value and improved production efficiency. To further increase our business and to have more flexibility in taking advantage of the seasonal down price movements, we need more liquidity to manage our working capital. China's market for down products is growing fast and it remains our core market but in the future we also want to expand our business in Europe ", commented Changzai Yan, Chief Executive Officer of Snowbird AG. Kok Weng Lam, Chief Financial Officer of Snowbird AG, adds: "Our efforts pay off now. Since our IPO at the Frankfurt Stock Exchange we are a positive example of the Chinese listed companies that issued their reporting packages always in time according to the Exchange regulations. And the quarterly figures reported underline our growth path combined with high profitability. Because of being able now to continue growing our business at decent operational margins, the additional financing cost for the bond can easily be compensated and will lead to higher bottom line results in the future." End of corporate news Snowbird AG - one of largest down processing companies worldwide Snowbird is one of the world's leading down processors and known for high quality down-filled textiles and for down bedding, down duvets and down pillows. With its new state of the art production facility, located in China, Henan Province, the company is able to process down at highest quality standards in a sustainable and environmental friendly way. Snowbird operates very profitable along the value chain from down processing to down clothing and down bedding production. Products are sold under the brands "Snowbird" or "Xueniao" or produced as white label based on orders from third parties. Haitong International Haitong International is wholly-owned by Haitong International Securities Group Limited (Stock Code: 665.HK), which is a subsidiary of Haitong International Holdings Limited ("Haitong International Holdings"), a company incorporated in Hong Kong and wholly-owned by Haitong Securities Co., Ltd. ("Haitong Securities"). Haitong Securities is listed on the Shanghai Stock Exchange and the Stock Exchange of Hong Kong (Stock Code: 600837.SH; 6837.HK). Its stocks are included in the Hang Seng China 50 Index that consists of the 50 largest companies in China. Internet: www.htisec.com Investor Relations Contact Please direct all your requests to: max. Equity Marketing GmbH, Maximilian Fischer, Marienplatz 2, 80331 Munich, Germany Tel: +49 89 139 28890 E-Mail: ir@snowbird-ag.com IMPORTANT NOTE - Disclaimer This publication constitutes neither an offer to sell nor an invitation to buy securities. The shares in Snowbird AG (the "Shares") may not be offered or sold in the United States or to or for the account or benefit of "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")). Furthermore, the shares may not be offered or sold in Japan or to or for the account or benefit of Japanese citizens. --------------------------------------------------------------------- 2015-09-23 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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: Snowbird AG c/o HRG Hansische Revisions-Gesellschaft mbH, Ferdinandstr. 25 20095 Hamburg Germany Phone: +49 89 139 28890 E-mail: ir@snowbird-ag.com Internet: www.snowbird-ag.com/de ISIN: DE000A1PHEL8 WKN: A1PHEL Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------- 396837 2015-09-23
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