Snowbird AG
Snowbird AG discloses results for first 9 months of fiscal year 2015 – Sales increased by +32.5% to EUR 166.8 million – Profit after tax grew by +13.4% reaching EUR 27.7 million
DGAP-News: Snowbird AG / Key word(s): 9-month figures/Quarter Results 2015-11-18 / 09:30 --------------------------------------------------------------------- Snowbird AG discloses results for first 9 months of fiscal year 2015 - Sales increased by +32.5% to EUR 166.8 million - Profit after tax grew by +13.4% reaching EUR 27.7 million Hamburg, 18 November 2015 - Snowbird AG (ISIN: DE000A1PHEL8, Ticker Symbol: 8S9), listed on the Frankfurt Stock Exchange, Prime Standard Segment, today announced its financial results for the first nine months of 2015 ending 30 September. Group sales revenue increased by 32.5% to EUR 166.8 million (9M2014: EUR 125.9 million). In the first nine months of fiscal year 2015 down clothing had the highest increase in sales by EUR 56.4 million from EUR 33.5 million to EUR 89.9 million (+167.9%). Because of down prices declined by 15.9% on average during the reporting period, the sales of down were reduced from EUR 78.0 million to EUR 59.9 million (-23.2%). The Group's gross profit for 9M2015 increased by 38.2% from EUR 46.3 million in the previous year's period to EUR 64.0 million. The down clothing segment (EUR 35.4 million) contributed 55% to the Group's gross profit, followed by processed down. Margins in the reporting segments are between 31.5% (non-down OEM clothing manufacturing) and 58.5% (down bedding), the Group gross profit margin increased to 38.3% compared to 36.8% in 9M2014. Profit after tax reached EUR 27.7 million (9M2014: EUR 24.4 million) and has therefore improved by 13.4% compared to the corresponding period of the previous year. Net cash outflow from operating activities for 9M2015 was EUR 40.7 million, because the management is taking advantage of the current low price environment to stock up down inventories for Q4/2015 peak season and to meet the customer demand. On 30 September 2015, Snowbird's cash and cash equivalents amounted to EUR 64.0 million (31 December 2014: EUR 56.7 million; 30 September 2014: EUR 39.8 million). End of September 2015 the Company's equity amounted to EUR 158.3 million, compared to EUR 126.8 million on 31 December 2014. This results in an equity to asset ratio of 62.4% (31 December 2014: 72.2%). The number of shares issued on 30 September 2015 was 31,583,334. Outlook "Our intention is to make our business more international, however, China remains our core market. Higher income in broad levels of the population combined with a higher living standard and increasing urbanisation are the major drivers of our business in China. With our investments made, we have significantly increased our production capacities, extended our added value and improved production efficiency. The fresh funds from the 400 million Renminbi (ca. 55,9 million Euro) bond issue guarantee the financial flexibility in our working capital that we need for further growth and to take advantage of seasonal and volatile market prices", commented Changzai Yan, Chief Executive Officer of Snowbird AG. Service The 9-months report 9M2015 (January - September) is available for download on our website http://www.snowbird-ag.com section News&Reports (PDF-file). Upcoming Event: Deutsches Eigenkapitalforum Conference in Frankfurt All members of the Management Board, Changzai Yan (CEO), Kok Weng Lam (CFO) and Duoxiang Qiu (COO), will provide an update of the business development and present the quarterly figures at the Deutsches Eigenkapitalforum Conference in Frankfurt on 23 November 2015 at 5.00pm in room Zurich. Investors and financial analysts being interested to join are cordially invited. The management will be available for one-on-one meetings on request. Please contact Snowbird investor relations. The conference is Europe's largest and most important capital market event for corporate financing. From 23 to 25 November 2015 this platform for information and networking acts as a meeting point for the entire community - comprising of entrepreneurs, investors and analysts as well as the financial services sector. End of press release 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. 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. --------------------------------------------------------------------- 2015-11-18 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 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 --------------------------------------------------------------------- 414081 2015-11-18
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