Corporate | 18 November 2014 09:19
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Feike AG / Key word(s): 9-month figures
Financial results 9M 2014 Feike AG: Strong third quarter in 2014 boosts company development – Increase in revenues by 15.4 per cent to 86.4 million Euros in the first nine months of 2014 (9M 2013: 74.9 million Euros) – Rise in EBIT to 22.8 million Euros in the first nine months of 2014 (9M 2013: 19.7 million Euros) – Improved cash position provides basis for growth activities in the future Berlin, 18 November 2014 – Feike AG, the German holding company of the second largest manufacturer of children’s footwear in China* has continued its strong business development in the first nine months of 2014. The group’s revenues during the reporting period increased by 15.4 per cent to 86.4 million Euros (9M 2013: 74.9 million Euros). This was mainly attributable to the significantly increase in the number of its authorised retail outlets: 151 new shops were opened during the first nine months 2014 amounting to a total of 2,369 as at 30 September 2014. Jiafa Li, Chairman of the Management Board of Feike AG: “We are very satisfied with the business development in 2014 so far and especially in the third quarter of 2014 even though we are generally performing better in the second half of the year than in the first half.” At the same time, Feike was also able to significantly increase its gross profit. The gross profit for the reporting period rose by 21.8 per cent to 27.9 million Euros (9M 2013: 22.9 million Euros). The increase was mainly attributable to the increased sales volume of the higher gross margin product of beach shoes. Correspondingly, the gross profit margin was upgraded year-on-year by 1.7 percentage points to 32.2 per cent (9M 2013: 30.5 per cent). The group’s EBIT increased by 15.9 per cent to 22.8 million Euros (9M 2013: 19.7 million Euros), while the EBIT margin remained stable with 26.4 per cent (9M 2013: 26.3 per cent). The profit for the period was increased to 16.3 million Euros, exceeding last years result for the corresponding period in 2013 by 23.8 per cent (9M 2013: 13.2 million Euros). With regard to the net profit margin an increase of 1.3 percentage points to 18.9 per cent was achieved (9M 2013: 17.6 percentage points). As at 30 September 2014, Feike’s equity position increased by 45.4 per cent to a total of 65.6 million Euros (45.1 million Euros as at 31 December 2013) corresponding to an equity ratio of 64.9 per cent. The increase was mainly attributable to the strong profit after taxes and an increase in share capital in line with the group’s IPO in July 2014. The positive business development of Feike led to a substantial rise in the group’s cash position, which increased by 58.0 per cent to 64.5 million Euros as at 30 September 2014 (as at 31 December 2013: 40.8 million Euros). This provides Feike AG with a very good position for its future expansion in order to meet the rising demand for children’s footwear and apparel products in China. The Management Board of Feike AG looks optimistically into the future due to the relaxation of the one-child policy and a rising average disposable income. Especially since the Chinese market for children’s footwear and apparel products is expected to further grow. However, it’s noted that the favourable market developments above may partially offset by the challenging economy outlook in China now. Nevertheless, the Management Board of Feike is confident that the positive business development in the first half-year will be extended to the full financial year 2014.
About Feike AG
*measured by the retail sales volume in 2012 according to the “Report on Children’s Apparel and Footwear Markets in China” prepared by the Smart Cube For further Information, please contact: Kirchhoff Consult AG
Andreas Friedemann
Disclaimer concerning prognoses
18.11.2014 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: | Feike AG | |
| c/o Squire Sanders (US) LLP, Unter den Linden 14 | ||
| 10117 Berlin | ||
| Germany | ||
| Phone: | +49 (0) 30 609 8490 865 | |
| Fax: | +49 (0)30 72616 8001 | |
| E-mail: | feike@kirchhoff.de | |
| Internet: | www.feike-ag.de | |
| ISIN: | DE000A1YCNB3 | |
| WKN: | A1YCNB | |
| Listed: | Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Düsseldorf | |
| End of News | DGAP News-Service |
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| 297708 18.11.2014 |