Haikui Seafood AG
Haikui Seafood: Difficult business environment continues to affect results
DGAP-News: Haikui Seafood AG / Key word(s): Half Year Results 2015-08-20 / 08:39 --------------------------------------------------------------------- H1 results 2015 Haikui Seafood: Difficult business environment continues to affect results * Revenue of 69.4 million Euros * EBIT margin amounts to 10.7 per cent * Outlook for 2015 confirmed * Public share buyback tender offer at a price of EUR 1.91 per share Frankfurt am Main, August 20, 2015 - In the first half of the financial year 2015, the business environment for Chinese seafood processing companies remained challenging and continued to affect the financial results of Haikui Seafood. The company's revenue increased by 18.6 per cent to 69.4 million Euros in the first half of the current fiscal year (H1 2014: 58.5 million Euros). This increase was mainly due to the appreciation of the RMB against the Euro in the reporting period. Measured in the local functional currency RMB, revenue declined by about 3.5 per cent. Haikui Seafood received fewer sales orders due to higher selling prices driven by higher cost of sales, which increased by 21.0 per cent in the first half of 2015. On a segment level, revenue from the frozen products increased by 14.2 per cent to 54.0 million Euros (H1 2014: 47.3 million Euros), while revenue from the canned products grew by 36,6 per cent to 15.3 million Euros (H1 2014: 11.2 million Euros). Thus, frozen products remained the main revenue driver contributing 80.9 per cent to total revenue (H1 2014: 77.9 per cent), while canned products accounted for 19.1 per cent (H1 2014: 22.1 per cent). Financial position remains strong despite weaker results The increased cost of sales, triggered mainly by higher costs for direct material as well as higher direct labour costs per unit of production, could not be fully passed on to the company's customers and therefore affected the group's profitability. While the gross profit for the period increased by 6.8 per cent to 10.8 million Euros (H1 2014: 10.1 million Euros) mainly due to the appreciation of the RMB against the Euro in the reporting period, the corresponding gross profit margin decreased by 1.7 percentage points to 15.5 per cent (H1 2014: 17.2 per cent). Due to the lower gross profit as well as higher administrative expenses the group's EBIT decreased by 2.6 per cent to 7.4 million Euros (H1 2014: 7.6 million Euros). The EBIT margin went down by 2.3 percentage points to 10.7 per cent (H1 2014: 13.0 per cent). Higher finance expenses and withholding taxes on dividends declared from China to Singapore led to a decline in net profit which amounted to 3.5 million Euros in the reporting period (H1 2014: 6.1 million Euros). This corresponds to a net profit margin of 5.0 per cent (H1 2014: 10.4 per cent). Despite these lower results, Haikui Seafood's financial position remained comfortable with an increase in equity of 11.9 per cent to 208.7 million Euros as of June 30, 2015 (December 31, 2014: 186.6 million Euros). The equity ratio as of June 30, 2015 slightly increased to 95.1 per cent (as of December 31, 2014: 95.0 per cent). Outlook confirmed for the full-year 2015 The market environment is expected to remain challenging throughout the rest of the year due the on-going competition amidst a weak global economy, the stringent inspections taken by the Chinese authorities to control the end product quality of Chinese seafood exporters, the tight supply of certain raw materials and rising direct labor costs. Despite this challenging environment, the management of Haikui Seafood confirms the full-year outlook expecting revenue in RMB terms for 2015 to increase by around 5 per cent while revenue in RMB terms for the first nine months of 2015 is anticipated to be higher compared to 2014. EBIT margin for the full-year 2015 is expected to be in the range of 8 to 10 per cent. In order to deal with the adverse market challenges and to cater to the company's future expansion goals Haikui Seafood made further investments into its new seafood processing plant in Dongshan amounting to about 9.5 million Euros during the first half of 2015. The completion of the new factory is targeted in the second half of 2016 with first contributions also expected in 2016. Share buyback offer and delisting The Management of Haikui Seafood has submitted an application to the Frankfurt Stock Exchange for the revocation of the admission of the company's shares to trading on the regulated market in Frankfurt (the "Delisting"). The Management Board and Supervisory Board believe that the benefit of Haikui Seafood AG's stock market listing no longer justifies the associated expenses. The Delisting is expected to take effect six months after publication of the revocation of the admission by the Frankfurt Stock Exchange. Haikui Seafood has announced a voluntary public share buyback tender offer for the acquisition of up to 1,027,600 non-par value bearer shares in the Company. The offer period has started on August 10, 2015 and lasts until September 15, 2015. The offer price is EUR 1.91, amounting to a premium of approximately 20 per cent above the average Xetra closing auction price at the Frankfurt Stock Exchange during the tenth until the fourth stock exchange trading day before the publication of the offer document. The full half-year report 2015 of Haikui Seafood is available on the company's website under the following link: http://www.haikui-seafood.com/investor-relations/publications/reports/ 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 650 permanent employees and 719 additional temporary workers as of June 30, 2015. 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. --------------------------------------------------------------------- 2015-08-20 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: Haikui Seafood AG c/o Norton Rose Fulbright, Taunustor 1 60310 Frankfurt am Main Germany Phone: +49 40 60 91 86 - 0 Fax: +49 40 60 91 86 - 60 E-mail: alan.gey@haikui.com.cn,anja.benlekhal@kirchhoff.de Internet: www.haikui-seafood.de ISIN: DE000A1JH3F9 WKN: A1JH3F Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf End of News DGAP News-Service --------------------------------------------------------------------- 388169 2015-08-20
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