Snowbird AG
Snowbird AG discloses results for first half of fiscal year 2015 – Sales increased by 24.2% to EUR 96.9 million – Profit after tax grew by 36,2% reaching EUR 21.7 million
DGAP-News: Snowbird AG / Key word(s): Half Year Results/Expansion 2015-08-28 / 10:30 --------------------------------------------------------------------- Snowbird AG discloses results for first half of fiscal year 2015 - Sales increased by 24.2% to EUR 96.9 million - Profit after tax grew by 36,2% reaching EUR 21.7 million Hamburg, 28 August 2015 - Snowbird AG (ISIN: DE000A1PHEL8, Ticker Symbol: 8S9), listed on the Frankfurt Stock Exchange, Prime Standard Segment, since 29 September 2014, today announced its financial results for the first six months of 2015 ending 30 June. Group sales revenue increased by 24.2% to EUR 96.9 million (1H2014: EUR 78.0 million). In the first half of fiscal year 2015 down clothing had the highest increase in sales by EUR 26.9 million from EUR 16.1 million to EUR 43.0 million (+167%). Because of soft down prices, the sales of down were reduced from EUR 52.7 million to EUR 43.5 million (-17.6%). The Group's gross profit for 1H2015 increased by 41.2% from EUR 26.0 million in the previous year's period to EUR 36.8 million. For the first time the down clothing segment (EUR 16.8 million) contributed more to the Group's gross profit than the down segment (EUR 16.3 million). Because of increased margins in the segments of down and down bedding, the Group gross profit margin increased to 38.0% compared to 33.4% in 1H2014. Profit after tax reached EUR 21.7 million (1H2014: 16.0 million) and has therefore improved by 36.2% compared to the corresponding period of the previous year. Net cash outflow from operating activities for 1H2015 was EUR 39.7 million, because the management is taking advantage of the current low price environment to stock up down inventories for the upcoming peak season and to meet the increasing customer demand in the second half of the year. On 30 June 2015, Snowbird's cash and cash equivalents amounted to EUR 19.8 million (31 December 2014: EUR 56.7 million; 30 June 2014: EUR 13.6 million). End of June 2015 the Company's equity amounted to EUR 161.4 million, compared to EUR 126.8 million on 31 December 2014. This results in an equity to asset ratio of 80.4% (31 December 2014: 72.2%). The number of shares issued on 30 June 2015 was 31,583,334. Outlook "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. With our investments we have significantly increased our production capacities, extended our added value and improved production efficiency. This gives us more flexibility and has additional positive effects on sales revenue and profit", commented Changzai Yan, Chief Executive Officer of Snowbird AG. Service The Semi-annual Report 1H2015 (January - June) is available for download on our website www.snowbird-ag.com section News&Reports (PDF-file). 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. --------------------------------------------------------------------- 2015-08-28 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 --------------------------------------------------------------------- 390145 2015-08-28
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