DGAP-News: FAST Casualwear AG / Key word(s): Half Year Results FAST Casualwear AG: Stable revenues despite challenging economic environment 30.09.2013 / 10:51 --------------------------------------------------------------------- Results half-year 2013 FAST Casualwear AG: Stable revenues despite challenging economic environment * Revenues of 53.9 million Euros on previous year's level * EBIT decreased by 28.1 per cent to 10.0 million Euros * EBIT margin within the guidance * Sales of own FAST casualwear products increased * Outlook for 2013 confirmed Hamburg, September 30, 2013 - FAST Casualwear AG, a manufacturer of casual footwear and apparel in China, realized stable revenues of 53.9 million Euros in the first six months of 2013. The segment of FAST's own brand casualwear products remained the major revenue driver in the first six months of 2013 and grew slightly to 44.7 million Euros, representing a share of 82.9 per cent. Although in the reporting period the number of units of FAST footwear and apparel decreased by 27.8 per cent to 7.3 million produced units, the management was able to increase the average unit selling price by 28.2 per cent (measured in the local currency Renminbi (RMB)) in this area compared to the reporting period 2012. In the other business area of FAST, the OEM/ODM segment, revenues are mainly derived from the sale of casual and sport shoes manufactured for various international brand owners particularly in Europe and the United States. The revenues decreased by 5.3 per cent to 9.2 million Euros year-on-year, mainly due to the company's focus on the higher profit margin of FAST brand products. Loss of gross profit and EBIT Gross profit went down by 14.2 per cent to 13.9 million Euros (H1 2012: 16.2 million Euros) while the gross profit margin slightly decreased by around 4.3 percentage points to 25.8 per cent (H1 2012: 30.1 per cent). The profit from operations (EBIT) decreased compared to the reference period 2012 by 28.1 per cent to 10.0 million Euros (H1 2012: 13.9 million Euros). The main reason for this development lies in the selling and distribution expenses that were increased significantly in line with the strategy. Within the reporting period they raised up to 3.0 million Euros (H1 2012: 0.8 million Euros). The operating result represents an EBIT margin of 18.5 per cent (H1 2012: 25.8 per cent) and is mainly in line with the expectations given by the management in the annual report 2012. 'The investments in promotion and advertisement we have taken will contribute to boost FAST's brand awareness. FAST Casualwear in particular is expected to continue being very profitable in the future', says Wing Chi Chong, CEO of FAST Casualwear. Solid financial ground FAST's total equity increased by 13.7 per cent from 67.6 million Euros at the end of December 2012 up to 76.8 million Euros at the end of the half-year 2013, representing an equity ratio of 67.2 per cent (December 31, 2012: 68.1 per cent). This provides the company with a favourable starting position for additional investments and further development. Further growth expected for 2013 Due to the solid financial basis of the company, its strong production capabilities and its expanding distribution network, the group confirms its outlook given in the annual report 2012 and anticipates a revenue growth of 10 per cent on a RMB basis and a stable EBIT margin of around 20 per cent for the full year 2013. For further information please see the Interim Report Q2 2013 which is available under the following link: http://www.fast-casualwear.com/investor-relations /publications.html About FAST Casualwear AG FAST Casualwear AG is the German holding company of FAST Group, a Chinese group of companies engaged in the design, production and sale of casualwear, consisting of footwear and apparel including accessories. It mainly designs and produces casualwear under its own brand name 'FAST', targeting consumers aged between 16 and 35 primarily in the lower tier cities in China. FAST distributes its own brand products through 26 unaffiliated regional distributors, who sell the products via retail outlets operated either by themselves or by third party sub-distributors. Its distribution network consists of 951 retail outlets in over 100 cities throughout China. FAST also designs and produces footwear as contract manufacturer for international brand owners, mainly from Europe and the U.S. FAST's operating facilities are located in the southeast of China in Jinjiang City, Fujian Province, one of the largest footwear manufacturing hubs in China. FAST employs around 981 employees. For further information please visit www.fast-casualwear.com or contact Kirchhoff Consult AG Dr. Kay Baden Tel: +49 (0)40 609 186 39 E-mail: [email protected] Disclaimer concerning prognoses This communication contains forward-looking statements. Forward-looking statements are statements that are not historical facts instead they reflect FAST Casualwear'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 FAST Casualwear's forward-looking statements are proving to be incorrect, FAST Casualwear's actual results may be materially different from those expressed or implied by such forward-looking statements. FAST Casualwear 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. End of Corporate News --------------------------------------------------------------------- 30.09.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's 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: FAST Casualwear AG c/o Kirchhoff Consult AG, Herrengraben 1 20459 Hamburg Germany Phone: 040 60 91 86 0 Fax: 040 60 91 86 60 E-mail: [email protected] Internet: www.fast-casualwear.com ISIN: DE000A1PHFG5 WKN: A1PHFG Listed: Regulierter Markt in Frankfurt (Prime Standard) End of News DGAP News-Service --------------------------------------------------------------------- 232447 30.09.2013