DGAP-News: FAST Casualwear AG / Key word(s): Final Results FAST Casualwear AG: Optimistic outlook due to positive results 2013 29.04.2014 / 08:11 --------------------------------------------------------------------- * Revenues increased by 8.8 per cent to 123.0 million Euros * EBIT growth of 2.7 per cent to 22.5 million Euros * Optimistic outlook Hamburg, 29 April 2014 - Even though the competitive situation became keener, FAST Casualwear AG, a manufacturer of casual footwear and apparel in China, looks back on a positive financial year 2013. Revenues increased by 8.8 per cent to 123.0 million Euros (2012: 113.0 million Euros). Measured in the local currency Renminbi (RMB), revenues showed an increase of 9.3 per cent. The company's most important segment "FAST brands", including FAST branded shoes and casual wear, remained the main revenue growth driver. Revenues in this segment reached 98.2 million Euros (2012: 90.4 million Euros), a year-on-year growth of 8.6 per cent, representing a share of almost 80,0 per cent of total revenues. FAST's second segment "Others", mainly comprising FAST's OEM and ODM business, generated revenues amounting to 24.8 million Euros (2012: 22.6 million Euros), a plus of 9.8 per cent. Gross profit amounted to 31.0 million Euros (2012: 31.9 million Euros) representing a year-on-year decrease of 2.8 per cent, mainly caused by higher costs of materials. Gross profit margin went down by 3.0 percentage points to 25.2 per cent (2012: 28.2 per cent). However, due to a positive sales momentum as well as lower administrative expenses profit from operations (EBIT) rose by 2.7 per cent from 21.9 million Euros in 2012 to 22.5 million Euros in 2013. This corresponds to an EBIT margin of 18.3 per cent (2012: 19.4 per cent). Net profit grew by 9.0 per cent to 15.8 million Euros (2012: 14.5 million Euros) while the net profit margin with 12.8 per cent remained unchanged compared to the previous year. All in all, these results are fully in line with the company's latest guidance of 2013 anticipating a revenue growth slightly below 10 per cent on a RMB basis and an EBIT margin in the range of 18 per cent for the full year 2013. Well prepared for further growth FAST's total equity increased by 23.2 per cent from 67.6 million Euros at the end of December 2012 to 83.3 million Euros as of 31 December 2013. This represents an equity ratio of 72.2 per cent (31 December 2012: 68.1 per cent) and provides the company with a favourable starting position for additional investments and further development. At the end of the financial year 2013 the group maintained a relatively low cash position of 1.8 million Euros due to the fact that the surplus cash was reinvested into operations and fixed assets in order to capture the return from the business activities.   Further implementation of growth strategy Within the financial year 2013 FAST Casualwear successfully continued to accelerate its growth strategy which consists of strengthening the brand building, boosting product innovations, expanding distribution channels, increasing the vertical integration and enabling the entry into the online shopping business. Thus, the company was able to enlarge its distribution network by more than 100 new retail outlets in the reporting period. FAST's Research & Development department in 2013 also succeeded with the development of a new super-lightweight and highly elastic rubber securing the longevity and reducing the material costs for shoe soles. Optimistic outlook for 2014 In 2014 the Chinese leisure industry is expected to remain challenging. Nevertheless, with regard to its strong production capabilities, the expanding distribution network and first sales to arise through online platforms, FAST Casualwear looks ahead optimistically. Thus, for the full financial year 2014 the company anticipates revenues to grow in a range of 15 to 20 per cent, measured in the local currency RMB. The EBIT margin is expected to grow similar to 2013 in a range between 16 and 19 per cent. For further information please see the annual report 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 28 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 almost 1,000 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. At the end of 2013 FAST employed 980 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] End of Corporate News --------------------------------------------------------------------- 29.04.2014 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 --------------------------------------------------------------------- 265161 29.04.2014