DGAP-Adhoc: Powerland AG: Preliminary Results - Publication of audited consolidated financial statements rescheduled till the end of May 2015

Powerland AG  / Key word(s): Preliminary Results

29.04.2015 07:38

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Preliminary Results - Publication of audited consolidated financial
statements rescheduled till the end of May 2015

Frankfurt/Main, April 29, 2015 - Powerland AG (ISIN DE000PLD5558 / Prime
Standard), the leading Chinese company of premium handbags, leather goods
and accessories, hereby announces the following preliminary results:

In the financial year of 2014, group revenue reached EUR 175.1 million,
thus growing by 4.8% against the previous year 2013. The revenue of the
luxury segment reached EUR 120.7 million and thus grew by 15.8% against the
previous year 2013. Group consolidated gross profit for 2014 stood at EUR
60.6 million and thus declined somewhat by 0.4% against the previous year
2013. The Group gross margin was 34.6%. The gross profit of the luxury
segment reached EUR 50.9 million and thus grew by 7.9% against the previous
year 2013. Sales and distribution expenses for the business year 2014 stood
at EUR 29.3 million and thus declined by 13.2% against the previous year
2013 while administrative expenses reached EUR 21.0 million and thus grew
by 40.2% against the previous year 2013. As a result, group EBIT for 2014
was EUR 10.7 million and declined by 13.3% against the previous year 2013
to an EBIT margin of 6.1%. Group net profit for 2014 stood at EUR 3.8
million and declined by 45.0% against the previous year 2013. The net
profit margin for 2014 was therefore 2.1%. Earnings per share decreased to
EUR 0.25 in contrast to EUR 0.46 in the year 2013.

As of 31 December 2014, cash and cash equivalents were EUR 8.7 million. On
a year-on-year basis, group inventory decreased by 41.6% to EUR 17.7
million while trade and other receivables increased by 11.0% to EUR 107.7
million. Equity ratio increased to 78.5% in contrast to 68.9% as of 31
December 2013.

The preliminary figures are subject to confirmation by the auditors and
approval of the Supervisory Board.

In general, the audit of the financial statements is almost completed.
However, due to the late Chinese New Year and the even more sophisticated
investigations of the 2014 accounts, the completion of the auditing
practice takes longer than expected and Powerland hereby reschedules the
publication of the audited annual consolidated financial statements
together with the audited stand-alone financial statements until the end of
May 2015. The date of the AGM will be delayed consequently.

For further information, please contact:

Powerland AG
c/o GFD - Gesellschaft für Finanzkommunikation mbH
Fellnerstrasse 7-9
60322 Frankfurt am Main
Germany
Phone: +49 (0) 69 66 554 - 459 
Fax: +49 (0) 69 66 554 - 276 
E-mail: ir@powerland.ag
Home: http://www.powerland.ag


29.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Powerland AG
              c/o GFD mbH,  Fellnerstr. 7-9
              60322 Frankfurt am Main
              Germany
Phone:        +49 69 - 66554-459
Fax:          +49 69 - 66554-276
E-mail:       ir@powerland.ag
Internet:     www.powerland.ag
ISIN:         DE000PLD5558
WKN:          PLD555
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated
              Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
              Stuttgart
 
End of Announcement                             DGAP News-Service
 
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