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FAST Casualwear AG plans IPO at the Frankfurt Stock Exchange in July 2012Cologne, )
- IPO in the Prime Standard
- Thriving manufacturer of casual footwear and apparel in China
- Revenues of more than EUR 82 million in 2011
- EBIT of EUR 16.8 million
- Further growth expected in 2012
FAST Casualwear AG, a thriving manufacturer of casual footwear and apparel in China, is preparing its IPO in the Regulated Market / Prime Standard of the Frankfurt Stock Exchange in July 2012. FAST designs and produces casualwear including footwear, apparel and accessories under its own brand "FAST" and as contract manufacturer for international brand owners, mainly from Europe and the United States.
Distinguished brand in the Chinese market
FAST focuses on comfortable, high quality casual products with fashionable designs. Within the casualwear market segment, FAST has developed a clear and distinct brand image, targeting consumers aged between 16 and 35. FAST aims to penetrate the mass population in China primarily in lower-tier cities, which are experiencing rapid expansion as a result of China's growing GDP, combined with rapid urbanization and rising disposable income. In China, FAST has already become a distinguished brand through a combination of what FAST believes are fashionable and trendy designs at affordable prices, as well as by the rapid expansion of the national distribution network that promotes its brand image.
FAST's own brand products include two product groups: casual footwear and casual apparel. FAST operates three shoe production facilities with a total of 14 production lines (as of March 31, 2012) in Jinjiang City, Fujian Province, one of the largest footwear manufacturing hubs in China. In 2011 FAST produced an output of approximately 12 million self-produced pairs of footwear, while the production in the FAST apparel segment is outsourced to third party contract manufacturers.
Rapid expansion of the distritbution network
FAST sells its own brand products to distributors on a wholesale basis and its distribution network has increased continuously since the launch of the FAST brand. FAST had 5 distributors as of December 31, 2009 and had increased this number to 8 and 19 as of December 31, 2010 and 2011, respectively. Taken together, all distributors directly operated or indirectly managed a network of 471 retail outlets in China as of December 31, 2009 and had increased this number to 712 and 758 as of December 31, 2010 and 2011, respectively, providing widespread geographical coverage throughout China. More than 100 of these retail outlets are exclusive FAST shops, which means that they exclusively sell products under the FAST brand. In the first quarter of FY 2012, 19 new retail outlets opened. The goal is to add over 100 sales points per year within the next three years.
Highly profitable growth during the last three years
Total revenues of FAST grew from EUR 58.3 million in 2009 to EUR 82.2 million in 2011. Revenues with products under the FAST brand nearly doubled from EUR 30.9 million in 2009 to EUR 59.5 million in 2011. In the FAST OEM/ODM segment revenues also increased from EUR 15.9 million in 2009 to EUR 19.4 million in 2011. In the same period the total profit from operations (EBIT) almost tripled from EUR 5.9 million in 2009 to EUR 16.8 million in 2011, representing an EBIT margin of 20.4% in 2011 (2009: 10.1%).
A strong first quarter 2012 with revenues of EUR 21.1 million (first quarter 2011: EUR 16.8 million) and an EBIT of EUR 5.5 million (2011: EUR 2.9 million) indicate further highly profitable growth for the financial year 2012.
This publication constitutes neither an offer to sell nor a solicitation to buy securities. The offer will be made solely by means of and on the basis of a securities prospectus which will be published after approval by BaFin.
This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The shares in FAST Casualwear AG have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are not being and will not be offered or sold in the United States of America.
This document is directed at and/or for distribution in the U.K. only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons being together referred to as "relevant persons"). This document is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.
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