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PRESS RELEASE
Yue Yuen Announces FY2011 Results Welcoming the European Cup and the Olympics in 2012
(Hong Kong, 30 December 2011) - Yue Yuen Industrial
(Holdings) Limited ("the Group", stock code:
551) today announced its audited consolidated results for the
year ended 30th September, 2011. Total turnover rose 21.7%
year on year to approximately US$7,045.4 million, and net
profit attributable to owners of the Company decreased by
6.2% year on year to approximately US$449.8 million. Basic
earnings per share at US27.28 cents, decreased by 6.2%
compared to last year's figure.
The Directors have resolved to recommend the payment of a
final dividend of HK$ 0.56 per share, keeping to the same
amount as FY2010. (Interim dividend in FY2011 - HK$0.34 per
share versus FY2010 - HK$0.34 per share). The total dividend
for the year will be HK$0.90 per share, remaining the same
compared to FY2010.
Footwear manufacturing activity for the Group maintained the
momentum of growth in volume and turnover, but continued to
experience profit margin pressure mainly due to rising raw
material costs and factory wages which need joint efforts by
the Group and brand names in the aspects of manufacturing
excellence and supply chain improvements for fixing the
negative factors.
Sales to the Group's largest geographic market, Asia, grew at
moderate pace of 26.2% compared to last year. In its second
largest market, the U.S.A., there was also year on year sales
growth as measured against the previous year at 17.7%. The
European market managed to grow at 30.6% compared to last
year. South America had sales growth of 6.2%.
Total Turnover by Geographical Market | ||||||
For the year ended 30 Sep | 2011 | 2010 | y-o-y | |||
US$ millions | % | US$ millions | % | %change |
Sales of athletic shoes, the key product category for the Group, grew by 20.1% year on year. The category with the strongest sales momentum, casual outdoor shoes, grew by 31.4% year on year. Leading brand name customers in both categories were able to launch a series of new models with innovative designs to capture consumer attention and boost sales. Retail sales were also up year on year as China had solid GDP growth and consumers in China continued their purchases of well known brand name athletic footwear and apparel.
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Total Turnover by Product Category | |||||||
For the year ended 30 Sep | 2011 | 2010 | y-o-y | ||||
US$ millions | % | US$ millions | % | %change | |||
Athletic Shoes | 3,680.2 | 52.2 | 3,064.7 | 52.9 | 20.1 | ||
Casual/Outdoor Shoes | 1,239.6 | 17.6 | 943.4 | 16.3 | 31.4 | ||
Sports Sandals | 81.2 | 1.2 | 64.2 | 1.1 | 26.5 | ||
Retail Sales- Shoes & Apparel | 1,431.3 | 20.3 | 1,185.7 | 20.5 | 20.7 | ||
Soles, Components & Others | 613.1 | 8.7 | 530.2 | 9.2 | 15.6 | ||
Total Turnover | 7,045.4 | 100.00 | 5,788.2 | 100.0 | 21.7 |
At the end of September 2011, the total number of directly
operated counters/stores in China under the Group stood at
about 3,055 and there were 3,357 sub-distributors in the
Greater China region.
During the year under review, the Group increased the number
of production lines by 16.7% to 537. Most of these new lines
were allocated among its three key production bases: China,
Indonesia and Vietnam. The pairs of shoes made by the Group
during the year amounted to 326.6 million, an increase of
14.0%.
For the two months ended November 2011, the Group turnover
stepped up by around 15%
year-on-year to approximately US$1.2 billion.
The global economic environment in 2012 will still be
volatile as the economic recovery is only gradually building
momentum. Countries in the developed world that are grappling
with significant budget deficits, will continue to emit
negative headline news on a recurring basis so that consumers
in those countries may be reluctant to spend and would rather
increase their savings. However given the occurrence of the
European Cup in June 2012 and the Olympics in August 2012,
consumers should still be inspired to purchase athletic
footwear and sports apparel.
If consumer purchasing power in China continues to grow in
the coming year, then the Group may see further sales growth
in its retail operations.
Jerry Shum
Investor Relations Director
Tel: 3183 0821
Fax: 3183 0808
E-mail: jerry.shum@yueyuen.com
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Consolidated Income Statement
For the year ended 30th September, 2011
For the year ended 30 Sep 2011 (audited) 2010 (audited)
US$'000 US$'000
Turnover 7,045,373 5,788,208
Cost of sales (5,489,700) (4,377,787)
Gross profit | 1,555,673 | 1,410,421 |
Other income | 169,222 | 123,535 |
Fair value changes of investment properties | 6,955 | 643 |
Fair value changes on derivative financial | (36,144) | (1,865) |
instruments
Impairment loss on available-for-sale investments
(100) (900)
Selling and distribution expenses | (542,283) | (440,646) |
Administrative expenses | (513,396) | (454,229) |
Other expenses | (170,076) | (166,410) |
Gain on deemed disposal of JCE | 18,767 | 1,267 |
Impairment loss on investments in associates | (500) | (1,300) |
Impairment loss on investments in jointly controlled entities | (1,500) | (1,700) |
Finance costs | (37,419) | (40,422) |
Share of results of associates | 35,355 | 39,790 |
Share of results of jointly controlled entities | 27,174 62,679 | |
Profit before taxation | 511,728 530,863 | |
Income tax expense | (28,203) (35,025) | |
Profit for the year | 483,525 495,838 |
Attributable to:
Owners of the Company 449,829 479,507
Non-controlling interests 33,696 16,331
483,525 495,838
Earnings per share US cents US cents
Basic 27.2829.08
Diluted 23.1527.19
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