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DGAP-News: Firstextile AG: Successful Annual General Meeting 2014

June 24, 2014

DGAP-News: Firstextile AG / Key word(s): AGM/EGM Firstextile AG: Successful Annual General Meeting 2014 24.06.2014 / 14:57 --------------------------------------------------------------------- Firstextile AG: Successful Annual General Meeting 2014 - All agenda items approved with large majorities by the company's shareholders - Presence of share capital totalled 78.85% - Management Board reported on the successful 2013 financial year and confirmed positive outlook for 2014 Frankfurt, 24 June 2014 - Firstextile AG (FT8) today conducted successfully its 2014 Annual General Meeting in Frankfurt/ Main, Germany. There, the presence of capital share represented was 78.85%. The company reported on the business development in the prior financial year 2013, and looked optimistically towards the future. During the AGM all Management and all Supervisory Board members, who held office during the 2013 financial year, were granted discharge. Besides all agenda items were accepted by a large majority of the shareholders present. The net profit reported in the financial statements of Firstextile AG for the 2013 financial year was carried forward to a new account in order to use the existing financial resources for the expansion of the production capacity on a first priority. Richard Cao, CFO of Firstextile AG, explained Firstextile's business model and medium-term strategy to the shareholders. He took also positive stock of recent business trends in this context: "With the start of the construction phase of our new production facility, larger investment in R&D and the relaunch of our premium brand "VARPUM", we initiated several measures in 2013 for a sustainable growth of our company in the future. As Firstextile's further growth is currently limited by our capacities which are already fully utilized, our focus is on the expansion plan to be prepared for the high demand on our products in the long-term. Therefore, on behalf of the whole management I would like to thank our shareholders for the trust they have placed in Firstextile during the financial year 2013 as well as during the votes today." Richard Cao also confirmed the outlook for the 2014 financial year: "We expect to continue the positive development of revenue 2013 and to keep profitable on high level in the current 2014 financial year. Concretely, we expect total revenues between EUR 190 million and EUR 210 million. The EBIT margin of between 16% and 18% at Group level is expected slightly below 2013." Company profile Firstextile is one of the leading manufacturers of high-end yarn-dyed fabrics in the Chinese market. It also markets fabrics and shirts specifically designed for uniforms used by Chinese government institutions and enterprises, as well as its own branded men's wear for the Chinese premium market segment. The company operates modern production facilities in Jiangyin near Shanghai, China, which is one of the main centres of the Chinese textile industry, and it focuses particularly on high product-quality. Net proceeds from the successful completion of the IPO in November 2012, will primarily be used to double annual production capacity from the current 36 million metres to 72 million metres by the end of 2014. End of Corporate News --------------------------------------------------------------------- 24.06.2014 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: Firstextile AG Lyoner Str. 14 60528 Frankfurt am Main Germany Phone: +49 (0) 69 6655 4416 Fax: +49 (0) 69 6655 4418 E-mail: ir@firstextile.de Internet: www.firstextile.de ISIN: DE000A1PG8V8 WKN: A1PG8V Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, DÜsseldorf, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 274956 24.06.2014


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Source: DGAP Corporate News


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