Highest quarterly sales performance since establishment Everpia Vietnam JSC HSX: EVE– had achieved the sales amount of VND160.7bil during the first quarter of 2011, an increase of 98.1%
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EVE : Excellent business performances in the 1st quarter, 2011 with high turnover at VND160.7bil., an increase of 98.1% in comparison with the same period of last year, achieving 30.9% over the plan and NPAT at VND37.8bil., an increase of 228% and achieving 28.9% of yearly plan (VND130bil.)
Highest quarterly sales performance since establishment
Everpia Vietnam JSC (HSX: EVE)– had achieved the sales amount of VND160.7bil during the first quarter of
2011, an increase of 98.1% in comparison with the same period of 2010, exceeding the plan by 30.9% (VND122.7bil.)
- Bedding Sales 63,341 60,031 -5.2% 111,890 86.4%
- Padding Sales 12,961 21,095 62.8% 48,786 131.3%
Among total sales, Bedding represented 70%, an increase of 86.4% from Q1, 2010 and exceeding the plan by 19.5% due to exceptional level of sales in February (+252.4%) as agents increased orders in anticipation of March price increase and exports to Korea and Japan (over VND11bil.) which was not started yet in Q1,
2010
As the Padding season started earlier in 2011, in January instead of March, total revenue from this business
in Q1 2011 increased by 131.3% to reach VND 48.8bil., exceeding the plan by 67.8%
Although the price of fiber and fabric was increased by more than 30% in the first quarter 2011, gross profit margin of EVE was improved to 43.5% from 41.4% in 2010 thanks to the B.O.D’s decision to import raw material in advance before the USD/VND adjustment and oil price surge
Item Q1, 2010 % to sales Q1, 2011 % to sales In/Dc %
Net Sales 81,126 100.0% 160,676 100.0% 79,354 98.1%
Gross profit 34,041 42.0% 69,968 43.5% 35,927 105.5%
Financial Income 2,472 3.0% 4,001 2.5% 1,529 61.8%
Financial Expense 5,530 6.8% 2,110 1.3% (3,419) -61.8%
No of Shares (*) 12,327,996 15,327,996 3,000,000 24.3%
(*) 3,000,000 shares was private issued in July, 2010
While the sales increase 98.1%, SG&A expenses was increased 47.9% only, mainly due to higher salary Financial income came from bank deposits and the financial loss came from negative exchange rate fluctuation
In 1st quarter, 2011, NPAT of EVE reached VND37.5bil increasing by 228.2% in comparison with the same period of 2010 NPAT (VND11.4bil.), and exceeding the plan (VND22.1bil.) by 69.3%
Stable financial status
Financial situation of EVE remains very sound EVE kept positive cash position at the end of Q1 2011 (VND 165.8bil), in reduction in comparison to December 2010 due to higher working capital needs for seasonal reasons and anticipation of raw material purchases
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Current ratio and quick ratio still remained at high rank which was 4.7 and 2.4 in turn Book value was VND39,909 at 31st March 2011
BUSINESS PERFORMANCE IN APRIL 2011
April is another successful month for EVE, with total sales of VND46.7bil., an increase of 65% in comparison with April, 2010 and estimated NPAT at VND10.4bil
FORECAST
With current business performances, EVE is confident it can achieve its 2011 targets for sales and profit Up
to April 2011 EVE has attained 28.9% of its sales plan (VND719bil.) and 37% of its profit plan (VND130bil.)
Q1, Plan Q1, Actual Q2, Plan Q3, Plan Q4, Plan
RECENT EVENT
On 16th April, the Annual Shareholder’s Meeting approved the distribution of cash dividend at 20% par value from 2010 NPAT and the issuance of bonus share to current shareholders at the rate of 2:1
COMING EVENT
EVE has started procedures with SSC and VSD for dividend payment and bonus share The closing date for the shareholder list will be on May 25th. Cash dividend will be paid from June 15th and the bonus share
issuance would be in Q3 2011
For more information, please contact:
Ms Phan Mai Linh
Planning Team Manager
Tel: 04.3 827 6490 (ext: 347)
Email : info@everpia.vn / mailinh@everpia.vn