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Your present position: Home > News Center > News Analysis > Excluding joint venture losses, Anta Group expects fiscal year net profit to increase by more than 45%

Excluding joint venture losses, Anta Group expects fiscal year net profit to increase by more than 45%

中国鞋网 http://kejietieyiweilan.com/ 2019-12-10 15:15:01 Source: China Shoes Net China Shoes Net http://kejietieyiweilan.com/

,尽管2019财年仍未收官,安踏集团已经提前发布盈利预喜。 China Shoes Net, December 10th , although the financial year of 2019 has not yet closed, Anta Group has issued a profit forecast in advance. The announcement shows that as of the end of December 2019, Anta expects that the annual net profit will increase by not less than 45% year-on-year, and this figure for fiscal 2018 will be approximately RMB 4.1 billion.

However, the above figures are not included in the share of the joint venture Mascot JVCo's losses-this year, Anta's consortium has acquired the archaeopteryx parent company Amer Sports, and the Anta joint venture JVCo is the holding company of the company.

It is reported that the loss of the joint venture in the fiscal year of 2019 was approximately RMB 650 million, of which the one-time acquisition-related expenses involved did not exceed 200 million. If considering the relevant losses, Anta expects that the net profit growth in fiscal 2019 will be no less than 30%.

According to Anta, compared with the previous financial year, the sales of products of Anta's main brands and other brands have maintained strong growth in 2019, and annual revenue growth is expected to exceed 35%.

At the same time, the proportion of retail business revenue of brands such as FILA and DES CE NTE of the Group increased, and gross profit margin increased. Coupled with the increased contribution from the retail business and the relatively stable operating expense ratio, Anta expects operating profit margins to increase in 2019 compared to the same period last year.

After the release of Anta's Yingxi announcement, the Hong Kong stock market opened on December 9, Anta's stock price fell, and intraday fell 2.96% to 73.70 Hong Kong dollars. The industry believes that the loss of the joint venture Mascot JVCo caused shrinking profit margins or one of the reasons.

However, Anta continued to obtain the "Overweight" rating maintained by Damo. The target price is about 25% higher than the transaction price and raised from HK $ 72 to HK $ 90. The capital market remains optimistic about its long-term prospects.

In March 2019, a consortium of Anta Group, Chinese private equity fund Fang Yuan Capital, and Lululemon founder Chip Wilson Investment Company Anamered Investments, acquired the equity of Amafin Sports for 40 euros per share for a total price of approximately 4.6 billion euros .

In 1950, Amalfi Sports was founded in Finland and was listed on the Nasdaq Nordic Market in 1977. The company owns brands such as tennis racket Wilson, hiking shoes Salomon, baseball equipment Louisville Slugger, outdoor equipment Archaeopteryx and ski equipment Atomic.

In April of this year, the new board of directors of Amapin Sports was established. Ding Shizhong, chairman of the board of Anta Group, announced that he was appointed as the chairman of Amapin Sports. In mid-August, Amafin Sports applied for delisting from the Helsinki Stock Exchange, and the acquisition was officially closed.

After the completion of the transaction, Anta Group held 57.9479% of the shares, Fangyuan Capital and Anamered Investments each accounted for about 21%, and Tencent participated through Fangyuan Capital.

This is the largest overseas acquisition in the history of the Chinese clothing industry. In 2019, as the first financial year of the acquisition of Amapin Sports, this transaction has a significant impact on profits.

In November of this year, Anta announced that it would sell about 5% of the indirect equity of Amafin Sports for a total consideration of about 140 million euros. The acquirers are four executive directors (2.67%), members of the senior management team (0.83%), Sequoia Capital (1.13%), and ZWC Capital (0.38%).

Among them, four executive directors Ding Shizhong, Lai Shixian, Wu Yonghua, and Zheng Jie have directly participated in the expansion of AmaFen's China region and the adjustment of the overall business structure. This share purchase can further bind the interests of management and the company, and is considered as management. We are optimistic about the signals of the development prospects of Amafin.

According to Bloomberg and other foreign media reports, Anta is considering the sale of Precor's fitness equipment brand Precor and has received contact from potential buyers. Anta has not released relevant information for the time being. With the completion of the acquisition, Anta may adjust Amafin to leave some of the less profitable businesses.

Anta Group's fiscal 2019 interim results show that in the first half of the year, operating income increased 40.3% year-on-year to RMB 14.81 billion, net profit increased 27.7% to a record high of 2.48 billion yuan, operating profit rose 58.4% to 4.26 billion yuan, and gross profit margin increased 1.8 percentage points to 56.1%.

According to the third-quarter operating performance announced by Anta, the retail value of Anta brand products has achieved a mid-range growth of 10% -20% compared with the same period in 2018. FILA brand has recorded a 50% -55% growth year-on-year. About 30% -35%.

At the release of the interim financial report, Zheng Jie, president of Anta Group, said in an interview with Interface News that at present, Anta Group and Amafen operate independently and have no intention of consolidating financial statements for the time being. The Group is in the process of elaborating the business plan with Amafin, and will announce the appropriate timing in the future.

As usual, Anta Group will announce specific financial results for fiscal year 2019 in March 2020.

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