Group sales revenue also increased by 24.2% to EUR 96.9 million, compared to EUR 78 million in the first half of 2014. Its gross profit for the first half of 2015 increased by 41.2% from EUR 26 million in the previous year's period to EUR 36.8 million.

For the first time the down clothing segment (EUR 16.8 million) contributed more to the Group's gross profit than the down segment (EUR 16.3 million). Because of increased margins in the segments of down and down bedding, the Group gross profit margin increased to 38% compared to 33.4% in the same period of 2014.

Figures

In the first half of fiscal year 2015 down clothing had the highest increase in sales by EUR 26.9 million from EUR 16.1 million to EUR 43.0 million (+167%). Because of soft down prices, the sales of down were reduced from EUR 52.7 million to EUR 43.5 million (-17.6%).

Profit after tax reached EUR 21.7 million and has therefore improved by 36.2% compared to the corresponding period of the previous year. Net cash outflow from operating activities was EUR 39.7 million. On 30 June 2015, Snowbird's cash and cash equivalents amounted to EUR 19.8 million (31 December 2014: EUR 56.7 million; 30 June 2014: EUR 13.6 million).

Outlook

“China remains our core market. Higher income in broad levels of the population combined with a higher living standard and increasing urbanisation are the major drivers of our business,” commented Changzai Yan, Chief Executive Officer of Snowbird AG.

“With our investments we have significantly increased our production capacities, extended our added value and improved production efficiency. This gives us more flexibility and has additional positive effects on sales revenue and profit.”

Snowbird AG

Showbird is one of largest down processing companies, known for high quality down-filled textiles and for down bedding, down duvets and down pillows. With its new state of the art production facility, located in China, Henan Province, the company aims to process down at highest quality standards in a sustainable and environmental friendly way.

Producing under the brands Snowbird or Xueniao, Snowbird operates along the value chain, from down processing to down clothing and down bedding production.

www.snowbird-ag.com