Group sales revenues also increased by 38% to EUR 34 million. The down clothing saw the highest increase in quarterly sales from EUR 1.6 million in Q1 2014 to EUR 9.8 million in Q1 2015. Down sales in Q1 2015 remained on previous year's level at EUR 16.6 million. The Group's gross profit for Q1 2015 increased by 76.6% to EUR 13 million.

Positive development

Also, the gross margin saw a strong increase to 34.3% from 29.8% in Q1/2014. Net cash inflow for operating activities for Q1 2015 was EUR 2.7 million due to the payment of sales related bonuses for distribution partners for 2014.

On 31 March 2015, Snowbird's cash and cash equivalents amounted to EUR 64 million. By the end of March 2015 the company's equity amounted to EUR 150.8 million, compared to EUR 126.8 million on 31 December 2014. This results in an equity to asset ratio of 81.5%, compared to 72.2% previous year.

Highlights

One of the highlights of the first quarter of 2015 financial year was finishing construction and starting operations of the new and modern sewing plant with a current production capacity of additional 2.5 million pieces per year.

The company also started operations in the new headquarters next to the production facility hosting sales and administration departments, as well as Research & Development.

Outlook

“Our investments in production and sales show the first positive effects on sales revenue and profit,” commented Changzai Yan, Chief Executive Officer of Snowbird AG.

“China still is our main market, however, we will continue our efforts to further expand our markets domestically and internationally. Besides we will further optimize our added value and production efficiency as well as continuously drive innovations.”

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 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