Xinnuofei Reported Q4 2018 And Full-year Earnings, With Revenue Of 49.1 Billion Yuan

- Feb 12, 2019-

Recently, xinnuofei announced the fourth quarter of 2018 and 2018 full-year financial results.

Fiscal 2018 fourth quarter earnings focus

Sales for the fourth quarter of 2018 were 1.726 billion euros (about 13.33 billion yuan), down 7.3 percent year-on-year.

The adjusted gross margin fell to 37.5 percent.

Adjusted EBITA was 214m, compared with 207m a year earlier.

Adjusted EBITA margins rose to 12.4 per cent.

Net income rose to 119 million euros from 38 million euros a year earlier.

Free cash flow was 279 million euros.

In terms of revenue of specific products, in the fourth quarter of 2018, novo Lamps' sales of 345 million euros, LED sales of 481 million euros, professional products sales of 715 million euros and household products sales of 176 million euros, down 20.5%, 2.2%, 7.7% and 5.8% respectively from the same period of last year.

Full year 2018 earnings highlights

Full-year 2018 sales were 6.358 billion euros (about 49.1 billion yuan), down 4.4 percent year-on-year.

The adjusted gross margin fell to 38.3 percent.

Adjusted EBITA was 640 million euros, compared with 669 million euros in fiscal 2017.

Adjusted EBITA margin improved to 10.1 per cent.

Net income was 261 million euros, compared with 281 million euros in fiscal 2017.

Free cash flow was 306 million euros, compared with 403 million euros in fiscal 2017.

In terms of revenue of specific products, in the whole year of 2018, the sales volume of Lamps realized by novo bonding was 1.428 billion euros, LED sales was 1.812 billion euros, sales volume of professional products was 2.635 billion euros, and sales volume of household products was 467 million euros, which decreased by 20.1%, 4.7%, 4.2% and 8% respectively compared with 2017.

CEO Eric Rondolat said, "in 2018, we continue to make solid progress through our actions to simplify and reduce costs, resulting in significantly higher profitability and strong free cash flow.

According to our strategy, we profit growth engine - LED, professional products and household products - made a huge contribution to the improvement of our LED sales increased by 2.5%, now account for 71% of the total income ", "although the market environment full of challenge, but we still will continue to focus on new growth platform, in order to strengthen our market leadership, and gradually improve our growth prospects.

"" going forward, I believe we have laid a solid foundation to achieve the medium-term target set by the IPO in 2019." "