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Vtion Wireless Technology AG: Revenue up by 73 percent from FY 2008 to FY 2009

  • Preliminary FY 2009 Financial Figures 

Frankfurt, 05. February 2010

The Vtion Group, one of the three leading suppliers of wireless data solutions for mobile computer use in China, has released its preliminary headline financial figures for the full-year 2009. Sales revenue increased from 39.2 million Euro in 2008 to approx. 67.6 million Euro in 2009, an increase of approx. 73 percent year-on-year. The company's EBIT in 2009 was approx. 18.8 million Euro, which represents a margin of approx. 28 percent and a 49 percent increase over 2008. For the year, the company sold a total of just over 1.65 million wireless data cards, with an average selling price of 39 Euro for the full year.

"We are proud to see that we reached the guidance we set out with the release of our Q3 2009 report almost spot-on" says Guoping Chen, CEO of Vtion Wireless Technology. "Unit sales were in line with our expectations, particularly given what we saw from the telecom operators toward the end of the year, and we are pleased to see that our solid revenue growth year-to-year is continuing," he went on. "Our EBIT margin of approx. 28% is in line with our expectations, and we are pleased to see great stability in our ASP over the course of the year. Our selling prices for the year are close to 400 RMB, with 3G cards showing higher selling prices than older 2G/2.5G/2.75G cards that we sold earlier in the year before the 3G licenses were issued. The solid growth seen in our annual figures is a testament to the dynamic nature of the market in which we operate, which leaves us optimistic for our future," he concluded.

 The Chinese wireless network industry is currently going through a process of market development from second generation networks to network standards of the third mobile phone generation - known as 3G standards. China is the only country in the world with three different 3G wireless standards, the CDMA 2000 EVDO Network operated by China Telecom, the WCDMA Network operated by China Unicom and the TD-SCDMA Network operated by China Mobile. Network rollouts for the latter two networks are still in progress; the Vtion Group is expecting the completion of the establishment of 3G mobile networks to lead to a further increase in demand for wireless data cards in China.

 

About Vtion
The Vtion Group is one of the three leading suppliers of wireless data cards and associated services for the mobile use of computers via broadband wireless networks in the People's Republic of China. The Vtion Group concentrates mainly on the development and sale of wireless data cards, including provision of appropriate after-sales services. The Vtion Group also supplies Internet-based data service solutions. The company has about 150 employees. The Vtion Group generated sales of EUR 39.2 million and a net profit of EUR 12.4 million in 2008. The Vtion Wireless Technology AG shares are being traded in the Prime Standard on the Frankfurt Stock Exchange with the ISIN DE000CHEN993. The company's ticker symbol is V33.

 

For further information, please contact:

Kirchhoff Consult AG
Dr Kay Baden, tel.: +49 40 60 91 86 0, baden@kirchhoff.de
Janina Wismar, tel.: +49 40 60 91 86 50, janina.wismar@kirchhoff.de

 

Disclaimer concerning prognoses
Certain statements in this communication contain formulations or terms referring to the future or future developments, as well as negations of such formulations or terms, or similar terminology. These are described as forward-looking statements. In addition, all information in this communication regarding planned or future results of business segments, financial classification numbers, developments of the financial situation, or other financial or statistical data contains such forward-looking statements. The company cautions prospective investors not to rely on such forward-looking statements as certain prognoses of actual future events and developments. The company is neither responsible nor liable for these forward-looking statements. It is not responsible for updating such information, which only represents the state of affairs on the day of publication.

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