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Huiyuan Juice Announces 2013 Annual Results

Enhanced Product Mix Drives Steady Business Growth

HONG KONG, March 18, 2014 /PRNewswire/ --

Financial Highlights:

RMB million

For the year ended
31 December

Change (%)

2013

2012

Revenue

4,503.9

3,980.8

+13.1

Gross profit

1,398.3

1,115.2

+25.4

Gross profit margin

31.0%

28.0%

+3.0% pts

Profit attributable to equity holders

228.5

16.2

+1,313.8

*Adjusted profit attributable to equity holders

330.9

101.9

+224.9

EBITDA

971.2

604.9

+60.6

Earnings per share (RMB fen)




-       Basic

13.5

1.1

+1127.3

-       Diluted

13.5

1.1

+1127.3


* Excluding interest expenses on convertible bonds, change in fair value of conversion rights of the convertible bonds, exchange gain relating to the convertible bonds and amortization of employee share option scheme.

China Huiyuan Juice Group Limited ("Huiyuan Juice" or the "Company", stock code: 1886.HK) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively known as the "Group") for the year ended 31 December 2013 (the "Period").

During the Period, the Group achieved revenue of approximately RMB4.5 billion, up 13.1% year-on-year mainly due to higher sales volume of 100% juice and nectars, as well as an increase in average selling price of juice drinks. Gross profit increased 25.4% year-on-year to approximately RMB1.4 billion, while gross profit margin improved from 28.0% for 2012 to 31.0% for the full year of 2013. The margin improvement was attributable to greater sales contribution from 100% juices and nectars and higher margins from juice drinks resulting from the launch of new products.

Huiyuan Juice maintained a leading position in China's 100% juice and nectar markets. According to Nielsen, the Company commanded a 56.0% share in the 100% juice market and a 45.2% share in the nectar market by sales volume in 2013.

During the period, adjusted profit attributable to equity holders reached RMB331 million in the Period, up from approximately RMB102 million for the previous year. Basic earnings per share was RMB13.5 cents EBITDA for the Period climbed 60.6% year-on-year to approximately RMB971 million.

2013 was a significant year in the development of the Company. The Company announced and subsequently completed the acquisition of Huiyuan Industry, a leading producer of fruit juice concentrates and purees in China and one of our major suppliers of raw materials. The acquisition was of strategic importance for a number of reasons; 1) it transformed the group into a vertically-integrated business model and secures long term-access to key raw materials; 2) it improves quality control and food safety controls; 3) it further diversifies revenue; 4) it increases the transparency of the Group and significantly reduces connected transactions; 5) it improves the financial strength of the Group and allows it to continue to reinvest for future growth; 6) it improves the group's operational efficiency as well as generates potential synergies. As a result of this transaction, the Company is uniquely positioned in the fruit and vegetable juice industry in China with a vertically-integrated business model with operations along the value-chain from fruit-processing to sales and marketing.

In July 2013, the Company appointed Mr. Daniel Saw as CEO of the Company. He has quickly assembled a first-tier management team and has initiated changes throughout the organization in sales and marketing, and supply chain.

During the period, the Group disposed of two plants in Chengdu and Shanghai for an aggregate consideration of RMB650 million. Looking ahead, the Company will continue to identify similar opportunities to dispose of assets with low efficiency and further optimize our capital structure, in order to enhance operational efficiency, capacity utilization, and its financial structure as a whole.

Mr. Daniel Saw, Chief Executive Officer of the Group, said, "In 2013, leveraging its leading position, Huiyuan Juice transformed into a vertically-integrated business model through asset integration. The Group successfully enhanced its core competency and brand capability. In addition, the Group proactively improved its product mix and launched new products accommodating the shifting consumer trends, thereby achieving favorable sales performance and steady growth in results."

Commenting on the Group's future development, Mr. Zhu Xinli, Chairman of Huiyuan Juice, noted, "With continuing urbanization and improving living standards in China, domestic consumers have become more concerned with food safety and health and wellness. This is a very favorable trend for Huiyuan. Our reputable brand, product quality, and the healthiness of our products appeal to consumers at large. During the Period, the Group's recent efforts to improve our asset structure and achieve vertical integration began to bear fruits. Looking ahead, we are committed to the core values of "to value our customers, to embrace struggle and to reward contributors," and will continue to drive our business performance and future growth momentum to reward all of our customers, partners and shareholders."

About China Huiyuan Juice Group Limited

Huiyuan Juice, founded in 1992, is a leading modern fruit and vegetable juice producer and is the leading brand in China's juice market. According to Nielsen, Huiyuan Juice was the largest 100% juice and nectar producer in China in terms of sales volume for the year ended 31 December 2013. It commanded a 56.0% share in the 100% juice market and a 45.2% share in the nectar market. Huiyuan Juice has a nationwide distribution network and production plants in strategic locations. Its products are exported to various countries and regions, including the U.S. and Japan.

SOURCE China Huiyuan Juice Group Limited

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