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Bolina Announces 2012 Interim Results; Revenue increased 39.3% YoY


August 29, 2012 - Hong Kong

The Board of Directors (the "Board") of Bolina Holding Co., Ltd. ("Bolina" or the "Company") is pleased to announce the audited consolidated interim results of the Company and its subsidiaries (together, the "Group") for the six months ended 30 June 2012 (the "Current Period").

Results Highlights for the six months ended 30 June 2012:

-- The Group's revenue was RMB399.3 million for the current period, up by 39.3% as compared with the corresponding period of last year

-- Profit attributable to shareholders for the current period was RMB133.2 million, up by 89.5% as compared with the corresponding period of last year

-- Basic earnings per share for the current period was RMB0.169, up by 89.9% as compared with the corresponding period of last year

In the first half of 2012, the production of sanitary ware products increased at a steady and relatively fast speed and the demand for sanitary ware products was gradually improved against the rather complex domestic and international economic environment. Within the Current Period, the Group's revenue was RMB399.3 million, up by 39.3% as compared with the corresponding period of last year; profit attributable to the Company's shareholders was RMB133.2 million, up by 89.5% as compared with the corresponding period of last year; basic earnings per share for the current period was RMB0.169, up by 89.9% as compared with the corresponding period of last year. The Board does not recommend the declaration of interim dividend for the six months ended 30 June 2012.

During the first half of this year, the Group enhanced market analysis and forward-looking anticipation to monitor closely the changes in supply and demand and strengthened marketing services and customer development. The Group is one of the largest manufacturers of ceramic sanitary ware products in the PRC in terms of designed production capacity as at 30 June 2012. Its sizable production facilities provide it with economies of scale, shorten lead time in launching new products and allow it to allocate additional production capacity to manufacture its own branded products, which command a higher margin in comparison to ODM and OEM products.

A wide section energy-saving and environment-friendly tunnel kilns powered by gas with an overall length of 110 meters in Fujian Wanrong Sanitary Ware Company Limited ("Fujian Wanrong"), the Group's fifth ceramic sanitary ware production line with an annual capacity of 1 million units, commenced operations on 29 July 2012. The successful commencement of operation of this production line marked another great milestone in the Company's business development, which will enhance the overall production capacity of the Group to further fuel the enlargement of its domestic market share. With the successful commencement of operation of this production line, the ceramic sanitary ware production lines of the Group will produce 4.9 million units per year. Currently, the fifth production line operates at full capacity for the orders and the sixth production line commenced construction in this August. Upon its completion and operation, the Group will have an annual output of 5.9 million units.

The Group was dedicated to the third party distributor model and continued to improve operation capacity and quality of the distribution network, to standardize distribution network governance, to promote differentiated operation innovation, to improve the quality of the network operation team and to optimize the existing network layout. The Group's distribution network, comprising 101 distributors and 36 sub-distributors operating 189 points of sale as at 30 June 2011, increased to 178 distributors and 44 sub-distributors operating 373 points of sale as at 30 June 2012, covers a wide area throughout the PRC.

Looking ahead, the Chairman of Bolina, Mr. Xiao Zhiyong is confident about the prospects of the Group, "the Group will closely monitor the market changes and continue to increase the input for its production and continues to promote strategic innovation and improve production capacity. Based on the management philosophy of achieving excellent quality, attaching importance to environment protection and ensuring product quality and customer satisfaction, in reliance upon its strong research and development capabilities and outstanding product quality, and by seizing opportunities created by the successful listing of the Company in Hong Kong, the Company will continue to make use of its advantages to grow rapidly to the leading sanitary ware brand in the PRC and achieve its goal of becoming the first-rate brand with its output ranking first as well in the PRC sanitary ware industry."

About Bolina Holding Co., Ltd.

Bolina Holding Co., Ltd. (HKSE:1190) is one of the leading domestic ceramic sanitary ware players in the PRC and the Company's Bolina brand ranked second and fifth among domestic brands and all brands, respectively, in China's mid-to-high end ceramic sanitary ware market in terms of retail sales value in 2011. Bolina Holding is primarily engaged in the design, development, production, marketing and distribution of sanitary ware branded products marketed under its own brand in the PRC and under third parties' brands on an OEM and ODM basis to its international customers. Bolina Holding was one of the awardees for the Top 10 Bathroom Sanitary Ware Brand Names in China in 2010 and was designated as the 2008 Beijing Olympic Games Recommended Building Engineering Materials and Equipment due to its successful brand positioning and high quality products. Bolina was listed in Hong Kong in July 2012.


Source: Bolina Holding Co., Ltd.

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