Asian Bamboo AG / Key word(s): Half Year Results/Forecast 14.08.2012 07:26 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Hamburg, 14 August 2012 - Asian Bamboo AG ('Asian Bamboo', 'the Company', ISIN: DE000A0M6M79, ticker symbol: '5AB', ADR ticker symbol 'ASIBY'), a world-leading integrated company in the bamboo industry, announces Q1-Q2 2012 results which were adversely affected by challenging harvesting conditions for bamboo shoots and weak demand for bamboo trees. The Company's profitability is sensitive to changes in harvesting volumes per hectare (ha), prices and costs, which are the key parameters determining FVBA*. The FVBA-calculation tends to create an exaggerated effect, caused by the underlying business development, on the Company's profit. In simple terms the more the Company harvests per hectare, the higher the profitability and vice versa. As harvesting volumes and sales volumes were down, while at the same time costs were up due to a larger plantation size, the Company recorded a loss of EUR 4.8 million in Q2, which to a large degree was caused by a loss in FVBA of EUR 6.3 million. As the loss in FVBA is a non-cash item, the Company's cash flow remained solid and the overall financial situation remains very strong. In summary, the Company achieved the following numbers in Q1-Q2 (percentage numbers are year-on-year comparisons): * Revenue decreased 10% to EUR 44.3 million (Q1-Q2 2011: EUR 49.2 million) * Gross profit including FVBA-changes decreased 72% to EUR 6.5 million (Q1-Q2 2011: EUR 23 million), equivalent to a gross profit margin including FVBA-changes of 15% (Q1-Q2 2011: 47%) * Net profit decreased 87% to EUR 2.5 million (Q1-Q2 2011: EUR 18.4 million), equivalent to a net profit margin of 6% (Q1-Q2 2011: 37%) * Net cash from operating activities decreased 35% to EUR 11.4 million (Q1-Q2 2011: EUR 17.6 million) * Cash and cash equivalents were EUR 57.5 million (31 December 2011: EUR 42 million) *FVBA is an abbreviation for gains/(losses) arising from changes in the fair value less estimated costs to sell of biological assets The Management Board believes that the last two years have been unusually challenging and that the Chinese economy and the world economies will stabilise in the future. It further believes that a stronger economic environment, together with the effects of various management initiatives will lead to a rebound in revenue per ha and profitability in the future. The Management Board expects the overall operating situation to remain challenging for the rest of the year. Therefore, the Management Board lowers its full-year forecast to revenues of at least EUR 80 million and that the Company will achieve positive operating cash flows. For enquiries, please contact: Asian Bamboo AG: Peter Sjovall +852-9385 3868 Chief Financial Officer peter.sjovall@asian-bamboo.com Anja Holst +49-(0)40 37644 798 Investor Relations Director anja.holst@asian-bamboo.com 14.08.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Asian Bamboo AG Stadthausbrücke 1-3 20355 Hamburg Germany Phone: +49 40 37644 798 Fax: +49 40 37644 500 E-mail: info@asian-bamboo.de Internet: www.asian-bamboo.de ISIN: DE000A0M6M79, DE000A0M6M79 WKN: A0M6M7, A0M6M7 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: Asian Bamboo announces Q1-Q2 2012 results
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