Asian Bamboo AG / Key word(s): Half Year Results
14.08.2013 06:21
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Hamburg, 14 August 2013 - Asian Bamboo AG ('Asian Bamboo', 'the Company',
ISIN: DE000A0M6M79, ticker symbol: '5AB', ADR ticker symbol 'ASIBY'), an
integrated company in the bamboo industry, announces the following results
for Q1-Q2 2013 (percentage numbers are year-on-year comparisons):
* Revenue decreased 67% to EUR 14.5 million (Q1-Q2 2012: EUR 44.3 million)
* Gross profit including FVBA-changes* decreased 75% to EUR 1.6 million
(Q1-Q2 2012: EUR 6.5 million), equivalent to a gross profit margin
including FVBA-changes of 11% (Q1-Q2 2012: 15%)
* Net loss was EUR 2.2 million (Q1-Q2 2012: net profit EUR 2.5 million)
* Operating cash flow before changes in working capital fell 71% to EUR 4.5
million (Q1-Q2 2012: EUR 15.5 million)
* Net cash from operating activities was negative EUR 4 million (Q1-Q2
2012: positive EUR 21.3 million)
At the end of Q2, the Company's balance sheet remained strong (comparable
numbers are 2012 year-end numbers):
* Biological assets were EUR 86.1 million (2012: EUR 83.9 million)
* Lease prepayments were EUR 197.2 million (2012: EUR 193.4 million)
* Cash and cash equivalents were EUR 34.2 million (2012: EUR 38.6 million)
* Total assets were EUR 359 million (2012: EUR 348.4 million)
* Total bank borrowings were EUR 46.6 million (2012: EUR 46.5 million)
* Total equity was EUR 298.1 million (2012: EUR 288 million)
* Total liabilities and equity were EUR 359 million (2012: EUR 348.4
million)
* FVBA is an abbreviation for gain/(loss) arising from changes in the fair
value less estimated costs to sell of biological assets
Operational review
In Q2 the Management Board began implementing the turnaround plan, which is
described in detail in the CEO's statement of the Q2 report. The Management
Board believes that the decentralised decision making and further
incentivising of employees directly involved in plantation management will
yield positive results in the future. The Management Board has also begun
preparing for the strategic review, which will be completed before the end
of the year. The completion of the strategic review may lead to changes to
the Company's business model in order to enhance shareholder returns.
FY 2013 guidance
The Management Board expects the overall operating situation to remain
challenging for the rest of the year and that the bamboo fibre business
will not generate any significant sales this year, which will also affect
sales of bamboo trees. Therefore, the Management Board lowers the revenue
forecast for FY 2013 to a minimum of EUR 35 million from EUR 50 million.
However, due to good cost control, the Management Board lifts the cash flow
forecast to positive operating cash flows from close to positive operating
cash flows for FY 2013.
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
14.08.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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
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DGAP-Adhoc: Asian Bamboo announces Q2 2013 results
| Source: EQS Group AG