DGAP-News: Asian Bamboo AG / Key word(s): Quarter Results
Asian Bamboo announces Q1 2014 results
27.05.2014 / 09:48
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Asian Bamboo announces Q1 2014 results
Hamburg, 27 May 2014 - Asian Bamboo AG ("Asian Bamboo", "the Company",
ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol "ASIBY"),
announces Q1 2014 results.
In the first quarter the Company's performance remained unsatisfactory. As
result of good cost control and the provisions made for onerous contracts
in FY 2013, which have lowered the amortisation costs, the Company recorded
a net profit. The business was net operating cash flow positive during the
period.
In summary, the Company achieved the following results in Q1 (percentage
numbers are year-on-year comparisons):
- Revenue* decreased 9% to EUR 4.6 million (Q1 2013: EUR 5.0 million)
- Gross profit including FVBA-changes** increased 10% to EUR 3.1 million
(Q1 2013: EUR 2.9 million), equivalent to a gross profit margin
including FVBA-changes of 68% (Q1 2013 restated: 57%)
- Net profit of EUR 1.2 million (Q1 2013: net loss of kEUR 12)
- Operating cash flow before movements in working capital was EUR 0.5
million (Q1 2013: EUR 0.6 million)
- Net cash generated from operating activities was positive EUR 2.5
million (Q1 2013: negative EUR 3.2 million)
- Cash and cash equivalents were EUR 26 million (31 December 2013: EUR
28.5 million). During the period the Company repaid loans of EUR 4.6
million.
* Revenue in Q1 2014 and Q1 2013 do not include sales of bamboo fibre as it
is treated as a discontinued operation
**FVBA is an abbreviation for gain/(loss) arising from changes in the fair
value less estimated costs to sell of biological assets
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
About Asian Bamboo AG:
Asian Bamboo is a leading integrated company in the bamboo industry. The
Company currently owns long-term leasing rights for 40 bamboo plantations
with a total size of 50,338 hectares (ha). It is planning to diversify its
business into property development. As a National Key Flagship Enterprise,
Asian Bamboo is at the forefront of developing the agriculture industry in
China.
Asian Bamboo has obtained organic food accreditations in China, Japan,
Europe and the United States in addition to its HACCP and ISO9001
certifications. Its plantation management has received GLOBALGAP (Global
Good Agriculture Practices) certification from the Swiss-based company SGS.
Since 16 November 2007, Asian Bamboo has been listed on the Prime Standard
of the Frankfurt Stock Exchange under the ticker symbol "5AB". In addition,
the stock is traded as an ADR under the ticker symbol "ASIBY". The
Company's financial statements are audited by Deloitte and its registered
office is located in Hamburg, Germany.
For more information about Asian Bamboo, please visit the Asian Bamboo
website at
www.asian-bamboo.com or www.asian-bamboo.de
Disclaimer:
This release is for information only and does not constitute an offer to
sell, purchase, exchange or transfer any securities or a solicitation of
any such offer in the United States or any other jurisdiction. The
securities referred to herein have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the 'Securities Act')
and may not be offered or sold in the United States absent registration or
an exemption from registration under the Securities Act. Neither Asian
Bamboo AG ("Asian Bamboo") nor any other participant in the transactions
described herein intends to register any securities under the Securities
Act or with any securities regulatory authority of any state or other
jurisdiction in the United States in connection with the proposals
described in this announcement. The shares may not be offered to the public
in any jurisdiction in circumstances which would require the preparation or
registration of any prospectus or offering document relating to the shares
in such jurisdiction. No action has been taken by Asian Bamboo or any of
their affiliates that would permit an offering of the shares or possession
or distribution of this announcement or any other offering or publicity
material relating to such securities in any jurisdiction where action for
that purpose is required.
As far as this release contains forward-looking statements with respect to
the business, financial condition and results of operations of Asian
Bamboo, these statements are based on current expectations or beliefs of
Asian Bamboo's management. These forward-looking statements are subject to
a number of risks and uncertainties that could cause actual results or
performance of the Company to differ materially from those reflected in
such forward-looking statements. Apart from other factors not mentioned
here, differences could occur as a result of changes in the overall
economic situation and the competitive environment - especially in the core
business segments and markets of Asian Bamboo. Also, the development of the
financial markets and changes in national as well as international
provisions, particularly in the field of tax legislation and financial
reporting standards, could have an effect. Terrorist attacks and their
consequences could increase the likelihood and the extent of differences.
Asian Bamboo undertakes no obligation to publicly release any revisions or
updates to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
End of Corporate News
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27.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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 News DGAP News-Service
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270510 27.05.2014
DGAP-News: Asian Bamboo announces Q1 2014 results
| Source: EQS Group AG