DGAP-News: ADC African Development Corporation AG / Key word(s): Half
Year Results
ADC reports half-year 2014 results
25.09.2014 / 16:55
---------------------------------------------------------------------
ADC African Development Corporation AG (ADC); ISIN DE000A1E8NW9, announces
a net profit of EUR 951k in the first half of 2014, a significant decline
from the H1 2013 profit of EUR 34.8 million driven by the impact of UBN's
limited share price development in the first six months of 2014 compared
with the first six months of 2013.
The segment banking operations BancABC posted a profit before tax of EUR
3.6 million after consolidation into ADC from January to June 2014, down
from EUR 8.9 million at the end of June 2013 primarily due to higher
overall provisions, mainly on several large corporate accounts.
Total assets as at 30 June 2014 reached EUR 1.5 billion, up 3% from
year-end 2013 as a result of higher overall deposits which reached EUR 1.1
billion at the end of the reporting period. Total equity increased by 18%
from EUR 122.4 million at year-end to EUR 144.1 million at the end of June
2014.
Sonja Rossteuscher, CFO of ADC commented: "UBN continues to restructure its
operations despite challenging regulatory changes. We are optimistic that
the on-going transformation activities at UBN will increasingly reflect in
its operational financial performance as well as share price development.
BancABC continues to grow operationally with 65 branches and 108 agencies
in five countries across east and southern Africa. Management is focused on
reigning in rising loan impairments and it is expected that additional
liquidity will be injected in the coming months, which will positively
contribute to ongoing operations in all subsidiary operations."
The half-year report is available for download on ADC's website:
http://www.african-development.com/en/investor-relations/investor-informat
ion/financial-reports/
About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9;
Bloomberg: AZC.GR; www.african-development.com) is a German open market
(Entry Standard) listed holding company with investments in sub-Saharan
Africa. ADC has a strong footprint in Southern Africa via BancABC, a
regional commercial banking group operating in Botswana, Mozambique,
Tanzania, Zambia and Zimbabwe as well as in West Africa via Union Bank of
Nigeria. Parallel to its banking operations, ADC has a private equity
portfolio active in growth markets across sub-Saharan Africa. ADC is
indirectly majority-owned by Atlas Mara Co-Nvest Limited which is listed on
the main market of the London Stock Exchange. For more information, visit
Atlas Mara's website at www.atlasmara.com.
Contact:
Investor Relations
investor-relations@african-development.com
T +49 69 719 12 80 119
---------------------------------------------------------------------
25.09.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP 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: ADC African Development Corporation AG
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 119
Fax: +49 69 719 12 80 115
E-mail: info@african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open
Market (Entry Standard)
End of News DGAP News-Service
---------------------------------------------------------------------
288745 25.09.2014
DGAP-News: ADC reports half-year 2014 results
| Source: EQS Group AG