Asian Bamboo AG / Key word(s): Quarter Results
15.05.2012 06:54
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.
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Asian Bamboo announces Q1 2012 results
Hamburg, 15 May 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 2012
results which were adversely affected by challenging harvesting conditions.
While demand and prices for winter and spring bamboo shoots remained stable
in Q1, the harvesting volumes of winter bamboo shoots were affected by a
number of snowy days at the beginning of January and the unusually early
Chinese New Year, which caused a large part of the migrant labour force to
remain in their home villages for most of January.
Furthermore, heavy rain combined with unusually high temperatures caused the
spring bamboo shoots to grow faster than normal. This meant that the Company
harvested less spring bamboo shoots per ha than normally in March.
For these reasons revenue and net profit did not rise in line with the
increase in mature plantation size and the Company achieved the following
quarterly performance (percentage numbers are year-on-year comparisons):
* Revenue decreased 6% to EUR 24.8 million (Q1 2011: EUR 26.5 million)
* Gross profit including FVBA-changes* fell 23% to EUR 9.1 million (Q1 2011:
EUR 11.9 million), equivalent to a gross profit margin including
FVBA-changes of 37% (Q1 2011: 45%)
* Net profit decreased 24% to EUR 7.2 million (Q1 2011: EUR 9.5 million),
equivalent to a net profit margin of 29% (Q1 2011: 36%)
* Net cash from operating activities fell 8% to EUR 7.6 million (Q1 2011:
EUR 8.2 million)
* Cash and cash equivalents were EUR 53.1 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
While the Management Board is disappointed with the financial performance in
Q1, it is pleased to see that even unforeseen adverse developments do not
pose any real threat to the Company's financial position or business
development.
At the end of Q1, the Company held EUR 53.1 million in cash and cash
equivalents which do not include the second DEG loan of around EUR 15
million which was disbursed in early May. Due to the uncertain
macro-economic situation the Management Board is reluctant to make any
significant investment commitments at the moment. However, it is working on
a number of business development projects which do not require any major
investments. As a result of the Company's significant cash position and
stable cash flows the Management Board does not have any fund raising plans
this year.
Primarily driven by an increase in the mature plantation size, the
Management Board expects an improved financial performance in FY 2012.
However, the performance in Q1 was below expectations and therefore the
Management Board adjusts the guidance to revenue of between EUR 100-120
million and a net profit margin of at least 40%.
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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 43 bamboo plantations
with a total size of 54,511 hectares (ha). In the longer term, Asian Bamboo
expects to reach a total plantation size of more than 100,000 ha. In March
2011, the Company began producing Acetified Dissolving Bamboo Pulp ('ADBP'),
a raw material primarily used for textile production. Asian Bamboo expects
to reach an annual production capacity of 100,000 tonnes of ADBP in the
future.
As a National Key Flagship Enterprise, Asian Bamboo is at the forefront of
developing the agriculture industry in China, helping to raise farmers'
incomes and increase output. As part of its corporate and social
responsibilities, the Company launched the 'Xinrixian Village Development
Fund' to financially support projects in the regions where the Company
operates, with the aim of improving living conditions and quality of life
for farmers.
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 by the Swiss based company SGS.
The Company is a member of the United National Global Compact initiative and
is one of the first Chinese companies ever to participate in the Carbon
Disclosure Project and the CDP Water Disclosure Project.
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 our website at
www.asian-bamboo.com or www.asian-bamboo.de
15.05.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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 Q1 2012 results
| Source: EQS Group AG