DGAP-News: Asian Bamboo AG / Key word(s): Quarter Results
Asian Bamboo announces solid Q1-Q2 2011 results
12.08.2011 / 06:16
---------------------------------------------------------------------
Hamburg, 12 August 2011 - 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, is pleased to
report solid Q1-Q2 revenue and net profit growth. The Q1-Q2 financial
highlights were as follows (percentage numbers are year-on-year comparisons
and Q1-Q2 2010 numbers exclude paper sales*):
* Revenue increased 27% to EUR 49.2 million (Q1-Q2 2010: EUR 38.7 million)
* Net profit increased 21% to EUR 18.4 million (Q1-Q2 2010 Restated: EUR
15.2 million), equivalent to a net profit margin of 37% (Q1-Q2 2010
Restated: 39%)
* Excluding non-cash option expenses of EUR 1.3 million**, the net profit
increased 30% to EUR 19.8 million
* Cash and cash equivalents were EUR 41.4 million (31 December 2010: EUR
56.7 million)
For the rest of the year, the outlook for the Company remains positive. The
Management Board expects a significantly higher revenue and net profit in
the second half of the year compared to the first half of the year. In the
second half of the year, the Company will benefit from the following
factors:
* A large gain in the fair value of biological assets to be booked in Q4
* A larger mature plantation size
* A seasonally higher revenue per ha
* Significantly larger sales of bamboo fibre
Mr. Lin Zuojun, founder and CEO of Asian Bamboo, commented: 'Despite a
challenging global macro-economic environment, we expect to reach record
revenue and net profit levels both in FY 2011 and FY 2012. In addition, we
expect our plantation business to be free cash flow positive from FY 2012
onwards'.
* In Q1-Q2 2010 the Company recorded revenue and cost of sales of paper of
around EUR 2.7 million and EUR 2.6 million, respectively. As this business
was subsequently moved to an associated company (Haoming), the Company did
not have any such revenue and cost of sales in Q1-Q2 2011. Therefore,
year-on-year comparisons are more meaningful if these items are excluded.
** Calculated according to the Black-Scholes option formula.
Asian Bamboo's FY 2010 Annual Report won gold, silver and bronze medals at
the ARC Awards
The Company is pleased that its FY 2010 Annual Report won the following
awards at the 2011 ARC Awards (http://www.mercommawards.com/arc.htm) in the
agriculture industry category:
* Overall report - Silver
* Written text - Gold
* Illustrations - Bronze
For enquiries, please contact:
Asian Bamboo AG:
Peter Sjovall +852-9385 3868
Chief Financial Officer
Anja Holst +49-(0)40 37644 798
Investor Relations Director
About Asian Bamboo AG:
Asian Bamboo is a world-leading integrated bamboo company involved in all
aspects of the value chain through its own operations and strategic
partnerships. The Company currently owns long-term leasing rights for 43
bamboo plantations with a total size of 54,511 hectares (ha) and expects to
reach a total plantation size of more than 100,000 ha in the future.
As a National Key Flagship Enterprise, Asian Bamboo is at the forefront of
developing the agriculture industry in China, which helps 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.
Asian Bamboo Group's registered office is located in Hamburg, Germany, and
the Company is 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'.
For more information about Asian Bamboo, please visit our website at
www.asian-bamboo.com or www.asian-bamboo.de
End of Corporate News
---------------------------------------------------------------------
12.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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 News DGAP News-Service
---------------------------------------------------------------------
135431 12.08.2011
DGAP-News: Asian Bamboo announces solid Q1-Q2 2011 results
| Source: EQS Group AG