DGAP-News: ADC African Development Corporation AG / Key word(s):
Quarter Results
ADC reports Q1 2014 results ++ Combination offer from Atlas Mara
expected by mid-June
26.05.2014 / 17:33
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ADC African Development Corporation AG (ADC); ISIN DE000A1E8NW9, announces
break-even results in the first quarter of 2014, producing a small profit
after tax of EUR 12k compared to a restated net profit of EUR 24.6 million
in Q1 2013. The decrease in profits in the first quarter 2014 compared to
previous year relates primarily to lower gains on equity method
investments, relating to limited share price development in ADC's indirect
investment in Union Bank of Nigeria (UBN) of +3% during Q1 2014 compared
with +38% in Q1 2013. The segment banking operations BancABC posted a
profit before tax of EUR 1.8 million after consolidation into ADC from
January to March 2014. Group operating expenses were slightly down versus
prior year quarter, despite further expansion activities at BancABC
subgroup.
Total assets as at 31 March 2014 reached EUR 1.4 billion, down marginally
from year-end results due to cyclical decreases in customer deposits and
exchange rate differences. Total equity increased by 16% from EUR 122.4
million to EUR 142.3 million at the end of March 2014, mainly relating to a
reversal of a liability taken at year end.
The Interim Report is available for download on ADC's website:
www.african-development.com/en/investor-relations/investor-information/fin
ancial-reports/
Sonja Rossteuscher, CFO of ADC commented: "UBN's Q1 financial contribution
to ADC's financial results is not representative of its potential and we
are confident that this asset will contribute significantly to ADC's net
profit in 2014. ADC continues to expect an increase of its net profit in
2014 compared to 2013, with the cost-to-income and return on equity ratios
improving substantially from those achieved in the 2013 period." Dirk
Harbecke continues commenting the announced combination with Atlas Mara
Co-Nvest Limited (Atlas Mara): "Since entering into a business combination
agreement with ADC, the Atlas Mara team worked on the completion of the
offering prospectus, which should be delivered to ADC shareholders by
mid-June. Assuming that the offer achieves a successful closing of the
combination with Atlas Mara, I continue to stress that the ADC share price
trades below the price offered by Atlas Mara."
About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9;
Bloomberg: AZC.GR, www.african-development.com), is a German listed,
emerging pan-African banking group. ADC has a strong footprint in Southern
Africa via BancABC, a regional commercial banking platform operating in
Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as exposure to
West Africa via Union Bank of Nigeria. In addition to its banking
operations, ADC has a private equity portfolio active in growth markets
across sub-Saharan Africa. ADC follows an active management approach with a
team of experts that comprise operational banking management, investment
banking and merchant banking expertise.
Contact:
Investor Relations
investor-relations@african-development.com
T +49 69 719 12 80 119
End of Corporate News
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26.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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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
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270546 26.05.2014
DGAP-News: ADC reports Q1 2014 results ++ Combination offer from Atlas Mara expected by mid-June
| Source: EQS Group AG