DGAP-News: Asian Bamboo AG / Key word(s): Quarter Results
Asian Bamboo announces Q1-Q3 2012 results
09.11.2012 / 06:43
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Hamburg, 9 November 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-Q3
2012 results which were adversely affected by an overall weak economy,
harvesting challenges and limited production of bamboo fibre. However, the
Company's cash flow remained solid and the overall financial situation is
still strong.
In summary, the Company achieved the following financial results for the
period Q1-Q3 (percentage numbers are year-on-year comparisons):
* Revenue decreased 14% to EUR 61.4 million (Q1-Q3 2011: EUR 71.4 million)
* Gross profit including FVBA-changes* fell 73% to EUR 9 million (Q1-Q3
2011: EUR 33.3 million), equivalent to a gross profit margin including
FVBA-changes of 15% (Q1-Q3 2011: 47%)
* Net profit decreased 93% to EUR 1.9 million (Q1-Q3 2011: EUR 27.6
million), equivalent to a net profit margin of 3% (Q1-Q3 2011: 39%)
* Net cash from operating activities increased 10% to EUR 19.3 million
(Q1-Q3 2011: EUR 17.5 million)
* Cash and cash equivalents were EUR 54.4 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
In Q3 there were signs of the Chinese economy stabilising as the
quarter-on-quarter GDP growth was more or less unchanged, exports were
steady and inflation remained at a low level. The Management Board believes
that China's economy will grow more slowly in the next few years than it
did in the past. However, it still believes that the economy will offer
opportunities and that relatively slower growth may also be helpful in
terms of improving the labour supply situation.
The Management Board expects the overall operating situation to remain
challenging for the rest of this year. Therefore, the Management Board
forecasts revenues of at least EUR 80 million and operating cash flows of
at least EUR 10 million.
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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 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
End of Corporate News
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09.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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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192318 09.11.2012
DGAP-News: Asian Bamboo announces Q1-Q3 2012 results
| Source: EQS Group AG