Asian Bamboo AG / Key word(s): Half Year Results/Forecast
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Hamburg, 14 August 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-Q2
2012 results which were adversely affected by challenging harvesting
conditions for bamboo shoots and weak demand for bamboo trees.
The Company´s profitability is sensitive to changes in harvesting volumes
per hectare (ha), prices and costs, which are the key parameters
determining FVBA*. The FVBA-calculation tends to create an exaggerated
effect, caused by the underlying business development, on the Company´s
profit. In simple terms the more the Company harvests per hectare, the
higher the profitability and vice versa.
As harvesting volumes and sales volumes were down, while at the same time
costs were up due to a larger plantation size, the Company recorded a loss
of EUR 4.8 million in Q2, which to a large degree was caused by a loss in
FVBA of EUR 6.3 million. As the loss in FVBA is a non-cash item, the
Company´s cash flow remained solid and the overall financial situation
remains very strong.
In summary, the Company achieved the following numbers in Q1-Q2 (percentage
numbers are year-on-year comparisons):
* Revenue decreased 10% to EUR 44.3 million (Q1-Q2 2011: EUR 49.2 million)
* Gross profit including FVBA-changes decreased 72% to EUR 6.5 million
(Q1-Q2 2011: EUR 23 million), equivalent to a gross profit margin including
FVBA-changes of 15% (Q1-Q2 2011: 47%)
* Net profit decreased 87% to EUR 2.5 million (Q1-Q2 2011: EUR 18.4
million), equivalent to a net profit margin of 6% (Q1-Q2 2011: 37%)
* Net cash from operating activities decreased 35% to EUR 11.4 million
(Q1-Q2 2011: EUR 17.6 million)
* Cash and cash equivalents were EUR 57.5 million (31 December 2011: EUR 42
*FVBA is an abbreviation for gains/(losses) arising from changes in the
fair value less estimated costs to sell of biological assets
The Management Board believes that the last two years have been unusually
challenging and that the Chinese economy and the world economies will
stabilise in the future. It further believes that a stronger economic
environment, together with the effects of various management initiatives
will lead to a rebound in revenue per ha and profitability in the future.
The Management Board expects the overall operating situation to remain
challenging for the rest of the year. Therefore, the Management Board
lowers its full-year forecast to revenues of at least EUR 80 million and
that the Company will achieve positive operating cash flows.
For enquiries, please contact:
Asian Bamboo AG:
Peter Sjovall +852-9385 3868
Chief Financial Officer firstname.lastname@example.org
Anja Holst +49-(0)40 37644 798
Investor Relations Director email@example.com
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Company: Asian Bamboo AG
Phone: +49 40 37644 798
Fax: +49 40 37644 500
ISIN: DE000A0M6M79, DE000A0M6M79
WKN: A0M6M7, A0M6M7
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP