DGAP-Adhoc Asian Bamboo announces Q1-Q2 2012 results

    Nachrichtenquelle: EQS Group AG
     |  14.08.2012, 07:26  |  428 Aufrufe  |   | 


    Asian Bamboo AG  / Key word(s): Half Year Results/Forecast

    14.08.2012 07:26

    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.




    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
    million)

    *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  peter.sjovall@asian-bamboo.com

    Anja Holst  +49-(0)40 37644 798
    Investor Relations Director anja.holst@asian-bamboo.com

    14.08.2012 DGAP´s Distribution Services include Regulatory Announcements,
    Financial/Corporate News and Press Releases.
    Media archive at www.dgap-medientreff.de and www.dgap.de




    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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