DGAP-Adhoc

Asian Bamboo announces Q1 2013 results

Asian Bamboo AG / Key word(s): Quarter Results

14.05.2013 06:49

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.

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Hamburg, 14 May 2013 - Asian Bamboo AG ('Asian Bamboo', 'the Company',
ISIN: DE000A0M6M79, ticker symbol: '5AB', ADR ticker symbol 'ASIBY'), an
integrated company in the bamboo industry, regrets that the conditions for
running an agriculture business in Fujian province remained very
challenging in Q1 2013.

The results for the period were as follows (percentage numbers are
year-on-year comparisons):

* Revenue decreased 79% to EUR 5.2 million (Q1 2012: EUR 24.8 million)
* Gross profit including FVBA-changes* decreased 69% to EUR 2.9 million (Q1
2012: EUR 9.1 million), equivalent to a gross profit margin including
FVBA-changes of 55% (Q1 2012: 37%)
* Net loss was kEUR 12 (Q1 2012: net profit EUR 7.2 million)
* Operating cash flow before changes in working capital was EUR 0.6 million
(Q1 2012: EUR 10.6 million)
* Net cash from operating activities was negative EUR 3.2 million (Q1 2012:
positive EUR 7.6 million)

At the end of Q1, the Company's balance sheet remained strong (comparable
numbers are 2012 year-end numbers):

* Biological assets were EUR 89.3 million (2012: EUR 83.9 million)
* Lease prepayments were EUR 202 million (2012: EUR 193.4 million)
* Cash and cash equivalents were EUR 37.2 million (2012: EUR 38.6 million)
* Total assets were EUR 364.1 million (2012: EUR 348.4 million)
* Total bank borrowings were EUR 48.1 million (2012: EUR 46.5 million)
* Total equity was EUR 303.3 million (2012: EUR 288 million)
* Total liabilities and equity were EUR 364.1 million (2012: EUR 348.4
million)

* FVBA is an abbreviation for gains/(losses) arising from changes in the
fair value less estimated costs to sell of biological assets

Strategic review

Over the last two years the Management Board has tried various initiatives
to improve the harvesting yields. However none has proved successful.
Therefore the Management Board has decided to implement a turnaround plan,
which involves fundamental changes to the Company's business model.

In summary the Company is decentralising decision making and aligning the
remuneration paid to employees involved in plantation management with the
profitability of the plantation management centres, which are the main
source of revenue for the Group.

The turnaround plan consists of the following key components:

* Organisational restructuring