DGAP-News
Asian Bamboo announces final Q1-Q2 2014 results
DGAP-News: Asian Bamboo AG / Key word(s): Half Year Results
Asian Bamboo announces final Q1-Q2 2014 results
14.08.2014 / 06:46
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Asian Bamboo announces final Q1-Q2 2014 results
Hamburg, 14 August 2014 - Asian Bamboo AG ("Asian Bamboo", "the Company",
ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol "ASIBY"),
announces the following final results for the period Q1-Q2 2014 (percentage
numbers are year-on-year comparisons):
- Revenue decreased 22% to EUR 10.8 million* (Q1-Q2 2013: EUR 13.7
million*)
- Gross profit including FVBA-changes** increased 204% to EUR 5 million
(Q1-Q2 2013: EUR 1.6 million), equivalent to a gross profit margin
including FVBA-changes of 46% (Q1-Q2 2013: restated: 12%)
- Net profit of EUR 8.1 million (Q1-Q2 2013 restated: net loss of EUR 2.2
million)
- Operating cash flow before movements in working capital was EUR 1.3
million (Q1-Q2 2013: EUR 4.5 million)
- Net cash generated from operating activities was positive EUR 4.2
million (Q1-Q2 2013: negative EUR 4 million)
- Cash and cash equivalents of EUR 26 million (31 December 2013: EUR 28.5
million)
* Revenue numbers do not include sales of bamboo fibre as it is treated as
a discontinued operation
**FVBA is an abbreviation for gains/(losses) arising from changes in the
fair value less estimated costs to sell of biological assets
In the first half of the year the performance remained unsatisfactory due
to the structural issues the plantation business is facing. In addition,
the spring bamboo shoot harvest was negatively affected by heavy rain
during the key harvesting weeks, which also had a negative impact on the
production of dried bamboo shoots. The Management Board continued to
exercise stringent cost control and the provisions made for onerous
plantation lease contracts have lowered the total amortisation costs. In
addition, on 22 April the Company announced an agreement to give up the
rights to certain plantations, which resulted in an accounting gain of EUR
6.8 million in Q2. Most importantly, the business continued to be net
operating cash flow positive.
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 40 bamboo plantations
Hamburg, 14 August 2014 - Asian Bamboo AG ("Asian Bamboo", "the Company",
ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol "ASIBY"),
announces the following final results for the period Q1-Q2 2014 (percentage
numbers are year-on-year comparisons):
- Revenue decreased 22% to EUR 10.8 million* (Q1-Q2 2013: EUR 13.7
million*)
- Gross profit including FVBA-changes** increased 204% to EUR 5 million
(Q1-Q2 2013: EUR 1.6 million), equivalent to a gross profit margin
including FVBA-changes of 46% (Q1-Q2 2013: restated: 12%)
- Net profit of EUR 8.1 million (Q1-Q2 2013 restated: net loss of EUR 2.2
million)
- Operating cash flow before movements in working capital was EUR 1.3
million (Q1-Q2 2013: EUR 4.5 million)
- Net cash generated from operating activities was positive EUR 4.2
million (Q1-Q2 2013: negative EUR 4 million)
- Cash and cash equivalents of EUR 26 million (31 December 2013: EUR 28.5
million)
* Revenue numbers do not include sales of bamboo fibre as it is treated as
a discontinued operation
**FVBA is an abbreviation for gains/(losses) arising from changes in the
fair value less estimated costs to sell of biological assets
In the first half of the year the performance remained unsatisfactory due
to the structural issues the plantation business is facing. In addition,
the spring bamboo shoot harvest was negatively affected by heavy rain
during the key harvesting weeks, which also had a negative impact on the
production of dried bamboo shoots. The Management Board continued to
exercise stringent cost control and the provisions made for onerous
plantation lease contracts have lowered the total amortisation costs. In
addition, on 22 April the Company announced an agreement to give up the
rights to certain plantations, which resulted in an accounting gain of EUR
6.8 million in Q2. Most importantly, the business continued to be net
operating cash flow positive.
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 40 bamboo plantations
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