DGAP-Adhoc
Asian Bamboo announces Q1 2013 results - Seite 2
* New incentive scheme
* Year-end review of the Company's operations
Organisational restructuring
The Company's business will be split into three areas which will be managed
independently. The three areas are - plantation management (including
harvesting and sales of bamboo shoots and bamboo trees), bamboo shoot
processing (including production and sales of processed bamboo shoots) and
bamboo fibre processing (including production and sales of bamboo fibre).
The plantations will continue to be managed by the subsidiaries
('plantation management centres') operating where the plantations are
located (Shaowu, Longyan, Shunchang, Wuyishan and Sanming). However,
instead of reporting directly to the Company's CEO they will now report to
the plantation management centre in Shaowu ('Shaowu'), which will have the
overall responsibility for decisions for and co-ordination of the Company's
plantation management activities, including the recruitment of farm labour
and reclamation work. Shaowu currently manages the Company's largest
plantation management centres and also has the longest and most successful
track record in plantation management within the Group.
Due to the Company's large plantation size and the complexities of running
a plantation business, the Management Board believes that this structure
will simplify and speed up decision making, generate synergies and increase
the plantation yield, particularly from the most recently leased
plantations. It will also allow the Company's CEO to focus on the bamboo
fibre processing business, which he will manage directly, and on other
matters of strategic importance.
The bamboo shoot processing business, which is a stable and well
established business, will be managed by the team at Fuzhou Xinrixian Food
Development Co., Ltd.
New incentive scheme
Complementing the decentralised decision-making process described above,
the plantation management centres ('the centres') will take part in an
incentive scheme, which will align employee remuneration more closely with
the profitability of each centre. In practice it means that all employees
working for the centres will receive a fixed yearly salary and a variable
bonus, paid at the end of the year, if certain profitability targets are
achieved. When calculating the profitability all costs related to
plantation management will be included and group overhead costs excluded.
The Management Board believes that this incentive scheme will motivate
these employees to look for creative and cost efficient solutions, which
will in turn improve revenues and net profits of the centres, which are the
main source of revenue and profits for the Group.
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