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| Datum : | 12.05.2014 |
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DGAP-News: Asian Bamboo announces FY 2013 results |
| Meldung : | DGAP-News: Asian Bamboo AG / Key word(s): Final Results Asian Bamboo announces FY 2013 results 12.05.2014 / 14:32 --------------------------------------------------------------------- Asian Bamboo announces FY 2013 results Hamburg, 12 May 2014 - Asian Bamboo AG ("Asian Bamboo", "the Company", ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol "ASIBY"), announces FY 2013 results. The conditions for running an agriculture business in Fujian Province remained very difficult in FY 2013. The supply of labour needed for harvesting decreased and harvesting pay rates increased, which led to a significantly smaller harvest and a deterioration in operational and financial performance. Moreover, bad weather conditions affected the winter bamboo shoot harvest. The negative operating performance led to a loss in the fair value less estimated costs to sell of biological assets ('FVBA loss')* of EUR 24.7 million in the P&L. In addition, provisions for onerous plantation lease contracts caused a loss of EUR 165.2 million in the P&L. These two items, totalling EUR 189.9 million, are the main reasons for the large net loss of EUR 199.9 million. However, they are non-cash items and therefore do not have any impact on the Company's cash flow. Despite the difficult operating conditions, the Company generated positive operating cash flows before movements in working capital of EUR 5.1 million. The key financial indicators for FY 2013, which are well below the guidance set at the beginning of the year for revenues and slightly below the forecast for operating cash flows, are as follows (percentage numbers are year-on-year comparisons): - Revenue decreased 55% to EUR 31.4 million (2012: EUR 69.4 million) - Loss in FVBA* of EUR 24.7 million (2012 restated: loss of EUR 7.8 million) - Negative gross profit, including FVBA*-changes, of EUR 25.7 million (2012: negative EUR 10 million) - Net loss of EUR 199.9 million (2012: net loss EUR 19.8 million) - Operating cash flow before movements in working capital of EUR 5.1 million (2012: EUR 11.6 million) - Net cash generated from operating activities of negative EUR 1.1 million (2012: positive EUR 17.6 million) - Cash and cash equivalents decreased to EUR 28.5 million (2012: EUR 38.6 million) mainly as a result of repayments of bank loans during the year - Total bank borrowings decreased to EUR 34.7 million (2012: EUR 46.5 million) after repayments of bank loans during the year - Total equity decreased to EUR 86.7 million (2012: EUR 288 million) mainly due to a reduction in biological assets and impairments of lease prepayments *FVBA is an abbreviation for gain/(loss) arising from changes in the fair value less estimated costs to sell of biological assets 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 with a total size of 50,338 hectares (ha). It is planning to diversify its business into property development. As a National Key Flagship Enterprise, Asian Bamboo is at the forefront of developing the agriculture industry in China. Asian Bamboo has obtained organic food accreditations in China, Japan, Europe and the United States in addition to its HACCP and ISO9001 certifications. Its plantation management has received GLOBALGAP (Global Good Agriculture Practices) certification from the Swiss-based company SGS. Since 16 November 2007, Asian Bamboo has been listed on the Prime Standard of the Frankfurt Stock Exchange under the ticker symbol "5AB". In addition, the stock is traded as an ADR under the ticker symbol "ASIBY". The Company's financial statements are audited by Deloitte and its registered office is located in Hamburg, Germany. For more information about Asian Bamboo, please visit the Asian Bamboo website at www.asian-bamboo.com or www.asian-bamboo.de Disclaimer: This release is for information only and does not constitute an offer to sell, purchase, exchange or transfer any securities or a solicitation of any such offer in the United States or any other jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act') and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Neither Asian Bamboo AG ("Asian Bamboo") nor any other participant in the transactions described herein intends to register any securities under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States in connection with the proposals described in this announcement. The shares may not be offered to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the shares in such jurisdiction. No action has been taken by Asian Bamboo or any of their affiliates that would permit an offering of the shares or possession or distribution of this announcement or any other offering or publicity material relating to such securities in any jurisdiction where action for that purpose is required. As far as this release contains forward-looking statements with respect to the business, financial condition and results of operations of Asian Bamboo, these statements are based on current expectations or beliefs of Asian Bamboo's management. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those reflected in such forward-looking statements. Apart from other factors not mentioned here, differences could occur as a result of changes in the overall economic situation and the competitive environment - especially in the core business segments and markets of Asian Bamboo. Also, the development of the financial markets and changes in national as well as international provisions, particularly in the field of tax legislation and financial reporting standards, could have an effect. Terrorist attacks and their consequences could increase the likelihood and the extent of differences. Asian Bamboo undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. End of Corporate News --------------------------------------------------------------------- 12.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 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 News DGAP News-Service --------------------------------------------------------------------- 267788 12.05.2014 |
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