DGAP-News: ADC's nine-months 2013 results underline

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News Desk 2018

Nov 29, 2013 at 4:00 AM

DGAP-News: ADC's nine-months 2013 results underline positive effect of transformation ++ Selected as a World Economic Forum Global Growth Company

DGAP-News: ADC African Development Corporation AG / Key word(s): 9-month figures/Quarter Results ADC's nine-months 2013 results underline positive effect of transformation ++ Selected as a World Economic Forum Global Growth Company 29.11.2013 / 09:44 --------------------------------------------------------------------- ADC African Development Corporation AG (ADC), ISIN DE000A1E8NW9, announces a net profit of EUR 6.9 million for the first nine months of 2013. The Group achieved a net interest income of EUR 65.4 million and total operating income of EUR 99.0 million in the first nine months of 2013 compared to an operating loss of EUR 15.2 million in the same period last year prior to transformation into a banking group. This leads to a profit before tax of EUR 12.2 million in the period under review compared to a loss of EUR 25.9 million in the prior year period. On a quarterly basis, Q3 2013 net loss was EUR 857k, owing primarily to specific loan impairments at BancABC and ADC's indirect investment in Union Bank of Nigeria (UBN). At the end of September, ADC had assets totaling EUR 1,277.5 million, 3% below the half-year 2013 figure of EUR 1,316.6 million. Total deposits declined by 6% on a Euro basis from EUR 972.3 million as at 30 June 2013 to EUR 913.5 million as at 30 September 2013. Net loans and advances decreased from EUR 875.9 million at the end of June 2013 to EUR 838.9 million at the end of September 2013. The negative development in loans and deposits is largely the result of exchange rate fluctuations in the countries of banking operations, and also stems from the deliberate slowdown in order to reduce risk and balance the portfolio. Total equity increased slightly from EUR 165.7 million at the end of June 2013 to EUR 166.5 million at the end of September 2013. In addition, ADC announces that it became a member of the World Economic Forum as a Global Growth Company, joining over 370 companies from 60 countries that are striving to be tomorrow's industry leaders and be a part of a driving force of economic and social change in the world. Dirk Harbecke, CEO of ADC commented: 'ADC is proud to have joined the prestigious business community at the World Economic Forum and to contribute to its vision of shaping global, regional and industry agendas and to be an agent of change on the African continent. After a small loss in Q3 on the back of one-time effects, ADC expects to return to profitability in Q4 2013 and end the year with a Group net profit of approximately EUR 10 million. The company's transformation efforts have increased ADC's profitability and earnings stability and resulted in a private placement from a new strategic investor in July 2013 who believes that ADC's excellent team and unique vision offer significant opportunities for further growth.' The Interim Report will be made available for download on ADC's website: http://www.african-development.com/en/investo...r-informat ion/financial-reports/ About ADC ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR, www.african-development.com), is a German listed, emerging pan-African banking group. ADC has a strong footprint in Southern Africa via BancABC, a regional commercial banking platform operating in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as in West Africa via Union Bank of Nigeria. Parallel to its banking operations, ADC has a private equity portfolio active in growth markets across sub-Saharan Africa. ADC follows an active management approach with a team of experts that comprise operational banking management, investment banking and merchant banking expertise. ADC optimizes its risk-return profile through a political risk insurance solution offered by the MIGA (World Bank Group). Contact: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119 End of Corporate News --------------------------------------------------------------------- 29.11.2013 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. 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: ADC African Development Corporation AG GrÃ¼neburgweg 18 60322 Frankfurt/Main Germany Phone: +49 69 719 12 80 119 Fax: +49 69 719 12 80 999 E-mail: info@african-development.com Internet: www.african-development.com ISIN: DE000A1E8NW9 WKN: A1E8NW Listed: Freiverkehr in Berlin, DÃ¼sseldorf; Frankfurt in Open Market (Entry Standard) End of News DGAP News-Service --------------------------------------------------------------------- 242275 29.11.2013

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