DGAP-News: Asian Bamboo announces Q1 2014 results

DGAP-News: Asian Bamboo AG / Key word(s): Quarter Results Asian Bamboo announces Q1 2014 results 27.05.2014 / 09:48 --------------------------------------------------------------------- Asian Bamboo announces Q1 2014 results Hamburg, 27 May 2014 - Asian Bamboo AG ("Asian Bamboo", "the Company", ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol "ASIBY"), announces Q1 2014 results. In the first quarter the Company's performance remained unsatisfactory. As result of good cost control and the provisions made for onerous contracts in FY 2013, which have lowered the amortisation costs, the Company recorded a net profit. The business was net operating cash flow positive during the period. In summary, the Company achieved the following results in Q1 (percentage numbers are year-on-year comparisons): - Revenue* decreased 9% to EUR 4.6 million (Q1 2013: EUR 5.0 million) - Gross profit including FVBA-changes** increased 10% to EUR 3.1 million (Q1 2013: EUR 2.9 million), equivalent to a gross profit margin including FVBA-changes of 68% (Q1 2013 restated: 57%) - Net profit of EUR 1.2 million (Q1 2013: net loss of kEUR 12) - Operating cash flow before movements in working capital was EUR 0.5 million (Q1 2013: EUR 0.6 million) - Net cash generated from operating activities was positive EUR 2.5 million (Q1 2013: negative EUR 3.2 million) - Cash and cash equivalents were EUR 26 million (31 December 2013: EUR 28.5 million). During the period the Company repaid loans of EUR 4.6 million. * Revenue in Q1 2014 and Q1 2013 do not include sales of bamboo fibre as it is treated as a discontinued operation **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 --------------------------------------------------------------------- 27.05.2014 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. 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: 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 --------------------------------------------------------------------- 270510 27.05.2014