DGAP-News: ADC African Development Corporation GmbH&Co. KGaA: Q1 Report 2012
(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
word(s): Quarter Results
ADC African Development Corporation GmbH&Co. KGaA: Q1 Report 2012
31.05.2012 / 16:12
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ADC African Development Corporation GmbH&Co. KGaA ('ADC'), ISIN
DE000A1E8NW9, a fast growing pan-African Banking Group focused on the
frontier markets of sub-Saharan Africa has published its interim report for
the first quarter of 2012.
In Q1 2012, ADC earned consolidated revenues and other income of EUR 784k
versus EUR 516k in Q1 2011. The group recognized non cash-relevant EUR 7.2
million in fair value losses in the first quarter due to BancABC's
volatility in share price, which has affected ADC's Q1 financial results.
As of 31 March 2012, ADC had shares in associated companies on the balance
sheet valued at EUR 42.5 million (31 December 2011: 49.2 million). Besides
that, ADC had cash and cash equivalents of EUR 14.1 million at the end of
the quarter (31 December: 20.1 million). The company's total equity reached
EUR 78.2 million compared to EUR 88.3 million at year-end 2011.
In general due to ADC's business model, Q1 results are expected to be lower
than at year-end as major revaluations in non-listed assets take place by
the end of fiscal year. In Q1 2012, ADC recorded a net loss of EUR 10.2m
(Q1 2011: - EUR 2.1m).
The Q1 2012 Report is available for investors and other interested parties
via the following link on the ADC website:
http://www.african-development.com/files/120531_adc_q1_en_ohne_s.pdf
Olaf Meier, CFO of ADC, commented on the results: 'Despite BancABC's
continued growth and success as a pan-African Banking Group, the share
price has decreased in the first quarter of 2012. Even though we need to
recognize fair value losses in the first quarter, we have the advantage of
participating in BancABC's upcoming rights issue on current stock price
level which gives us an excellent position to increase our stake on a price
level far below our own projections on BancABC's fair value. This opinion
is shared by independent analysts who recently valued BancABC with a price
target of BWP 8.14 (USD 1.09). With the planned consolidation of new and
existing investments this temporary effect of mark-to-market valuations
will be eliminated and our quarterly results will provide a much higher
level of stability once expected consolidation will take place.'
Dirk Harbecke, CEO of ADC added on the operational performance: 'BancABC,
ADC's core banking asset, reported strong earnings in 2011 with a profit of
USD 12.8 million, a 27% increase from 2010, which is excellent given the
large expenditures made over the year in growing the retail business
operation. Furthermore, the Group's balance sheet increased by 53%,
crossing the billion dollar threshold with total assets reaching USD 1.2
billion in 2011. Based on this success, BancABC announced that it will
increase its dividend payments to USD 2.3 cents per share, a year-on-year
increase of 36%.'
About ADC
ADC African Development Corporation (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR,
www.african-development.com), a member of the Angermayer, Brumm&Lange
Group (www.abl-group.de), was established in September 2007 and aims to
become one of the leading banking groups in sub-Saharan Africa, active in
corporate and retail banking and proprietary investments. The company's
success is primarily due to its local management team, which follows
international best practice principles to further develop its operational
companies and implements conventional international processes to increase
their profitability. As the second international emerging market investor
in the world, ADC was integrated into the insurance solution offered by the
Multilateral Investment Guarantee Agency ('MIGA'), a member of the World
Bank Group, primarily due to its strong operational approach and adherence
to the highest ethical standards. This insurance offers protection against
a variety of political risks, in particular the risk of radical political
change.
Contact:
Investor Relations
investor-relations(at)african-development.com
T +49 69 719 12 80 119
End of Corporate News
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Language: English
Company: ADC African Development Corporation GmbH&Co. KGaA
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 00
Fax: +49 69 719 12 80 011
E-mail: info(at)african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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