DGAP-News: ADC publishes stable results for the quarter and Q3 Report ++ Net profit of EUR ++ 2.9 million in Q3 ++ First dividend payments by bank in Equatorial Guinea in its history ++ Investment in BancABC main contributor to quarterly profits
(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
word(s): Quarter Results
ADC publishes stable results for the quarter and Q3 Report ++ Net
profit of EUR ++ 2.9 million in Q3 ++ First dividend payments by bank
in Equatorial Guinea in its history ++ Investment in BancABC main
contributor to quarterly profits
18.11.2011 / 10:13
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ADC African Development Corporation (ADC), ISIN DE000A1E8NW9, a fast
growing financial services group focusing on the frontier markets in
sub-Saharan Africa, has published its interim report for the third quarter
of 2011.
In Q3 2011, ADC recorded a net profit of EUR 2,915k (Q3 2010: EUR 3,044k).
Third quarter consolidated revenues and investment income came in at EUR
945k, an increase of more than three-fold compared to the previous year's
third quarter (Q3 2010: EUR 285k). The increase in revenue was driven by
dividends paid from two of ADC's portfolio companies during the quarter.
Our portfolio company in Equatorial Guinea, BANGE has paid a dividend
amounting to EUR 306k for the financial year 2010. This is the first
dividend payment by this bank in its history. Our portfolio company in
Botswana, BancABC, paid its second dividend this financial year of EUR 193k
after ADC had already received a dividend of EUR 262k in the previous
quarter for BancABC's 2010 financial year.
Earnings before interest, tax, depreciation and amortization (EBITDA) in
the third quarter amounted to EUR 3,000k. The main driver in this quarter
was the revaluation of ADC's stock market listed portfolio company BancABC.
The 20.1% stake acquired in March of this year, increased in value as of
the end of the first quarter from EUR 9,973k to EUR 18,458k at the end of
the third quarter 2011, leading to an IRR of above 200%. As of 30 September
2011, ADC has shares in associated companies on the balance sheet valued at
EUR 41,885k. Besides that, ADC has cash and cash equivalents of EUR 27,062k
at the end of the quarter, of which EUR 14,696k have been separated for a
possible closing of a transaction in West Africa.
Olaf Meier, Managing Director of ADC, commented: 'Our portfolio companies
are developing overall very positively due to rapid growth in the market.
With dividend income of about EUR800k since the beginning of the year, we
are generating increasing stable cash flows. Furthermore, we are
experiencing increased attention from strategic investors. These strategic
partners increasingly value our local network as an asset which is
expanding far beyond the financial services sector in Africa. This explains
the very pleasing increase in stock price in the third quarter.'
The Q3 2011 report is available to investors and other interested parties
via the following link on the ADC website:
http://www.african-development.com/en/investor-relations/investor-informat
ion/financial-reports/
We look forward to seeing you on the occasion of the German Equity Capital
Forum in Frankfurt on Monday, 21 November 2011 at 16:30 CET, where we will
be giving a company presentation and answering interested investors'
questions.
About ADC
ADC African Development Corporation, ISIN DE000A1E8NW9(ticker symbol:
AZC.GR), was established in September 2007 and quickly positioned itself as
one of the leading investors for banks and insurance companies in the
above-average growth markets of sub-Saharan Africa. The company's success
is primarily due to its local management team, which follows international
best practice principles to further develop banks 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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18.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory 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
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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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