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DGAP-News: Asian Bamboo AG / Key word(s): Quarter Results Asian Bamboo announces Q3 2013 results

08.11.2013 / 06:08

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Hamburg, 8 November 2013 - Asian Bamboo AG ('Asian Bamboo', 'the Company', ISIN: DE000A0M6M79, ticker symbol: '5AB', ADR ticker symbol 'ASIBY'), an integrated company in the bamboo industry, announces the following Q3 and Q1-Q3 results.

In the third quarter the Company's performance remained unsatisfactory, mainly as a result of weak demand for bamboo trees, which led to a decrease in revenue of 36%. Due to good cost control, the Company recorded a small gross profit of EUR 0.6 million and a small net loss if EUR 1.3 million. Stripping out amortisation charges, which are non-cash items, the business remained profitable.

In summary, the Company achieved the following financial results in Q1-Q3 (percentage numbers are year-on-year comparisons):

* Revenue decreased 59% to EUR 25.4 million (Q1-Q3 2012: EUR 61.4 million) * Gross profit including FVBA-changes* decreased 75% to EUR 2.3 million (Q1-Q3 2012: EUR 9 million), equivalent to a gross profit margin including FVBA-changes of 9% (Q1-Q3 2012: 15%) * Net loss of EUR 3.6 million (Q1-Q3 2012: net profit EUR 1.9 million) * Operating cash flow before movements in working capital of EUR 7.4 million (Q1-Q3 2012: EUR 14.9 million) * Net cash generated from operating activities of negative EUR 4.1 million (Q1-Q3 2012: positive EUR 19.3 million) * Cash and cash equivalents of EUR 31 million (31 December 2012: EUR 38.6 million)

*FVBA is an abbreviation for gains/(losses) arising from changes in the fair value less estimated costs to sell of biological assets

At the end of Q3, the Company's balance sheet remained strong (comparable numbers are 2012 year-end numbers):

* Biological assets were EUR 82.8 million (2012: EUR 83.9 million) * Lease prepayments were EUR 188.6 million (2012: EUR 193.4 million) * Cash and cash equivalents were EUR 31 million (2012: EUR 38.6 million) * Total assets were EUR 347.3 million (2012: EUR 348.4 million) * Total bank borrowings were EUR 43.9 million (2012: EUR 46.5 million) * Total equity was EUR 288.2 million (2012: EUR 288 million) * Total liabilities and equity were EUR 347.3 million (2012: EUR 348.4 million)

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PRESS RELEASE: Asian Bamboo announces Q3 2013 results