ADC African Development Corporation AG
ADC reports Q1 2014 results ++ Combination offer from Atlas Mara expected by mid-June
ADC African Development Corporation AG / Schlagwort(e): Quartalsergebnis
ADC African Development Corporation AG (ADC); ISIN DE000A1E8NW9, announces break-even results in the first quarter of 2014, producing a small profit after tax of EUR 12k compared to a restated net profit of EUR 24.6 million in Q1 2013. The decrease in profits in the first quarter 2014 compared to previous year relates primarily to lower gains on equity method investments, relating to limited share price development in ADC’s indirect investment in Union Bank of Nigeria (UBN) of +3% during Q1 2014 compared with +38% in Q1 2013. The segment banking operations BancABC posted a profit before tax of EUR 1.8 million after consolidation into ADC from January to March 2014. Group operating expenses were slightly down versus prior year quarter, despite further expansion activities at BancABC subgroup.
Total assets as at 31 March 2014 reached EUR 1.4 billion, down marginally from year-end results due to cyclical decreases in customer deposits and exchange rate differences. Total equity increased by 16% from EUR 122.4 million to EUR 142.3 million at the end of March 2014, mainly relating to a reversal of a liability taken at year end. The Interim Report is available for download on ADC’s website: www.african-development.com/en/investor-relations/investor-information/financial-reports/ Sonja Rossteuscher, CFO of ADC commented: “UBN’s Q1 financial contribution to ADC’s financial results is not representative of its potential and we are confident that this asset will contribute significantly to ADC’s net profit in 2014. ADC continues to expect an increase of its net profit in 2014 compared to 2013, with the cost-to-income and return on equity ratios improving substantially from those achieved in the 2013 period.” Dirk Harbecke continues commenting the announced combination with Atlas Mara Co-Nvest Limited (Atlas Mara): “Since entering into a business combination agreement with ADC, the Atlas Mara team worked on the completion of the offering prospectus, which should be delivered to ADC shareholders by mid-June. Assuming that the offer achieves a successful closing of the combination with Atlas Mara, I continue to stress that the ADC share price trades below the price offered by Atlas Mara.” About ADC Kontakt: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119 Ende der Corporate News 26.05.2014 Veröffentlichung einer Corporate News/Finanznachricht, übermittelt durch die DGAP – ein Unternehmen der EQS Group AG. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen. Medienarchiv unter http://www.dgap-medientreff.de und http://www.dgap.de |
Sprache: | Deutsch | |
Unternehmen: | ADC African Development Corporation AG | |
Grüneburgweg 18 | ||
60322 Frankfurt/Main | ||
Deutschland | ||
Telefon: | +49 69 719 12 80 119 | |
Fax: | +49 69 719 12 80 115 | |
E-Mail: | info@african-development.com | |
Internet: | www.african-development.com | |
ISIN: | DE000A1E8NW9 | |
WKN: | A1E8NW | |
Börsen: | Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open Market (Entry Standard) | |
Ende der Mitteilung | DGAP News-Service |
270546 26.05.2014 |