ADC African Development Corporation AG
ADC reports half-year 2014 results

ADC African Development Corporation AG (ADC); ISIN DE000A1E8NW9, announces a net profit of EUR 951k in the first half of 2014, a significant decline from the H1 2013 profit of EUR 34.8 million driven by the impact of UBN’s limited share price development in the first six months of 2014 compared with the first six months of 2013.

The segment banking operations BancABC posted a profit before tax of EUR 3.6 million after consolidation into ADC from January to June 2014, down from EUR 8.9 million at the end of June 2013 primarily due to higher overall provisions, mainly on several large corporate accounts.

Total assets as at 30 June 2014 reached EUR 1.5 billion, up 3% from year-end 2013 as a result of higher overall deposits which reached EUR 1.1 billion at the end of the reporting period. Total equity increased by 18% from EUR 122.4 million at year-end to EUR 144.1 million at the end of June 2014.

Sonja Rossteuscher, CFO of ADC commented: “UBN continues to restructure its operations despite challenging regulatory changes. We are optimistic that the on-going transformation activities at UBN will increasingly reflect in its operational financial performance as well as share price development. BancABC continues to grow operationally with 65 branches and 108 agencies in five countries across east and southern Africa. Management is focused on reigning in rising loan impairments and it is expected that additional liquidity will be injected in the coming months, which will positively contribute to ongoing operations in all subsidiary operations.”

The half-year report is available for download on ADC’s website: http://www.african-development.com/en/investor-relations/investor-information/financial-reports/
 

About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR; www.african-development.com) is a German open market (Entry Standard) listed holding company with investments in sub-Saharan Africa. ADC has a strong footprint in Southern Africa via BancABC, a regional commercial banking group operating in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as in West Africa via Union Bank of Nigeria. Parallel to its banking operations, ADC has a private equity portfolio active in growth markets across sub-Saharan Africa. ADC is indirectly majority-owned by Atlas Mara Co-Nvest Limited which is listed on the main market of the London Stock Exchange. For more information, visit Atlas Mara’s website at www.atlasmara.com.