ADC African Development Corporation AG
ADC’s Q1 2013 results show significant growth ++ Profit before tax of EUR 10.7 million driven by growth in banking operations ++ Strong financial forecast for 2013
ADC African Development Corporation GmbH & Co. KGaA / Key word(s): Quarter Results/Forecast 10.07.2013 14:50 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- ADC African Development Corporation GmbH & Co. KGaA (ADC), ISIN DE000A1E8NW9, announces that its profit and loss accounts and balance sheet developed very positively in the first quarter of 2013. As a result, the Group achieved net interest income of EUR 20.5 million and total operating income of EUR 37.9 million in Q1 2013 leading to a profit before tax in Q1 2013 of EUR 10.7 million compared to a loss of EUR -10.2 million in the prior year period and a net profit of EUR 7.7 million in Q1 2013. At the end of the first quarter, ADC's assets totaled EUR 1,433.6 million, up 1.4% since year-end 2012, loans and advances growing 8.1% to EUR 958.4 million and deposits mainly stable at EUR 1,051.0 million while total equity increased by 8.4% from the end of 2012 reaching EUR 167.5 million. ADC's Q1 2013 profit is mainly attributable to the very successful quarter at BancABC and a significant equity contribution from ADC's indirect investment in Union Bank of Nigeria (UBN). The BancABC banking segment achieved a quarterly result after tax of EUR 6.4 million, a 327% increase from BancABC subgroup Q1 2012 results prior to consolidation. UBN delivered a quarterly result after tax of EUR 37.8 million, a 49% increase at group level from the Q1 2012 results. In light of the positive Q1 2013 results and growth forecasts of its banking operations, ADC aims for a consolidated group net profit of EUR 20.0 million by the end of 2013. The Interim Report Q1 2013 will be made available on ADC's website: www.african-development.com/en/investor-relations/investor-information/fin ancial-reports/ ++ End of the ad-hoc announcement and explanations ++ Dirk Harbecke, CEO of ADC, commented: 'ADC has seen significant changes over the course of the last 12-18 months with new investments and a new corporate structure. The Q1 results are representative of ADC's short-term growth potential, showing our investors for the first time that the transformation is paying-off. Forecasts calculate a group net profit projection of EUR 20.0 million by the end of this year, indicating strong potential for ADC's share. Growth forecasts indicate that earnings are poised to double to EUR 40.0 million by 2014, enabling a possible first dividend payment to ADC investors for the 2014 fiscal year. ADC's Annual General Meeting on 14 August 2013 will take a decision to strengthen the Board with three prominent members and to undertake a significant capital increase to enable expansion. These decisions will accelerate ADC's growth prospects and solidify ADC's vision to create a geographically focused pan-African banking group in key markets, leading in terms of size and profitability.' About ADC ADC African Development Corporation (ADC) (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR, www.african-development.com), is a German listed, emerging pan-African banking group. ADC has a strong footprint in Southern Africa via BancABC, a regional commercial banking platform 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 follows an active management approach with a team of experts that comprise operational banking management, investment banking and merchant banking expertise. ADC optimizes its risk-return profile through a political risk insurance solution offered by the MIGA (World Bank Group). Contact: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119 10.07.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: ADC African Development Corporation GmbH & Co. KGaA Grüneburgweg 18 60322 Frankfurt/Main Germany Phone: +49 69 719 12 80 119 Fax: +49 69 719 12 80 999 E-mail: info@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 Announcement DGAP News-Service ---------------------------------------------------------------------------
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