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Überragende Zahlen. Ich bin dabei! Strong year 2010 in every aspect ++ Net profit EUR 6.6 million ++ Total assets grew to EUR 71 million, an increase of 237% compared to the year end 2009 assets
ADC African Development Corporation GmbH & Co. KGaA / Key word(s): Final Results
31.03.2011 / 11:54
ADC African Development Corporation (ADC), ISIN DE000A1E8NW9, a fast growing financial services group, focusing on the frontier markets in Sub-Saharan Africa (SSA), today reports its 2010 figures, the third full year of operations.
Financial results:
In 2010, ADC recognized EUR 11.3 million in fair valuation gains on its portfolio companies (FY 2009: EUR 3.4 million). These positive operational developments lead to an overall net profit of EUR 6.6 million (FY 2009: EUR 1.0 million).
ADC is financed exclusively through equity capital. At year end, the company's total common stock and capital contributions were EUR 66.2 million (FY 2009: EUR 20.1 million). ADC's equity increased significantly by EUR 46.1 million due to the capital increases in the respective period.
On December 31, 2010, ADC had a book value of investments in associates of EUR 18.6 million (FY 2009: EUR 9.8 million) on a consolidated basis. This amount relates to ADC's four unconsolidated portfolio investments (BANGE, Ecobank Zimbabwe, iVeri and RHEAL). In December 2010, a 25% stake in RHEAL, a medical insurance provider in Kenya, was acquired for a purchase price of EUR 1.8 million. Furthermore, ADC consolidates its 70% stake in SIMTEL.
At year end, ADC had total assets of EUR 71.0 million (FY 2009: EUR 21.1 million). The company held EUR 44.0 million (FY 2009: EUR 7.3 million) in cash on a consolidated basis.
Olaf Meier, Managing Director of ADC, commented on the financial results: '2010 was a year of major achievements for ADC which ended with a promising increase of net profit. We believe that ADC is in a strong position in every aspect to keep on growing both with existing subsidiaries and by the acquisition of new ones. The financial outlook for 2011 is very positive and all 2010 numbers should be well exceeded in the current year.'IFRS December 31, 2010 (in EUR '000) FY 2010 FY 2009 Change
Profit from fair value valuations 11,328 3,442 +229%
Net Profit 6,591 1,005 +556%
Investment in portfolio companies 18,522 9,839 +88%
Cash and equivalents 44,028 7,282 +505%
Total assets 70,955 21,055 +237%
Total Shareholders' Equity 66,132 20,059 +230%
Operational business:
ADC took a three pronged approach to the year by ensuring that the existing portfolio companies strengthened their operational performance and financial bottom line, by doing a successful IPO on the Frankfurt Stock Exchange and by growing the team on the ground to meet expansion plans.
ADC's operational team worked throughout the year with its portfolio companies to consolidate gains made in previous years and to lay the foundation for future growth.
The management of BANGE, the one and only local bank in Equatorial Guinea (ADC's stake: 25% + option for another 25.1%) opened two new branches in 2010, the loan book grew by 69% to reach EUR 73 million and BANGE net profit 2010 reached EUR 8.1 million.
SIMTEL, Rwanda's banking IT switch (ADC's stake 70%), doubled its card production unit in 2010, signed new customers and has renewed commitment of all its stakeholders as well as of the government.
The management of Premier Finance Group, a fast growing commercial bank in Zimbabwe (ADC's stake 13,5%), spent the year, with the support of ADC, restructuring the bank and preparing for the entry of Ecobank Transnational, expanding the retail banking side of the business and finally rebranding the bank to its present name - Ecobank Zimbabwe.
iVeri, a leading banking IT company in South Africa (ADC's stake 49%) is gearing up for significant international growth as the financial services industry continues to boom on the continent.
Another successfully completed goal for 2010 was expanding into the vibrant insurance sector. To this end, in December 2010, ADC finalized an investment in Resolution Health East Africa Limited (RHEAL), a leading medical insurance company in East Africa.
Looking ahead into 2011, ADC will continue to successfully manage its existing investments by fostering growth and by developing market leaders. ADC expects all its portfolio companies to continue their successful growth in the coming 12 months.
Additionally an expansion of ADC's activities into new countries will be undertaken. With the recent acquisition of a 20.1% stake in ABC Holdings Limited (BancABC), ADC already strengthened its presence in Southern Africa with four new countries (Botswana, Mozambique, Zambia and Tanzania) and laid the foundation for further expansion within the South East African region. Besides this, an expansion into Western Africa is highly probable. ADC will seek to close about 1-2 more investments during the 2011 financial year and significantly leverage synergies within the existing financial services portfolio.
Dirk Harbecke, Chief Executive Officer of ADC, commented: 'ADC, together with its subsidiaries, is well prepared to profit from the enormous opportunities the continent offers. ADC is well known on the continent and in the African community overall as being an effective operational and strategic partner that delivers on its promise to quickly restructure and support financial institutions to become market leaders. Operational involvement and local presence remains crucial to ADC's investment mandate. In 2011, all current portfolio companies should be profitable and some of them should pay significant dividends. ADC is already now present in 9 SSA countries and is therefore on a very good track to becoming a truly Pan-African banking and insurance network with high, sustainable profitability. ADC is committed to supporting the development of the continent and to delivering attractive returns for its shareholders.'
ADC will host a webcast today at 2.00 pm CET to discuss the Full Year results. Please dial-in at:
Europe: +49 6103 485 3001
UK: +44 207 153 2027
North America: +1 480 248 5081
Conference ID: 4426314
There will be a simultaneous live webcast available on the internet via:
www.equitystory.com
User ID: adc0311
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:
Olaf Meier
Member of the Board
investor-relations@african-development.com
T +49 69. 719 12 80 123
End of Corporate News
31.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: ADC African Development Corporation GmbH & Co. KGaA
Grüneburgweg 18
60322 Frankfurt/Main
Deutschland
Phone: +49 69 719 12 80 00
Fax: +49 69 719 12 80 011
E-mail: info@african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Freiverkehr in Berlin; Open Market (Entry Standard) in Frankfurt
End of News DGAP News-Service
117830 31.03.2011
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