DGAP-News: ADC reports Q1 2014 results ++ Combination offer from Atlas Mara expected by mid-June

ADC reports Q1 2014 results ++ Combination offer from Atlas Mara expected by mid-June

DGAP-News: ADC African Development Corporation AG / Schlagwort(e):

Quartalsergebnis

ADC reports Q1 2014 results ++ Combination offer from Atlas Mara

expected by mid-June

26.05.2014 / 17:33

---------------------------------------------------------------------

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-informat

ion/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

ADC African Development Corporation AG (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 exposure to

West Africa via Union Bank of Nigeria. In addition 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.

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