Asian Citrus Holdings Ltd Trading Statement (4429I)

TIDMACHL

RNS Number : 4429I

Asian Citrus Holdings Ltd

25 July 2012

 
 For immediate release   25 July 2012

Asian Citrus Holdings Limited

("Asian Citrus" or "the Company")

Full Year Trading Update

Asian Citrus, the largest orange plantation owner and operator in China, announces that, based on the preliminary assessment of the unaudited management accounts of the Company, the turnover for the year ended 30 June 2012 is expected to record a significant increase from the comparative figure for the prior year while the unaudited net profit (excluding the net gain on the change in fair value of biological assets and share-based payments) and cash generated from operations for the year ended 30 June 2012 are expected to be slightly ahead of the comparative figure for the prior year. The comparative figures for turnover, net profit (excluding the net gain on the change in fair value of biological assets and share-based payments) and cash generated from operations for the year ended 30 June 2011 were approximatelyRMB1,412.6 million, RMB560.6 million and RMB617.2 respectively.

As previously highlighted in the Company's announcement on 19 January 2012, due to the more mature nature of the Company's orange plantations, the net gain on the change in fair value of biological assets for the year ended 30 June 2012 is expected to be significantly lower than in the prior year. Accordingly the net profit attributable to shareholders of the Company is expected to be lower than the comparative figure for the prior year of RMB 1,110 million. The net gain on change in fair value of biological assets does not have any effect on cash flow.

Key factors affecting the financial performance of the Company for the year ended 30 June 2012 include, but not limited to:

(i) the 12.2% increase in orange production for the year ended 30 June 2012 as stated in the Company's announcement dated 21 June 2012;

(ii) a short-term over supply of winter oranges to the market contributing to a small reduction in the Company's summer crop selling price to supermarkets and wholesalers of approximately 1.2 and 1.9% respectively year on year as stated in the Company's announcement dated 14 March 2012. This was offset by an increase in the average selling price of winter oranges of approximately 3-4% which was reflected in the interim financial results for the period ended 31 December 2011;

(iii) the higher volume of fertilisers and pesticides consumed as a result of the heavy rainfall in the second quarter of 2012; and

(iv) a full year's contribution from BPG Food and Beverage Limited which was acquired in November 2010.

The information contained in this announcement is based only on the preliminary assessment of the unaudited management accounts of the Company for the year ended 30 June 2012 and the information currently available to the Board. The audit now being conducted by the auditors of the Company on the management accounts has not yet been completed and the management accounts may still be subject to adjustments. The full year results of the Group for the year ending 30 June 2012are expected to be published inSeptember 2012.

For further enquiries please contact

 
 Asian Citrus 
  Eric Sung, Finance Director                +852 2559 0323 
 Seymour Pierce Limited (NOMAD and 
  Joint Broker) 
  Jonathan Wright, Tom Sheldon               +44 (0) 20 7107 8000 
 Richard Redmayne (Broking) 
 
  Liberum Capital Limited (Joint Broker) 
  Clayton Bush, Richard Bootle               +44 (0) 20 3100 2222 
 
 Weber Shandwick Financial 
  Nick Oborne, Stephanie Badjonat, 
  John Moriarty                              +44 (0) 20 7067 0700

This information is provided by RNS

The company news service from the London Stock Exchange

END

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