PresseKat - DGAP-News: Strong year 2010 in every aspect ++ Net profit EUR 6.6 million ++ Total assets grew to EU

(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
word(s): Final Results
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

31.03.2011 / 11:54

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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(at)african-development.com
T +49 69. 719 12 80 123

End of Corporate News

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31.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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(at)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
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117830 31.03.2011

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