DGAP-News: PETROTEC AG: Successful restructuring and strong demand for waste based biodiesel lead to EUR 3 mio. net profit
(firmenpresse) - DGAP-News: PETROTEC AG / Key word(s): Final Results/Final Results
PETROTEC AG: Successful restructuring and strong demand for waste
based biodiesel lead to EUR 3 mio. net profit
16.03.2012 / 07:30
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Petrotec AG
Corporate News
Annual Financial Results 2011
Successful restructuring and strong demand for waste based biodiesel lead
to EUR 3 mio. net profit
- Revenue up 97% to EUR 173 mio.
- EBIT of EUR 5.3 mio.
- Capturing of approx. 300,000 tons of CO2 emissions
- If more EU countries implement double counting schemes for waste-based
biodiesel within their quota systems Petrotec expects demand to further
increase for its EcoPremium biodiesel
- 2012: Sales of between EUR 150 mio. and EUR 190 mio. are targeted
Borken, March 16th, 2012 - Petrotec AG (ISIN DE000PET111), the largest
European producer of waste to biodiesel mainly used cooking oil based,
reported a 97% sales increase in financial year 2011 (January 1 to December
31, 2011). Sales totaled EUR 173 mio. (previous year: EUR 88 mio.). The
Company generated an operating profit (EBIT) of EUR 5.3 mio., compared with
an adjusted* EUR 5.8 mio. loss in the previous financial year and achieved
an EBT of EUR 3.0 mio., compared with an adjusted* loss of EUR 7.8 mio. in
2010. Earnings per share went up from adjusted* minus EUR 0.67 to a
positive EUR 0.20 in 2011.
Since 2009, Petrotec implemented a successful turnaround of its operational
and financial structures. Backed by an increased demand for sustainable
waste-based biodiesel, and efficiency improvements Petrotec ramped up
production by more than 30% to reach a record high production of above
120,000 tons of biodiesel at both German plants located in Emden and
Südlohn-Oeding.
Equity ratio of 43.9 %
Through implementation of two capital increases, subscribed capital more
than doubled from EUR 11,549,999.00 to EUR 24,543,741.00, significantly
improving Petrotec's balance sheet and financial strength. Equity capital
rose by 235% to EUR 22.4 mio. and equity ratio rose to 43.9%, up from 17.3%
in prior year. The contributions in kind of the second capital increase in
2011 lowered the group's liabilities in approx. EUR 7.5 mio. by swapping
the major shareholder 'IC Green Energy Ltd.' debt to equity. The ratio of
total liabilities, EUR 28.6 mio. to total assets, EUR 51.0 mio., improved
from 82.7% in 2010 to 56.1% in fiscal year 2011. On the assets side, trade
receivables more than doubled due to ramp up of biodiesel production and
cash position improved substantially.
Cash position of EUR 11.1 mio.
In fiscal year 2011, Petrotec generated a positive operating cash flow of
EUR 4.9 mio., compared with minus EUR 8.4 mio. in 2010. Including cash
contributions from both capital increases cash position rose by EUR 7.8
mio. to EUR 11.1 mio. as of December 31, 2011 compared with EUR 3.3 mio. as
of December 31, 2010. Despite substantial increase in business activity and
soaring raw material prices, Petrotec kept its additional capital
requirements to a minimum. The company invested EUR 2.1 mio. into its
working capital to EUR 8.6 mio. Thus, a 32.3% increase in working capital
supported 97% increases in business activity.
Waste-based biodiesel is the highest CO2 emission reduction biofuel which
doesn't burden the tax-payer
During the business year 2011 and into 2012, regulation on biodiesel
further developed to Petrotec's advantage. Major EU countries decided to
incentivize the usage of waste based biodiesel as it provides a significant
environmental advantage with the highest CO2 emission reduction of 83%
(compared with fossil diesel) among all biofuels approved by the EU
Renewable Energy Directive. The waste-based biodiesel UCOME (used cooking
oil Methyl Ester), delivers more than double savings in CO2 emission
compared with virgin oil based biodiesel mainly due to the fact that usage
of used cooking oil (a waste product) as feedstock promotes protection of
environment by preventing pollution of land and water sources. In addition
waste based biodiesel doesn't require any land for agricultural growing
hence it doesn't influence food commodities prices (known as the 'food vs.
fuel' argument).
Above all, after years of subsidies and tax exemptions for the industry,
national governments have now turned to the double counting framework which
does not burden federal budgets or the tax-payer. This framework creates
additional value to the environment and additional margin both to Petrotec
and its customers, some of the large European oil majors.
Petrotec intends to expand its business model
For 2012, management expects further positive implementation of double
counting frameworks across Europe. Germany has, by the end of 2011, already
approved its respective legislation, Italy is to follow during the year and
Spain is expected to introduce double counting next year.
Pending market development and cash position, Petrotec intends to further
expand its own used cooking oil collection and treatment of raw materials,
it will also further improve the processes and technologies in its
biodiesel production aiming to improve production yields. Going forward,
Petrotec intends to expand geographically its business model by acquiring
used cooking oil collectors or waste management companies. The management
also considers diversifying the business model to open up other revenue
streams within the renewable energy sector in Europe to reduce the
dependency on a single highly regulated market environment.
The Management Board expects similar sales figures in the 2012 financial
year. Sales of between EUR 150 million and EUR 190 million are targeted in
2012 and an operating result (EBIT) is expected to stabilize around 3%.
*adjusted for the one time book profit of the IKB transaction of EUR 16.7
mio.
The 2011 full year financial report can be found in the following link:
http://petrotec.de/cgi-bin/show.ssp?id=305&companyName=petrotec&language=E
nglish
Press contact
Petrotec AG
Dr. Curt Philipp Lorber
Head of Investor Relations / Public Relations
Tel.: +49 (0) 2862 9100 65
ir(at)petrotec.de
End of Corporate News
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16.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: PETROTEC AG
Fürst-zuSalm-Salm-Str. 18
46325 Borken-Burlo
Germany
Phone: +49 (0)2862 9100 19
Fax: +49 (0)2862 9100 99
E-mail: info(at)petrotec.de
Internet: www.petrotec.de
ISIN: DE000PET1111
WKN: PET111
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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