DGAP-News: PETROTEC AG: Q1 2012: Petrotec has generated a sales increase of 27 % compared with Q1 2011 and has expanded feedstock collection and trading activities
(firmenpresse) - DGAP-News: PETROTEC AG / Key word(s): Monthly Figures/Monthly Figures
PETROTEC AG: Q1 2012: Petrotec has generated a sales increase of 27 %
compared with Q1 2011 and has expanded feedstock collection and
trading activities
10.05.2012 / 20:30
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Petrotec AG
Corporate News
Results first quarter 2012 (Jan. 1st to March 31st)
Q1 2012: Petrotec has generated a sales increase of 27% compared with Q1
2011 and has expanded feedstock collection and trading activities
- Revenue up 27% to EUR 42 mio. in Q1
- EBIT of EUR 0.6 mio. in Q1
- Petrotec initiated business activity in Spain
- Germany implemented a double counting scheme for used cooking oil based
biodiesel. Petrotec is of the opinion, that the market will need time
to get familiarized with the product and its advantages
Borken, May 10, 2012 - Petrotec AG (ISIN DE000PET111), one of the largest
producers of waste to biodiesel (mainly used cooking oil-based) in Europe,
announced revenues at group level of EUR 42.1 mio. (Q1 2011: EUR 33.2 mio.)
in the first quarter 2012, up 27 percent compared with Q1 the prior year.
The Company generated an operating profit (EBIT) of EUR 0.6 mio. in the
first three months 2012 (Q1 2011: EUR 0.4 mio.). EBT reached EUR 0.1 mio.
(Q1 2011: EUR minus 0.2 mio.) and EPS went up from minus EUR 0.02 to a
positive EUR 0.01 in Q1 2012.
Petrotec has stabilized its biodiesel production activity compared to Q4
2011, although market conditions have been quite challenging. To enable
sales growth, Petrotec has enlarged its collection and trading activities
and has further invested in its production facilities and logistics. The
number of employees has been raised to 102 by the end of the first quarter
2012 (Dec. 31, 2011: 96 employees).
Solid equity ratio of 44.3%
Balance sheet figures have been kept stable compared with the end of fiscal
year 2011. As of March 31, 2012, the equity ratio of 44.3% was slightly
above the ratio as of December 31, 2011(43.9%).
Working capital remained nearly unchanged with EUR 8.5 mio. at March 31,
2012 (Dec. 31, 2011: EUR 8.6 mio.) At the balance sheet date the Company
holds a cash position of EUR 11.8 mio. (Dec. 31, 2011: EUR 11.1 mio.). In
the period under review Petrotec generated a positive cash flow from
operating activities of EUR 1.0 mio. (March 31, 2011: EUR minus 0.3 mio.).
Petrotec initiated business unit in Spain
Petrotec has opened an office in Barcelona following an assessment of the
business potential for used cooking oil methyl ester (UCOME) in Spain and
recruited an experienced team. Petrotec believes that Spain represents a
unique opportunity of a market. Until now, this market has a significant
installed biodiesel production capacity, but is mostly idle due to imports
mainly from Argentina. However, the market is moving now to restart local
production under a new announced quota system for Spanish and European
producers.
Outlook
Overall, Petrotec management sees the Company in a strategically
advantageous competitive market position due to the enlarged collection and
trading activities plus expected contributions from Spain.
Petrotec plans to continue the improvements made in its production
facilities and logistics to further enhance yields and reduce costs.
However, currentUCOME market conditions are influenced by fraudulent
trading and a reduction in demand and still remained challenging for
Petrotec over the last weeks. In addition the new double counting
regulation in the UK, replacing the former 20p tax incentive has taken
effect and has driven demand volume and prices down. In parallel, demand
for UCOME in new double counting adopting markets as Germany and Italy has
only started picking up.
The full Q1 report could be found at the following link:
http://petrotec.de/cgi-bin/show.ssp?id=305&companyName=petrotec&language=E
nglish
About Petrotec AG
Petrotec AG, Germany, is one of the largest producer of waste-derived
biodiesel in Europe (mainly based on used cooking oil). The Company owns an
overall nominal biodiesel production capacity of 185,000 tons per year at
two locations in Germany. Petrotec runs a vertically integrated business
model including own collection of used cooking oil from more than 15,000
collection points, treatment and refining of the raw material up to the
technologically demanding production of waste-based biodiesel. The Company
sells its biodiesel to large mineral oil companies in northwest Europe. The
usage of waste based biodiesel is incentivized by major EU countries with a
double counting scheme as part of the mandatory blending quotas. Since its
IPO in 2006, Petrotec has cleaned 600,000 tons of waste and saved over 1.6
million tons of CO2 emissions. Petrotec is a public listed company (ISIN
DE000PET111) in the regulated market of Frankfurt Stock Exchange, in the
Prime Standard segment. It has a capital stock of 24,543,741 Euro, equaling
24,543,741 shares. In the business year 2011 (Jan. 1st to Dec. 31st)
Petrotec reached sales of EUR 173 mio. and generated an EBIT of EUR 5.3
mio. and a net profit of EUR 3.0 mio. The Company employs about 100
employees.
End of Corporate News
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10.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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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Datum: 10.05.2012 - 20:30 Uhr
Sprache: Deutsch
News-ID 145288
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