DGAP-News: VERBIO Vereinigte BioEnergie AG: Stable demand for biofuel - The new financial year started on the right foot
(firmenpresse) - VERBIO Vereinigte BioEnergie AG / Quarter Results
12.05.2010 06:00
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Leipzig/Zörbig, May 12, 2010: VERBIO Vereinigte BioEnergie AG achieved
revenues of EUR 111.5 million (Q1 2009: EUR 122.0 million) in the first
quarter of 2010. Although, revenues were about EUR 10.5 million below the
value of the first quarter of 2009, the earnings position has improved
significantly.
Forthe first three months of 2010 the operating result (EBIT) of the Group
was EUR 5.1 million compared to EUR -12.0 million in the first quarter of
2009. The bioethanol segment contributed EUR 13.1 million and the energy
segment EUR 4.0 million to the result, which improved in total by EUR 17.1
million. For the first quarter of 2010 net income for the period amounted
to EUR 2.2 million after EUR -13.8 million for the same period last year.
Demand for biofuel is increasing
The quantity produced in the first quarter of 2010 was 131,306 tons of
biofuels compared to 121,654 tons in the respectiveprevious period.
Thereof 89.002 tons are allocated to biodiesel, this is about 13 per cent
respectively 10,136 tons more than in the first quarter of 2009, and 42,304
tons to bioethanol. Here the produced amount was slightly below the amount
of the respective previous year's quarter (Q1 2009: 42,788tons) due to a
fire damage at one of the plants.
Segment biodiesel: result close to the level of the first quarter 2009
Revenues of the biodiesel segment amounted to EUR 72.6 million, compared to
EUR 83.9 million in the respective previous year's period. Despite the
increase in production compared with previous year's figure lower revenue
is based on a decrease of the enforceable market prices. The segment result
with EUR -1.7 million was nearly stable to the level of the previous year
(Q1 2009: EUR -1.6 million).
Segment bioethanol benefits from lower material expenses
Revenues of the bioethanol segment were EUR 34.1 million thus EUR 2.9
million above the value of the first quarter of 2009 (Q1 2009: EUR 31.2
million). Mainly lower material expenses (Q1 2010: EUR 30.5 million; Q1
2009: EUR 39.6 million) in the amount of EUR 9.1 million had a positive
effect on the segment result ofEUR 1.8 million (Q1 2009: EUR -11.3
million). The segment reports under other operating income insurance
refunds due to a fire damage at the Zörbig bioethanol site. The insurance
granted a compensation for the business interruption. The insurance refund
complies with the amount of the originated damage. Therefore there was no
negative influence nor will be one expected in the future by the shutdown.
Segment energy: profits through sale of wind power plants
In the first three month of 2010 the energy segment contributed revenues of
EUR 3.0 million (Q1 2009: EUR 5.2 million) to total revenue.Compared to
the previous year, the decrease in revenues was due to the sale of in total
11 wind power plants as well as the expiry of miscellaneous lease
contracts. The segment result before interest and tax was with EUR 5.1
million clearly over the result of the previous year (Q1 2009: EUR 1.0
million) and contains book profits from the sale of 5 wind power plants in
the amount of EUR3.7 million (Q1 2009: EUR 0 million).
Solid balance sheet figures
As of March 31, 2010, the equity ratio was at 67.0 per cent and thus 3
percentage points above the ratio as of December 31, 2009 (December 31,
2009: 64.1 per cent). As of due date, March 31, 2010, VERBIO possessed cash
and cash equivalents totalling EUR 37.3 million (December 31, 2009: EUR
48.8 million).
Number of employees slightly increased
As of March 31, 2010 VERBIO employed 417 employees (December 31, 2009: 411
employees), thereof 155 salaried employees (December 31, 2009: 152 salaried
employees), 238 industrial employees (December 31, 2009: 234 industrial
employees) and 24 trainees (December 31, 2009: 25 trainees).
Investment in biogas plants according to schedule
In the first three months of 2010 EUR 8.8 million were invested in
property, plant and equipment (Q1 2009: EUR 1.4 million). The investments
relate primarily to the completion of the existing biogas plants in
Schwedt/Oder and Zörbig (EUR 8.1 million). Since April 2010 biogas is
produced at the Zörbig site.
Outlook for 2010 confirmed: a positive EBIT (earnings before interest and
tax) in the higher single-digit euro region is aimed for
Assuming that raw material prices remain stable, a significant increase in
sales andpositive earnings before interest and tax (EBIT) in the higher
single-digit euro region are expected in the financial year 2010. The share
of sales contributed by the production and feed-in of biogas will be about
EUR 6 million in 2010. We are striving for significant contributions to
results from the biogas plants and cost savings related to the operation of
these plants, as well the sale of additional wind power plants.
Concerning our own business:
By the implementation of the German Federal Biofuels Sustainability
Ordinance, which became effective on November 2, 2009, manufacturers were
pledged to prove a sustainable production of biofuels from July 1, 2010.
According to a press release dated April 23, 2010 the executive committee
of CDU/CSU published the postponement of the practical focussing of the
sustainability criteria, based on the Biofuel and the Bioenergy
Sustainability Regulation, for energetic used biomass in the energy and
biofuel sector from July 1, 2010 to January 1, 2011.
VERBIO is already today in the position to provide complete verification of
all criteria required and therefore delivers verifiable 'sustainable
products' to their customers. We have been active during past months to
build up a challenging and effective certification structure and we are
therefore on the starting blocks.
Already today, a contribution to climate protection can be done by the use
of sustainable products. The statement of the parliamentarians to avoid
thereby market distortion and possible disadvantages for the agriculture as
well as mid-cap pressed up- and downstream economy, does not seem very
conclusive.
We regret the decision to postpone the implementation to January 1, 2011.
By this postponement imports of goods respectively raw materials, which are
known for not fulfilling the sustainability criteria, is supported - at the
expense of the domestic production.
Quarterly key figures 2010/2009
in million EUR Q1 2010 Q1 2009Important Note
Group
Sales 111.5 122.0
EBIT 5.1 -12.0
Financial result -0.7 -0.6
PAT 2.2 -13.8
Segments
Biodiesel Sales 72.6 83.9
Segment result (EBIT) -1.7 -1.6
Bioethanol Sales 34.1 31.2
Segment result (EBIT) 1.8 -11.3
Energy Sales 3.0 5.2
Segment result (EBIT) 5.1 1.0
Others Sales1.9 1.7
Segment result (EBIT) -0.1 -0.1
Key figures per share in EUR
Earnings per share (basic/diluted) 0.04 -0.23
Operating cash flow per share (basic/diluted) 0.3 -0.18
Number of shares in million shares 63.0 63.0
This corporate news contains forward-looking statements, which are based on
assumptions and estimates of the company management of VERBIO Vereinigte
BioEnergie AG. Even though the company management believes that these
assumptions and estimates are correct, the actual future development and
actual future results can deviate substantially from these assumptions and
estimates due to many factors. For example, these factors can include
alteration of the economic situation, legal and regulatory constraints in
Germany and the EU, and changes in the industry. VERBIO assumes no
liability and provides no warranty that future developments and actual
future results will agree with the assumptions and estimates expressed in
this corporate news.
About VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading producers and suppliers of biofuels and also
the only industrial-scale producer of biodiesel and bioethanol in Europe.
Nominal capacity amounts to around 450,000 tons of biodiesel and 300,000
tons of bioethanol per year. Currently, VERBIO is realizing biogas projects
to make use of the residual materials of the bioethanol production. The
company has developed its own processes and innovative technologies for the
production of biodiesel, bioethanol and biogas. It supplies its products
directly to European mineral oil corporations, mineral oil traders,
independent gas stations and haulage companies. VERBIO AG also markets
high-quality pharmaglycerin for the consumer goods and cosmetic industries
(glycerine is a by-product of biodiesel production). Within the Group,
VERBIO AG acts as the management holding company. The Group's operating
business is run by its subsidiaries: VERBIO Diesel Bitterfeld GmbH&Co.
KG, VERBIO Diesel Schwedt GmbH&Co. KG, VERBIO Ethanol Zörbig GmbH&Co.
KG, and VERBIO Ethanol Schwedt GmbH&Co. KG.
Contact:
VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Anna-Maria Schneider
Investor Relations
Phone: +49(0)341/30853094
Fax: +49(0)341/30853098
Email: ir(at)verbio.de
12.05.2010 06:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Deutschland
Phone: +49 (0)341 30 85 30 90
Fax: +49 (0)341 30 85 30 98
E-mail: ir(at)verbio.de
Internet: www.verbio.de
ISIN: DE000A0JL9W6
WKN: A0JL9W
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------Unternehmensinformation / Kurzprofil:
Datum: 12.05.2010 - 06:00 Uhr
Sprache: Deutsch
News-ID 20711
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 289 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: VERBIO Vereinigte BioEnergie AG: Stable demand for biofuel - The new financial year started on the right foot"
steht unter der journalistisch-redaktionellen Verantwortung von
VERBIO Vereinigte BioEnergie AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
