DGAP-News: VERBIO Vereinigte BioEnergie AG: GIVES UP PIONEERING ROLE
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VERBIO Vereinigte BioEnergie AG: GIVES UP PIONEERING ROLE
06.12.2012 / 13:51
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- Ongoing legal uncertainty forces VERBIO to postpone investment plans.
- Cost savings of 5 million euros planned in the 2012/2013 financial year.
Leipzig, 6 December 2012 - At today's works meetings held in Leipzig and at
the various production sites, the Management Board of VERBIO Vereinigte
BioEnergie AG informed the staff about a package of measures that foresees
a curtailment in investments in the construction of new biomethane plants
in eastern Europe as well as a cost savings programme combined with
personnel cuts. The current legal uncertainties concerning the further
goals for biofuels in Germany and the EU and the lack of control mechanisms
for upholding sustainability requirements mean that a successful
implementation of the growth plans cannot be ensured. Investments amounting
to around 10 million euros were planned until 2015.
'At the moment we do not have any underlying foundation on which we could
realise our investment plans reliably. The current situation shows that
there is no reliable framework in Germany and Europe for the 2nd generation
of biofuels desired by the EU. This once again underlines the divergence of
interests in the German government when it comes to implementing the energy
turnaround in the transport sector. We are now concentrating on the
existing business and we will optimise the internal structures to secure
our profitability,' said Claus Sauter, CEO of VERBIO in explaining the
Management Board decision.
The Management Board is thus responding not only to the ongoing, massive
competitive distortions in the German biofuel market caused by the import
of subsidised palm oil-based biodiesel from Indonesia and soybean-based
biodiesel from Argentina but also to the considerable market distortions
caused by the disproportionately large volumes of biodiesel based on waste
cooking oil that are produced by dubious sources from all over the world
and are counted twice in meeting biofuel quotas. This has meant that VERBIO
has been experiencing a considerable downturn in its capacity utilisation
during the summer months, in particular for biodiesel. The EU Commission,
which launched anti-subsidy and anti-dumping proceedings against Argentina
and Indonesia in October, and the German government, which is tightening
the control mechanisms for biodiesel based on waste cooking oil from 1
January 2013, have responded to these competitive distortions, the specific
impact and timeframe of these measures remains to be seen.
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and providers of
biofuels and is at the same time the only large industrial producer of
biodiesel, bioethanol and biomethane in Europe. The nominal capacity is at
a rounded 450,000 tons biodiesel, 300,000 tons bioethanol and 480 gigawatt
hours biomethane per year. In the production of its highly efficient fuels,
the company uses energy-saving production processes and innovative
technologies of own development. The biofuels of VERBIO achieve CO2
reductions of up to 90 percent compared to petrol or diesel. VERBIO
delivers its products directly to the European mineral oil conglomerates,
mineral oiltrading companies, independent gas stations, freight
forwarders, municipal utilities and vehicle fleets. In addition, VERBIO
markets high-quality pharma glycerine for the consumer goods and cosmetics
industry (glycerine is gained as a by-product in biodiesel production).
Within the group, VERBIO Vereinigte BioEnergie AG acts as Management
Holding. The operative business is exercised by the subsidiaries, VERBIO
Diesel Bitterfeld GmbH&Co. KG, VERBIO Diesel Schwedt GmbH&Co. KG,
VERBIO Ethanol Schwedt GmbH&Co. KG, VERBIO Ethanol Zörbig GmbH&Co. KG
and Märka GmbH. The VERBIO stock (ISIN DE000A0JL9W6 / WKN A0JL9W) has been
listed at the Prime Standard of the Frankfurt stock exchange since October
2006.
End of Corporate News
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06.12.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Germany
Phone: +49 (0)341 30 85 30 290
Fax: +49 (0)341 30 85 30 298
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
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196168 06.12.2012
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Datum: 06.12.2012 - 13:51 Uhr
Sprache: Deutsch
News-ID 210319
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