DGAP-News: PETROTEC AG: Realized net profit for 2012
(firmenpresse) - DGAP-News: PETROTEC AG / Key word(s): Final Results/Final Results
PETROTEC AG: Realized net profit for 2012
20.03.2013 / 07:11
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Petrotec AG
Corporate News
Annual Financial Results 2012
Petrotec realized a net profit for 2012
Petrotec is highly concerned from unfavorable legislation developments on
waste based biodiesel
- Sales and EBIT-margin 2012 results in line with forecast
- Sales of EUR 166 mio. (2011: EUR 173 mio.)
- EBIT EUR 2.9 mio. (2011: EUR 5.3 mio.), EBIT-margin 1.7 % (2011: 3.0 %)
- Record high production of waste based biodiesel of close to 130,000
tons
- Petrotec broadened its customer base throughout Europe within the
double counting scheme
- Financials strengthened via restructuring of liabilities and trade
financing facility agreement with major European bank
- 2013: sales between EUR 150 mio. and EUR 190 mio., EBIT margin should
stabilize at about 2 percent
Borken, March 20th, 2013 - Petrotec AG (ISIN DE000PET111), the largest
European producer of waste to biodiesel predominantly from used cooking oil
based, reports group sales of EUR 166 mio. (previous year: EUR 173 mio.)
and an operating profit (EBIT) of EUR 2.9 mio. (previous year EUR 5.3 mio.)
in the financial year 2012 (Jan. 1st to Dec. 31st). With these results
Petrotec stays within its revenue and EBIT-margin corrected in August 2012.
EBT result is EUR 0.9 mio. (previous year EUR 3.0 mio.). Earnings per share
(EPS) are EUR 0.04 compared to EUR 0.19 in 2012.
The business year 2012 was affected by difficult market conditions,
pressure on prices and unfavorable regulatory changes. Highly subsidized
imports from Argentina and Indonesia including among others of palm oil
based biodiesel, with doubtful or no sustainability certifications
distorted the market and lead to lower FAME 0 prices; the EU Commissions'
proposal amending the RED 2009.28.EG introduced 'half-baked' criteria to
regulate the production of biofuels; a disproportionate certification
process targeted to trace UCO origin published by BLE in combination with
the German Biofuels Law ('36th BImSchV') might impose significant
operational hurdles. Petrotec is active in Brussels and at national levels
to emphasis the relevant administrations on the importance of having the
waste-based biodiesel sector continue its significant contribution to GHG
emission saving targets as well as to promote for an economically feasible
interpretation of the regulatory framework to foster the
willingness of the industry to invest in the further development of the 2nd
generation biofuels.
Record production of 130,000 tons
In 2012, although several malfunctions and a fire accident have occurred in
the plants, Petrotec achieved a new production record of close to 130,000
tons of biodiesel at both German plants located in Emden and
Südlohn-Oeding. Utilization was stable at around 70 % and production
efficiency has been further improved. Petrotec's new Spanish business
activity started its operations in early 2012 with feedstock procurement
and biodiesel production on a local tolling agreement. In the year under
review Petrotec invested in its supply chain to further improve sourcing
capabilities and continued to invest in its production plants to reduce
costs and increase efficiency.
Petrotec has expanded its business base within the double counting scheme
in the EU.After the change in regulation in the UK the Company has been
able to acquire new customers for the German market and broadened its
customer base including sales to Italy and Spain. Petrotec's several
sustainability audits and respective documentation is highly appreciated by
its customers.
Equity ratio of 39.3 %
The balance sheet as of December 31, 2012 is affected on the assets side by
higher inventories of EUR 19.6 mio. (previous year EUR 6.6 mio.). Petrotec
bought used cooking oil (UCO) and held a stock of biodiesel, which have
been both processed and sold at the beginning of 2013. The majority of it
has been financed by a EUR 7.5 mio. short term trading loan from a major
European bank. On the liabilities side Petrotec's shareholders debt has
been restructured towards non-current liabilities. In addition, the Company
repaid a EUR 2.2 mio. loan to IC Green Energy. Due to the higher
inventories level the total assets position rose by 16.4 % to EUR 59.3 mio.
(previous year EUR 51.0 mio.) and the equity ratio was 39.3 % compared to
43.9 % in 2011.
Cash position of EUR 7.9 mio.
In fiscal year 2012, due to the significant increase in inventories at the
balance sheet date Petrotec generated a negative operating cash flow of EUR
6.3 mio., compared with plus EUR 4.9 mio. in 2011. Petrotec's cash flow
from investing activities of EUR 1.1 mio. (previous year EUR 1.5 mio.) is
mainly attributed to the technical upgrades of the biodiesel plants and the
melting plant. The working capital of the Company amounted to EUR 20.4 mio.
(previous year EUR 8.6 mio.) at the end of fiscal year 2012. Overall, a
negative cash flow of EUR 3.2 mio. resulted in cash at the end of the year
of EUR 7.9 mio. (previous year EUR 11.1 mio.).
Financing flexibility increased
After years of being solely financed by funds provided by its shareholders,
and mainly its major shareholder IC Green Energy Ltd., Petrotec has
successfully entered into a (non-committed) trade financing facility
agreement with one of the leading European banks. Following the loan
restructuring agreement with IC Green Energy and a period of six month (Q3
and Q4 2012) during which Petrotec and the bank worked on a trial
transactional basis to develop a trading facility line, Petrotec has
successfully closed the agreement at March 2013. The facility will enable
Petrotec to finance feedstock procurement, inventories as well as accounts
receivables. The trading credit facility grants also a separate line for
required hedging activities implemented by the Company and required for its
operation.
This important agreement is one more positive step in the financial
restructuring of Petrotec AG which started in 2009 leading to a sounder
balance sheet and a stronger company.
Forecast
The multiple legislations and consequently potential operative risks and
challenges the Company might need to cope with during 2013 (as stated in
length in the 2012 group financial report), makes it a hard task to
accurately predict the potential results. Some of the challenges include:
lack, in the short run, of sufficient certified feedstock, eligible for
double counting in Germany, to cope with the BLE 36. BImSchV legislation -
especially in light of the relatively short time granted by the BLE for the
implementation of this very recent and complex regulation and considering
the hundreds of thousands of restaurants and the many hundreds of
collectors in need of being certified; potential changes in blending
mandates (as lowered in Spain during 2012); and frequent amendments in the
regulatory framework influencing the activity of the Company. . This
relative volatile conditions leads to the market becoming more spot basis
than long term. Assuming none of the potential risks will materialize in an
extreme way Petrotec could estimate in 2013 a range for sales between EUR
150 mio. and EUR 190 mio. The EBIT margin should stabilize at about 2
percent. Going forward, Petrotec will give a more precise forecast in
August 2013 together with its half year results.
Report download
The 2012 full year financial report can be found in the following link:
http://www.petrotec.de/core/cms/front_content.php?idcat=96&lang=2
Petrotec group key annual financial figures (2009 - 2012)
EUR million 2012 2011 2010 2009Disclaimer
Sales revenues 166.2 173.2 88.3 30.6
EBIT 2.9 5.3 -5.8 -11.3
EBT 0.9 3.0 -7.8 -13.0
Profit/Loss of the period 0.9 3.0 -7.8 -13.0
EPS in EUR 0.04 0.19 -0.67 -1.18
Operative cashflow -6.3 4.9 -8.3 -10.2
Cash&equivalents 7.9 11.1 3.3 1.5
Equity ratio % 39.3 43.9 17.3 -6.8
No. of shares as of Dec. 31 24,543,741 24,543,741 11,549,999 11,549,999
This corporate news contains forward looking statements, which are based on
assumptions and estimates of the management of Petrotec AG. Although
Petrotec management believes that these assumptions and estimates are
correct, actual future developments and results can deviate substantially
from these assumptions and estimates due to many factors. These factors can
include alteration of the economic situation, legal and regulatory
constraints in Germany and the EU, and changes in Petrotec's general
business and competitive environment. Petrotec assumes no liability and
provides no warranty that future developments and actual future results
will conform with the assumptions and estimates expressed in this corporate
news.
About Petrotec
Petrotec AG, Germany, is the largest European producer of waste-derived
biodiesel, 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. Petrotec's
EcoPremium biodiesel provides significant environmental and climate
advantages with the highest CO2 emission reduction of 83% (compared with
fossil diesel) amongst all biofuels approved by the EU Renewable Energy
Directive (2009/28/EC). Since its IPO in 2006, Petrotec cleaned more than
700,000 tons of waste and saved over 2 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,
complying with high international transparency standards. It has a capital
stock of 24,543,741 Euro, equaling 24,543,741 shares. Main shareholder is
IC Green Energy Ltd., Israel, with a stake of 69 percent, freefloat is
approx. 18 percent. In the business year 2012 (Jan. 1st to Dec. 31st)
Petrotec reached sales of EUR 166 mio. and generated an EBIT of EUR 2.9
mio. and a netprofit of EUR 0.9 mio. The Company employs about 100
employees.
Press contact
Petrotec AG
Falk v. Kriegsheim
Investor Relations
Tel.: +49 (0) 172 9837109
ir(at)petrotec.de
End of Corporate News
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20.03.2013 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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204470 20.03.2013
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