DGAP-News: PETROTEC AG: Sales and earnings increased in Q1 2013
(firmenpresse) - DGAP-News: PETROTEC AG / Key word(s): Quarter Results/Quarter Results
PETROTEC AG: Sales and earnings increased in Q1 2013
07.05.2013 / 07:22
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Petrotec AG
Corporate News
Results of first quarter 2013 (Jan. 1st to March 31st)
Petrotec: Sales and earnings increased in Q1 2013
Positive results mirror the continuous improved operational parameters of
Petrotec group and the increasing demand for CO2 friendly waste based
biodiesel in Europe
- Sales up 13.7 % to EUR 47.8 mio. compared with Q1 2012
- EBIT of EUR 1.5 mio. in Q1, up 153.6 % compared with Q1 2012
- EBIT-margin of 3.2 % realized in Q1
- High utilization of above 81 % in biodiesel production plants
- Petrotec reduced liabilities by 23.3 %
- Financials further strengthened via trading facility line with one of
the leading European banks
Borken, May 7th, 2013 - Petrotec AG (ISIN DE000PET111), the largest
European producer of waste based biodiesel predominantly from used cooking
oil, reports group sales of EUR 47.8 mio., up 13.7 % compared with the
prior year (Q1 2012: EUR 42.1 mio.) in the first quarter of the business
year 2013 (Jan. 1st to March 31st). The company generated an operating
profit (EBIT) of EUR 1.5 mio. (Q1 2012: EUR 0.6 mio.). EBT reached EUR 1.1
mio. (previous year EUR 0.1 mio.) and earnings per share (EPS) went up from
EUR 0.01 in Q1 2012 to EUR 0.04 in Q1 2013. These results demonstrate
Petrotec's solid position in the European waste based biodiesel market as
well as the continuous improvement in the company's production costs and
production yields.
Better market conditions in Q1 2013 enabled Petrotec to reach its second
highest quarterly sales result which included the sale of the processed
high raw material stocks from the fourth quarter 2012. Utilization of both
biodiesel production plants reached a record high of 81.3 % (Q1 2012:
74.2%) and record production of 37,100 tons of biodiesel (Q1 2012: 34,200
tons; Q4 2012: 30,220 tons). Despite being a seasonally weak quarter,
Petrotec generated relatively strong quarterly results triggered by the
strong increase in sales and improvements of the cost of the material
ratio.
In the German market the first quarter was marked by the insufficient
transition period granted for the implementation of the new German Biofuels
Law (36th BImSchV) which introduced stricter standards for tracing origins
of double counting waste based feedstock. This caused and still is causing
bottlenecks in UCO supply and led to complex selling and buying decisions
including refusing local demand in the German market and selling some
significant volumes outside of Germany.
Towards the end of March the number of certified suppliers somewhat
increased, and Petrotec has been able to slightly increase the offered
volumes of UCOME being compliant with the double counting requirements in
Germany. The continuous high level of attention Petrotec puts in its
sustainability and certification system is acknowledged by its customers.
Petrotec is concerned that the complexity and time constraints in
certifying all collectors and suppliers in the provided time frame by the
36th BimSchV might negatively impact feedstock availability and ultimately
waste-based biodiesel for the German market.
In the European market (excluding Germany) Petrotec sold its biodiesel
mainly into the UK and the Netherlands. In Spainthe company is growing its
business and targeting its product to the Southern Europe market. Spain is
expected to adopt the double counting scheme by the beginning of 2014.
Equity ratio increased to 46.9 %
As of March 31, 2013 total assets decreased by 12 % to EUR 52.0 mio. due to
a significant decrease in inventories by 31.6 % to EUR 13.4 mio. In
addition, Petrotec paid accrued interest to its main shareholder IC Green
Energy of EUR 1.6 mio., which in turn reduced the cash position to EUR 6.5
mio. On the liability side current bank loans decreased by EUR 6.3 mio. to
EUR 1.2 mio. after repaying a bank loan provided in Q4 2012 to support
Petrotec's working capital requirements. Overall, total liabilities reduced
from EUR 36.0 mio. as of Dec. 31, 2012 by 23.3 % to EUR 27.6 mio. During
this first quarter, Petrotec has also managed to further strengthen its
financing capacity by concluding a long term non committed trading facility
line with a major European bank. These measures result in a stable balance
sheet and a more robust company. As of March 31st, 2013 the equity ratio
increased to 46.9%.Working capital declined compared to 2012 year end by
EUR 4.8 mio. to EUR 15.6 mio., mainly due to dissolving stock of raw
materials in the first three months of 2013. In the period under review
Petrotec generated a positive cash flow from operating activities of EUR
6.8 mio. (Q1 2012: EUR 1.0 mio.).
Outlook
Overall, management sees a slightly improving market environment. The
relative limited availability of UCOME with all required certifications is
creating a healthy demand for the company's product in Germany. In the
other European markets, the company sees an increase in demand as now most
of the major Western European countries have adopted the double counting
scheme. Some countries are about to increase their blending obligations in
order to achieve GHG saving targets as well. This provides Petrotec with a
competitive advantage compared to the vegetable oil based biodiesel
producers. Due to significantly higher GHG savings generated by usage of
UCOME Petrotec's product better matches the regulatory intention to promote
sustainable biofuels with as high CO2 emissions savings as possible.
Petrotec's efforts to constantly increase production and sales output by
improving its technology, processing yields and its logistics network
flexibility continue to be of highest priority to Petrotec's management.
The management maintains the outlook given in the 2012 annual report and
shall provide an updated outlook in its half year report.
Report download
The full Q1 2013 financial report can be found in the following link:
http://www.petrotec.de/core/cms/front_content.php?idart=386&changelang=2&l
ang=2
Petrotec group financial figures
EUR million 2012 2011 Q1 2013 Q1 2012Disclaimer
Sales revenues 166.2 173.2 47.8 42.1
EBIT 2.9 5.3 1.5 0.6
EBT 0.9 3.0 1.1 0.1
Profit/Loss of the period 0.9 3.0 1.1 0.1
EPS in EUR 0.04 0.19 0.04 0.01
Operative cashflow -6.3 4.9 6.8 1.0
Cash&equivalents 7.9 11.1 6.5 11.8
Equity ratio % 39.3 43.9 46.9 44.3
No. of shares as of Dec. 31 / March 24,543,7 24,543,7 24,543,7 24,543,7
31 41 41 41 41
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 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 primarily to large mineral oil companies in northwest Europe. The
usage of waste based biodiesel enjoys a preferential double counting scheme
granted by major EU countries 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 net profit 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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07.05.2013 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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