DGAP-News: PETROTEC AG: Petrotec reports strongest 9M financial result since its IPO in 2006
(firmenpresse) - DGAP-News: PETROTEC AG / Key word(s): Quarter Results/Quarter Results
PETROTEC AG: Petrotec reports strongest 9M financial result since its
IPO in 2006
13.11.2013 / 07:00
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Petrotec AG
Corporate News
Results first nine months 2013 (January 1 to September 30)
Petrotec reports strongest 9M financial result since its IPO in 2006
- EBIT of EUR 6.2 mio. up 89 % (9M 2012: EUR 3.3 mio.)
- Revenues of EUR 144.6 mio. up 17 % (9M 2012: EUR 123.6 mio.)
- Solid Q3 results and a new waste-based biodiesel production record with
38,000 tons
- Equity ratio significantly improved to 49.6 % (Dec. 31, 2012: 39.3 %)
- Total liabilities further reduced by almost 20 %
- Forecast 2013 updated: EBIT-margin expected to rise to between 3 % and
4 % and sales to be at upper end of range of EUR 150 mio. to EUR 190
mio.
Borken, November 13, 2013 - Petrotec AG (ISIN DE000PET1111), the largest
European producer of waste-based biodiesel, predominantly from used cooking
oil, announced revenues at group level of EUR 144.6 mio.(9M 2012: EUR 123.6
mio.) for the first nine months of 2013. The company generated an operating
profit (EBIT) of EUR 6.2 in 9M 2013 (9M 2012: EUR 3.3 mio.). EBT resulted
in EUR 4.8 mio. (9M 2012: EUR 1.8 mio.). EPS calculates at EUR 0.19
compared to an EPS of EUR 0.07 at 9M 2012. A strong demand supported by
increasing production volumes were major contributors to the improved
financial result of the first nine months 2013. The company continued
enjoying relatively good market conditions and a high demand for its
product especially in Germany. It sold close to 130,000 tons of its waste
based biodiesel, up 22.4 % compared to the same period the previous year.
In Q3 Petrotec's business developed along the same lines observed in the
first two quarters of 2013. The company generated sales of EUR 47.6 mio.
(Q3 2012: EUR 46.5 mio.) and an operating profit (EBIT) of EUR 2.5 mio. (Q3
2012: EUR 2.4 mio.), EBT amounted to EUR 2.0 mio. (Q3 2012: EUR 1.9 mio.).
Petrotec continued to invest in upgrading production assets as well as in
improving its production processes, which resulted in a significant
increase in plant utilization and production volume, along with a
continuous improvement of production costs. Thus, Petrotec could maintain
relatively good margins on its sales which resulted in the strongest nine
months financial results for the company since it went public.
With the 9M results Petrotec management has adjusted its forecast of sales
and EBIT-margin - as published on October 23, 2013 - for the current
business year 2013. Management expects sales to be at the upper end of the
given range of EUR 150 to EUR 190 mio. EBIT-margin is expected to rise to
between 3% and 4% up from 2% forecasted earlier this year. This takes into
consideration a lower production capacity, therefore lower sales and lower
profitability, in Q4 2013 due to the typically weaker winter season and
planned plants maintenance and upgrades.
Market conditions improved
On the regulatory angle Q3 has been dominated by the 'iLUC battle' in
Brussels with the EU Commission proposing to cap the use of 'first
generation' biofuel suspected of causing indirect land use change
(iLUC).This has provoked fierce resistance from the biofuel industry.
Although, waste based biofuels are not directly affected by iLUC a
discussion sprouted around the feedstocks which should be considered
eligible for double counting amongst them used cooking oil. In the end, on
September 10, 2013 the EU parliamentary vote confirmed double counting as
the appropriate mechanism for supporting waste-based biofuels and UCOME as
a biofuel eligible for double counting. The decision about iLUC is still
awaiting the final council vote on the matter.
The relatively good market conditions and increasing demand for Petrotec's
biodiesel continued the positive trend seen in the first two quarters for
the period under review. Utilization of both biodiesel production plants
reached a high rate of 78.0 % in the first three quarters of 2013, up 10 %
from the year before (9M 2012: 71 %). Production of biodiesel in 9M 2013
amounted to 108,846 tons (9M 2013: 98,603 tons) with the third quarter
contributing with a new production record with almost 38,000 tons (Q3 2012:
37,000 tons).
After mostly overcoming the transition period for the implementation of the
new German Biofuels Law (36th BImSchV) which introduced stricter standards
for tracing origins of double counting waste based feedstock, a good
portion of Petrotec's production volumes in the third quarter were
delivered to the German blending market. The demand seemed to be higher
than the available supply, due to the lack DE-certified feedstock.
Nevertheless, Petrotec successfully continued the process of supplier
certifications to be prepared to meet the demand and to be able to deliver
to a loyal customer base. The Netherlands and the UK also showed demand for
double counted FAME, even though the demand was lower than in Germany. In
Spain the company continues to grow its operation. It is expected that the
country will adopt the double counting scheme in the near future.
Equity ratio increased to 49.6 %
As of September 30, 2013 total assets declined by EUR 2.1 mio. to EUR 57.2
mio. The decline from year end 2012 is due to a decline in inventories by
EUR 3.5 mio. Inventories at year end 2012 were exceptionally high. Cash and
cash equivalents increased from EUR 7.9 mio. as of December 31, 2012 to EUR
10.7 mio. as of September 30, 2013. The increase primarily results from the
operative profit of the period under review. Major shareholder (ICG) loans
have been reduced to EUR 14.5 mio. at the end of the reporting period,
compared to EUR 17.7 mio. at year end 2012. Additionally, short-term
interest bearing bank loans - utilized to finance part of Petrotec's
working capital need - have been redeemed by EUR 5.4 mio. from EUR 7.6 mio.
at the end of 2012 to EUR 2.1 mio. in September 30, 2013. The company has
reduced total liabilities by 19.9 % or EUR 7.2 mio. to EUR 28.9 mio. as of
September 30, 2013 compared to December 31, 2012. Petrotec's equity ratio
improved to 49.6% compared to 39.3% as of the balance sheet date on
December 31, 2012. This is attributable to the generated net profit as well
as the aforementioned reduced working capital position.
Compared to 2012 year end Petrotec's working capital declined significantly
by EUR 5.3 mio. to EUR 15.1 mio. This is primarily due to the building up
of raw materials at year end 2012, which were reversed during the first six
months of 2013. In the period under review Petrotec generated a net cash
flow from operating activities amounting to EUR 13.6 mio. (9M 2012: EUR 4.1
mio.) thanks to the decrease in inventories and the strong 9M interim
result.
Outlook
Overall, the management sees a further increase for waste based biodiesel
mainly thanks to increasing number of countries adopting the double
counting scheme and to higher blending mandates in order to achieve GHG
saving targets. Such developments are expected to support Petrotec's
further positioning in the market as one of the largest waste-based
biodiesel producers in Europe. Petrotec's aims to continuously increase
sales and profitability by improving its production volumes and yields, as
well as its logistics network flexibility all resulting in improved cost
structure for the company. In the fourth quarter alongsideseasonally
weaker winter months, Petrotec will execute exceptionally longer equipment
maintenance and upgrades at its plants to allow this continuous asset
improvement. It is therefore expected that the production volume will be
weaker relatively to previous quarters this year.
The full 9M 2013 report can be downloaded under the following link:
http://www.petrotec.de/core/cms/front_content.php?idcat=90&lang=2
9M 2013 Petrotec group key figures
EUR million Q3 2013 9M 2013 Q3 2012 9M 2012Disclaimer
Sales revenues 47.6 144.6 46.5 123.6
EBIT 2.5 6.2 2.4 3.3
EBT 2.0 4.8 1.9 1.8
Profit/Loss of the period 1.9 4.7 1.9 1.8
EPS in EUR 0.08 0.19 0.08 0.07
Operative cashflow 13.6 4.1
Cash&equivalants 10.7 11.7
Equity ratio % 49.6 44.0
Number of shares 24,543,741 24,543,741 24,543,741 24,543,741
This corporate news notification 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 notification.
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 DE000PET1111) 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 (January 1 to December 31)
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 110
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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13.11.2013 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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239489 13.11.2013
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