DGAP-News: VERBIO with good second quarter; stabilisation of results; biofuel sales increased by 16 per cent; outlook confirmed
(firmenpresse) - VERBIO Vereinigte BioEnergie AG / Half Year Results
12.08.2010 07:31
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Leipzig/Zörbig, August 12, 2010: VERBIO Vereinigte BioEnergie AG increased
its biofuel sales to the domestic blending market with 264,279 tons
corresponding to 16 per cent compared to the half-year 2009. In the first
six months of 2010 sales were reached in the amount of EUR 243.1 million (1
HY 2009: 247.0 million). The Group result (EBIT) stood at EUR 7.7 million
(1 HY 2009: -11.2 million). The improvement in EBIT in the amount of EUR
18.9 million mainly results from the bioethanol and the energy segment. In
the bioethanol segment the result primarily increased due to improved
yields and significant cost reductions. In the energy segment the sale
of seven wind power plants (EUR 4.5 million) contributed to that
outstanding result. The result for the period amounted EUR 5.4 million
after EUR -16.2 million in the first half-year 2009. The Management Board
still expects a significant increase in sales and positive earnings before
interest and tax (EBIT) in the higher single-digit euro region in the
financial year 2010.
Stable financial conditions
The financial conditions of the VERBIO Group are stable. At June 30, 2010
liquid funds amounted to EUR 42.9 million and the equity ratio was at 73
per cent.
VERBIO profits from increased demand - utilisation in the biodiesel and
bioethanol segments clearly above previous year and previous period
In the first half-year of 2010, 187,181 tons were produced in the biodiesel
segment and were therefore with 10,398 tons respectively 6 per cent over
the first half-year 2009. Due to the lower price level, sales in the amount
of EUR 165.3 million (1 HY 2009: EUR 174.8 million) decreased to the
comparing previous period. The segment result (EBIT) stood at EUR -1.6
million (1 HY 2009: -1.2 million), whereby the second quarter of 2010 had a
positive result amounting to EUR 0.1 million.
In the same period, 90,113 tons (1 HY 2009: 79,508 tons) were produced in
the bioethanol segment and therefore with 10,605 tons respectively 13 per
cent above the comparable previous period. Compared to the previous year
this is because of increased demand and gained market shares. Due to higher
sales and market prices, sales increased by 16 per cent to EUR 69.0 million
(1 HY 2009: EUR 59.5 million). The segment result (EBIT) in the amount of
EUR 3.7 million was EUR 14.3 million above the figure of the first
half-year 2009 (EUR -10.6 million) and is compared to the previous year
positively influenced by lower cost of materials. Compared to the first
quarter of 2010, sales and segment result increased respectively improved
further in the second quarter of 2010.
In the first half-year of 2010, the energy segment comprise of sales in the
amount of EUR 4.9 million (1 HY 2009: EUR 9.0 million). The decline in
sales results from less operating wind power plants. The segment result
(EBIT) was with EUR 5.8 million clearly above the comparing previous year
(1 HY 2009:EUR 0.7 million) and contains book profits from the sale of wind
power plants in the amount of EUR 4.5 million.
The other segment generated revenues in the amount of EUR 3.9 million (1 HY
2009: EUR 3.7 million). The segment result (EBIT) is at EUR -0.2 million
after EUR -0.1 million in the first half-year 2009.
For the first six months, investments in property, plant and equipment in
the amount of EUR 26.9 million (1 HY 2009: EUR 3.0 million) are reported.
Thereof EUR 25.3 million (1 HY 2009: EUR 1.4 million) relate to the
completion of the biogas plants in Zörbig and Schwedt/Oder. For parts of
these investments prepayments in the amount of EUR 10.4 million were
already made in 2009.
First VERBIO biogas went on stream
On July 6, 2010 the first biogas plant started operation in Zörbig. Not
just politicians but also economists and research and development partners
recognised the viability of combining the biogas and bioethanol production
in a very functional and extensive way.
VERBIO confirms their defined operative targets for 2010
For 2010 VERBIO is striving to further expand of our market share in both
the biodiesel and bioethanol segment. VERBIO aims to achieve full
utilisation of the existing biodiesel and bioethanol production capacities.
Additional opportunities in respect of sales and cost optimisation arise
when the biogas plants located in Zörbig and Schwedt/Oder start full
operation. Both plants went on stream as scheduled and produce first
amounts of biogas. This biogas has to be feed-in into the natural gas
distribution system from August 2010.
Assuming that raw material prices remain stable, a significant increase in
sales and positive earnings before interest and tax (EBIT) in the higher
single-digit euro are expected by the Management Board for the financial
year 2010. The share of sales contributed by the production and feed-in of
biogas will be approximately EUR 6 million. Essential contributions to
result are strived by first revenues from the biogas plants and therewith
connected savings by running these plants as well as the possible sales of
further wind power plants.
Key figures quarterly development and half-year comparison
in million EUR Q1 2010 Q2 2010 1 HY 1 HYAbout VERBIO Vereinigte BioEnergie AG (VERBIO)
2010 2009
Group
Sales 111.5 131.6 243.1 247.0
EBIT 5.1 2.6 7.7 -11.2
Financial result -0.7 -0.6 -1.3 -1.3
PAT 2.2 3.2 5.4 -16.2
Segments
Biodiesel Sales 72.6 92.7 165.3 174.8
Segment result (EBIT) -1.7 0.1 -1.6 -1.2
Bioethanol Sales 34.1 34.9 69.0 59.5
Segment result (EBIT) 1.8 1.9 3.7 -10.6
Energy Sales 3.0 1.9 4.9 9.0
Segment result (EBIT) 5.1 0.7 5.8 0.7
Others Sales 1.9 2.0 3.9 3.7
Segment result (EBIT) -0.1 -0.1 -0.2 -0.1
Key figures per share in EUR
Earnings per share (basic/diluted) 0.04 0.05 0.09 -0.26
Operating cash flow per share 0.32 0.42 0.74 0.12
(basic/diluted)
Number of shares in million shares 63.0
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 andhaulage companies. VERBIO AG also markets
high-quality pharma glycerin 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.
Important note
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.
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
Katja Fischer
Public Relations/Marketing
Phone: +49(0)341/30853085
Fax: +49(0)341/30853099
Email: pr(at)verbio.de
12.08.2010 07:31 Ad hoc announcement, Financial News and Press 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 München, Düsseldorf, Berlin, Stuttgart
End of News DGAP News-Service
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