DGAP-News: VERBIO AG: increases sales to EUR 521 million and generates positive operating result
(firmenpresse) - DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Final
Results
VERBIO AG: increases sales to EUR 521 million and generates positive
operating result
23.03.2011 / 07:30
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Optimistic outlook for 2011; Biogas expansion into Hungary
Zörbig/Leipzig, 23 March 2011 - In the 2010 financial year, Vereinigte
BioEnergie AG (VERBIO) benefited from increased demand and increased its
biofuel production in 2010 to 584,311 tons (2009: 567,688 tons). Sales
totalled EUR 520.6 million after EUR 501.7 million in 2009, with the share
of sales of Märka GmbH, which was consolidated for the first time as at 1
November, amounting to EUR 11.1 million. The consolidated operating result
(EBIT) improved considerably to EUR 10.4 million (2009: EUR -3.0 million)
as a result of a margin improvement with higher capacity utilisation in the
Bioethanol segment and the sale of six wind turbines (EUR 7.0 million). In
addition, impairments of goodwill in the Biodiesel segment of EUR 85.0
million and income from reversals of impairments of property, plant and
equipment in the Bioethanol segment of EUR 86.1 million also influenced the
consolidated EBIT.
Consolidated earnings before taxes (EBT) amounted to EUR 7.2 million (2009:
EUR -2.8 million), and net income for the period of EUR 8.0 million was
recognised (2009: EUR -7.3 million). This resulted in earnings per share of
EUR 0.13 (2009: EUR -0.12).
Total assets increased by EUR 122.8 million from EUR 485.6 million to EUR
608.4 million as at 31 December 2010, particularly due to the acquisition
of the assets of Märka GmbH and the completion of the biogas plants. Equity
amounted to EUR 332.5 million (31 December 2009: EUR 311.1 million),
resulting in an equity ratio of 55% as at 31 December 2010.
The Group posted a positive operating cash flow of EUR 25.3 million as at
31 December 2010 (31 December 2009: EUR -32.7 million). Besides the net
profit for the year, this significant increase is chiefly due to the
cash-effective decrease in inventories of EUR 27.0 million.
As at 31 December 2010, VERBIO held funds of EUR 47.8 million (31 December
2009: EUR 48.8 million).
Positive business development anticipated in 2011
In the 2011 financial year, VERBIO will continue to increase its market
share in biodiesel and bioethanol and will actively develop the biogas
market. The sales volume of biogas is intended to be increased
substantially through a sales and marketing campaign and by gaining new
customer groups.
The Management Board expects a rise in sales and earnings in the 2011
financial year. Sales of between EUR 550 million and EUR 600 million are
targeted in 2011. EBITDA is expected to amount to between EUR 35 million
and EUR 40 million and the operating result (EBIT) between EUR 15 million
and EUR 20 million.
Sustainable raw materials supply secured
The acquisition of Märka GmbH in 2010 created access to a reliable and
stably priced supply of raw materials. The aim here is to continue to step
up and expand the contractual commitment of the farmers by means of
cultivation contracts.
Major investments in technology and expansion
Approximately EUR 110 million is to be invested in strengthening the
Group's leading technological position in biofuels and in expansion towards
Eastern Europe by 2012. The established conceptof industrial processing of
agricultural waste will be optimised further and is to be expanded in 2011
with a pilot plant for processing straw.
International expansion - start of project in Hungary
VERBIO is implementing its international expansion strategy in Eastern
Europe with the construction and operation of a biogas plant together with
a Hungarian project partner. Here VERBIO is focusing on the production of
biogas from agricultural waste. The main waste materials to be used are
animal excrement and straw. The verbiogas produced is refined to the same
quality as natural gas and fed into the local natural gas network. 'Our
focus for international expansion is on Eastern Europe. Hungary will be our
pilot project. VERBIO's concept of biogas from agricultural waste is
meeting with a strong positive response there and I am highly confident
that we will be able to launch further projects in the coming months',
comments Claus Sauter, CEO of VERBIO AG. The company produces approximately
500 GWh of biogas per year from waste materials at two locations in
Germany. It plans to convert 50% of all currently existing natural gas
filling stations in Germany to verbiogas by 2013. verbiogas as a fuel
reduces greenhouse gases by 90% compared with petrol.
The complete 2010 Annual Report can be viewed from 12 (noon) at
www.verbio.de -> Investor Relations.
million EUR Q 1 2010 Q 2 2010 Q 3 2010 Q 4 2010 2010 2009
Group
Sales 111,5 131,6 127,4 150,1 520,6 501,7
EBIT 5,1 2,6 0,2 2,5 10,4 -3,0
Fin. result -0,7 -0,6 -0,6 -1,3 -3,2 0,2
Net result 2,2 3,2 0,9 1,7 8,0 -7,3
Segments
Biodiesel
Sales 72,6 92,7 78,5 90,6 334,4 345,6
EBIT -1,7 0,1 -0,5 2,1* 0,0* 0,4
Bioethanol
Sales 34,1 34,9 44,7 44,9 158,6 130,3
EBIT 1,8 1,9 0,6 -2,3** 2,0** -8,6
Energy
Sales 3,0 1,9 1,9 3,0 9,8 17,4
EBIT 5,1 0,7 -0,2 -0,1 5,5 5,0
Other
Sales 1,9 2,0 2,3 0,5 6,7 8,4
EBIT -0,1 -0,1 0,3 -0,1 0,0 0,2
Märka-Trade
Sales 11,1 11,1
EBIT -0,9 -0,9
Key figures pr share in EUR
Earnings per share
diluted/undiluted 0,04 0,05 0,01 0,03 0,13 -0,12
Operating cashflow per share
diluted/undiluted) 0,41 -0,53
Number of shares in million 63,0 63,0
*not including expenses from write-downs (EUR million 85)
** not including income from reversals of write-downs (EUR million 86,1)
About VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and suppliers of
biofuels and also the only industrial-scale producer of
biodiesel, bioethanol and biogas in Europe. Nominal capacity currently
amounts to around 450,000 tons of biodiesel, 300,000
tons of bioethanol and 500 gigawatt hours of biogas per year. In the
production of its highly efficient fuels, the company uses its
own energy-saving production processes and innovative technologies. The
biofuels produced by VERBIO achieve CO2 reductions of up to 90% compared
with petrol and diesel. VERBIO supplies its products directly to European
mineral oil corporations, mineral oil traders, independent petrol stations,
haulage companies, public utilities and vehicle fleets. VERBIO AG
also markets high-quality pharma glycerine for the consumer goods and
cosmetic industries (glycerine is a by-product of biodiesel production).
VERBIO Vereinigte BioEnergie AG acts as the management holding company
within the Group. The Group's operating business is run by its 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. VERBIO shares (ISIN DE000A0JL9W6 / WKN A0JL9W) have been
listed on the Prime Standard of the Frankfurt Stock Exchange since October
2006.
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.
End of Corporate News
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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 Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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116519 23.03.2011
Datum: 23.03.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33544
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