DGAP-News: VERBIO Vereinigte BioEnergie AG: increases sales, mainly due to strong biodiesel business, to EUR 143 million and gains positive period result
(firmenpresse) - DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Quarter
Results
VERBIO Vereinigte BioEnergie AG: increases sales, mainly due to strong
biodiesel business, to EUR 143 million and gains positive period
result
12.05.2011 / 08:30
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- EBIT in the amount of EUR 3.2 million achieved
- Very promising market introduction of verbiogas for public utilities
- Guidance for 2011 confirmed
Zörbig/Leipzig, 12 May 2011 - Due to a positive development in sales
prices, VERBIO Vereinigte BioEnergie (VERBIO) gained sales in the amount of
EUR 142.5 million in the first quarter 2011 after EUR 111.5 million in the
first three months of 2010. Biofuel production in the first quarter 2011
was 116,895 tons compared to 131,306 in the comparable previous year's
period. This was mainly caused by customers hesitant purchase
characteristics. In the first quarter 2011 consolidated operating result
(EBIT) was burdened by rising depreciation and amortization. Depreciation
and amortization amounted to EUR 6.5 million (Q1/2010: EUR 2.4 million).
The increase was basically the result of the depreciation of the biogas
plants (EUR 1.3 million) as well as the increased depreciation (EUR 2.1
million) of the bioethanol plants as consequence of the appreciation in
value as at December 31, 2010. Considering the other earnings and expense
positions EBIT is shown with EUR 3.2 million (Q1/2010: EUR 5.1 Mio.). In
the corresponding previous year's period it was positively impacted by the
sale of six wind power plants. Consolidated earnings before taxes (EBT)
amounted to EUR 2.3 million (Q1/2010: EUR 4.4 million). Net income for the
period of EUR 2.0 million was on last year's level (Q1/2010: EUR 2.2
million). This resulted in earnings per share of EUR 0.13 (Q1/2010: EUR
0.04).
Particularly, the biodiesel diesel segment had a positive impact on the
total result. The sales surplus of 16 per cent, determined by the price
development, as well as the sale of raw materials, which were not used for
production are reflected in the significant increase of EUR 10 million in
EBIT compared to last year's period.
As at March 31, 2011 total assets stood at EUR 555.2 million (31/12/2010:
EUR 608.4 million). Equity amounted to EUR 330.1 million (31/12/2010: EUR
332.5 million), resulting in an equity ratio of 59 per cent. A plus of four
percent points compared to December 31, 2010.
The Group posted a positive operating cash flow of EUR 39.5 million as at
31 March 2011 (31/03/2010: EUR 19.9 million). This significant increase is
chiefly due to the cash-effective decrease in inventories and the reduction
of trade receivables.
As at 31 March 2011, VERBIO held funds of EUR 43.5 million (31 December
2010: EUR 47.8 million).
Due to insufficient information of the consumer sluggish implementation of
E10
The already at the end of 2010 passed implementation of the E10 fuel
(petrol with a share of ten per cent ethanol) at the petrol stations in the
first quarter 2011 was not auspicious. Although the market implementation
of E10 was discussed for a long time, the mineral oil industry missed to
inform the consumers about the 'new' fuel and to create consumer
acceptance. The consequences, E 10 sales in the first quarter 2011 were
highly restrained and the totalsales of ethanol less than basically
expected by the implementation of E10.
Very promising market introduction of verbiogas for public utilities
Following the introduction of verbiogas in autumn 2010 VERBIO has won
public utilities in Munich and Augsburg. After pushing the biogas sales in
the first month this year more contracts are going to be signed in near
future. To produce biogas made from biomass residues for the mobility
sector and to invest in this new business confirms VERBIO's strategy.
Guidance for 2011 confirmed
We expect that the sales situation will relieve in the second half of the
year at the latest and that E10 will find incremental acceptance. The
second quarter of 2011 started very positive regarding the biodiesel sales.
In April the utilisation of our biodiesel plants was at over 90 per cent.
In this segment, the reticent purchase policy of the mineral oil industry
in the first quarter of 2011 will, from our point of view, not being
continued because of the legal quota obligation. Overall, we expect further
growing sales figures and stable plant utilisation of more than 80 per cent
in the following months.
Insofar we confirm the guidance to generate sales spread between EUR 550
million and EUR 600 million, EBITDA between EUR 35 million and EUR 40
million and EBIT between EUR 15 million and EUR 20 million.
The complete 2010 Annual Report can be viewed at 10 a.m. at www.verbio.de
-> Investor Relations.
Key figures Group and segments Q1/2011 (Q1/2010):
in EUR million Q 1 2011 Q 1 2010*Excluding elimination of intercompany results (Q1/2011: in total EUR -2.0
Group
Sales 142.5 111.5
EBIT 3.2 5.1
Financial result -0.9 -0.7
PAT 2.0 2.2
Segment reporting
Biodiesel
Sales 87.5 72.6
thereof third party sales 84.2 72.6
EBIT* 8.3 -1.7
Bioethanol
Sales 34.3 34.1
thereof third party sales 34.3 34.1
EBIT* -3.5 1.8
Energy
Sales 2.1 3.0
thereof third party sales 2.1 3.0
EBIT* 0.1 5.1
Trade Märka
Sales 43.2 0
thereof third party sales 19.5 0
EBIT* 0.3 0
Other
Sales 7.9 1.9
thereof third party sales 2.4 1.9
EBIT* 0.0 -0.1
Key figures per share
EPS (basic/diluted) in EUR 0.03 0.04
Operating cash flow per share (basic/diluted) in 0.63 0.32
EUR
Number of shares in million 63.0 63.0
million)
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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Datum: 12.05.2011 - 08:30 Uhr
Sprache: Deutsch
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