Ad-hoc | 15 May 2007 08:47
VERBIO Vereinigte BioEnergie AG / Quarter Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Hamburg/Zörbig/Leipzig, 15 May 2007 – During the 1st quarter of 2007,
VERBIO Vereinigte BioEnergie AG (VERBIO) generated consolidated revenues
amounting to EUR 103.1 million. The operating result before special items
is EUR 5.3 million, corresponding to an EBIT margin of 5.1%. The operating
result after special items amounts to EUR 3.3 million (EBIT margin: 3.2%).
Earnings before tax are reported at EUR 3.1 million. The level of the
consolidated tax expense amounting to EUR 2.7 million for the quarter
results from the different national tax rates of VERBIO Group companies.
The resulting tax increase effect amounts to EUR 1.7 million. Earnings
after tax are EUR 0.3 million for the 1st quarter of 2007. Earnings per
share are EUR 0.01.
In the 1st quarter of 2007, sales of biodiesel amounted to EUR 66.0
million. The segment EBIT before special items was EUR 2.4 million (EBIT
margin before special items: 3.6%). Less the special items amounting to EUR
-1.2 million attributable to this segment, a segment EBIT of EUR 1.2
million and a resulting EBIT margin of 1.8% were achieved. Sales of
bioethanol in the 1st quarter of 2007 amounted to EUR 28.1 million. The
segment EBIT before special items was slightly negative at EUR -0.7 million
(EBIT margin before special items: -2.5 %). Less special items of EUR -0.8
million, we reported a bioethanol EBIT amounting to EUR -1.5 million (EBIT
margin: -5.3%). The energy segment reported sales of EUR 8.5 million and a
segment result of EUR 3.6 million.
The Management Board is continuing to assume that given the unchanged
negative economic and fiscal framework conditions in the sector, there will
be no short-term improvement in the business prospects for the business
year 2007 and consequently no improvement in the projected performance.
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Information and Explaination of the Issuer to this News:
VERBIO: Capacity utilisation for biodiesel satisfactory − ethanol
business continues to perform significantly below expectations
Hamburg/Zörbig/Leipzig, 15 May 2007 – During the 1st quarter of 2007,
VERBIO Vereinigte BioEnergie AG (VERBIO) generated consolidated revenues
amounting to EUR 103.1 million. The operating result before special items
is EUR 5.3 million, corresponding to an EBIT margin of 5.1%. The operating
result after special items amounts to EUR 3.3 million (EBIT margin: 3.2%).
Earnings before tax are reported at EUR 3.1 million. The level of the
consolidated tax expense amounting to EUR 2.7 for the quarter results from
the different national tax rates of VERBIO Group companies. The resulting
tax increase effect amounts to EUR 1.7 million. Earnings after tax are EUR
0.3 million for the 1st quarter of 2007. Earnings per share are EUR 0.01.
During the first three months of the current business year, the company’s
plants were operating at 76.5% capacity. 86,859 tonnes of biodiesel were
produced and 36,560 tonnes (equivalent to 46,278 m3) of bioethanol.
Consolidated Key Figures
in EUR millions 1.1. - 31.3.2007 1.7. - 30.9.2006 1.1. - 31.12.20061)
Sales 103.1 120.3 446.2
EBIT before special items 5.3 14.6 55.5
EBIT margin before special items 5.1% 12.1% 12.4%
Special items 2.0 3.4 11.4
EBIT 3.3 11.2 44.1
EBIT margin 3.2% 9.3% 9.9%
Financial result -0.2 -1.7 -5.3
Earnings before tax 3.1 9.5 38.8
Earnings after tax 0.3 6.4 26.6
1) IFRS consolidated financial statements of the 2nd abbreviated tax year
cumulative with IFRS group pro forma financial information 1.1. - 30.6.2006
Segment performance
In the 1st quarter of 2007, sales of biodiesel amounted to EUR 66.0
million. The low price of mineral oil and relatively high prices of raw
materials continued to exert significant pressure on margins in the
biodiesel business. This meant that we were unable to match the earnings
generated during previous quarters.
The segment EBIT before special items was EUR 2.4 million (EBIT margin
before special items: 3.6%). Less the special items amounting to EUR -1.2
million attributable to this segment, a segment EBIT of EUR 1.2 million and
a resulting EBIT margin of 1.8% was achieved. The biodiesel plants were
operating at 91.4% capacity based on production capacity.
Sales of bioethanol in the first quarter of 2007 amounted to EUR 28.1
million. The significantly higher fixed costs by comparison with the
biodiesel business exerted a negative effect on earnings as a result of
this low utilisation, and the segment EBIT before special items was
therefore slightly negative at EUR -0.7 (EBIT margin before special items:
-2.5%). Less special items of EUR -0.8 million, we reported a bioethanol
EBIT amounting to EUR -1.5 million (EBIT margin: -5.3%). The bioethanol
plants were operating at 54.2% capacity based on production capacity.
The energy segment continued to demonstrate gratifying performance. The
months January to March 2007 experienced extremely windy conditions and
this led to a strong increase in sales and earnings. Sales amounted to EUR
8.5 and segment earnings were EUR 3.6 million.
Segment Key Figures
in EUR millions 1.1. - 31.3.2007 1.7. - 30.9.2006 1.1. - 31.12.20061)
Biodiesel
Sales 66.0 79.5 302.0
EBIT before special items 2.4 11.8 45.7
EBIT margin before special items 3.6% 14.8% 15.1%
Special items -1.2 -2.0 -4.7
EBIT 1.2 9.8 41.0
EBIT margin 1.8% 12.3% 13.6%
Bioethanol
Bioethanol 28.1 37.2 123.2
EBIT before special items -0.7 3.7 8.7
EBIT margin before special items -2.5% 9.9% 7.1%
Special items -0.8 -1.4 -6.7
EBIT -1.5 2.3 2.0
EBIT margin -5.3% 6.2% 1.6%
Energy
Sales 8.5 3.3 18.0
EBIT 3.6 -0.9 2.8
EBIT margin 42.4% -27.3% 15.6%
Other
Other 0.5 0.3 3.0
EBIT 0.0 0.0 -1.7
EBIT margin not spec. not spec. not spec.
1) IFRS consolidated financial statements 2nd abbreviated financial year
2006 cumulative with IFRS consolidated pro forma financial information 1.1.
- 30.6.2006
The Management Board is continuing to assume that given the unchanged
negative economic and fiscal framework conditions in the sector, there will
be no short-term improvement in the business prospects or the projected
performance.
Putting these setbacks aside, the Management Board of VERBIO remains
confident that the prospects for the long-term growth trend in the European
biofuel market remain fully intact.
Contact
VERBIO Vereinigte BioEnergie AG
Alexandra Mühr
Humboltstraße 18
D-04105 Leipzig
Germany
Phone: +49 (0) 341 30 85 30 85
Fax: +49 (0) 341 30 85 30 99
Email: ir@verbio.de
www.verbio.de
Information on VERBIO Vereinigte BioEnergie AG
The VERBIO Group 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 currently amounts to around 400,000 tons of
biodiesel and 300,000 tons of bioethanol per year. The company has
developed its own processes and innovative technologies for the production
of biodiesel and bioethanol. It supplies its products directly to European
mineral oil corporations, mineral oil traders, independent fuel stations
and haulage companies. VERBIO AG also markets high-quality pharmaglycerin
for the consumer goods and cosmetic industries (glycerin 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:
MUW Mitteldeutsche Umesterungswerke, NUW Nordbrandenburger
Umesterungswerke, MBE Mitteldeutsche BioEnergie, NBE Nordbrandenburger
BioEnergie and SBE Swiss BioEnergy.
Important Note
This Press Release 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 Press Release.
DGAP 15.05.2007
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Language: English
Issuer: VERBIO Vereinigte BioEnergie AG
Humboldtstraße 18
04105 Leipzig Deutschland
Phone: +49 (0)341 30 85 30 90
Fax: +49 (0)341 30 85 30 99
E-mail: pr@verbio.de
www: www.verbio.de
ISIN: DE000A0JL9W6
WKN: A0JL9W
Indices:
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, Stuttgart, Düsseldorf, München
End of News DGAP News-Service
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