Corporate | 25 March 2009 07:30
VERBIO Vereinigte BioEnergie AG / Final Results
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Leipzig, 25 March 2009 - In the financial year 2008 VERBIO achieved
consolidated revenues in the amount of EUR 666.6 million (2007: EUR 408.0
million). Due to demand and price effects, revenues were 63.4 percent or
EUR 258.6 million over the prior year's amount. Although the increased
taxation of pure biodiesel (B100) in 2008 from 9 cents per liter to 15
cents per liter put heavy pressure on the biodiesel market, demand for bio
fuels in total remained stable, so VERBIO was able to profit from the
increased sales prices and relatively stable raw material prices.
The consolidated operating result amounts to EUR 13.9 million (prior year:
EUR -257.5 million). The result before income taxes (EBT) amounts to EUR
11.2 million (2007: EUR -259.7 million); the result after taxes is EUR 9.1
million (2007: -246.4 million). This results in earnings per share (diluted
and undiluted) of EUR 0.15 (2007: EUR -3.91 per share). In prior year
consolidated operating result was negatively affected by one-time non-cash
write downs of EUR 257.0 million.
Equity ratio just under 70 percent
Equity amounts to EUR 325.0 million (December 31, 2007: EUR 318.8 million)
corresponding to an equity ratio of 66.2 percent (December 31, 2007: 58.7
percent). The cash flows from operating activities amount to EUR 68.4
million for the reporting period (2007: -94.0 million). The significant
increase results in particular from the lower level of capital tied up due
to the decrease in inventories of EUR 44.5 million. Furthermore, in
addition to the positive result for the year of EUR 9.1 million and the
reduction in trade receivables had a positive impact.
Demand for biodiesel increased - Competitiveness in bioethanol improved
The demand in the biodiesel segment especially from the Eastern European
countries picked up again, approximately 38 percent or about 157,500 tons
were exported. In bioethanol segment the production rested partially in
2008. Since October both plants are in operation again. The production of
bioethanol was started up again, since on the one hand a relaxation of the
price situation on the grain market emerged and on the other sugar and
sugar-containing raw materials could be included alternatively. Compared to
the prior year, the bioethanol export business declined: 9.8 percent or
19,400 tons of bioethanol were exported (2007: 39.4 percent or 49,500
tons).
Utilization of the production facilities very high on biodiesel
In 2008, 398,802 tons (2007: 349,557 tons) of biodiesel were produced and
138,478 tons of bioethanol (2007: 123,751 tons) were produced. Based on
production capacity (416,000 tons per year for 2008; 380,000 tons per year
for 2007) this represents a usage of 93.3 percent (2007: 92.0 percent).
Theusage of the bioethanol plants in 2008 reached 51.3 percent (2007: 45.8
percent) based on production capacity of 270,000 tons per year.
Optimization of existing plants - Investment in biogas plants
Investments were made in the financial year 2008 in the amount of EUR 9.2
million (2007: EUR 34.3 million). Increases to property, plant and
equipment amount to EUR 8.9 million (2007: EUR 34.0 million), thereof EUR
4.1 million (2007: 13.7 million) were invested in construction in process
alternatively in the improvement in existing plants. Constructions in
process relate principally to the biogas plants in Zörbig and in
Schwedt/Oder that will go into operation at the end of 2009.
Outlook
The Management Board expects a sustainable and significant improvement of
the situation in the biofuel industry and the business of VERBIO taking
effects of the Sustainability Ordinance from the year 2011. This is
particularly because VERBIO is regarding to the requested greenhouse gas
reduction standards already today well prepared.
The first quarter of 2009 is on both fundamental segments characterized by
a strong fall in demand and extensive price pressure. For this reason an
authoritative forecast for the fiscal year 2009 according to revenues and
result is presently not possible.
The complete annual report is now available for download under
www.verbio.de.
Overview fiscal year 2008 compared to prior year:
Million EUR 2008 2007
Group
Sales 666.6 408.0
Materiel costs 600.9 371.1
Other operating income 20.7 7.1
Personnel costs 17.1 15.5
Other operating expenses 52.8 271.6 1)
Depreciation 11.6 22.8
Result from commodity futures 10.4 0.2
EBIT 13.9 -257.5
Financial result -2.7 -2.1
EBT 11.2 -259.7
Net income 9.1 -246.4
Segments
Biodiesel Sales 456.5 284.7
Segment result 9.6 7.3
Bioethanol Sales 182.2 97.3
Segment result 3.5 -267.3 1)
Energy Sales 20.1 21.9
Segment result 0.9 2.8
Others Sales 7.8 4.1
Segment result -0.1 -0.3
Key figures per share in EUR
EPS (undiluted/diluted) 0.15 -3.91
Operativer cash flow per share (undiluted/diluted) 1.09 -1.49
Number of shares in million shares 63.0 63.0
1) including impairment losses of 232.6 million EUR
Contact:
VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Anna-Maria Schneider
Investor Relations
Tel: +49(0)341/30853094
Fax: +49(0)341/30853098
E-Mail: ir@verbio.de
Sandra Haacker
Public Relations
Tel: +49(0)341/30853063
Fax: +49(0)341/30853099
E-Mail: pr@verbio.de
Contact:
VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Anna-Maria Schneider
Investor Relations
Tel: +49(0)341/30853094
Fax: +49(0)341/30853098
E-Mail: ir@verbio.de
Sandra Haacker
Public Relations
Tel: +49(0)341/30853063
Fax: +49(0)341/30853099
E-Mail: pr@verbio.de
25.03.2009 Financial News transmitted by DGAP
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Language: English
Issuer: 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@verbio.de
Internet: www.verbio.de
ISIN: DE000A0JL9W6
WKN: A0JL9W
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, Düsseldorf, München
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