Corporate | 14 May 2009 07:00
VERBIO Vereinigte BioEnergie AG / Interim Report Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Leipzig/Zörbig, May 14, 2009: In the first three month of fiscal year 2009 VERBIO Vereinigte BioEnergie AG achieved sales in the amount of EUR 122.0 million (Q1/2008: 125.1 million). The interim consolidated operating result was EUR -12.0 million (Q1/2008: EUR 0.7 million), mainly strained by high material costs. The manufacturing costs based on the contracted raw material basis, could be just partially passed down the market due to the price decline in fuel prices. In the first quarter the consolidated operating result was additionally influenced by the use respectively accumulation of impending loss provisions. The financial result improved by EUR 0.4 million to EUR -0.6 million (Q1/2008: EUR -1.0 million). The loss for the period amounted to EUR -13.8 million (Q1 2008: EUR -1.4 million). At the end of the reporting period, cash and cash equivalents totalled EUR 54.4 million. As of the reporting date VERBIO shows an equity ratio of 66.7 percent (December 31, 2008: 66.2 percent). Utilization in biodiesel segment below same period last year, bioethanol segment benefits from increased demand In the first quarter of the current fiscal year, in the biodiesel segment 78,866 tons of biodiesel (Q1/2008: 93,907 tons) were produced and revenues were reached in the amount of EUR 83.9 million (Q1/2008: EUR 92.6 million). The segment result before interest and tax amounted to EUR -1.6 million (Q1/2008: EUR 4.3 million). In the same period in bioethanol segment 42,788 tons (Q1/2008: 13,560 tons) of bioethanol were produced. Sales were at EUR 31.2 million (Q1/2008: EUR 22.7 million). The segment result before interest and tax amounted to EUR -11.3 million (Q1/2008: EUR -6.0 million) and was negatively influenced by the accumulation of a provision for impending losses on purchase and sales contracts by EUR 7.9 million. The energy segment contributed revenues of EUR 5.2 million (Q1/2008: EUR 8.2 million) to consolidated sales in the first quarter of fiscal year 2009. The revenues were below previous year's figure because of essentially weaker wind months (especially January 2009). Therefore the segment result before tax reduced to EUR 0.9 million (Q1/2008: EUR 2.3 million). The other segment generated revenues in the amount of EUR 1.7 million (Q1/2008: EUR 1.6 million). The segment operating result relates with EUR -0.1 million (Q1/2008: EUR -0.1 million) to the same period last year. Present amendment to the act in Germany insufficient to reach EU climate protection targets In April the Federal Parliament approved the act of change of funding biofuel. Herein was agreed to lower the regularized blending volume of biofuels in 2009 from 6.25 percent (energetic) to 5.25 percent (energetic) and stipulate the blending volume to 6.25 percent from 2010. The tax burden of pure biodiesel (B100) will increase instead of six by three cents per liter to 18 cent per liter in 2009. The import restriction of biofuels which received an advancement in the inland or abroad (e.g. B99) will not improve the situation at the B100-market, as in the meantime - even if mottled - the tax increase in combination with the significantly dropped prices for diesel have disrupted the B100-market. Since January 30, 2009 a new diesel standard is valid (quality standard DIN 51628), which allows a blending up to seven percent biodiesel (this complies with 6.3 percent energetic). Despite the agreed decrease of the total quota to 5.25 percent experts reckon, that annual biodiesel sales in the blending will increase by about 500,000 tons from 1.5 million tons to 2.0 million tons. They assume that the mineral oil industry will tap the possible blending quota of seven percent. The currently approved measures are not enough to reach the specifications of the EU renewable energy sources directive, which schedules a share of at least ten percent for the traffic sector. Therefore it is expected that the Federal Parliament furthermore will deal with the subject biofuel quota act and result again in an initiative to the correct the act within the scope of the new legislation period. Current cyclical and economical general conditions do not allow a concrete outlook for fiscal year 2009. Against the background of unsecure commercial and economic data it is currently difficult to make a precise statement according the further business development of VERBIO in 2009. The yield of this year's harvest is not known yet and the effect of the economic crisis to the raw material prices is not predictable at the moment. A sustainable and explicit improvement of the situation of the biofuel industry and the business of VERBIO is expected by the Management Board with coming into force of the sustainability ordinance. This is in particular because VERBIO is already today well prepared according the fulfillment of the presumably required greenhouse gas reduction specifications. The interim report to the first quarter 2009 is available in German and English on www.verbio.de.EUR million Q 1 2009 Q 1 2008 Group Sales 122.0 125.1 Materiel costs 15.0 1.3 Other operating income -1,235 -109.7 Personnel costs -4.4 -4.0 Other operating expense -2.8 -2.6 Depreciation -15.7 -10.2 Result from commodity forward contracts -0.8 -1.6 EBIT -12.0 0.7 Financial result -0.6 -1.0 EBT -12.5 -0.3 Net result -13.8 -1.4 Segments Biodiesel Sales 83.9 92.6 Segment result -1.6 4.3 Bioethanol Sales 31.2 22.7 Segment result -11.3 -6.0 Energy Sales 5.2 8.2 Segment result 1.0 2.,5 Others Sales 1.7 1.6 Segment result -0.1 -0.1 Key figures per share in EUR EPS (undiluted/diluted) -0.23 -0.02 Operativer cash flow per share (undiluted/diluted) -0.18 0.43 Number of shares in million shares 63.0 63.0Information 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 450,000 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 gas stations and haulage companies. VERBIO AG also markets high-quality pharmaglycerin 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. 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 14.05.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- 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 End of News DGAP News-Service ---------------------------------------------------------------------------