Corporate | 13 August 2009 07:00
VERBIO Vereinigte BioEnergie AG / Half Year Results
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Leipzig/Zörbig, August 13, 2009: In the first half-year of the fiscal year
2009 VERBIO Vereinigte BioEnergie AG achieved total revenue in the amount
of EUR 247.0 million (1. HY 2008: 298.8 million). The half-year
consolidated operating result (EBIT) was at EUR -11.2 million (1. HY 2008:
EUR 3.8 million). In the first half-year 2009 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 second quarter 2009 the situation has eased. Therefore consolidated
sales increased from EUR 122.0 million in the first quarter 2009 to EUR
125.0 million in the second quarter 2009 and an improvement of the
consolidated operating result (EBIT) was accomplished (Q1 2009: EUR -12.0
million; Q2 2009: EUR +0.8 million).
As of June 30, 2009 VERBIO disposed of liquid funds totaling EUR 55.5
million. On the record date, the equity ratio was at 71.7 percent (December
31, 2008: 66.2 percent).
Utilization in biodiesel segment in the second quarter 2009 clearly over
prior quarter, segment bioethanol benefits from increasing demand
Mainly in consequence of the lower demand for pure biodiesel (B100) and a
decrease in enforceable market value prices 176,783 tons of biodiesel were
produced in the first half-year of the current fiscal year in the biodiesel
segment and therefore less than in the first half-year 2008 (191,510 tons).
An encouraging development is seen in capacity utilization in the second
quarter 2009 which is clearly above capacity utilization of the first
quarter and with it the return to the high level that was achieved in the
second quarter of 2008. In the first half-year 2009 revenues in the amount
of EUR 174.8 million (1. HY 2008: EUR 208.5 million) were achieved. The
segment result before interest and taxes was EUR -1.2 million (1. HY 2008:
EUR -2.2 million).
In the same period in the bioethanol segment 79,508 tons (1. HY 42,672
tons) of bioethanol were produced. Sales reached EUR 59.5 million (1. HY
2008: EUR 76.3 million). The segment result before interest and taxes stood
at EUR -10.6 million (1. HY 2008: EUR 5.0 million). In the first half-year
2008 revenues and result were positively impacted by grain sales.
The energy segment contributed revenue of EUR 9.0 million (1. HY 2008: EUR
10.8 million) to the total revenues in the first half-year 2009. Because of
essentially weaker wind months the revenue was under the comparably
previous year's figure. The segment result before interest and taxes
therefore reduced to EUR 0.7 million (1. HY 2008: EUR 1.4 million).
The other segment generated revenues in the amount of EUR 3.7 million (1.
HY 2008: EUR 3.2 million). The segment result before interest and taxes
improved to EUR -0.1 million (1. HY 2008: EUR -0.4 million).
Binding EU-directives and German act on the amendment of the promotion of
biofuels passed
By adopting the Renewable-Energy-Directive and amending the
Fuel-Quality-Directive, the European Council and European Parliament have
created a binding and legal framework for the promotion of biofuels use in
the transportation sector. These comprehensive directives came into force
in June of this year and must be transposed into national legislation by
the EU member states by the end of 2010. Irrespectively of this the act on
the Amendment of the Promotion of Biofuels was passed by the German
Parliament (Bundestag) on June 18, 2009. This means for Germany that the
consumption of pure biodiesel will continue to decline and the sale of
biofuels in the blending market will increase. Germany must submit a
national action plan for implementing the objectives of the
Renewable-Energy-Sources-Directive to the EU by the end of June 2010. The
extent to which this action plan entails the amendment of existing laws and
regulations is unknown at this point.
Continuing challenging market environment
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. It is assumed that both sales and commodity
price situation will remain comparatively stable by the end of the year.
A sustainable and explicit improvement of the situation of the biofuels
industry and the business of VERBIO is expected by the Management Board
with coming into force of the sustainability directive. This is particular
because VERBIO is already today very well prepared according the fulfilment
of the presumably required greenhouse gas reduction specifications.
The interim report to the first half-year 2009 is available in German and
English on www.verbio.de.
Key figures half-year comparison and quarterly development:
1 HY 1 HY Q2 Q1
In million EUR 2009 2008 2009 2009
Group
Sales 247.0 298.8 125.0 122.0
EBIT -11.2 3.8 0.8 -12.0
Financial result -1.3 -1.7 -0.7 -0.6
EAT -16.2 0.3 -2.4 -13.8
Segments
Biodiesel Sales 174.8 208.5 90.9 83.9
Segment EBIT -1.2 -2.2 0.4 -1.6
Bioethanol Sales 59.5 76.3 28.3 31.2
Segment EBIT -10.6 5.0 0.7 -11.3
Energy Sales 9.0 10.8 3.8 5.2
Segment EBIT 0.7 1.4 -0.3 1.0
Others Sales 3.7 3.2 2.0 1.7
Segment EBIT -0.1 -0.4 0.0 -0.1
Key figures per share in EUR
EPS (undiluted/diluted) -0.26 0.01 -0.03 -0.23
Operativer cash flow per share
(undiluted/diluted) 0.12 1.15 0.30 -0.18
Number of shares in million shares 63.0 63.0 63.0 63.0
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.
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
13.08.2009 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, Düsseldorf, München, Stuttgart
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