Corporate | 8 May 2013 08:16
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VERBIO Vereinigte BioEnergie AG / Key word(s): Quarter Results
– Write-downs in the 3
rd
quarter 2012/2013
Zörbig/Leipzig, May 8, 2013 – To be more flexible and react quicker to changing market conditions, particularly in terms of the raw material sourcing, the VERBIO Management Board has decided to sell the Märka GmbH. As an alternative, the Management Board is also looking into a sale of particular Märka sites as well as the establishment of a joint venture for Märka. For this reason, as of the balance sheet March 31, 2013, the assets of Märka GmbH and its subsidiaries were classified in a disposal group as held for sale. The following disclosures to the Group therefore contain the continuing operations biodiesel, bioethanol and other; comparative periods were adjusted accordingly. Lower Group sales in the first nine months 2012/2013 due to difficult market conditions For the first nine months of the financial year 2012/2013 VERBIO reports Group sales amounting EUR 533.9 million (9 M 2011/2012: EUR 596.0 million). In this period overall biofuel production was at 376,919 tons (9 M 2011/2012: 442,676 tons) and biomethane at 249,005 MWh (9 M 2011/2012: 181,075 MWh). Based on the lower capacity utilization cost of materials were at EUR 491.9 million (9 M 2011/2012: EUR 542.3 million). Taking into account the balance sheet changes for unfinished and finished products gross margin stood at EUR 30.6 million (9 M 2011/2012: EUR 55.9 million). The earnings before interest, tax and depreciations (EBITDA) came to an overall amount of EUR -0.8 million (9 M 2011/2012: EUR 26.3 million). In the result of the impairment test carried out on March 31, 2013 depreciations on goodwill and customer relationships in the biodiesel segment and on tangible fixed assets in the bioethanol segment amounting to EUR 102.3 million were recognized – without effects on liquidity. Furthermore the earnings before interest and taxes (EBIT) were burdened by EUR 10.8 million from lesser proceeds from the sale of biofuel quotas in the third quarter. The EBIT was therefore at EUR – 120.1 million (9 M 2011/2012: EUR 10.0 million). The financial result remained nearly unchanged at EUR -2.9 million compared to EUR -3.0 million in the comparative period. The group earnings before tax (EBT) for the operations to be continued were EUR -123.1 million (9 M 2011/2012: EUR 7.0 million); the period result was EUR -123.1 million, too (9 M 2011/2012: EUR 6.2 million). This results in earnings per share (undiluted/diluted) of EUR -1.95 (9 M 2011/2012: EUR 0.10). Cost saving measures being put in place – strategic realignment of the raw material supply Due to persisting legal uncertainties on the further goals for biofuels in Germany and the EU, successful implementation of new investments is not assured. Against this background, in December 2012, the Management Board stopped all investment plans and announced and implemented a cost-savings program envisaging savings of EUR 5 million in the 2012/2013 financial year. Furthermore, VERBIO will not stick to its present strategy of a seasonal and regional raw material sourcing via a subsidiary. Positive developments in the fourth quarter 2012/2013 expected – Outlook for the 2013/2014 financial year largely depends on the amendment of the changes of the renewable energy sources directive The Management Board expects to be able to accomplish a positive operating result in the fourth quarter of the financial year 2012/2013. The planned measures will lead to a reduction of corporate debt (working capital) by more than EUR 100 million as well as to improved profitability – while maintaining an equity ratio of app. 50 per cent. Detailed information on the business development of the first nine months of the 2012/2013 financial year is published in the 9-months report 2012/2013, available today at noon on www.verbio.de .
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
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| Language: | English | |
| Company: | VERBIO Vereinigte BioEnergie AG | |
| Augustusplatz 9 | ||
| 04109 Leipzig | ||
| Germany | ||
| Phone: | +49 (0)341 30 85 30 290 | |
| Fax: | +49 (0)341 30 85 30 298 | |
| 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 | |
| End of News | DGAP News-Service |
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