Corporate | 7 May 2015 08:00
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VERBIO Vereinigte BioEnergie AG / Key word(s): 9-month figures/Change in Forecast
VERBIO AG: Third quarter earnings 2014/2015 exceed expectations. Earnings forecast for the financial year 2014/2015 raised. – EBITDA increased by 32 percent to EUR 38.1 million and EBIT by 73 percent to EUR 21.5 million compared to the corresponding previous year period – Fully utilized production capacity of biodiesel and bioethanol – Best annual results since the Company’s IPO expected Leipzig, May 7, 2015 – VERBIO AG’s earnings growth continued in the first three quarters of the 2014/2015 financial year. The Group’s sales revenues fell by 22 percent to EUR 447.4 million compared to the corresponding period in the previous year (9 M 2013/2014: EUR 573.1 million). The fall was primarily due to the lower price levels for biofuels and to the lower level of merchandise revenues from fossil and biofuel trading. Earnings before interest, taxation, depreciation and amortization (EBITDA) amounted to EUR 38.1 million, EUR 9.2 million (32 percent) more than in the corresponding period in the previous year (9 M 2013/2014: EUR 28.9 million). The Group’s earnings before interest and taxation (EBIT) increased by 73 percent, totaling EUR 21.5 million (9 M 2013/2014: EUR 12.4 million). The Group result before taxes (EBT) totaled EUR 18.1 million (9 M 2013/2014: EUR 9.7 million), and the net result for the period is EUR 16.6 million (9 M 2013/2014: EUR 8.7 million). Based on the result for the period, earnings per share (basic and diluted) is EUR 0.26 (9 M 2013/2014: EUR 0.14). The improvement in results is primarily due to the successful adjustment to the greenhouse gas quota system in place since January 1, 2015 and the renewed increase in plant capacity utilization rates. Against market trends, the production of biodiesel and bioethanol increased in the period July 1, 2014 to March 31, 2015 to 510,222 tons, an increase of 9 percent over the 466,866 tons produced in the same period of the previous year. In addition, a total of 334.1 GWh of biomethane was produced in the first nine months of the 2014/2015 financial year (9 M 2013/2014: 219.2 GWh), an increase of 52 percent compared to the equivalent period of the previous year. The production of biomethane from 100 percent straw is stable, proving that large-scale industrial production of biofuels from non-foodstuff sources is already possible today. As a result, there should be no further barrier to the voluntary implementation of compulsory biofuel quotas for advanced biofuels following the agreement on iLUC in Brussels.
Development of the Biodiesel, Bioethanol, and Other segments
The Bioethanol segment generated sales revenues of EUR 151.4 million in the 2014/2015 reporting period (9 M 2013/2014: EUR 197.4 million). Production of bioethanol totaled 182,359 tons (9 M 2013/2014: 152,266 tons) and production of biomethane 334.1 GWh (9 M 2013/2014: 219.2 GWh), representing an increase of 20 percent and 52 percent respectively. The bioethanol segment contributed EBITDA of EUR 16.4 million (9 M 2013/2014: EUR 11.1 million) and EBIT of EUR 4.4 million (9 M 2013/2014: EUR -0.4 million) to the Group’s results. Revenues generated in the Other segment totaled EUR 11.7 million in the first nine months of the 2014/2015 financial year (9 M 2013/2014: EUR 34.7 million), primarily from transport and logistic services. The segment result amounted to EUR 0.6 million (9 M 2013/2014: EUR -1.8 million). Earnings forecast for the financial year 2014/2015 raised The Management Board expects an EBITDA in the range of between EUR 48 million and EUR 52 million and EBIT in the range between EUR 26 million to EUR 30 million for the full 2014/2015 financial year. In its most recent previous forecast the Company had expected EBITDA of between EUR 36 million and EUR 44 million and EBIT of between EUR 14 million and EUR 22 million. The amendments to earnings guidance is primarily due to the strong third quarter and the very high order level for the next three months, together with increased margins achieved in the Bioethanol segment. Accordingly, VERBIO expects to close the financial year 2014/2015 with the best results since the Company’s initial public offering. Earnings estimates for the 2015/2016 financial year will be published together with the annual report on September 23, 2015. Detailed information on business developments in the first nine months of the 2014/2015 financial year are provided in the interim report for the first nine months of 2014/2015. The report can be viewed from 9 a.m. on Verbio’s website, www.verbio.de .
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
Important notice
Contact: VERBIO Vereinigte BioEnergie AG Ritterstraße 23 (Oelßner’s Hof) 04109 Leipzig Olaf Tröber (IR) Ulrike Kurze (PR) Phone: +49(0)341/308530-251 Fax: +49(0)341/308530-998 Email: ir@verbio.de/pr@verbio.de 2015-05-07 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | VERBIO Vereinigte BioEnergie AG | |
| Ritterstraße 23 (Oelßners Hof) | ||
| 04109 Leipzig | ||
| Germany | ||
| Phone: | +49 (0)341 308530-0 | |
| Fax: | +49 (0)341 308530-998 | |
| E-mail: | ir@verbio.de | |
| Internet: | www.verbio.de | |
| ISIN: | DE000A0JL9W6 | |
| WKN: | A0JL9W | |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart | |
| End of News | DGAP News-Service |
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| 354115 2015-05-07 |