Ad-hoc | 21 May 2008 16:37
EnviTec Biogas AG / Preliminary Results/Quarter Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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EnviTec Biogas presents preliminary figures for the first quarter of 2008
Lohne, 21 May 2008 – EnviTec Biogas AG [ISIN: DE000A0MVLS8] today released
preliminary figures showing that the company generated sales revenues of
approx. EUR 15.3 million in the first quarter of 2008. The decline compared
to the prior year’s period (EUR 32.9 million) is attributed to the
challenging market environment prevailing in Germany during the first half
of 2008 as had previously been forecast; this is in particular due to the
pending amendment of the German Renewable Energy Sources Act (EEG).
Prospective customers are awaiting the federal government’s decision on the
increase of the compensation rates for biogas; this decision is expected to
be announced in the coming weeks. Their wait-and-see attitude is also
reflected in the company’s first-quarter earnings. EBIT presumably came in
at a negative EUR 0.8 million (previous year's period: EUR 5.9 million). In
contrast, the after-tax result remained positive at EUR 0.2 million. The
Own Plant Operation and Service Divisions showed a very positive
development and both divisions will continue to be expanded. In this
challenging market situation, Envitec benefits from its lean and flexible
structures. This means low costs while having enough capacity to answer the
rising demand immediately as soon as the German biogas market picks up. The
company had liquid funds in an amount of EUR 111.6 million on 31 March
2008.
EnviTec Biogas is confident that the market situation in Germany will
improve significantly as from the second half of the year. The company
expects numerous pending projects to be realised as soon as the government
has announced its decision on the amendment of the German EEG Act, thereby
giving investors planning certainty. The feeding of biogas into the natural
gas grid will gain in attractiveness as a result of a new regulation
instituted by the federal government. EnviTec Biogas specialises in the
construction of major plants, such as the ones which are required to refine
biogas for grid feeding, and offers such plants in standardised modular
form. EnviTec Biogas also anticipates positive stimulation from the
international markets where the company has recorded sustained strong
demand. Since year-end 2007 the value of its international order book has
risen by some 54 percent to approximately EUR 56.5 million. EnviTec Biogas
anticipates reporting positive EBIT for the full financial year 2008. The
company will publish its projections as soon as a reliable political
environment for renewable energies has stabilized in Germany.
Investor Relations: Joanna Rode, EnviTec Biogas AG, Tel: +49 44 42 80
65-118, E-Mail: ir@envitec-biogas.de
Press contact: Fabian Lorenz, Grit Pauli, HOSCHKE & CONSORTEN Public
Relations GmbH, Tel: +49 40 36 90 50-56/-31, E-Mail: f.lorenz@hoschke.de,
g.pauli@hoschke.de
21.05.2008 Financial News transmitted by DGAP
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Language: English
Issuer: EnviTec Biogas AG
Industriering 10a
49393 Lohne
Deutschland
Phone: +49 (0) 44 42 - 80 65 0
Fax: +49 (0) 44 42 - 80 65 103
E-mail: info@envitec-biogas.de
Internet: www.envitec-biogas.de
ISIN: DE000A0MVLS8
WKN: A0MVLS
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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