Corporate | 26 November 2009 09:00
EnviTec Biogas AG / Quarter Results
26.11.2009
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EnviTec Biogas presents figures for Q3 2009:
Turnaround in earnings before interest and taxes
Lohne, 26 November 2009 - EnviTec Biogas continued the positive trend of
the first six months in the third quarter of 2009 and generated sales of
EUR 34.6 million. This is much more than in the first quarter (EUR 19.2
million) and the second quarter (EUR 23.5 million). Compared to the third
quarter of 2008, sales revenues were up by 6.9%. With regard to earnings
before interest and taxes, the Lohne-based biogas plant manufacturer and
operator managed the turnaround. After two negative quarters, EBIT stood at
EUR 0.8 million in the third quarter. 'Given the difficult environment, our
performance was acceptable,' says Jörg Fischer, CFO of EnviTec Biogas. 'But
it still fell short of our expectations.' Between January and September
2009, the company generated EBIT of EUR -4 million (previous year: EUR 0.8
million) on sales revenues of EUR 77.3 million (previous year: EUR 64.5
million). Given that construction of several biogas plants cannot start
before next year, the company adjusted its forecast for the full year in
October. EnviTec Biogas now expects sales revenues to increase to approx.
EUR 110 million (2008: EUR 101.1 million) and a balanced operating result.
An equity ratio of 78% and liquid funds of EUR 59.2 million mean that the
company's financial position remains very sound.
The growth of the biogas market is currently impeded by several factors. As
a result of the financial and economic crisis, banks impose stricter
lending requirements on project finance, especially in Eastern Europe.
Moreover, the approval procedures in Germany and abroad take increasingly
longer. As a result, projects are delayed and approval costs rise. In spite
of the current challenges, the long-term prospects for biogas remain
excellent. The new federal government has expressed its clear commitment to
renewable energies and their subsidisation. 'A major advantage of biogas is
the flexible use of different input materials. We therefore welcome the
government's announcement that the use of waste will be weighted more
strongly going forward,' says Olaf von Lehmden, CEO of EnviTec Biogas. 'The
proposed subsidisation of biomethane as a fuel shows that biogas is
extremely versatile.' Biogas is gaining importance not only in Germany.
Italy established new legal conditions in summer 2009, under which the
government aims to cover 25% of the country's electricity consumption from
renewable energies by the year 2020. The feed-in tariff for biogas has been
fixed at 28 cents per kWh. EnviTec therefore expects to see growing demand
from Italy.
The company's order book gives cause for optimism. Compared to the previous
year, the order backlog increased from EUR 188 million to EUR 230.1 million
at the end of September 2009. 26% of these orders were placed by
international customers. 'The high order backlog is a solid foundation for
our growth. To the extent that we can influence it, we want to shorten the
time between the signing of a contract and the start of construction and
have therefore initiated appropriate measures,' says Olaf von Lehmden.
Outside Germany, for instance, EnviTec is in talks with banks that have not
financed biogas projects so far. In addition, the company wants to assists
its customers more effectively in drafting the documents required for the
approval and financing of projects. EnviTec expects strong growth not only
for biogas plants for the agricultural sector but especially also for gas
refinement plants in the 1.5 to 5 MW category. This is where the company
intends to increase its market share significantly by making the experience
gained from the construction of the world's largest biomethane plant in
Güstrow available also to buyers of smaller gas refinement plants.
The interim report for the period ended 30 September 2009 is available for
downloading at www.envitec-biogas.de.
EnviTec Biogas AG covers the entire value chain for the production of
biogas - including the planning and turnkey construction of biogas plants
as well as their commissioning. The company provides the biological and
technical service and also offers the full plant and operating management.
In Güstrow, in the German state of Mecklenburg-Western Pomerania, EnviTec
built the world's largest plant for the production of biogas to natural gas
standards with a thermal output of 55 megawatts. In addition, the company
also operates its own biogas plants. Today, the company is represented in
more than 15 countries throughout Europe and as well in China and South
Korea. In 2008 EnviTec generated revenues of EUR 101 million and EBIT of
EUR 3.2 million. The EnviTec Group currently has about 400 employees. Since
July 2007 EnviTec is listed on the Prime Standard segment of the Frankfurt
Stock Exchange.
Investor Relations:
Olaf Brandes
EnviTec Biogas AG
Tel: +49 44 42 80 65-118
E-Mail: ir@envitec-biogas.de
Press Contact:
Fabian Lorenz, Christina Siebels
HOSCHKE & CONSORTEN Public Relations GmbH
Tel: +49 40 36 90 50-56 /-58
E-Mail: f.lorenz@hoschke.de; c.siebels@hoschke.de
26.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: 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, Hannover, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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