07.11.2013
VERBIO Vereinigte BioEnergie AG DE000A0JL9W6
DGAP-News: VERBIO Vereinigte BioEnergie AG: Positive business development in the first quarter of 2013/2014 and raising the earnings forecast for financial year 2013/2014
DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Quarter
Results
VERBIO Vereinigte BioEnergie AG: Positive business development in the
first quarter of 2013/2014 and raising the earnings forecast for
financial year 2013/2014
07.11.2013 / 07:30
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VERBIO AG: Positive business development in the first quarter of 2013/2014
and raising the earnings forecast for financial year 2013/2014
- Significant increase in biofuel production and revenue
- Increase in EBITDA to EUR 10.2 million and EBIT of EUR 4.7 million
through consistent implementation of strategic realignment and the
cost reduction program
Leipzig, November 7, 2013 - In the first quarter of 2013/2014 financial
year, VERBIO Vereinigte BioEnergie AG generated sales of EUR 211.9 million,
up 11 percent over the comparative value of the previous year and nearly 24
percent above Q4 2012/2013 sales. The operating profit (EBIT) for the first
quarter of 2013/2014 was reported at EUR 4.7 million (Q1 2012/2013: -3.3
million). Consolidated earnings before taxes (EBT) for the reporting period
amounted to EUR 3.8 million (Q1 2012/2013: EUR -4.2 million), while the
profit for the period was EUR 3.6 million (Q1 2012/2013: -4.3 million).
This resulted in earnings per share (un/diluted) of EUR 0.06 (Q1 2012/2013:
EUR -0.07).
The significant increase in sales and earnings is due, on the one hand, to
the consistent implementation of our cost reduction program and our change
in strategy regarding raw material purchasing, and on the other hand, to
the improvement of the political and economic conditions for the biofuel
market in Europe. The earnings trend shows that in a market environment
which is not distorted by subsidized imports, VERBIO AG is able to produce
and market competitive, sustainable biofuels.
The amount of biodiesel and bioethanol produced in the first three months
of financial year 2013/2014 was 153,134 tons, after 116,542 tons in the
same period of the previous year and 115,869 tons in the previous quarter,
representing a significant increase of 31 and 32 percent respectively.
Corresponding to the increase in production and sales levels, material
costs in the first quarter of 2013/2014 amounted to EUR 192.7 million (Q1
2012/2013: EUR 183.2 million). The gross profit margin for the first
quarter of 2013/2014 amounted to EUR 18.2 million and therefore improved by
EUR 2.5 million or 15.9 percent. Personnel expense reduced by 10.0 percent
or EUR 0.6 million to EUR 5.6 million and other operating expenses
decreased by 4.0 percent or EUR 0.3 million to EUR 6.7 million. This
resulted in EUR 7.7 million higher earnings before interest, taxes,
depreciation and amortization (EBITDA) which are reported with EUR 10.2
million.
The positive development of operating cash flow and the successful use of
funds resulted in a portfolio of cash and cash equivalents, including cash
with drawing restrictions, in the amount of EUR 30.7 million as of the
reference date.
As of September 30, 2013, VERBIO's equity ratio displayed an increase by
3.4 percentage points (September 30, 2013: 46.8 percent; June 30, 3013:
43.4 percent).
Development of the segments
A clearly noticeable relaxation on the biodiesel market leads to a positive
segment result
VERBIO's biodiesel capacities were utilized in the first quarter of
2013/2014 at a rate of 91.9 percent, which is almost full capacity.
Overall, during this period, 103,364 tons of biodiesel were produced, which
is significantly more than in the comparable period (Q1 2012/2013: 80,258
tons). This is due to the decline in imports of subsidized biodiesel from
Argentina and Indonesia, as well as the declining amounts of UCOME
(biodiesel from used cooking oil) due to the ongoing market turbulences
since 2012.
In the first quarter of 2013/2014, sales revenues of EUR 124.4 million (Q1
2012/2013: EUR 132.8 million) were achieved in the biodiesel segment. The
decline in sales with simultaneously higher production and sales volumes
was due to lower selling prices as well as the decline of commercial
transactions. Material costs amounted to EUR 112.9 million, after EUR 127.7
million in the first quarter of 2012/2013. Overall, the gross margin
increased significantly as a result of higher sales, lower raw material
costs and more achievable margins. Segment operating profit improved
clearly and amounted to EUR 4.6 million, compared to EUR -3.9 million in
the comparable period of 2012/2013.
Stronger demand is pushing bioethanol production by 37 percent
With the production of 49,770 tons of bioethanol in the first quarter of
2013/2014, the amount produced was 37 percent higher) than in the
corresponding period of the previous year (Q1 2012/2013: 36,284 tons).
Capacity utilization was 73.7 percent. In total, sales of EUR 80.4 million
including commercial transactions (Q1 2012/2013: EUR 52.3 million) have
been recorded for the bioethanol sector in the first quarter of 2013/2014.
The cost of materials was EUR 73.6 million (Q1 2012/2013: EUR 51.9
million). Segment operating income for the first quarter of 2013/2014 was
reported at EUR 1.6 million, after EUR 0.9 million in the first quarter of
2012/2013. The previous year's result was positively impacted by commodity
futures in the amount of EUR 2.4 million.
Positive business development allows the Management Board to increase its
earnings forecast for financial year 2013/2014
In light of the positive outcome of the first quarter of 2013/2014 and the
currently looming backlog for the coming quarters, the Management Board has
revised its earnings forecast for financial year 2013/2014.
For financial year 2013/2014, VERBIO expects sales in the range from EUR
600 million to EUR 700 million, EBITDA in the amount of EUR 25.0 million
(increased from approximately EUR 17.0 million previously) and a largely
balanced operating result (EBIT, previously: EUR -5.0 million). This
guidance is including the result from discontinued operation. The amount of
sales is highly dependent on the prices of raw materials and biofuels in
the markets and the extent of individually concluded transactions involving
fossil and biogenic fuels. In addition, the operating profit in the current
financial year will be affected by liabilities from the still ongoing
trading activities and pending sale of Märka warehouse locations.
The financial interim report 1 2013/2014 contains detailed information
about the business development in the first quarter 2013/2014 and is
available for download from 8:30 a.m. (www.verbio.de).
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and providers of
biofuels and is at the same time the only large industrial producer of
biodiesel, bioethanol and biomethane in Europe. The production capacity is
at a rounded 450,000 tons biodiesel, 270,000 tons bioethanol and 480
gigawatt hours biomethane per year. In the production of its highly
efficient fuels, the company uses energy-saving production processes and
innovative technologies of own development. The biofuels of VERBIO achieve
CO2 reductions of up to 90 percent compared to petrol or diesel. VERBIO
delivers its products directly to the European mineral oil conglomerates,
mineral oil trading companies, independent gas stations, freight
forwarders, municipal utilities and vehicle fleets. In addition, VERBIO
markets high-quality pharma glycerine for the consumer goods and cosmetics
industry (glycerine is gained as a by-product in biodiesel production).
Within the group, VERBIO Vereinigte BioEnergie AG acts as Management
Holding. The operative business is exercised by the subsidiaries, VERBIO
Diesel Bitterfeld GmbH & Co. KG, VERBIO Diesel Schwedt GmbH & Co. KG,
VERBIO Ethanol Schwedt GmbH & Co. KG, VERBIO Ethanol Zörbig GmbH & Co. KG
and Märka GmbH. The VERBIO stock (ISIN DE000A0JL9W6 / WKN A0JL9W) has been
listed at the Prime Standard of the Frankfurt stock exchange since October
2006.
Important notice
This corporate news contains forward-looking statements, which are based on
assumptions and estimates of the company management of VERBIO Vereinigte
BioEnergie AG. Although the company management is of the opinion that these
assumptions and estimates are accurate, the actual future development and
actual future results may differ significantly from these assumptions and
estimates due to various factors. Among these factors may be, for example a
change in the overall economic situation, legal and regulatory framework
conditions in Germany and the EU, as well as changes within the industry.
VERBIO does not assume any guarantee or liability for the consistency of
the future development and the actual results achieved in the future with
the assumptions and estimates expressed in this corporate news.
Contact:
VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Anna-Maria Schneider
Investor Relations
Phone: +49(0)341/308530-294
Fax: +49(0)341/308530-998
Email: [email protected]/[email protected]
End of Corporate News
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07.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Germany
Phone: +49 (0)341 308530-0
Fax: +49 (0)341 308530-998
E-mail: [email protected]
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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