06.02.2014
VERBIO Vereinigte BioEnergie AG DE000A0JL9W6
DGAP-News: VERBIO Vereinigte BioEnergie AG:
DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Half Year
Results
VERBIO Vereinigte BioEnergie AG:
06.02.2014 / 07:00
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VERBIO AG continues its positive business development
- Significant increase in biofuel production and sales
- Increases in EBITDA to EUR 21.5 million and in EBIT to EUR 10.5 million
- Debt reduction by EUR 56.6 million
- Raising of the earnings forecast for financial year 2013/2014
Leipzig, 6 February 2014 - VERBIO is very satisfied with the performance in
the first half of financial year 2013/2014 and optimistic about the
prospects for the current year. For the continued operations consolidated
sales increased, compared to the corresponding prior-year figure, by 15
percent to EUR 420.2 million (1 HY 2012/2013: EUR 363.9 million). The
significant sales increase is essentially demand-driven and has been
favoured by the re-establishment of fair competition for the biofuel market
in Europe. Overall, in the first half of 2013/2014, VERBIO produced 309,441
tons of biofuel, an increase of more than 20 percent compared with the
first half of 2012/2013. At the same time gross margin improved by about 26
percent, personnel expenses amounted to EUR 11.1 million and other
operating expenses turned out to be significantly reduced by 26 percent or
EUR 3.7 million to EUR 12.5 million compared to those of the previous year.
This initially increased earnings before interest, taxes, depreciation and
amortization (EBITDA) significantly by EUR 14.5 million to EUR 21.5
million. Results were enhanced by the increased production and sales
volumes, higher selling prices and targeted cost reduction measures. The
operating profit (EBIT) for the first half of 2013/2014 is reported at EUR
10.5 million (1 HY 2012/2013: EUR -4.2 million). Consolidated earnings
before taxes (EBT) for the reporting period amounted to EUR 8.8 million (1
HY of 2012/2013: EUR -6.0 million), and net results for the period were EUR
7.9 million (1 HY 2012/2013: -6.4 million). This resulted in earnings per
share (diluted/undiluted) of EUR 0.13 (1 HY 2012/2013: EUR -0.10).
As of the balance sheet date 31 December 2013, liquid assets totalled EUR
25.1 million. Due to the positive cash flow from operating activities as
well as cash inflows from the sale of Märka locations bank and loan
liabilities were reduced up to a total of EUR 56.6 million. With net
financial liabilities in the amount of EUR 55.9 million the ratio of net
financial liabilities to EBITDA, related to the overall financial year, is
again clearly below two.
Segment development
Biodiesel segment benefits from improved conditions
The biodiesel capacity of VERBIO was utilized at a rate of 98 percent in
the first half of 2013/2014, which is almost full utilization. Overall, in
this period, significantly more biodiesel (209,522 tons) was produced than
in the corresponding period (1 HY 2012/2013: 173,387 tons). This is mainly
due to the decline in imports of subsidized biodiesel from Argentina and
Indonesia, as well as the declining amounts of UCOME (Used Cooking Oil
Methyl Ester), and thus to the elimination of the market turmoil which had
been ongoing since 2012.
In the first half of 2013/2014, revenues in the biodiesel segment totalling
EUR 257.9 million were achieved (1 HY 2012/2013: EUR 235.4 million). The
cost of materials amounted to EUR 234.5 million, after EUR 225.1 million in
the first half of 2012/2013. Overall, the gross profit margin improved
considerably, due to increased sales, lower raw material costs and better
margins. Segment operating profit increased significantly from EUR -0.6
million in the comparable period of 2012/2013 to EUR 10.7 million in the
reporting period.
Fall in grain prices has a positive effect on bioethanol capacity
utilization
With a production of 99,919 tons of bioethanol in the first half of
2013/2014, approximately 16 thousand tons more were produced than in the
corresponding period of the previous year (1 HY 2012/2013: 84,098 tons).
Capacity utilization was at 74.0 percent (1 HY 2012/2013: 62.3 percent).
Sales revenues, including commercial transactions, totalled EUR 151.0
million in the first half of 2013/2014, compared to EUR 121.1 million in
the first half of 2012/2013. The cost of materials amounted to EUR 137.6
million (1 HY 2012/2013: EUR 117.4 million). Compared to prior year grain
prices fell, having a positive impact on the segment result. Segment
operating profit for the first half of 2013/2014 was EUR 1.1 million, after
EUR -1.7 million in the first half of 2012/2013. Earnings of EUR 4.0
million in the previous year were positively influenced by commodity
futures.
The trend of demand is above previous expectations and the positive
business outlook has let the Executive Board raise the earnings forecast
for financial year 2013/2014 once again
For continuing and discontinued operations for financial year 2013/2014,
the Executive Board is currently expecting an EBITDA of between EUR 30
million to EUR 35 million and an EBIT in the range of EUR 3 million to EUR
8 million. Finally, the company is assuming an EBITDA of EUR 25 million and
a largely balanced operating result.
For detailed information about the business trend in the first half of
2013/2014, please refer to the 2013/2014 Semi-annual Report, which is
available at 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 nominal 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 publication contains certain forward-looking statements concerning the
VERBIO group of companies. The forward-looking statements contained herein
represent the judgment of VERBIO as of the date of this release and involve
risks and uncertainties. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ from those anticipated.
VERBIO does not intend to update any of these forward-looking statements as
far as the wording of the relevant ad hoc release is concerned.
Contact:
VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Anna-Maria Schneider
Investor Relations
Phone: +49(0)341/308530-294
Fax: +49(0)341/308530-298
Email: [email protected]/[email protected]
End of Corporate News
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06.02.2014 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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