08.05.2013
VERBIO Vereinigte BioEnergie AG DE000A0JL9W6
DGAP-News: VERBIO Vereinigte BioEnergie AG: Positive outlook for the 4th quarter 2012/2013
DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Quarter
Results
VERBIO Vereinigte BioEnergie AG: Positive outlook for the 4th quarter
2012/2013
08.05.2013 / 08:16
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- Write-downs in the 3rd quarter 2012/2013
- Strategic realignment of the raw material supply
Zörbig/Leipzig, May 8, 2013 - To be more flexible and react quicker to
changing market conditions, particularly in terms of the raw material
sourcing, the VERBIO Management Board has decided to sell the Märka GmbH.
As an alternative, the Management Board is also looking into a sale of
particular Märka sites as well as the establishment of a joint venture for
Märka. For this reason, as of the balance sheet March 31, 2013, the assets
of Märka GmbH and its subsidiaries were classified in a disposal group as
held for sale. The following disclosures to the Group therefore contain the
continuing operations biodiesel, bioethanol and other; comparative periods
were adjusted accordingly.
Lower Group sales in the first nine months 2012/2013 due to difficult
market conditions
For the first nine months of the financial year 2012/2013 VERBIO reports
Group sales amounting EUR 533.9 million (9 M 2011/2012: EUR 596.0 million).
In this period overall biofuel production was at 376,919 tons (9 M
2011/2012: 442,676 tons) and biomethane at 249,005 MWh (9 M 2011/2012:
181,075 MWh). Based on the lower capacity utilization cost of materials
were at EUR 491.9 million (9 M 2011/2012: EUR 542.3 million). Taking into
account the balance sheet changes for unfinished and finished products
gross margin stood at EUR 30.6 million (9 M 2011/2012: EUR 55.9 million).
The earnings before interest, tax and depreciations (EBITDA) came to an
overall amount of EUR -0.8 million (9 M 2011/2012: EUR 26.3 million). In
the result of the impairment test carried out on March 31, 2013
depreciations on goodwill and customer relationships in the biodiesel
segment and on tangible fixed assets in the bioethanol segment amounting to
EUR 102.3 million were recognized - without effects on liquidity.
Furthermore the earnings before interest and taxes (EBIT) were burdened by
EUR 10.8 million from lesser proceeds from the sale of biofuel quotas in
the third quarter. The EBIT was therefore at EUR - 120.1 million (9 M
2011/2012: EUR 10.0 million). The financial result remained nearly
unchanged at EUR -2.9 million compared to EUR -3.0 million in the
comparative period. The group earnings before tax (EBT) for the operations
to be continued were EUR -123.1 million (9 M 2011/2012: EUR 7.0 million);
the period result was EUR -123.1 million, too (9 M 2011/2012: EUR 6.2
million). This results in earnings per share (undiluted/diluted) of EUR
-1.95 (9 M 2011/2012: EUR 0.10).
Cost saving measures being put in place - strategic realignment of the raw
material supply
Due to persisting legal uncertainties on the further goals for biofuels in
Germany and the EU, successful implementation of new investments is not
assured. Against this background, in December 2012, the Management Board
stopped all investment plans and announced and implemented a cost-savings
program envisaging savings of EUR 5 million in the 2012/2013 financial
year.
Furthermore, VERBIO will not stick to its present strategy of a seasonal
and regional raw material sourcing via a subsidiary.
Positive developments in the fourth quarter 2012/2013 expected - Outlook
for the 2013/2014 financial year largely depends on the amendment of the
changes of the renewable energy sources directive
The Management Board expects to be able to accomplish a positive operating
result in the fourth quarter of the financial year 2012/2013. The planned
measures will lead to a reduction of corporate debt (working capital) by
more than EUR 100 million as well as to improved profitability - while
maintaining an equity ratio of app. 50 per cent.
Detailed information on the business development of the first nine months
of the 2012/2013 financial year is published in the 9-months report
2012/2013, available today at noon on 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, 300,000 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.
End of Corporate News
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08.05.2013 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 30 85 30 290
Fax: +49 (0)341 30 85 30 298
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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