DGAP-News: VERBIO:Clear standardized EU-directives regarding climate protection allow a precise outlook
(firmenpresse) - VERBIO Vereinigte BioEnergie AG / Final Results
24.03.2010 07:00
Dissemination of a Corporate News, transmitted by
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Leipzig/Zörbig, March 24, 2010 - In the 2009 financial year Vereinigte
BioEnergie AG (VERBIO) achieved sales of EUR 501.7 million, which was
nearly 25 percent below the previous years value (2008: EUR 666.6 million)
due to demand development and pricing. The Group's operating profit (EBIT)
was EUR -3.0 million (2008: EUR 13.9 million). Besides the decline in
sales, high cost of materials, which could only partially be transferred
into the market, have burdened the result. The total result for the period
disclosed amounts to EUR -7.3 million (2008: EUR 9.1 million). Hence
earnings per share (basic anddiluted) are EUR -0.12 (2008: EUR 0.15 per
share).
As of December 31, 2009 VERBIO shows an equity of EUR 311.1 million
(31.12.2008: EUR 325.0 million); so that an equity ratio of 64.1 percent
(31.12.2008: 66.2 percent) is calculated.
For the reporting period the cash flow from operating activitieswas EUR
-32.7 million (2008: EUR 68.4 million). The reasons for this decline are
the negative result for the period but mainly the higher capital commitment
due to increased inventories.
Cash and cash equivalents amounted to EUR 34.2 million (31.12.2008: EUR
45.6 million) as of December 31, 2009.Positive 4th quarter 2009
In the fourth quarter of 2009 VERBIO achieved sales of EUR 121.7 million.
The Group's operating result (EBIT) stood at EUR 7.4 million. It contains a
book profit of EUR 2.3 million resulting from the sale of five wind power
plants. The demand for bioethanol further increased in the fourth quarter
and the sales prices developed positively, too. Thus sales of EUR 36.0
million were generated and a positive operating segment result of EUR 2.2
million was achieved. The biodiesel segment contributed sales of EUR 78.2
million and an operating segment result of EUR 0.3 to the fourth quarter.
VERBIO gains market share in the blending
The demand for biodiesel was in total weaker than in the previous year,
especially for pure biodiesel (B100). In addition the export of biodiesel
into Eastern Europe dropped due to the economic crisis. In 2008 VERBIO
still delivered 37.4 percent of its biodiesel production into the Eastern
European countries, in 2009 it was only 11.8 percent. The drop in exports
could be compensated through an increase of market share in the blending
business, indicated that only about three percent less biodiesel was
produced (2009: 386,926 tons;2008: 398,902 tons).
In the bioethanol segment, in comparison with the previous year, more
bioethanol (2009: 180,762 tons; 2008: 138,478 tons) was produced due to an
increase in demand. Also here the volume produced went mainly into the
blending market. The share of VERBIO in sales of E85 in Germany is more
than 50 percent.
Solid general conditions allow again investments into the future
VERBIO estimates that the long-term development of the biofuel market will
be positive, especially because of the 'Renewable Energy Directive' (RED)
passed by the European Union, the commencement of German 'Biofuels
Sustainability Act' (German Biokraftstoff-Nachhaltigkeits¬verordnung (
Biokraft-NachV)) and thedefined notice of intention contained in the
coalition resolution. To achieve the CO2-reductions, which are set up in
the RED, the biofuel quota must be raised gradually up to ten percent in
the year 2020. Thus, it will boost the demand for biofuels significantly.
Positive initiatives are also transmitted from the mineral oil industry,
which pushes an increase of the ethanol content of gasoline from currently
five percent up to ten percent. This will build up a clear growth potential
for the bioethanol segment. VERBIO anticipates that the introduction will
take place at the 2010 year end. This would lead to a doubling of the
demand for ethanol in Germany.
From 2013 onwards the coalition resolution says that the decarbonization
strategy will apply, meaning to change from the energetic base biofuel
quota (volume based quota) to the real climate protection contribution of
the used biofuels. VERBIO expects positive effects if the decarbonization
strategy will apply earlier. This shows long-term that the strategy of
VERBIO to produce biofuels with highest CO2-reduction, is the right way.
VERBIO co-operates through contracts of cultivation with the farming
industry to secure the supply of raw materials used for biofuel production
and to stabilize the business since the end of 2009.
Against previous year a slight improvement of earnings is scheduled
For the 2010 financial year VERBIO aims to achieve full utilization of the
existing biodiesel and bioethanol production plants and to gain market
share. The biogas plants will gradually go into operation and for the third
quarter of 2010 it is scheduled that the produced volume of gas will be fed
to the grid.
So far, in the 2010 financial year the Board of Management expects for
VERBIO - stable raw material prices assumed - a significant increase in
sales and positive earnings before interest and taxes (EBIT) in the upper
single-digit million-Euro-range. The share of sales contributed by the
production and feed-in of biogas will be about EUR 6 million in 2010.
Additional revenues could be generated through the sale of further wind
power plants.
After the expected stabilization in 2010 the Management Board of VERBIO
anticipates for the 2011 financial year a further improvement of the
earnings situation, which will result mainly from additional earnings of
the feed-in tariff of biogas. This will lead to a considerable decrease of
the disposal costs for the thin stillage and at the same time to a
significant increase in sales. Thus VERBIO will be the first industrial
producer of biofuels of the second generation.
Up to 2012 capacities as well as the production volume of the biogas plants
shall be that much increased that every second German natural gas car can
be driven with VERBIO biogas. The strived for market share of biogas at
filling stations would then be over 50 percent. Additionally VERBIO plans
to build new production plants in Eastern Europe.
Long-term VERBIO will benefit from the specifications and regulations of
the RED and Biokraft-NachV through its innovative technology and its own
process development.
The 2010 annual report is now available for download under www.verbio.de.
Key figures 2009/2008 and on quarterly basis for 2009:
in million EUR Q1 2009 Q2 2009 Q3 2009 Q4 2009 2009 2008
Group
Sales 122.0 125.0 133.0 121.7 501.7 666.6
EBIT -12.0 0.8 0.8 7.4 -3.0 13.9
Financial result -0.6 -0.7 -0.5 2.0 0.2 -2.7
PAT -13.8 -2.4 1.3 7.6 -7.3 9.1
Segments
Biodiesel Sales 83.9 90.9 92.6 78.2 345.6 456.4
Segment result -1.6 0.4 1.3 0.3 0.4 9.6
Bioethanol Sales 31.2 28.3 34.8 36.0 130.3 182.2
Segment result -11.3 0.7 -0.2 2.2 -8.6 3.5
Energy Sales 5.2 3.8 3.2 5.2 17.4 20.1
Segment result 1.0 -0.3 -0.5 4.8 5.0 0.9
Others Sales 1.7 2.0 2.4 2.3 8.4 7.8
Segment result -0.1 0.0 0.2 0.1 0.2 -0.1
Key figures per share in EUR
EPS (basic/diluted) -0.23 -0.03 0.02 0.12 -0.12 0.15
Operating cash flow
per share
basic/diluted) -0.18 0.12 -0.21 -0.25 -0.52 1.09
Number of shares in
million shares 63,0 63,0About VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading producers and suppliers of biofuels and also
the only industrial-scale producer of biodiesel and bioethanol in Europe.
Nominal capacity amounts to around 450,000 tons of biodiesel and 300,000
tons of bioethanol per year. Currently, VERBIO is realizing biogas projects
to make use of the residual materials of the bioethanol production. The
company has developed its own processes and innovative technologies for the
production of biodiesel, bioethanol and biogas. It supplies its products
directly to European mineral oil corporations, mineral oil traders,
independent gas stations and haulage companies. VERBIO AG also markets
high-quality pharmaglycerin for the consumer goods and cosmetic industries
(glycerine is a by-product of biodiesel production). Within the Group,
VERBIO AG acts as the management holding company. The Group's operating
business is run by its subsidiaries: VERBIO Diesel Bitterfeld GmbH&Co.
KG, VERBIO Diesel Schwedt GmbH&Co. KG, VERBIO Ethanol Zörbig GmbH&Co.
KG, and VERBIO Ethanol Schwedt GmbH&Co. KG.
Important Note
This corporate news contains forward-looking statements, which are based on
assumptions and estimates of the company management of VERBIO Vereinigte
BioEnergie AG. Even though the company management believes that these
assumptions and estimates are correct, the actual future development and
actual future results can deviate substantially from these assumptions and
estimates due to many factors. For example, these factors can include
alteration of the economic situation, legal and regulatory constraints in
Germany and the EU, and changes in the industry. VERBIO assumes no
liability and provides no warranty that future developments and actual
future results will agree with the assumptions and estimates expressed in
this corporate news.
Kontakt:
VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Anna-Maria Schneider
Investor Relations
Phone: +49(0)341/30853094
Fax: +49(0)341/30853098
Email: ir(at)verbio.de
Katja Fischer
Public Relations/Marketing
Phone: +49(0)341/30853085
Fax: +49(0)341/30853099
Email: pr(at)verbio.de
24.03.2010 07:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Deutschland
Phone: +49 (0)341 30 85 30 90
Fax: +49 (0)341 30 85 30 98
E-mail: ir(at)verbio.de
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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