DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Half Year
Results
VERBIO Vereinigte BioEnergie AG: with clear increase in revenues in
the first half-year
11.08.2011 / 07:30
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- Utilisation of production increased in 2nd quarter 2011
- E10 is slowly gaining acceptance
- More public utilities won over to verbiogas
Zörbig/Leipzig, August 11, 2011 - In the first half-year of 2011 VERBIO
Vereinigte BioEnergie AG (VERBIO) produced all in all sales in the amount
of EUR 315.0 million, after EUR 243.1 million in the first half-year of
2010. While the sales price for bioethanol continued to increase also in
the second quarter 2011, the sales price for biodiesel eased slightly
within the same period of time. The in total positive development of the
sales prices resulted for VERBIO in an increase in revenues of almost 30
per cent. In the second quarter 2011 VERBIO benefited from the export of
biodiesel. The export quota, which is currently at approx. 23 per cent,
increased by 19 percentage points compared with previous year. In the first
half-year 2011 251,014 tons of biofuel have been produced, after 277,294
tons in the same period last year.
The result before interest, taxes, depreciation and amortisation (EBITDA)
was with EUR 13.2 million above the previous year value (EUR 12.9 million)
which without the proceeds from the sale of the wind power plants would
have been at EUR 5.9 million. In the first half-year 2011 the consolidated
group operating result (EBIT) was at EUR 0.2 million (6 M 2010: EUR 7.7
million). The result of the first half-year 2011 was impacted by in total
EUR 7.8 million from higher depreciation (6 M 2011: EUR 13.0 million; 6 M
2010: EUR 5.2 million). This resulted mainly from the biogas plants (EUR
2.7 million) as well as from the write-ups in the bioethanol segment (EUR
4.2 million).
The consolidated group operating result before tax (EBT) is at EUR -2.5
million (6 M 2010: EUR 6.5 million) and the result for the period is in the
amount of EUR -3.2 million (6 M 2010: EUR 5.4 million). In the period under
review this results in earnings per share of EUR -0.05 (6 M 2010: EUR
0.09).
VERBIO shows a balance sheet total of EUR 520.2 million (December 31, 2010:
EUR 608.4 million) as at June 30, 2011. In the second quarter 2011 the
equity ratio continued to be strengthened and amounts to 63.3 per cent on
the balance sheet date (December 31, 2010: 55 per cent) at an equity
position of EUR 329.4 million. (December 31, 2010: EUR 332.5 million.)
As at June 30, 2011 VERBIO had funds in the amount of EUR 36.9 million
(December 31, 2010: EUR 47.8 mio.).
2nd quarter 2011 result below own expectations
In the second quarter 2011 production capacity was utilised at 77 per cent
(Q1 2011: 67 per cent). It was with EUR 172.5 million in revenues clearly
above the revenues of the previous quarter (Q1 2011: EUR 142.5 million). In
the biodiesel segment the good result of the first quarter 2011 could not
be repeated due to higher cost of materials. The unsatisfactory utilisation
of the production capacities, in particular due to little acceptance of
E10, still affected the bioethanol segment. Segments trade Märka and other
realised positive results. Thus the consolidated group operating result
amounts to EUR -3.0 million for the second quarter 2011 (Q1 2011: EUR 3.2
million).
E10 slowly prevails on the market
Currently, the nationwide sales of E10 which is offered at petrol stations
since February 2011, represents approx. 20 per cent of the entire petrol
consumption. A relatively low market share compared with the approx. 95 per
cent of the petrol-driven motor vehicles which are certified to be
compatible with E10. Until now, the petrol was available mainly at filling
stations in Eastern and Southern Germany. With the area-wide expansion of
the E10 offer by the end of 2011 which was announced by several oil
companies, this share may range between 30 to 50 per cent on a medium-term
basis. The increasing demand will become noticeable for VERBIO in the third
quarter by full use of the bioethanol capacities. And for the fourth
quarter as well a good utilisation can be expected.
More public utilities offer verbiogas at their natural gas filling stations
Product launch of verbiogas is well in progress and meets a high interest
at the public utilities. Meanwhile, also public utilities in eastern
Germany offer verbiogas at their natural gas filling stations.
Biogas continues to gain in importance by abandoning nuclear power
By commitment of the German Federal Government to abandoning nuclear power,
the demand for biofuels as well as the demand for current and heat energy
from renewable, sustainably produced resources will gradually increase. The
biogas product gains increasingly in importance in this connection since it
can be used not only as biofuel but also as an energy carrier for power
generation in gas power stations.
Forecast for 2011: sales increase and positive EBIT
For financial year 2011 VERBIO sales will be varying between EUR 650 and
750 million with EBITDA varying between EUR 25 and 30 million and EBIT
between EUR 6 and 12 million.
The complete half-year report 2011 will be available as from 8 a.m. under
www.verbio.de -> Investor Relations.
Key figures Group and segments HY 2011/2010:
|[![CDATA[|[pre|]]]|]
million EUR Q 1 Q 2 1 HY 1 HY
2011 2011 2011 2010
Group
Sales 142.5 172.5 315.0 243.1
EBIT 3.2 -3.0 0.2 7.7
Financial result -0.9 -1.7 -2.6 -1.3
PAT 2.0 -5.2 -3.2 5.4
Segment reporting
Biodiesel
Sales 84.2 107.6 191.8 165.3
Sales incl. Intercompany sales 87.5 109.6 197.1 165.3
EBIT* 8.3 -1.8 6.5 -1.6
Bioethanol
Sales 34.3 40.6 74.9 69.0
Sales incl. Intercompany sales 34.3 47.3 81.6 69.0
EBIT* -3.5 -6.1 -9.6 3.7
Trade Märka
Sales 19.5 21.8 41.3 0.0
Sales incl. Intercompany sales 43.2 29.9 73.1 0.0
EBIT* 0.3 2.9 3.2 0.0
Other
Sales 4.5 2.5 7.0 8.8
Sales incl. Intercompany sales 10.0 3.8 13.8 8.8
EBIT* 0.1 0.4 0.5 5.6
Key figures per share
EpS (basic/diluted) in Euro 0.03 -0.08 -0.05 0.09
Operating cashflow per share in Euro 0.88 0.74
(basic/diluted)
Number of shares in million 63.0 63.0
|[![CDATA[|[/pre|]]]|]
* Exluding elimination of intercompany results (Q1/2011: EUR -2.0 million;
Q2/2011: EUR 1.6 million; 6 M 2011: EUR -0.4 million)
About VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and suppliers of
biofuels and also the only industrial-scale producer of
biodiesel, bioethanol and biogas in Europe. Nominal capacity currently
amounts to around 450,000 tons of biodiesel, 300,000
tons of bioethanol and 500 gigawatt hours of biogas per year. In the
production of its highly efficient fuels, the company uses its
own energy-saving production processes and innovative technologies. The
biofuels produced by VERBIO achieve CO2 reductions of up to 90% compared
with petrol and diesel. VERBIO supplies its products directly to European
mineral oil corporations, mineral oil traders, independent petrol stations,
haulage companies, public utilities and vehicle fleets. VERBIO AG
also markets high-quality pharma glycerine for the consumer goods and
cosmetic industries (glycerine is a by-product of biodiesel production).
VERBIO Vereinigte BioEnergie AG acts as the management holding company
within the Group. The Group's operating business is run by its 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. VERBIO shares (ISIN DE000A0JL9W6 / WKN A0JL9W) have been
listed on the Prime Standard of the Frankfurt Stock Exchange since October
2006.
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.
End of Corporate News
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11.08.2011 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 90
Fax: +49 (0)341 30 85 30 98
E-mail: ir@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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135216 11.08.2011
DGAP-News: VERBIO Vereinigte BioEnergie AG: with clear increase in revenues in the first half-year
| Source: EQS Group AG