DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Final
Results
VERBIO Vereinigte BioEnergie AG: increases sales to EUR 754 million in
financial year 2011 and announces further growth
21.03.2012 / 07:30
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EBITDA grows by more than 50% in 2011
EUR 150 million to be invested in expanding bio-methane capacities
Zörbig/Leipzig, 21 March 2012 - In the 2011 financial year, Vereinigte
BioEnergie AG (VERBIO) increased its Group sales by 44.8% on the previous
year to EUR 754 million (2010: EUR 520.6 million). The principal
contributions to this increase stem from Märka with third party sales (EUR
71.7 million, 2010: EUR 11.1 million), the trade in fossil and biogenic
fuels (EUR 80.3 million, 2010: 19.1 million) and the rise in fuel prices.
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
amounted to EUR 33.4 million, an increase of 52.5% or EUR 11.5 million on
the previous year (2010: EUR 21.9 million). Greater depreciation of the
bio-methane facilities due to impairment reversal in the bio-ethanol
segment by 31 December 2010 led to consolidated earnings before interest
and taxes (EBIT) for 2011 of EUR 7.6 million, below the previous year's EUR
10.4 million.
Total assets increased by EUR 50.5 million to EUR 658.9 million as at 31
December 2011 (31 December 2010: EUR 608.4 million). The main reason for
this increase was the rise in current assets. VERBIO's equity amounted to
EUR 331.5 million at year-end (31 December 2010: EUR 332.5 million). The
increase in total assets resulted in an equity ratio of 50.3% (31 December
2010: 54.7%).
As at 31 December 2011, VERBIO held funds of EUR 37.0 million (31 December
2010: EUR 47.8 million).
Further growth and investment in bio-methane capacities sought
VERBIO expects sales for the first half of 2012 (rump financial year) of
between EUR 350 million and EUR 400 million. VERBIO assumes with the
operating result (EBIT) that this will roughly match the development
observed during the second half of 2011 (EUR 7.4 million).
VERBIO is pursuing sales of between EUR 700 million and EUR 800 million for
the 2012-2013 financial year. The EBITDA target is between EUR 40 million
and EUR 45 million, and between EUR 15 million and EUR 20 million for the
operating result (EBIT).
In financial year 2012-2013, VERBIO will continue to strengthen its market
position in bio-diesel and bio-ethanol. The capacities for bio-methane
production from agricultural waste materials will be expanded further.
Around EUR 50 million is to be invested up to 2014 in expanding the
existing
bio-methane facilities and a further EUR 100 million is earmarked for
constructing new, waste material-based bio-methane facilities.
New options for marketing bio-methane
The company achieved an important milestone in mid-March with the
inauguration of the world's first straw processing plant for producing
bio-methane in Zörbig. Claus Sauter, CEO of VERBIO AG, explained: 'This
technology makes VERBIO one of the first companies to manufacture
second-generation bio-fuel from waste materials at an industrial level.'
The concept of using agricultural waste materials to produce bio-fuel
addresses all the requirements of current and future bio-fuel production.
'By using straw, we can produce our bio-fuel verbiogas without the need for
any food products, without indirect changes to land use and with the
largest CO2 reduction compared with fossil fuels', adds Claus Sauter.
VERBIO has been pursuing a new sales channel since the end of 2011 owing to
the competitiveness of its bio-fuel compared with diesel. After VERBIO
successfully completed tests of the dual-fuel concept on its own fleet of
trucks and with a diesel-bio-methane mix for commercial vehicles, the
bio-methane fuel is now also to be marketed in the large haulier and
vehicle fleet segment. This combines two major benefits: firstly,
bio-methane is combusted at a significantly higher level of efficiency in
diesel engines, and secondly, the fuel costs with the VERBIO concept are up
to 25% lower than with 100% diesel operation.
At the same time, VERBIO is also continuing its marketing initiative for
bio-methane as an alternative fuel in the transport sector. The cooperation
with numerous public utility companies and renowned natural gas suppliers,
which was successfully launched last year, is to be expanded further.
Supply of raw materials and technology initiative
With a view to the Federal government's decarbonisation quotas that come
into effect from 2015, VERBIO intends to increase its cooperation with
regional agriculture in order to further improve the greenhouse gas balance
for bio-fuels by means of closed material life cycles.
Furthermore, VERBIO will increase its research and development activities
in order to structure existing processes more efficiently and to increase
the yield per ton of raw materials.
2011 key figures - Group and segments:
in EUR million Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 2010
Group
Sales 142.5 172.5 224.4 214.6 754.0 520.6
EBIT 3.2 -3.0 3.8 3.6 7.6 10.4
PAT 2.0 -5.2 2.1 2.4 1.3 8.0
Segments
Biodiesel
Sales 84.2 107.6 127.2 136.4 455.4 334.4
EBIT* 8.3 -1.8 5.3 3.9 15.7 0.0**
Bioethanol
Sales 34.3 40.6 75.1 65.3 215.3 158.6
thereof Biogas 8.3 1.8
EBIT -3.5 -6.1 -1.2 -0.8 -11.6 2.0***
Märka Trading
Sales 19.5 21.8 19.4 11 71.7 11.1
EBIT 0.3 2.9 -1.1 0.2 2.3 -0.9
Other
Sales 4.5 2.5 2.7 1.9 11.6 16.6
EBIT 0.1 0.4 1.1 0 1.6 5.5
Key figures per share in EUR
EpS (un-/diluted) 0.03 -0.08 0.03 0.04 0.02 0.13
Operating cash flow
(un-/diluted) 0.63 0.88 -0.43 -0.26 0.41
Number of shares in million 63.0 63.0
*excluding elimination of intercompany results (12 M 2011: in total EUR
million
-0.4 )
**Expenses from write-downs (EUR million 85.0) excluded
***Income from reversals of write-downs (EUR million 86.1) excluded.
The full annual financial report is available at
www.verbio.de/en/investor-relations/news-publications/financial-reports/.
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 biomethane in Europe. Nominal capacity currently amounts to
around 450,000 tons of biodiesel, 300,000 tons of bioethanol and 480
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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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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161479 21.03.2012
DGAP-News: VERBIO Vereinigte BioEnergie AG: increases sales to EUR 754 million in financial year 2011 and announces further growth
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