DGAP-Adhoc: PETROTEC AG: Sales rose 28 %, restructuring with strategic partner ICG

PETROTEC AG / Preliminary Results/Final Results

18.03.2009 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Disclosure pursuant to Section 15 of the German Securities Trading Act
(WpHG)

Preliminary 2008 Annual Financial Statements of Petrotec AG:

Sales rose 28 %, restructuring with strategic partner ICG on sound basis

Borken, March 18, 2009 - In Business 2008 (Jan. 1 - Dec. 31) Petrotec AG
(ISIN DE000PET1111), a manufacturer of greenhouse gas-friendly biodiesel
based on used cooking oil, generated preliminary consolidated sales of EUR
77.7 million (prior year: EUR 60.8 million) and posted a preliminary loss
before interest and depreciation/amortization of EUR 21.1 million (prior
year: negative EBITDA of EUR 5.4 million). In particular the volatile
prices of feedstock in connection with prematurely fixed sales contracts,
higher personnel expenses and increases in other operating expenses
impacted on earnings.

The provisional impairment test, which Petrotec conducted in accordance
with IFRS as part of preparation of the 2008 9M financial statements was
finalized during preparation of the Annual Financial Statements and in the
period under review led to one-time extraordinary amortization totaling EUR
14.7 million (prior year: EUR 23.3 million). Allowing for amortization in
the business year, the Company generated a preliminary loss before interest
and taxes (EBIT) of EUR 42.7 million, as compared with a loss of EUR 37.6
million in Business 2007. The preliminary loss after tax for Business 2008
totals EUR 41.8 million (2007: loss of EUR 39.8 million), which translates
into a loss per share of EUR 3.98 (2007: LpS: EUR 3.79).

The Petrotec AG equity ratio as of Dec. 31, 2008 came to 24.7 % (63.6 %),
and liquid funds totaled EUR 1.0 million (prior year: EUR 23.5 million
(including short term financial investments)). On Dec. 31, 2008 Petrotec
posted a balance sheet total of EUR 39.2 million (EUR 81.0 million). As a
result of the extraordinary amortization from the impairment test, as well
as the operating loss, shareholders' equity fell by EUR 41.8 million to EUR
9.7 million (prior year: EUR 51.5 million).

Petrotec Restructuring 
IC Green Energy Ltd. has informed Petrotec that it will fulfill the
conditions imposed in the ruling by the German Financial Supervisory
Authority (BaFin) regarding exemption from a mandatory bid within the
specified time.

The Supervisory Board and Management Board of Petrotec AG expressly welcome
the commitment on the part of the strategic investor ICG and the BaFin
decision to grant the request by ICG for exemption from the submission of a
mandatory bid subject to conditions. ICG's financial support represents the
main basis of successful restructuring for the Company. In the opinion of
the Management Board the restructuring concept, which formed the basis of
the BaFin decision, represents a viable concept for the restructuring of
the Company in the coming years.

Petrotec will publish its final Annual Financial Statements on Monday,
March 30, 2009.

Disclaimer

As far as this ad hoc release contains forward-looking statements, these
forward-looking statements are based on current assumptions and forecasts
made by the management of Petrotec AG and other information currently
available to Petrotec. Various known and unknown risks, uncertainties and
other factors could lead to material differences between the actual future
results, financial situation, development or performance of the company and
the estimates given here. Petrotec does not intend, and does not assume any
liability whatsoever, to update these forward-looking statements or to
conform them to future events or developments.

About PETROTEC

Since November 2006, Petrotec AG has been listed in the Prime Standard
segment of the Frankfurt Stock Exchange under WKN PET111, ISIN
DE000PET1111. Petrotec is one of the pioneers of the German biodiesel
industry. The company started as early as 1998 with the development of a
process to produce biodiesel from used frying and deep-frying oil.
Petrotec's first industrial biodiesel production plant went turn-key in
2000. Petrotec's proprietary technology is capable of transforming virgin
vegetable oils such as rapeseed, soybean or palm oil as well as
hard-to-process oils and fats such as used cooking oils, animal fats and
oils or fish oil in a single fully continuous process into biodiesel and,
thus, is truly a multi-feedstock technology. The annual capacity of the
plant in Borken (Westphalia), Germany, is 85,000 t biodiesel. In the first
half of 2008 a second production has commenced operations in the deep-sea
port of Emden with an annual capacity of 100,000 t. Unlike many of its
competitors, Petrotec in its ongoing operations has for years now primarily
produced biodiesel from used cooking oils in a fully continuous process.
Treated used cooking oils as feedstock for biodiesel production is up to 50
percent cheaper to procure than the rapeseed oil predominantly used by
Petrotec's rivals in Europe. This enhances Petrotec's cost-competitiveness
over other manufacturers of biodiesel, as 70-90 percent of biodiesel
production costs relate to raw materials.

End of the disclosure
DGAP 18.03.2009 
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Language:     English
Issuer:       PETROTEC AG
              Fürst-zu- Salm-Salm-Str. 18
              46325 Borken-Burlo
              Deutschland
Phone:        +49 (0)2862 9100 19
Fax:          +49 (0)2862 9100 99
E-mail:       info@petrotec.de
Internet:     www.petrotec.de
ISIN:         DE000PET1111
WKN:          PET111
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, München, Hamburg, Düsseldorf, Stuttgart
End of News                                     DGAP News-Service
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