DGAP-News: VERBIO increased revenues by nearly 260 million Euros and generated a positive result in 2008. Authoritative forecast for fiscal year 2009 presently not possible.
25.03.09 | 07:31 Uhr25.03.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement.
Leipzig, 25 March 2009 - In the financial year 2008 VERBIO achieved consolidated revenues in the amount of EUR 666.6 million (2007: EUR 408.0 million). Due to demand and price effects, revenues were 63.4 percent or EUR 258.6 million over the prior year's amount. Although the increased taxation of pure biodiesel (B100) in 2008 from 9 cents per liter to 15 cents per liter put heavy pressure on the biodiesel market, demand for bio fuels in total remained stable, so VERBIO was able to profit from the increased sales prices and relatively stable raw material prices.
The consolidated operating result amounts to EUR 13.9 million (prior year: EUR -257.5 million). The result before income taxes (EBT) amounts to EUR 11.2 million (2007: EUR -259.7 million); the result after taxes is EUR 9.1 million (2007: -246.4 million). This results in earnings per share (diluted and undiluted) of EUR 0.15 (2007: EUR -3.91 per share). In prior year consolidated operating result was negatively affected by one-time non-cash write downs of EUR 257.0 million.
Equity ratio just under 70 percent Equity amounts to EUR 325.0 million (December 31, 2007: EUR 318.8 million) corresponding to an equity ratio of 66.2 percent (December 31, 2007: 58.7 percent). The cash flows from operating activities amount to EUR 68.4 million for the reporting period (2007: -94.0 million). The significant increase results in particular from the lower level of capital tied up due to the decrease in inventories of EUR 44.5 million. Furthermore, in addition to the positive result for the year of EUR 9.1 million and the reduction in trade receivables had a positive impact.
Demand for biodiesel increased - Competitiveness in bioethanol improved The demand in the biodiesel segment especially from the Eastern European countries picked up again, approximately 38 percent or about 157,500 tons were exported. In bioethanol segment the production rested partially in 2008. Since October both plants are in operation again. The production of bioethanol was started up again, since on the one hand a relaxation of the price situation on the grain market emerged and on the other sugar and sugar-containing raw materials could be included alternatively. Compared to the prior year, the bioethanol export business declined: 9.8 percent or 19,400 tons of bioethanol were exported (2007: 39.4 percent or 49,500 tons).
Utilization of the production facilities very high on biodiesel In 2008, 398,802 tons (2007: 349,557 tons) of biodiesel were produced and 138,478 tons of bioethanol (2007: 123,751 tons) were produced. Based on production capacity (416,000 tons per year for 2008; 380,000 tons per year for 2007) this represents a usage of 93.3 percent (2007: 92.0 percent). Theusage of the bioethanol plants in 2008 reached 51.3 percent (2007: 45.8 percent) based on production capacity of 270,000 tons per year.
Optimization of existing plants - Investment in biogas plants Investments were made in the financial year 2008 in the amount of EUR 9.2 million (2007: EUR 34.3 million). Increases to property, plant and equipment amount to EUR 8.9 million (2007: EUR 34.0 million), thereof EUR 4.1 million (2007: 13.7 million) were invested in construction in process alternatively in the improvement in existing plants. Constructions in process relate principally to the biogas plants in Zörbig and in Schwedt/Oder that will go into operation at the end of 2009.
Outlook The Management Board expects a sustainable and significant improvement of the situation in the biofuel industry and the business of VERBIO taking effects of the Sustainability Ordinance from the year 2011. This is particularly because VERBIO is regarding to the requested greenhouse gas reduction standards already today well prepared.
The first quarter of 2009 is on both fundamental segments characterized by a strong fall in demand and extensive price pressure. For this reason an authoritative forecast for the fiscal year 2009 according to revenues and result is presently not possible.
The complete annual report is now available for download under www.verbio.de.
Overview fiscal year 2008 compared to prior year:
Million EUR 2008 2007 Group Sales 666.6 408.0 Materiel costs 600.9 371.1 Other operating income 20.7 7.1 Personnel costs 17.1 15.5 Other operating expenses 52.8 271.6 1) Depreciation 11.6 22.8 Result from commodity futures 10.4 0.2 EBIT 13.9 -257.5 Financial result -2.7 -2.1 EBT 11.2 -259.7 Net income 9.1 -246.4
Segments Biodiesel Sales 456.5 284.7 Segment result 9.6 7.3 Bioethanol Sales 182.2 97.3 Segment result 3.5 -267.3 1) Energy Sales 20.1 21.9 Segment result 0.9 2.8 Others Sales 7.8 4.1 Segment result -0.1 -0.3 Key figures per share in EUR EPS (undiluted/diluted) 0.15 -3.91 Operativer cash flow per share (undiluted/diluted) 1.09 -1.49 Number of shares in million shares 63.0 63.0
1) including impairment losses of 232.6 million EUR
Contact: VERBIO Vereinigte BioEnergie AG Augustusplatz 9 04109 Leipzig
Anna-Maria Schneider Investor Relations Tel: +49(0)341/30853094 Fax: +49(0)341/30853098 E-Mail: ir@verbio.de
Sandra Haacker Public Relations Tel: +49(0)341/30853063 Fax: +49(0)341/30853099 E-Mail: pr@verbio.de
Contact: VERBIO Vereinigte BioEnergie AG Augustusplatz 9 04109 Leipzig
Anna-Maria Schneider Investor Relations Tel: +49(0)341/30853094 Fax: +49(0)341/30853098 E-Mail: ir@verbio.de
Sandra Haacker Public Relations Tel: +49(0)341/30853063 Fax: +49(0)341/30853099 E-Mail: pr@verbio.de
25.03.2009 Financial News transmitted by DGAP
Language: English
Issuer: 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@verbio.de
Internet: www.verbio.de
ISIN: DE000A0JL9W6
WKN: A0JL9W
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, Düsseldorf, München
End of News DGAP News-Service
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Leipzig, 25 March 2009 - In the financial year 2008 VERBIO achieved consolidated revenues in the amount of EUR 666.6 million (2007: EUR 408.0 million)
Leipzig, 25 March 2009 - In the financial year 2008 VERBIO achieved consolidated revenues in the amount of EUR 666.6 million (2007: EUR 408.0 million)
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