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VERBIO Vereinigte BioEnergie AG
Quarterly Report • Nov 11, 2021
464_10-q_2021-11-11_29c4b8a5-d114-4bcb-bd7b-59916ff990a6.pdf
Quarterly Report
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Quarterly interim statement for the period ended September 30, 2021 (Q1 2021/2022)
Group key figures
[in EUR million]
Group key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| Profitability | Q1 2021/2022 | Q1 2020/2021 | Q2 2020/2021 | Q3 2020/2021 | Q4 2020/2021 | 2020/2021 |
|---|---|---|---|---|---|---|
| Sales | 350.4 | 261.4 | 217.7 | 237.8 | 309.1 | 1,026.0 |
| EBITDA | 40.2 | 53.3 | 27.1 | 32.4 | 53.5 | 166.3 |
| EBIT | 33.1 | 45.6 | 19.4 | 25.4 | 46.2 | 136.6 |
| EBIT-margin (%) | 9.4 | 17.4 | 8.9 | 10.7 | 10.4 | 13.3 |
| EBT | 32.8 | 45.3 | 19.2 | 25.2 | 45.7 | 135.4 |
| Period result | 22.6 | 31.7 | 12.5 | 17.6 | 31.7 | 93.5 |
| Undiluted earnings per share (EUR) | 0.36 | 0.50 | 0.20 | 0.28 | 0.50 | 1.48 |
| Operating data | Q1 2021/2022 | Q1 2020/2021 | Q2 2020/2021 | Q3 2020/2021 | Q4 2020/2021 | 2020/2021 |
| Productions (tonnes) | 209,066 | 216,996 | 208,630 | 201,154 | 207,761 | 834,541 |
| Productions (MWh) | 199,877 | 216,071 | 198,101 | 180,153 | 200,492 | 794,817 |
| Utilisation Biodiesel/Bioethanol (%)1) | 90.9 | 94.3 | 90.7 | 87.5 | 90.3 | 90.7 |
| Utilisiation Biomethane (%)1) | 88.8 | 96.0 | 88.0 | 80.1 | 89.1 | 88.3 |
| Investments in property, plant and equipment | 19.3 | 11.5 | 20.8 | 15.5 | 19.9 | 67.7 |
| Number of employees2) | 892 | 754 | 780 | 787 | 820 | 820 |
| Net asset position | 30.09.2021 | 30.09.2020 | 31.12.2020 | 31.03.2021 | 30.06.2021 | 30.06.2020 |
| Net financial assets | 111.5 | 86.6 | 79.2 | 54.7 | 100.2 | 100.2 |
| Equity | 541.7 | 419.7 | 433.5 | 453.8 | 509.8 | 509.8 |
| Equity ratio (%) | 71.8 | 74.8 | 75.8 | 76.4 | 75.1 | 75.1 |
| Balance sheet total | 754.8 | 561.0 | 571.6 | 594.3 | 678.6 | 678.6 |
| Financial position | Q1 2021/2022 | Q1 2020/2021 | Q2 2020/2021 | Q3 2020/2021 | Q4 2020/2021 | 2020/2021 |
| Operating cash flow | 18.5 | 56.4 | 6.6 | 2.3 | 51.9 | 117.2 |
| Operating cash flow per share (EUR) | 0.29 | 0.90 | 0.10 | 0.04 | 0.81 | 1.85 |
| Cash and cash equivalents3) | 141.5 | 116.8 | 109.2 | 84.9 | 44.1 | 130.2 |
1) At of July 1, 2021 the annual production capacity of the production plant was as follows:
biodiesel: 660,000 tonnes (unchanged); bioethanol: 260,000 tonnes (unchanged); biomethane: 900 GWh (unchanged)
2) At the banlance sheet date
3) At the balance sheet date, including cash on segregated accounts
Segment key figures
[in EUR million]
Group key figures
| Segment key figures | ||
|---|---|---|
| --------------------- | -- | -- |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| Biodiesel | Q1 2021/2022 | Q1 2020/2021 | Q2 2020/2021 | Q3 2020/2021 | Q4 2020/2021 | 2020/2021 |
|---|---|---|---|---|---|---|
| Sales | 261.6 | 173.0 | 148.2 | 177.3 | 231.4 | 729.9 |
| EBITDA | 22.2 | 13.6 | 13.8 | 28.2 | 37.6 | 93.2 |
| EBIT | 19.6 | 10.9 | 11.0 | 25.5 | 34.9 | 82.3 |
| Production (tonnes) | 150,007 | 154,888 | 152,342 | 147,268 | 146,759 | 601,257 |
| Utilisation (%)1) | 90.9 | 93.9 | 92.3 | 89.3 | 88.9 | 91.1 |
| Number of employees2) | 224 | 214 | 219 | 219 | 224 | 224 |
| Bioethanol (incl. Biomethane) | Q1 2021/2022 | Q1 2020/2021 | Q2 2020/2021 | Q3 2020/2021 | Q4 2020/2021 | 2020/2021 |
|---|---|---|---|---|---|---|
| Sales | 86.0 | 86.2 | 66.9 | 58.2 | 75.3 | 286.6 |
| EBITDA | 17.1 | 38.8 | 12.6 | 4.0 | 15.2 | 70.6 |
| EBIT | 13.0 | 34.2 | 8.2 | 0.0 | 11.2 | 53.6 |
| Production (tonnes) | 59,059 | 62,108 | 56,288 | 53,887 | 61,001 | 233,284 |
| Production (MWh) | 199,877 | 216,071 | 198,101 | 180,153 | 200,492 | 794,817 |
| Utilisation Bioethanol (%)1) | 90.9 | 95.6 | 86.6 | 82.9 | 93.9 | 89.7 |
| Utilisation Biomethane (%)1) | 88.8 | 96.0 | 88.0 | 80.1 | 89.1 | 88.3 |
| Number of employees2) | 456 | 358 | 371 | 378 | 401 | 401 |
| Other | Q1 2021/2022 | Q1 2020/2021 | Q2 2020/2021 | Q3 2020/2021 | Q4 2020/2021 | 2020/2021 |
|---|---|---|---|---|---|---|
| Sales | 5.4 | 4.1 | 4.1 | 4.0 | 4.5 | 16.7 |
| EBIT | 0.5 | 0.5 | 0.1 | 0.0 | 0.2 | 0.8 |
1) At of July 1, 2021 the annual production capacity of the production plant was as follows:
biodiesel: 660,000 tonnes (unchanged); bioethanol: 260,000 tonnes (unchanged); biomethane: 900 GWh (unchanged)
2) At the balance sheet date
Segment key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated balance sheet
Consolidated cash flow statement
Business report and the Group's position
VERBIO AG reports a slight overall fall in its results for the first three months of the financial year 2021/2022 compared to the same period in the previous year. Group revenues increased by 34.0 percent to EUR 350.4 million compared to the previous year (Q1 2020/2021: EUR 261.4 million).
Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first three months of the financial year 2021/2022 amounted to EUR 40.2 million, below the level in the comparative period in the previous year (Q1 2020/2021: EUR 53.3 million). The Group result before interest and taxes (EBIT) totalled EUR 33.1 million (Q1 2020/2021: EUR 45.6 million). The net result for the period amounted to EUR 22.6 million (Q1 2020/2021: EUR 31.7 million). Based on the result for the period, earnings per share are EUR 0.36 (Q1 2020/2021: EUR 0.50).
Net assets and financial position
Cash flows
Cash flow from operating activities in the first three months of the financial year 2021/2022 amounted to EUR 18.5 million (Q1 2020/2021: EUR 56.4 million). The decrease compared to the previous year was primarily due to the lower net profit for the period (EUR 22.6 million; Q1 2020/2021: EUR 31.7 million), together with the EUR 33.1 million increase in trade receivables and other financial assets (Q1 2020/2021: decrease of EUR 20.0 million). There were offsetting effects, in particular from the increase in the trade payables and other current financial and non-financial liabilities of EUR 26.5 million (Q1 2020/2021: decrease of EUR 3.5 million).
Driven by investments made in property, plant and equipment, total cash outflows in the first three months of 2021/2022 amounted to EUR 20.2 million (Q1 2020/2021: EUR 11.2 million), which also corresponds to the total cash flows from investing activities. In the first quarter of the previous year the release of term deposits resulted in cash inflows of EUR 20.0 million, so that the overall cash flows from investing activities amounted to EUR 8.8 million.
The cash flows from financing activities in the current reporting period exclusively consisted of repayments of lease liabilities of EUR 1.6 million (Q1 2020/2021: EUR 1.4 million). As a result of the above, cash and cash equivalents fell by only EUR 3.3 million in the period from July 1, 2021 to September 30, 2021. Cash and cash equivalents reported in the balance sheet at September 30, 2021 amounted to EUR 102.2 million.
Net cash
The Group's bank and loan finance arrangements are offset by cash and cash equivalents as well as additional cash held in segregated accounts totalling EUR 141.5 million, so that the reported net cash balance at September 30, 2021 amounted to EUR 111.5 million (June 30, 2021: EUR 86.6 million).
Group key figures
Segment key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated balance sheet
Consolidated cash flow statement
Development of the Biodiesel and Bioethanol segments
The primary driver of the results in the first quarter of the financial year 2021/2022 compared to the same period in the previous year was the significantly higher margins achieved in the Biodiesel segment in the first quarter of 2021/2022. On the other hand, the margins in Bioethanol were below the levels of the first quarter of the previous year. However, despite the increase in raw material costs, the margins were significantly above those
seen at the end of the previous financial year. Capacity utilisation of the production plants in both segments was good, including for the Group's biomethane plants. The production volume of biodiesel and bioethanol in the period from July 1, 2021 to September 30, 2021 totalled 217,644 tonnes, compared with 216,996 tonnes in the same period in the previous year. In addition, 199.9 GWh of biomethane were produced in the first three months of the financial year 2021/2022 (Q1 2020/2021: 216.1 GWh).
Outlook, opportunity and risk report
Report on expected developments
VERBIO is making no changes to the results forecasts provided in the 2020/2021 annual report published on September 22, 2021. Based on current sales and raw material price levels and the planned production capacity usage, but not making any adjustments for potential effects on results caused by the ongoing COVID-19 pandemic, the Management Board of VERBIO Vereinigte BioEnergie AG expects to achieve an EBITDA for the financial year 2021/2022 of around EUR 150 million. The Group plans to invest in further capacity expansions and internationalisation in the current financial year. This will be financed using the free cash reserves generated in previous financial periods and cash flows from current operations.
The Management Board expects that the Group will have net financial assets of approximately EUR 50 million at the end of the financial year 2021/2022. This forecast is made subject to the proviso that the continued course of the COVID-19 pandemic does not have a significant effect on the market for biofuels.
Risk and opportunity report
There have been no changes to the opportunities and risks presented in the 2020/2021 annual report. Further, there have been no changes in the risks and opportunities profile of the VERBIO Group during the reporting period. There are no present risks or discernible potential risks that represent a threat to the ability of the Group to continue as a going concern.
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
Consolidated profit and loss account
for the period July 1, 2021 to September 30, 2021
| EUR (thousands) | Q1 2021/2022 | Q1 2020/2021 | ||
|---|---|---|---|---|
| 1. | Revenue (including energy taxes collected) | 350,609 | 262,053 | |
| less: energy taxes | –181 | –698 | ||
| Revenue | 350,428 | 261,355 | ||
| 2. | Change in unfinished and finished goods | 585 | 7,105 | |
| 3. | Capitalised production of own plant and equipment | 610 | 311 | |
| 4. | Other operating income | 4,417 | 4,604 | |
| 5. | Cost of materials | –258,971 | –196,527 | |
| 6. | Personnel expenses | –15,253 | –12,436 | |
| 7. | Depreciation and amortisation | –7,137 | –7,760 | |
| 8. | Other operating expenses | –12,314 | –11,312 | |
| 9. | Result from commodity forward contracts | –29,313 | 243 | |
| 10. | Operating result | 33,052 | 45,583 | |
| 11. | Interest income | 36 | 18 | |
| 12. | Interest expense | –279 | –297 | |
| 13. | Financial result | –243 | –279 | |
| 14. | Result before tax | 32,809 | 45,304 | |
| 15. | Income tax expense | –10,171 | –13,591 | |
| 16. | Net result for the period | 22,638 | 31,713 | |
| Result attributable to shareholders of the parent | 22,545 | 31,586 | ||
| Result attributable to non-controlling interests | 93 | 127 | ||
| Result per share (basic) | 0.36 | 0.50 |
| Quarterly interim statement |
|---|
| for the period |
| ended September 30, 2021 |
Group key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated balance sheet
Consolidated cash flow statement
Consolidated balance sheet
at September 30, 2021
| EUR (thousands) | 30.06.2021 | ||
|---|---|---|---|
| Assets | |||
| A. | Non-current assets | ||
| I. | Intangible assets | 601 | 602 |
| II. | Property, plant and equipment | 306,488 | 290,554 |
| III. | Right-of-use assets under leasing arrangements | 15,653 | 16,228 |
| IV. | Financial assets | 2,772 | 2,816 |
| V. | Deferred tax assets | 2,077 | 2,077 |
| Total non-current assets | 327,591 | 312,277 | |
| B. | Current assets | ||
| I. | Inventories | 108,869 | 101,463 |
| II. | Trade receivables | 94,401 | 69,565 |
| III. | Derivatives | 69,604 | 44,172 |
| IV. | Other short-term financial assets | 40,750 | 28,506 |
| V. | Tax refunds | 73 | 73 |
| VI. | Other assets | 11,249 | 17,540 |
| VII. | Cash and cash equivalents | 102,232 | 105,025 |
| Total current assets | 427,178 | 366,344 | |
| Total assets 754,769 |
678,621 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| 63,184 496,050 |
63,184 |
|---|---|
| 495,692 | |
| 39,555 | 33,680 |
| –59,314 | –81,727 |
| 139 | –2,980 |
| 539,614 | 507,849 |
| 2,117 | 2,023 |
| 541,731 | 509,872 |
| 30,000 | 30,000 |
| 10,724 | 11,125 |
| 131 | 131 |
| 1,845 | 2,172 |
| 222 | 222 |
| 5,980 | 1,806 |
| 48,902 | 45,456 |
| 4,982 | 5,356 |
| 59,269 | 45,382 |
| 36,750 | 22,508 |
| 24,536 | 11,235 |
| 24,452 | 18,993 |
| 5,539 | 9,656 |
| 972 | 859 |
| 7,636 | 9,304 |
| 164,136 | 123,293 |
| 678,621 | |
| 754,769 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
Consolidated cash flow statement
for the period July 1, 2021 to September 30, 2021
| Q1 2021/2022 | Q1 2020/2021 |
|---|---|
| 22,638 | 31,713 |
| 10,171 | 13,591 |
| 243 | 279 |
| 7,137 | 7,760 |
| 176 | 41 |
| 359 | |
| –82 | –47 |
| –213 | –249 |
| 3,207 | –1,031 |
| –7,405 | –8,080 |
| –24,836 | 9,062 |
| –8,210 | 10,994 |
| –4,148 | 964 |
| 14,946 | –4,823 |
| 11,505 | 1,299 |
| –225 | –238 |
| 37 | 10 |
| –6,759 | –4,828 |
| 18,541 | 56,417 |
| Quarterly interim statement | EUR (thousands) | Q1 2021/2022 | Q1 2020/2021 |
|---|---|---|---|
| for the period | Acquisition of intangible assets | –51 | –60 |
| ended September 30, 2021 | Acquisition of property, plant and equipment | –20,243 | –11,213 |
| Group key figures | Proceeds from disposal of property, plant and equipment | 32 | |
| Segment key figures | Cash inflows from term deposits | 0 | 20,000 |
| Cash flows from investing activities | –20,213 | 8,759 | |
| Business report and the Group's position |
Cash outflows for the repayment of financial liabilities | 0 | –9 |
| Payment of lease liabilities | –1,589 | –1,434 | |
| Consolidated profit and loss account |
Cash flows from financing activities | –1,589 | –1,443 |
| Change in cash funds resulting from business transactions | –3,261 | 63,733 | |
| Consolidated balance sheet | Change in cash funds due to effects of exchange rates | 468 | –385 |
| Consolidated cash flow statement Cash funds at beginning of year |
105,025 | 53,885 | |
| Financial calendar | Cash funds at end of year | 102,232 | 117,233 |
| Quarterly interim statement for the period ended September 30, 2021 |
Financial calendar 2021/ 2022 | |
|---|---|---|
| Group key figures | ||
| Segment key figures Business report and |
November 11, 2021 | Publication of the quarterly statement for the period ended September 30, 2021 (July 2021 to September 2021) |
| the Group's position | February 4, 2022 | Annual General Meeting 2022 |
| Consolidated profit and loss account |
February 10, 2022 | Publication of the half-yearly interim report 2021/2022 (July 2021 to December 2021) Analyst´s conference |
| May 12, 2022 Consolidated balance sheet |
Publication of the quarterly statement for the period ended March 31, 2022 (July 2021 to March 2022) |
|
| Consolidated cash flow statement | September 27, 2022 | Publication of the annual report 2021/2022 Analyst´s conference/ Press conference |
| Financial calendar |
Imprint
Publisher/editing and text/pictures VERBIO Vereinigte BioEnergie AG
Contact
VERBIO Vereinigte BioEnergie AG Ritterstraße 23 (Oelßner's Hof) 04109 Leipzig Phone: +49 341 308530-0 Fax: +49 341 308530-999 www.verbio.de
Forward-looking statements
This quarterly statement includes various statements concerning forecasts, expectations and information that relate to the future development of the VERBIO Group and VERBIO Vereinigte BioEnergie AG. These statements are based on assumptions and estimates and may be associated with known and unknown risks and uncertainties. Actual developments and results, as well as the financial and asset situation, may therefore differ substantially from the expectations and assumptions stated. Such differences may be due, among other things, to market fluctuations, changes in worldwide market prices for raw materials as well as financial markets and exchange rates, changes in national and international laws and directives, or fundamental changes in the economic and political climate. VERBIO does not intend to and does not undertake an obligation to update or revise any forward-looking statements to adapt them to events or developments after the publication of this statement.
This quarterly statement is published in German (original version) and in English (non-binding translation). It is available for download at http://www.verbio.de in both languages.
We will be delighted to send you additional information about VERBIO Vereinigte BioEnergie AG on request at no charge.
Telephone: +49 341 308530-0 Fax: +49 341 308530-998 E-Mail: [email protected]