VERBIO Vereinigte BioEnergie AG

Quarterly Report • May 10, 2012

Interim report Q1 2012

Group key figures [in EUR million]

Profitability	Q 1 2012	Q 1 2011	Q 2 2011	Q 3 2011	Q 4 2011	2011
Sales	200.7	142.5	172.5	224.4	214.6	754.0
EBITDA	10.6	9.7	3.5	10.3	9.9	33.4
EBIT	4.3	3.2	– 3.0	3.8	3.6	7.6
EBIT-margin (%)	2.1	2.2	–1.7	1.7	1.7	1.0
EBT	2.2	2.3	– 4.8	1.9	1.6	1.0
Period result	2.1	2.0	– 5.2	2.1	2.4	1.3
Earnings per share (EUR)	0.03	0.03	– 0.08	0.03	0.04	0.02
Operating data
Production (tons)	131,752	116,895	134,119	159,304	151,620	561,938
Production (MWh)	52,535	24,376	39,420	65,278	62,756	191,830
Utilisation Biodiesel/Bioethanol (%) 1)	75.6	67.0	76.9	91.4	87.0	80.6
Utilisation Biogas (%) 1)	87.6	40.6	65.7	81.6	78.4	68.5
Investments in property, plant and equipment	3.4	2.6	3.1	5.4	8.2	19.3
Number of employees 2)	770	726	734	795	772	772
Net asset position	31/03/2012	31/03/2011	30/06/2011	30/09/2011		31/12/2011
Net financial assets	– 88.5	– 41.4	– 62.0	– 84.4		– 88.3
Equity	333.5	330.1	329.4	329.6		331.5
Equity ratio (%)	51.8	59.5	63.3	48.5		50.3
Balance sheet total	643.9	555.2	520.2	679.0		658.9
Financial position
Operating cash flow	16.6	39.5	55.6	– 27.2		–16.1
Operating cash flow per share (EUR)	0.26	0.63	0.88	– 0.43		– 0.26
Cash and cash equivalents	28.8	43.5	36.9	49.4		37.0

1) in relation to the production capacity

2) at cutoff date

Segment key figures

[in EUR million]

Biodiesel	Q 1 2012	Q 1 2011	Q 2 2011	Q 3 2011	Q 4 2011	2011
Sales	117.6	87.5	109.6	128.9	137.7	463.7
Third party sales	116.3	84.2	107.6	127.2	136.4	455.4
EBIT	0.5	8.3	–1.8	5.3	3.9	15.7
Production (tons)	85,159	78,278	94,342	98,518	100,625	371,763
Utilisation (%) 1)	79.7	73.2	88.3	92.2	94.2	87.0
Number of employees 2)	100	105	103	101	103	103
Bioethanol (incl. Biogas)	Q 1 2012	Q 1 2011	Q 2 2011	Q 3 2011	Q 4 2011	2011
Sales	61.8	34.3	47.3	75.2	65.4	222.2
Third party sales	61.6	34.3	40.6	75.1	65.3	215.3
EBIT	1.9	– 3.5	– 6.1	–1.2	– 0.8	–11.6
Production (tons)	46,593	38,617	39,777	60,786	50,995	190,175
Production (MWh)	52,535	24,376	39,420	65,278	62,756	191,830
Utilisation Bioethanol (%) 1)	69.0	57.2	58.9	90.1	75.5	70.4
Utilisation Biogas (%) 1)	87.6	40.6	65.7	81.6	78.4	68.5
Number of employees 2)	182	167	169	179	181	181
Märka Trading	Q 1 2012	Q 1 2011	Q 2 2011	Q 3 2011	Q 4 2011	2011
Sales	57.8	43.2	29.9	67.0	62.1	202.2
Third party sales	20.8	19.5	21.8	19.4	11.0	71.7
EBIT	1.3	0.3	2.9	–1.1	0.2	2.3
Other	Q 1 2012	Q 1 2011	Q 2 2011	Q 3 2011	Q 4 2011	2011
Sales	5.5	10.0	3.8	8.6	4.9	27.3
Third party sales	2.0	4.5	2.5	2.7	1.9	11.6

EBIT 0.5 0.1 0.4 1.1 0.0 1.6

1) in relation to the production capacity

2) at cutoff date

figures

Future accomplished. All on our own.

VERBIO builds first bio-refinery and is first producer of second-generation biofuel.

Commissioning of bio-refinery for sustainable biofuels. Investing independently of special state subsidies. Pioneering modern and efficient biofuel.

Contents

Group interim management report	6
General conditions	6
Development of revenue and result	8
Net assets and financial position	9
Employees	10
Investments	10
Segment reporting	10
Opportunities and risk report	12
Forecast and outlook	13
Consolidated interim financial statements (IFRS)	14

Consolidated statement of comprehensive income	15
Consolidated balance sheet	16
Consolidated cash flow statement	18
Consolidated statement of changes in equity	20
Selected explanatory notes	22

Further Information

Executive bodies of the Company	34
Financial calendar 2012/2013	35
Contact and imprint	35

5

Group interim management report

for the period January 1 to March 31, 2012

General conditions

General legal conditions

In 2012, the overall biofuel quota to be met by the mineral oil industry has been set at 6.25 per cent.

There have been no changes in the legal requirements at either the national or the EU levels during the first few months of 2012. The binding targets regarding the blending quota for (energetically) renewable energies of 10 per cent by 2020 in the transport sector and the stipulated target for the reduction of emissions of greenhouse gases for fuels in the amount of at least 6 per cent in 2020 as compared to 2010, continue to apply. The amendment to the Biofuel Sustainability Regulation approved by the Federal Cabinet with effect as of 1 January 2011, pursuant to which biofuels produced on the basis of certain raw materials or waste products may count twice towards the biofuel quota, remains unchanged and in force.

Biofuels will be deemed to have been produced in a sustainable manner where they emit at least 35 per cent fewer greenhouse gases as compared to fossil fuels; by 2017, this requirement will be set at 50 per cent. Rules which ensure that, among other things, the cultivation of energy crops does not result in any indirect land-use change (iLUC), will be decisive in evaluating whether the cultivation of crops in a particular case is sustainable. Whether the introduction of so-called iLUC factors for biofuels is the right approach is currently the subject of controversial debate at both the national and the EU levels.

General tax-related conditions

The proposal of the European Commission with respect to the taxation of energy, pursuant to which fuels are to be taxed on the basis of their CO2 emissions and energy content, failed to attain the majority of the votes in the European Parliament in April 2012. The objective behind the proposal was the securing of support for the measures against climate change by means of emission- and energy-based taxation. One of the consequences of the adoption of the proposal would have been the phasing-out of the tax advantages enjoyed by diesel in most EU states, due to the fact that its energy content is higher than that of petrol.

Pure biodiesel (B100) will be taxed at 18.6 cents/litre in 2012. Fuels containing 70 per cent bioethanol will continue to enjoy tax advantages; therefore, according to the law as it currently stands, E85 fuel (which contains 85 per cent ethanol) will enjoy tax advantages until 2015, that is to say the bioethanol component will be entirely exempt from taxation.

Market situation

To date, the German Federal Office of Economics and Export Control (BAFA) has published consumption data until February 2012, which indicates the continuance of the trend observed in previous periods: increasing sales volumes with regard to diesel fuel and decreasing sales figures with regard to petrol.

In the first two months of 2012 differences in the development of the blending ratios for the bio-components biodiesel (B7) and bioethanol (E5 and E10) could be observed as compared to the previous year. While the blending ratio for biodiesel followed the sales volumes of diesel, the change regarding bioethanol is significant: sales of petrol fell slightly by 0.4 per cent as compared to previous year's period, whereas the ratio of bioethanol additives increased to 6.2 per cent. This is largely attributable to the slowly increasing proportion of E10 (petrol containing 10 per cent ethanol). E10 sales volume is according to BAFA currently lying at approximately 13 per cent. Given that the mineral oil industry has increased the price gap between Super E5 and Super E10 to 4 cents/litre, we assume that E10 will gradually gain a further share of the market, which development will be expedited by the record prices currently being charged by filling stations.

The market for pure fuels was, except for pure biodiesel (B100), a niche market at all time. For B100 it developed into such a niche market during the course of 2011. Sales volume was amounting to only 97,000 tonnes in 2011 as compared to 293,000 in 2010. On the basis of the 10,000 tonne volume attained in the first two months 2012, a similarly low level as that reached in 2011 may be projected for 2012. B100 fuel no longer has a major role to play in the freight and local public transport contexts.

Sales of E85 (petrol containing 85 per cent ethanol) increased once more, as compared to the same period in the previous year, by approximately 8.4 per cent. This strong increase remains, in view of the relatively low initial level for this type of fuel, of minor significance in terms of overall sales.

Developments in prices of raw materials

The price of rapeseed oil increased during the course of the first quarter of 2012, amounting on average to approximately EUR 973/tonne, as compared to approximately EUR 937/tonne in the fourth quarter of 2011. This price increase can be attributed to the shortage in supplies of rapeseed and to the increase on the global markets in the price of oil seeds, particularly soy. Should weather conditions remain unfavourable, the upcoming EU rapeseed harvest could, at approximately 17.6 million tonnes, fall well below the 2011 level of approximately 19.1 million tonnes. This situation is largely due to winterkill damage, which varies greatly from region to region, and a significant reduction in the amount of cropland under cultivation as a result thereof.

Average prices of selected raw materials

	Q 1 2012	Q 1 2011	Q 2 2011	Q 3 2011	Q 4 2011	2011	2010	2009
Crude oil (Brent; USD/barrel)	120	106	118	114	110	112	80	62
Mineral diesel (EUR/ton)	771	664	683	685	722	688	517	381
Rapseed oil (EUR/ton)	973	1,037	985	956	937	979	763	622
Wheat (MATIF; EUR/ton)	210	252	233	199	186	218	170	136
Sugar (EUR/ton)	412	492	375	448	404	430	368	281

The following chart shows the relative development in prices of selected raw materials on the international markets for the period 2010 until the end of the first quarter 2012 (in %, index-based):

The average grain price for wheat (MATIF) was EUR 210/tonne in the first quarter of 2012, as compared to EUR 186/tonne in the fourth quarter of 2011. Global supply and demand for grain is largely stable. The projected yields for 2012 for North America are positive and, if weather conditions remain favourable, could exceed those attained in the previous year. It is currently difficult to estimate the EU grain yields for 2012. An element of uncertainty is provided by the – to some extent very extensive – damage to crops caused by winterkill, which differs greatly from region to region; areas suffering from extensive winterkill damage to crops, including rapeseed, have been ploughed up and replanted with corn and spring grains, which has in turn resulted in a shortage of seeds for spring grains. A further element of uncertainty with regard to the development of prices is provided by inflows and outflows of speculative capital; as a result, the price of wheat and other agricultural commodities is affected to a significant extent by global economic developments and whether the monetary policy adopted in the US, Europe and China is of an expansionary or a restrictive nature.

Development of revenue and result

The volume of biodiesel and bioethanol produced by VERBIO in the first three months of 2012 amounted to 131,752 tonnes, as compared to 116,895 tonnes in the equivalent period of the previous year. In addition, 52,535 MWh of biomethane were produced. Consolidated revenues increased, as compared to the comparable quarter in the previous year, by 40.8 per cent to EUR 200.7 million (Q 1 2011: EUR 142.5 million); the share of these revenues generated by Märka in respect of the first quarter of 2012 amounted to EUR 20.8 million (Q 1 2011: EUR 19.5 million). The increase in revenues in the Biodiesel and Bioethanol segments can be attributed to increased volumes and prices. Moreover, commercial transactions involving fossil fuels (Q 1 2012: EUR 17.8 million; Q 1 2011: EUR 0 million) and proceeds from quota-related sales (Q 1 2012: EUR 12.3 million; Q 1 2011: EUR 1.8 million) also contributed to the increase in revenues. Reference is incidentally made to the analysis within the segment reporting.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 10.6 million and were thus EUR 0.9 million higher than in the comparable quarter of the previous year (Q 1 2011: EUR 9.7 million). The Group operating results (EBIT), at EUR 4.3 million were 34 per cent above than in the comparable quarter of the previous year (Q 1 2011: EUR 3.2 million).

Other operating income amounted to EUR 2.7 million (Q 1 2011: EUR 2.3 million); this increase was due, in particular, to income from the disposal of property, plant and equipment or related deferred investment grants and subsidies.

Other operating expenses amounted to EUR 9.4 million in the reporting period (Q 1 2011: EUR 8.3 million). These primarily comprise expenses for outgoing freight, expenses for necessary repairs, motor vehicle costs and expenses relating to insurance premiums and contributions.

A financial result, comprising interest income in the amount of EUR 0.2 million (Q 1 2011: EUR 0.3 million) and interest expense in the amount of EUR 2.2 million (Q 1 2011: EUR 1.2 million), in the amount of EUR —2.1 million (Q 1 2011: EUR —0.9 million) was recorded. The deterioration in the financial results as compared to the previous year's period was the result of increased financing in respect of raw materials and the external financing of the biomethane plants.

Consolidated earnings before taxes (EBT) amounted to EUR 2.2 million (Q 1 2011: EUR 2.3 million); profit for the period in the amount of EUR 2.1million (Q 1 2011: EUR 2.0 million) was recorded, resulting in a profit per share (diluted and undiluted) of EUR 0.03 (Q 1 2011: EUR 0.03).

EUR million	31/03/2012	Share of balance sheet total	31/12/2011	Share of balance sheet total
Assets
Noncurrent assets	333.4	52%	336.5	51%
Current assets	310.5	48%	322.4	49%
Total assets	643.9	100%	658.9	100%
Equity and liabilities
Equity	333.5	52%	331.5	50%
Noncurrent liabilities	51.6	8%	52.6	8%
Current liabilities	258.8	40%	274.8	42%
Total equity and liabilities	643.9	100%	658.9	100%

Net assets and financial position

The balance sheet total, as compared to that as of 31 December 2011, decreased by EUR 15.0 million to EUR 643.9 million (31/12/2011: EUR 658.9 million).

The development of the assets side of the balance sheet is particularly influenced by the reduction in inventories on a seasonal basis, the increase in trade receivables and the decrease in other assets. The increase in trade accounts receivable in this context is largely attributable, as of the balance sheet date, to the processing of commercial and quota-based transactions. Due to changes in operating cash flow and the use of funds, liquid funds amounted to EUR 28.8 million as of 31 March 2012. After the deduction of financial liabilities in the total amount of EUR 117.3 million, net financial debt in the amount EUR 88.5 million remains, which represents an increase of EUR 0.2 million as compared to 31 December 2011 (31/12/2011: EUR 88.3 million).

Equity, at EUR 333.5 million, dominates the liabilities side of the balance sheet and constitutes approximately 52 per cent of the balance sheet total, thus lying 2 percentage points above the equivalent figure as of 31 December 2011 (50 per cent). As compared to 31 December 2011, noncurrent liabilities decreased from EUR 52.6 million to EUR 51.6 million and current liabilities from EUR 274.8 million to EUR 258.8 million. The latter development can largely be attributed to the reduction in financial liabilities and trade payables.

Cash flows

Operating cash flow for the reporting period amounted to EUR 16.6 million (Q 1 2011: EUR 39.5 million). This decrease was largely a result of the increase in trade receivables (Q 1 2012: EUR 30.4 million; Q 1 2011: decrease of EUR 16.4 million). On the other hand, the decrease in inventories (Q 1 2012: EUR 31.4 million; Q 1 2011: EUR 21.4 million) had the effect of increasing cash and cash equivalents, as did the increase in other liabilities (Q 1 2012: EUR 17.9 million; Q 1 2011: EUR 1.8 million).

As a result of investment activities, outflows of funds in the total amount of EUR 4.5 million (Q 1 2011: EUR 4.9 million) were recorded in respect of the first three months of 2012. These relate, in particular, to disbursements for investments in property, plant and equipment in the amount of 4.0 million (Q 1 2011: EUR 3.2 million), which were counteracted by inflows from the disposal of property, plant and equipment in the first quarter of 2010 in the amount of EUR 1.0 million (Q 1 2011: EUR 0.1 million).

The cash flow from financing activities amounted to EUR -22.0 million (Q 1 2011: EUR -40.6 million). This amount was affected by surplus disbursements in connection with secured loans (EUR 14.0 million; Q 1 2011: EUR 19.5 million) and the redemption of financial liabilities (EUR 8.0 million; Q 1 2011: EUR 21.1 million).

In light of these developments, the amount of cash funds decreased by EUR 9.8 million during the period between 1 January and 31 March 2012. Liquid funds amounted to EUR 25.8 million as of 31 March 2012. It should be taken into account, in the context of an evaluation of the financial position, that the availability of cash and cash equivalents in the total amount of EUR 4.2 million is restricted. However, on the basis of the unrestricted liquid funds available to it and, in addition, existing short-term credit lines, VERBIO has sufficient funds at its disposal for the conduct of its business operations.

Employees

At March 31, 2012 VERBIO employed 770 employees (31/12/2011: 772), thereof 321 salaried employees (31/12/2011: 321), 412 non-salaried employees (31/12/2011: 414) and 37 trainees (31/12/2011: 37 trainees).

Investments

In the first quarter 2012 investments in the amount of EUR 3.4 million (Q 1 2011: EUR 2.6 million) were made in property, plant and equipment. Thereof EUR 1.6 million primarily relate to investments in the biomethane plants in Schwedt/Oder and Zörbig. Further, existing biodiesel and bioethanol plants were optimized during the course of the first quarter 2012 in the amount of EUR 1.6 million.

Segment reporting

Biodiesel

	p. a.	Q 1 2012	Q 1 2011
Nominal capacity (tons)	450,000	112,500	112,500
Production capacity (tons)	427,500	106,875	106,875
Production (tons)		85,159	78,278
Utilisation nominal capacity		75.7%	69.6%
Utilisation production capacity		79.7%	73.2%
Number of employees on March 31		100	105

In the first three months of 2012, 85,159 tonnes – 6,881 tonnes more than in the period of the previous year – of biodiesel were produced.

Sales of biodiesel generated by VERBIO in the first quarter of 2012 in the domestic and foreign blending markets increased by 2.9 per cent, as compared to the same period of the previous year.

The share of exports fell significantly, as compared to the previous year. This is particularly due to an import barrier for biodiesel in Poland applying since the beginning of the year, which is from VERBIOs point of view anti-competitive. The polish Board of Agriculture enacted that a minimum of 70 per cent of the biofuels have to be manufactured within the country and by producers with registered seat in Poland to account for the Polish quota obligations. The export ratio, which had amounted to 22.1 per cent in the equivalent period of the previous year, was 4.6 per cent in the first quarter of 2012.

Sales revenues in the amount of EUR 117.6 million (EUR 116.3 million of which relate to sales to third parties; Q 1 2011: EUR 87.5 million, EUR 84.2 million of which relate to sales to third parties) were realised in the Biodiesel segment during the reporting period. This increase in sales revenues was largely the result of higher volumes and prices, and also quota-related income and income from commercial transactions.

The cost of materials amounted to EUR 107.9 million (Q 1 2011: EUR 79.1 million). Personnel-related costs increased to EUR 1.8 million in the first quarter of 2012 (Q 1 2011: EUR 1.5 million). Other operating expenses amounted to EUR 3.5 million (Q 1 2011: EUR 3.5 million).

The operating results of the segment, which were affected by income from forward contracts in the amount of EUR –3.0 million (Q 1 2011: EUR 2.7 million), amounted to EUR 0.5 million (Q 1 2011: EUR 8.3 million). In the first quarter of 2012, EUR 0.6 million (Q 1 2011: EUR 0.3 million) were invested in property, plant and equipment.

Bioethanol

	p. a.	Q 1 2012	Q 1 2011
Nominal capacity (tons)	300,000	75,000	75,000
Production capacity (tons)	270,000	67,500	67,500
Production (tons)		46,593	38,617
Utilisation nominal capacity		62.1%	51.5 %
Utilisation production capacity		69.0%	57.2%
Biogas
Nominal capacity (MWh)	480,000	120,000	120,000
Production capacity (MWh)	280,000	60,000	60,000
Production (MWh)		52,535	24,376
Utilisation nominal capacity		43.8%	20.3%
Utilisation production capacity		87.6%	40.6%
Number of employees on March 31		182	167

At 46,593 tonnes, the volume of bioethanol produced during the first three months of 2012 was significantly higher than in the comparable period of the previous year (Q 1 2011: 38,617 tonnes), during which period production had been affected by the disastrous situation as regards E10.

This resulted in sales revenues in the amount of EUR 61.8 million (of which, sales to third parties: EUR 61.6 million; Q 1 2011: EUR 34.3 million, of which, sales to third parties: EUR 34.3 million) in the first quarter of 2012. Total revenues comprise income and expenses arising in connection with the operation of two biomethane plants. The sales revenues generated from the feeding-in and sale of biomethane amounted to approximately EUR 3.2 million in the first quarter of 2012, as compared to EUR 1.8 million in the equivalent period of the previous year.

Other operating income of this segment amounted to EUR 1.4 million in the reporting period (Q 1 2011: EUR 0.9 million). The cost of materials increased, as compared to the previous year, to EUR 54.0 million (Q 1 2011: EUR 32.5 million), as a result of the marked increase in the price of raw materials. Personnelrelated expenses in the amount of EUR 2.7 million (Q 1 2011: EUR 2.3 million) were recorded.

The increase in other operating expenses (EUR 4.4 million; Q 1 2011: EUR 3.6 million) can largely be attributed to an increase in freight-related expenses. The Bioethanol segment recorded income from commodity forward contracts in the amount of EUR 1.4 million (Q 1 2011: EUR 2.0 million).

The segment results before interest and taxes amounted to EUR 1.9 million in the first quarter of 2012, as compared to EUR —3.5 million in the previous year.

Overall, investments in the amount of EUR 2.5 million (Q 1 2011: EUR 1.8 million) were made in this segment in the first quarter of 2012. These largely comprised investments in the optimisation and extension of the biomethane plants located in Zörbig and Schwedt/Oder in the amount of EUR 1.6 million (Q 1 2011: EUR 0.9 million).

Märka Trading

The Märka Trading segment contributed EUR 57.8 million to overall trading revenues in the first quarter of 2012 (Q 1 2011: EUR 43.2 million), of which amount EUR 37.0 million can be attributed to intersegment sales (Q 1 2011: 23.7 million). Revenues in the amount of EUR 20.8 million (Q 1 2011: EUR 19.5 million) were realised from the trade in grains, oil seeds and fertilizers with third parties.

The segment recorded earnings before interest and taxes for the reporting period in the amount of EUR 1.3 million (Q 1 2011: EUR 0.3 million). As of the cut-off date, 31 March 2012, the segment employed 196 employees (31/12/2011: 191 employees).

Other

Since 2011, the Other segment has also comprised revenues and results from the former Energy segment, which is now only of marginal significance in the wake of the disposal of its wind power plants in 2010.

The Other segment achieved sales revenues in the amount of EUR 5.5 million (of which, revenues from third parties: EUR 2.0 million), particularly arising out of the provision of transport and logistics services, in the first three months of the current financial year. Segment results in the amount of EUR 0.5 million (Q 1 2011: EUR 0.0 million) were recorded.

Opportunities and risk report

No changes in the opportunities and risk profile of the VERBIO Group as presented in the detailed opportunities and risk report contained in the management report for the 2011 financial year occurred in the reporting period.

No risks exist which would endanger the survival of the Group and it is not currently expected that any such risks will arise in the future.

Forecast and outlook

Market and industry developments

We see the biofuel market as a growth market. Without the use of biofuel from renewable energy soruces, the mandatorily established climate targets are not reachable in the EU by 2020.

As far as the development of individual markets is concerned, we assume that the primary sales market for biodiesel will remain the blending market. The market for pure biodiesel (B100) will only be of minor importance in 2012. As of 1 January 2013, with the full lapse of the tax privileges, the B100 market is expected to completely stagnate. Bioethanol is also largely a product for the blending market, and consumer acceptance of E10 in Germany will – from the present point of view – further increase.

The increasing use of biomethane in lieu of natural gas has gained in importance, above all in the local public transport context. We consider that considerable market opportunities exist for the biomethane produced by VERBIO, in particular, given that it reduces CO2 emissions by 90 per cent per kilometre driven and can already be obtained at almost 50 natural gas filling stations in Germany.

Future development of the Group

We intend to invest approximately EUR 50 million in the expansion of both of our biomethane plants in 2012/2013. We have already started the expansion of the capacity of the biomethane plants in Schwedt und Zörbig to 60 MW and 45 MW, respectively, and intend to gradually commence operations with the enhanced production capacity at the plants from mid-2013 until the end of 2014. We will then strive to further increase the existing capacity of both biomethane plants to 80 MW and 50 MW, respectively, by 2015/16.

Operations were commenced at a straw treatment plant in March 2012 and will be commenced at another such plant in the course of the year. These plants will provide the biomethane plants with straw, an agricultural waste material, to supplement waste material from the production of bioethanol.

Furthermore, the construction of two stand-alone industrial biomethane plants is planned. These plants, which will each have production capacity of approximately 30 MW, will be constructed on sites which can be fed into the gas network and on which agricultural waste material and waste material from livestock farming is available in large quantities. In the context of the further expansion of its biomethane capacity, VERBIO's objective has consistently been the production of biomethane without the use of food products, and it plans to make investments in the amount of approximately EUR 100 million in this regard.

Overall statement on the anticipated development

VERBIO expects sales in a range of EUR 350 to EUR 400 million for the first half of 2012 (short financial year). This assumes, in particular, that the sales prices remain at their current levels. With respect to the operating result (EBIT), VERBIO anticipates that this approximately correspond to development in second half of 2011 (EUR 7.4 million).

For the 2012/2013 financial year, VERBIO is striving for revenues in the range of EUR 700 to 800 million. EBITDA should be between EUR 40 and 45 million, and the operating result (EBIT) should be in a range of EUR 15 to 20 million.

Provided that no significant changes take place with respect to the forecasted economic and regulatory environment, it can be assumed from the current perspective that in the short financial year and in the 1012/13 financial year moderate growth in revenues and in the result can be expected.

Consolidated interim financial statements (IFRS)

Consolidated statement of comprehensive income	15
Consolidated balance sheet	16
Consolidated cash flow statement	18
Consolidated statement of changes in equity	20
Selected explanatory notes	22

Consolidated statement of comprehensive income

for the period January 1 to March 31, 2012

KEUR		01/01-31/03/2012	01/01-31/03/2011
1.	Revenue (including energy taxes collected)	234,591	147,984
	less: energy taxes	— 33,860	— 5,460
	Revenue	200,731	142,524
2.	Change in unfinished and finished goods	1,754	4,180
3.	Capitalised production of own plant and equipment	339	240
4.	Other operating income	2,717	2,256
5.	Cost of materials
	a) Raw materials, consumables and supplies	— 164,029	— 118,183
	b) Purchased services	— 13,383	— 10,162
6.	Personnel expenses	— 7,855	— 7,068
7.	Depreciation and amortisation	— 6,299	— 6,524
8.	Other operating expenses	— 9,431	— 8,344
9.	Result from commodity forward contracts	— 256	4,268
10.	Operating result	4,288	3,187
11.	Interest income	178	259
12.	Interest expense	— 2,238	— 1,157
13.	Financial result	—2,060	—898
14.	Result before tax	2,228	2,289
15.	Income tax expense	— 154	— 254
16.	Net result for the period	2,074	2,035
	Result attributable to shareholders of VERBIO AG	2,159	1,935
	Result attributable to non-controlling interests	— 85	100
	Income and expenses recognized directly in equity:
	Translation of foreign operations	71	0
	Fair value remeasurement on cash flow hedges	— 220	— 6,472
	Deferred taxes recognized in equity	68	2,046
17.	Income and expenses recognized directly in equity	—81	—4,426
18.	Comprehensive result	1,993	—2,391
	Comprehensive result attributable to shareholders of VERBIO AG	2,068	— 2,491
	Comprehensive result attributable to non-controlling interests	— 75	100
	Result per share (basic and diluted)	0.03	0.03

Consolidated balance sheet

at March 31, 2012

KEUR		31/03/2012	31/12/2011
Assets
A.	Noncurrent assets
I.	Goodwill	70,682	70,682
II.	Customer relationships	13,240	13,603
III.	Other intangible assets	216	183
IV.	Property, plant and equipment	248,126	250,810
V.	Financial assets	1,023	1,158
VI.	Deferred tax assets	85	78
	Total noncurrent assets	333,372	336,514
B.	Current assets
I.	Inventories	144,942	174,729
II.	Trade receivables	96,986	66,630
III.	Tax refunds	6,580	6,434
IV.	Other assets	29,647	33,388
V.	Derivatives	3,569	3,036
VI.	Time deposits	3,019	1,456
VII.	Cash and cash equivalents	25,809	35,560
VIII.	Noncurrent assets held for sale	0	1,127
	Total current assets	310,552	322,360
	Total assets	643,924	658,874

KEUR		31/03/2012	31/12/2011
	Liabilities and equity
A.	Equity
I.	Share capital	63,000	63,000
II.	Additional paid-in capital	487,680	487,680
III.	Fair value reserve	— 2,200	— 2,048
IV.	Retained earnings	— 218,510	— 220,669
V.	Reserve for translation differences	— 24	— 85
	Total equity, excluding non-controlling interests	329,946	327,878
VI.	Non-controlling interests	3,543	3,618
	Total equity	333,489	331,496
B.	Noncurrent liabilities
I.	Provisions	20	20
II.	Financial liabilities	39,355	39,562
III.	Deferred investment grants and subsidies	10,967	11,427
IV.	Other noncurrent liabilities	704	704
V.	Deferred tax liabilities	591	842
	Total noncurrent liabilities	51,637	52,555
	C. Current liabilities
I.	Tax liabilties	8,737	8,898
II.	Provisions	2,200	2,223
III.	Financial liabilities	77,930	85,789
IV.	Trade payables	46,037	61,171
V.	Deferred investment grants and subsidies	1,983	2,001
VI.	Other current liabilities	105,501	101,398
VII.	Derivatives	16,410	13,025
VIII.	Liabilities in connection with noncurrent assets held for sale	0	318
	Total current liabilities	258,798	274,823
	Total equity and liabilities	643,924	658,874

Consolidated cash flow statement

for the period January 1 to March 31, 2012

KEUR	01/01-31/03/2012	01/01-31/03/2011
Net result for the period	2,074	2,035
Income tax expense	154	254
Interest result	2,060	898
Depreciation and amortization	6,299	6,524
Non-cash losses from impairment write-downs	216	616
Non-cash income	— 37	— 9
Gains on disposal of property, plant and equipment and disposal of investment grants (in prior year: losses)	— 138	274
Release of deferred investment grants and subsidies	— 789	— 494
Non-cash changes in derivative fiancial instruments	982	— 13,454
Decrease in inventories	31,437	21,443
Increase (in prior year: decrease) in trade receivables	— 30,352	16,385
Decrease in other assets	4,086	15,905
Decrease in provisions	— 74	— 1,005
Decrease in trade payables	— 14,562	— 9,784
Increase in other liabilities	17,933	1,795
Interest paid	— 2,149	— 1,278
Interest received	126	218
Income taxes paid	— 654	— 844
Cash flows from operating activities	16,612	39,479
Investments in time deposits	— 1,563	— 1,900
Acquisition of intangible assets	— 68	— 27
Acquisition of property, plant and equipment	— 3,984	— 3,220
Proceeds from disposal of property, plant and equipment	1,000	113
Proceeds from the disposal of noncurrent financial assets	135	136
Proceeds from investment grants	0	13
Cash flows from investing activities	—4,480	—4,885

KEUR	01/01-31/03/2012	01/01-31/03/2011
Payments on secured loans	— 18,526	— 25,334
Proceeds from secured loans	4,560	5,803
Payments for the redemption of financial liabilities	— 8,006	— 21,103
Cash flows from financing activities	—21,972	—40,634
Cash-effective change in cash funds	— 9,840	— 6,040
Change in cash funds due to effects of exchange rates	89	0
Cash funds at beginning of year	35,560	43,648
Cash funds at end of period	25,809	37,608
Cash funds at end of period comprise the following:
Restricted cash and cash equivalents	4,200	10,043
Cash and cash equivalents	21,609	27,565
Cash funds at end of period	25,809	37,608
Additional information:
Time deposits	3,019	5,900

Consolidated statement of changes in equity

for the period January 1 to March 31, 2012

KEUR	Share capital	Additional paid-in capital	Fair value reserve
January 1, 2011	63,000	487,680	195
Fair value changes on cash flow hedges (after tax)	0	0	— 4,426
Income and expenses recognized directly in equity	0	0	—4,426
Net income for the period	0	0	0
Comprehensive result for the period	0	0
March 31, 2011	63,000	487,680	—4,231
January 1, 2012	63,000	487,680	—2,048
Translation adjustments	0	0	0
Fair value changes on cash flow hedges (after tax)	0	0	— 152
Income and expenses recognized directly in equity	0	0	—152
Net income for the period	0	0	0
Comprehensive result for the period	0	0	—152
March 31, 2012	63,000	487,680	—2,200

Retained earnings	Reserve for translation adjustments	Total equity excluding non-controlling interests	Non-controlling interests	Total equity
—221,738	0	329,137	3,358	332,495
0	0	— 4,426	0	— 4,426
0	0	—4,426	0	—4,426
1,935	0	1,935	100	2,035
1,935	0	—2,491	100	—2,391
—219,803	0	326,646	3,458	330,104
—220,669	—85	327,878	3,618	331,496
0	61	61	10	71
0	0	— 152	0	— 152
0	61	—91	10	—81
2,159	0	2,159	— 85	2,074
2,159	61	2,068	—75	1,993
—218,510	—24	329,946	3,543	333,489

Selected explanatory notes

Condensed consolidated interim financial statements

Basis for preparation of the consolidated financial statements

The interim reports of VERBIO Vereinigte BioEnergie AG as of 31 March 2012, including selected explanatory notes, and also the consolidated financial statements as of 31 December 2011, were prepared in accordance with the requirements of the International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) and adopted by the EU. The rules contained in IAS 34 "Interim Financial Reporting" were applied accordingly. All of the interim financial statements of the companies included within the consolidated financial statements of VERBIO AG were prepared in accordance with standard accounting principles.

These condensed interim financial statements do not include all information relevant for the consolidated financial statements and is therefore to be read in conjunction with the consolidated financial statements as of 31 December 2011.

The consolidated interim financial statements are presented in euros (EUR). To the extent not otherwise stated, all amounts are given in thousand euros (KEUR). Discrepancies may occur in the presentation of the figures as a result of rounding.

Entities included in the consolidation, consolidation principles and foreign currency translation

There were no changes in the entities included in the consolidation in the period under review compared to December 31, 2011. Incidentally the consolidation methods as well as the principles for foreign currency translation remain unchanged to those applied for the consolidated financial statements as of December 31, 2011.

Accounting and valuation methods

Given that the interim financial reports are based on the consolidated financial statements, reference is made to the detailed description of the accounting and consolidation policies contained in the notes to the consolidated financial statements as of 31 December 2011. The accounting and consolidation policies applied are essentially commensurate with those applied in the previous year.

No new or revised standards or interpretations were applied by the Group for the first time with effect as of 1 January 2012.

Notes to individual items in the consolidated statement of comprehensive income

Other operating income

KEUR	01/01-31/03/2012	01/01-31/03/2011
Reimbursement of electricity tax and mineral oil tax	579	423
Release of investment grants	485	494
Realized exchange gains	319	10
Income from the reversal of investment subsidies	281	0
Rental income	207	183
Gains on disposals of property, plant and equipment	140	0
Release of other provisions and write-off of trade payables	133	87
Charge out of costs incurred	88	502
Compensation for damages	81	0
Income from written-off receivables	74	0
Other out-of-period income	51	121
Insurance recoveries	20	62
Release of allowance for doubtful receivables	0	67
Miscellaneous other operating income	259	307
Other operating income	2,717	2,256

Cost of materials

The cost of materials can largely be attributed to the procurement of raw materials, consumables and supplies for ongoing production activities and purchased goods. Reference is hereby made to the statements contained in the section entitled "Segment reporting".

Other operating expenses

KEUR	01/01-31/03/2012	01/01-31/03/2011
Repairs	1,790	1,726
Outgoing freight	1,552	1,473
Insurances and dues	976	869
Other out-of-period expenses	807	363
Motor vehicle costs	759	1,094
Foreign exchange losses	534	12
Miscellaneous personnel expense	443	175
Advertising expenses	433	406
Legal and consulting fees	277	236
Rental and leasing expenses	250	256
Selling expenses	202	182
Incidental costs of monetary transactions	200	164
Travel expense	186	172
Losses on receivables and increase in allowances	67	579
Miscellaneous other operating expenses	955	637
Total other operating expenses	9,431	8,344

Result from commodity forward contracts

The results from the valuation and closing of positions of forward contracts which do not qualify for hedge accounting, the results from commodity futures using fair value hedge accounting, and the ineffective portion of forward contracts that are used for hedge accounting (cash flow hedges) totalled KEUR —256 (Q1 2011: KEUR 4,268). This amount includes the valuation result relating to embedded derivatives in the amount of KEUR 48 (Q1 2011: KEUR —429).

The results from commodity forward contracts have been affected by positive amounts (KEUR 994; Q1 2011: KEUR 561) from commodity forward contracts in connection with the use of fair value hedge accounting. In addition, fair value reserves from the valuation of commodity forward contracts decreased by KEUR 152, without this having any effect on the profit/loss, as of the balance sheet date (Q1 2011: KEUR 4,426) as a result of their classification as cash flow hedges.

Income tax expense

Income tax expense for the period January 1 to March 31, 2012 in the amount of KEUR 154 (Q1 2011: TEUR 254) comprises the following:

KEUR	01/01-31/03/2012	01/01-31/03/2011
Current tax expense (in prior year: income)	— 333	17
Deferred tax expense (in prior period: income)	179	— 271
Income tax expense	—154	—254

Earnings per share

Earnings per share were calculated in accordance with IAS 33. For the calculation of the earnings per share the earnings for the period were divided by the weighted average number of shares outstanding. There is no dilutive effect.

	2012	2011
Issued shares on January 1,	63,000,000	63,000,000
Effect of treasury shares	0	0
Number of average shares outstanding as of March 31,	63,000,000	63,000,000
Result for the period in KEUR	2,159	1,935
Result per share in EUR	0.03	0.03

Notes to individual items in the consolidated balance sheet

Noncurrent assets

Goodwill and other intangible assets

Intangible assets comprise goodwill, relationships with customers and software licenses. The value of the customer base is amortised over 15 years; goodwill is subjected to an annual impairment test in accordance with IAS 36.

Property, plant and equipment

Taking account of scheduled amortisation (KEUR 5,901), disposals of property, plant and equipment (KEUR 204), investments in property, plant and equipment (KEUR 3,402) and effects of currency conversions (KEUR 19), a decrease in the value of the property, plant and equipment was recorded.

Financial assets

The amount recorded under this item as of the balance sheet date largely relates to the noncurrent portion of a loan receivable which is carried at amortised cost.

Current assets

Inventories

KEUR	31/03/2012	31/12/2011
Raw materials, consumables and supplies	17,664	17,208
Work in process and finished products	15,637	13,882
Merchandise	111,641	143,639
Inventories	144,942	174,729

Finished products comprise stocks of biofuel quotas which have already been generated but not yet sold by VERBIO in the amount of KEUR 3,294.

The examination of the inventories with respect to their recoverability as of 31 March 2012 indicated a need for in allowances in the total amount of KEUR 187 (31/12/2011: KEUR 2,710) in line with their lower market or net realisable value. These allowances are reflected in the statement of comprehensive income for raw materials, consumables and supplies as well as merchandise under the item "cost of materials" (KEUR 61; 31/12/2011: KEUR 2,364) and for finished goods under the item "changes in inventories" (KEUR 126; 31/12/2011: KEUR 346). Restraints on disposals in the amount of KEUR 65,364 31/12/2011: KEUR 81,898) are in place with respect to raw materials, consumables and supplies as well as merchandise in connection with secured loans.

Trade receivables

At the balance sheet date trade receivables amounted to KEUR 96,986 (31/12/2011: KEUR 66,630) and are disclosed net of valuation in the amount of KEUR 1,772 (31/12/2011: KEUR 1,696). All receivables have a remaining term of up to one year.

Tax refund receivables

Tax refund receivables of KEUR 6,580 (31/12/2011: KEUR 6,434) concern construction withholding tax, corporate tax and trade tax.

Other assets

KEUR	31/03/2012	31/12/2011
Investment subsidies	12,734	12,728
Deferral of unrealized gains on forward contracts	5,440	3,981
Security deposits resulting from security agreements ans liability deslarations	3,276	3,284
Reimbursement of electricity and energy tax	2,358	1,933
Deferred expenses	1,500	780
Other receivables VERBIO STS AG	1,400	1,400
Value-added tax receivable	1,392	6,064
Loan receivables	602	609
Claims from the sale of wind energy plants	314	179
Claims for damages	0	900
Deferral of realized gains on forward contracts	0	755
Miscellaneous other assets	631	775
Total other assets	29,647	33,388

Deratives

Forward contracts (futures and options) have been entered into with a view to hedging the supply of raw materials for the production of biodiesel, raw material and merchandise inventories of rapeseed and wheat, and fixed obligations arising in connection with purchases of rapeseed and wheat against fluctuations in value. Moreover, hedges in the form of fixed diesel/petrol sales against variable diesel/petrol prices (diesel/ petrol swap transactions) and other derivatives (futures and options) are used to hedge the proceeds and price levels in respect of sales contracts that are linked to mineral diesel/petrol prices.

Furthermore, in the context of contracts for the purchase of raw materials, price indices exist which relate to the sale prices of the products manufactured from the raw materials in question. These price indices are separated from the procurement contracts in question as embedded derivatives.

As of 31 March 2012, the positive market value of these derivatives amounted to KEUR 3,569 (31/12/2011: KEUR 3,036), and the negative market value KEUR 13,907 (31/12/2011: KEUR 10,683). As regards the effects of this on the consolidated statement of comprehensive income, reference is made to the notes relating to the results from forward contracts.

Interest rate swap transactions have been entered into with a view to hedging variable interest payment obligations. The market value of the interest rate hedging transactions is recorded under derivatives. To the extent that no hedging relationships have been designated, any changes in value are recorded in the financial result. As of the balance sheet date, the negative market value of these interest rate hedging transactions amounted to KEUR 1,111 (31/12/2011: KEUR 1,141); as of the balance sheet date, the negative market value of the hedged interest rate swaps amounted to KEUR 1,392 (31/12/2011: KEUR 1,201) and was recorded directly in equity.

The derivatives which have been valuated at their fair value have been allocated to the following fair value hierarchical levels:

• Level 1 (quoted market prices): KEUR 419 (assets), KEUR 9,992 (liabilities)
• Level 2 (valuation procedure, input data observable in the market): KEUR 3,150 (assets), KEUR 6,418 (liabilities)

As in the comparable period of the previous year, no reclassifications from one fair value hierarchical level to the other were carried out during the period between 1 January 2012 and 31 March 2012.

Cash and cash equivalents

This item includes unrestricted cash and cash equivalents in the amount of KEUR 21,609 (31/12/2011: KEUR 31,360) plus restricted cash and cash equivalents in the amount of KEUR 4,200 (31/12/2011: KEUR 4,200).

Assets held for sale

In the financial statements for the previous year, this balance sheet item comprised two wind power plants owned by VERBIO Diesel Bitterfeld GmbH & Co. KG (VDB); these were disposed of during the reporting period.

Equity

Fair value reserves

The fair value reserves comprise the effective portion of the cumulated changes in the valuation of commodity forward contracts classified as cash flow hedges and also interest rate swaps. During the reporting period, KEUR 2,393 were reallocated from equity to sales revenues (amount reducing sales revenues; Q1 2011: KEUR 4,198), KEUR 666 to cost of materials (amount increasing cost of materials; Q1 2011: KEUR 1,846 decreasing cost of materials) and KEUR 92 to interest expense (amount increasing interest expense; Q1 2011: KEUR 0) in the context of cash flow hedge accounting. The change of fair values of the cash flow hedges therefore amounts to KEUR 2,487. At the balance sheet date deferred taxes are reflected in the amount of KEUR 988 (31/12/2011: KEUR 920).

Noncurrent liabilities

Investment grants and subsidies

KEUR	Investment subsidies	Investment grants	Total
December 31, 2011	11,460	1,968	13,428
Additions	30	0	30
Release in current period	— 328	— 157	— 485
Disposal	— 23	0	— 23
March 31, 2012	11,139	1,811	12,950
Thereof current	1,358	625	1,983
Thereof noncurrent	9,780	1,187	10,967

Assigned securities

We refer to the detailed explanations in the consolidated notes for the financial year 2011.

Current liabilities

Tax liabilites

Tax liabilities comprise trade tax obligations in the amount of KEUR 1,222 (31/12/2011: KEUR 1,459), state-, council and federal tax of Switzerland in the amount of KEUR 157 (31/12/2011: KEUR 157), corporate tax amounting to KEUR 1,440 (31/12/2011: KEUR 1,364) and, unchanged to December 31, 2011, construction withholding tax in the amount of KEUR 5,918.

Provisions

KEUR	31/03/2012	31/12/2011
Litigation risks	1,727	1,734
Impending losses on sales transactions	0	28
Other provisions	473	461
Inventories	2,200	2,223

Litigation risks

With judgment of July 21, 2008 VERBIO Diesel Bitterfeld GmbH & Co. KG (VDB) was sentenced to pay a compensation amounting to KEUR 3,416 plus interest. VDB appealed the sentence within the time limit. Nevertheless, at December 31, 2011, the Company has recognised a provision of KEUR 1,354 to cover the risk. At March 31, 2012 the interest rate was adjusted in the amount of KEUR 14 to KEUR 1,368.

Other current liabilites

KEUR	31/03/2012	31/12/2011
Liabilities from grain and rapeseed transactions	54,942	68,908
Energy tax	35,343	14,569
Value added tax	5,205	11,008
Bonuses and special payments	2,212	1,086
Advance payments received on orders	2,162	1,554
Realized losses on forward contracts	1,462	702
Wages and salaries	1,287	1,331
Debtors with credit balances	232	9
Miscellaneous other current liabilities	2,656	2,231
Total other current liabilities	105,501	101,398

Liabilities relating to assets held for sale

In the financial statements for the previous year, the investment grants and subsidies (KEUR 281) awarded, and provisions established for re-cultivation obligations (KEUR 37), in respect of two of the wind power plants recorded on the balance sheet of VDB have been reclassified as a separate balance sheet item, "liabilities relating to assets held for sale". These wind power plants were disposed of during the reporting period.

Other disclosures

Segment reporting

The risks and returns of the Group are significantly determined by the business segments. The VERBIO Group is accordingly segmented in line with the internal organizational and management structure into the business segments Biodiesel, Bioethanol, Märka Trading and Other. The Other segment, as a collective segment, contains the business field of transport, logistics and energy.

Segmentation on a geographical basis was not made, since such segmentation is not utilized by the VERBIO Group for internal management purposes.

Segments according to the internal corporate management

The sales revenues are reported net of energy-related taxes in the amount of KEUR 33,860 (Q1 2011: KEUR 5,460). The same accounting principles are applied with respect to business transactions among the segments which are subject to reporting requirements as are applied in the consolidated financial statements.

TEUR		Biodiesel		Bioethanol		Märka Trading	Other
	3 M 2012	3 M 2011	3 M 2012	3 M 2011	3 M 2012	3 M 2011	3 M 2012	3 M 2011
Sales revenues	117,648	87,501	61,806	34,272	57,762	43,205	5,497	9,916
thereof sales revenues to third parties	116,318	84,219	61,647	34,242	20,760	19,544	2,006	4,519
Change in finished and unfinished products	50	3,170	1,704	1,010	0	0	0	0
Capitalized production of own plant and equipment	71	27	268	213	0	0	0	0
Other operating income	560	568	1,414	912	423	863	702	373
Cost of materials	— 107,883	— 79,137	— 53,969	— 32,527	— 53,198	— 38,506	— 3,167	— 6,799
Personnel expenses	— 1,848	— 1,491	— 2,730	— 2,275	— 1,938	— 1,920	— 1,339	— 1,382
Depreciation and amortization	— 1,579	— 1,568	— 3,563	— 3,486	— 729	— 998	— 428	— 472
Other operating expenses	— 3,523	— 3,485	— 4,414	— 3,563	— 2,286	— 1,911	— 806	— 1,609
Result of forward contract transactions	— 2,969	2,725	1,403	1,972	1,310	— 429	0	0
Segment result	527	8,310	1,919	—3,472	1,344	304	459	27
Financial result	— 380	— 445	— 629	— 405	—1,019	5	— 32	— 53
Result before taxes	147	7,865	1,290	—3,877	325	309	427	—26

Segment reporting for the period January 1 to March 31, 2012

Reconciliation

KEUR		Total segments		Intersegment reveneus and expenses		Other corrections Group		Group
	3 M 2012	3 M 2011	3 M 2012	3 M 2011	3 M 2012	3 M 2011	3 M 2012	3 M 2011
Sales revenues	242,713	174,894	— 41,982	— 32,370	0	0	200,731	142,524
Change in finished and unfinished products	1,754	4,180	0	0	0	0	1,754	4,180
Capitalized production of own plant and equipment	339	240	0	0	0	0	339	240
Other operating income	3,099	2,716	— 382	— 460	0	0	2,717	2,256
Cost of materials	— 218,217	— 156,969	40,766	30,614	39	— 1,990	— 177,412	— 128,345
Personnel expenses	— 7,855	— 7,068	0	0	0	0	— 7,855	— 7,068
Depreciation and amortization	— 6,299	— 6,524	0	0	0	0	— 6,299	— 6,524
Other operating expenses	— 11,029	— 10,568	1,598	2,224	0	0	— 9,431	— 8,344
Result of forward contract transactions	— 256	4,268	0	0	0	0	— 256	4,268
Segment result	4,249	5,169	0	8	39	—1,990	4,288	3,187
Financial result	— 2,060	— 898	0	0	0	0	—2,060	— 898
Result before taxes	2,189	4,271	0	8	39	—1,990	2,228	2,289

Other adjustments largely relate to the elimination of interim profits arising in connection with sale by the Märka Trading segment of raw materials to the Bioethanol segment.

Segment assets

KEUR	31/03/2012	31/12/2011
Biodiesel	199,005	196,083
Bioethanol	239,683	243,183
Märka Trading	182,814	197,212
Other	9,169	11,392
Group	630,671	647,870

The decrease in the segment assets of the Trade segment may, in particular, be attributed to the reduction in inventories in the first three months of 2012.

Contingent liabilities and other financial commitments

Contingent liabilities

Effective July 31, 2007, a security deposit insurance contract was entered into between VERBIO and Euler Hermes Kreditversicherungs-AG, Hamburg. As a result, a secured credit line of KEUR 15,000 was arranged for VERBIO which pertains to customs guarantees. The secured credit line can be utilised by the subsidiaries VEZ, VES, VDS and VDB. To secure the claims of Euler Hermes Kreditversicherungs-AG, Hamburg, VERBIO has made a security deposit of KEUR 3,000. The secured credit line increase in short term and is as of March 31, 2012 utilised in the amount of KEUR 16,859.

Effective March 27, 2008 VERBIO, VDB, VDS, VEZ, and VES entered into an agreement with Atradius Kreditversicherung, Köln over the validity of ownership retention rights and the form of their extention. Therein, the parties agreed that the companies will transfer current and future receivables — after processing or compounding/mixing — in the amount of the respective invoice amounts provided to Atradius by the respective insured entities from the further sale.

Regarding further contingent liabilities please refer to the information in the consolidated notes for the financial year 2011.

Litigation

Regarding litigations please refer to the information in the consolidated notes for the financial year 2011.

Rental and leasing contracts

Additional financial commitments of KEUR 13,654 exist from various long-term leasing contracts. Allotted to the following year are KEUR 3,196, KEUR 2,794 are allotted to the next one to five years and KEUR 7,664 for a period exceeding five years.

For further information please refer to the explanations in the consolidated notes for the financial year 2011.

Commitments

As at March 31, 2012 there is an open purchase obligation for investments amounting KEUR 12,026 (31/12/2011: KEUR 779).

Related party disclosures

For further information please refer to the explanations of related party disclosures in the consolidated notes for the financial year 2011.

Significant events subsequent to the end of the reporting period

There were no significant events subsequent to the end of the reporting period.

Audit of the interim financial statements and interim management report

The interim financial statements and interim management report on hand were not subject to any form of audit or review by an auditor.

Notes

.
.

33

Executive bodies of the Company

Supervisory Board

Alexander von Witzleben Chairman of the Supervisory Board

President, Feintool International Holding AG, Lyss, Switzerland

Other Supervisory Board mandates:

• PVA TePla AG, Wettenberg
• Siegwerk Druckfarben AG & Co. KGaA, Siegburg

Mandates in comparable controlling bodies:

• Kaefer Isoliertechnik GmbH & Co. KG, Bremen

Ulrike Krämer Deputy Chairman of the Supervisory Board

Managing director,

• M&K Treuhand GmbH, Ludwigsburg
• Mörk & Krämer Treuhand GmbH, Ludwigsburg

Dr.-Ing. Georg Pollert Member of the Supervisory Board

Chemist and process engineer, Berlin

Management Board

Claus Sauter Chairman of the Management Board/CEO

Responsible for corporate development, press and publicity, puchasing, sales and trading, product planning, mergers & acquisitions, finance and accounting, taxes, controlling, treasury, investor relations, law and IT

Dr. Oliver Lüdtke COO Bioethanol/Biogas Deputy Chairman of the Management Board

Responsible for the bioethanol and biogas segment (research and development, production, project development) and data privacy

Theodor Niesmann COO Biodiesel and Plant Engineering

Responsible for the biodiesel segment (research and development, production), plant engineering, quality management and workplace safety

Bernd Sauter COO Procurement, Logistics and HR

Responsible for procurement (solid raw materials), logistics and transport, fleet and property management, insurances and HR

Financial calendar 2012/2013

March 21, 2012	Publication of consolidated financial statements 2011 / Analysts' conference/press conference in Frankfurt/Main
May 10, 2012	Publication of the quarterly financial report up to March 31, 2012 / Telephone conference with analysts' and investors
June 4, 2012	Annual General Meeting, Radisson Blu Hotel Leipzig
September 26, 2012	Publication of consolidated financial statements 2012 / Analysts' conference/press conference in Frankfurt/Main
November 8, 2012	Publication of the quarterly financial report up to September 30, 2012 / Telephone conference with analysts' and investors
January 25, 2013	Annual General Meeting, Radisson Blu Hotel Leipzig
February 7, 2013	Publication of the quarterly financial report up to December, 2012 / Telephone conference with analysts' and investors
May 8, 2013	Publication of the quarterly financial report up to March 31, 2013 / Telephone conference with analysts' and investors
September 25, 2013	Publication of consolidated financial statements 2012/2013 / Analysts' conference/press conference in Frankfurt/Main

Contact and Imprint

Publisher

VERBIO Vereinigte BioEnergie AG Augustusplatz 9 04109 Leipzig Phone: +49 341 308530-90 (as of 9 June 2012 -290) Fax: +49 341 308530-99 (as of 9 June 2012 -999) www.verbio.de

Investor Relations contact

Alexandra Mühr Anna-Maria Schneider, CIRO Phone: +49 341 308530-88 (as of 9 June 2012 -288) Fax: +49 341 308530-98 (as of 9 June 2012 -998) Email: ir@verbio.de

Public Relations contact

Frank Strümpfel Phone: +49 341 308530-63 (as of 9 June 2012 -263) Fax: +49 341 308530-99 (as of 9 June 2012 -999) Email: pr@verbio.de

Variances for technical reasons

For technical reasons (e. g. the conversion of electronic formats) there may be variances between the financial statements contained in this interim report and those submitted to the electronic Federal Gazette. In this case the version submitted to the electronic Federal Gazette is considered to be binding.

Statements relating to the future

This interim report contains statements that relate to the future and are based on assumptions and estimates made by the management of VERBIO Vereinigte BioEnergie AG. Even if the management is of the opinion that these assumptions and estimates are appropriate the actual development and the actual future results may vary from these assumptions and estimates as a result of a variety of factors. These factors include, for example, changes to the overall economic environment, the statutory and regulatory conditions in Germany and the EU and changes in the industry. VERBIO Vereinigte BioEnergie AG makes no guarantee and accepts no liability for future development and the actual results achieved in the future matching the assumptions and estimates stated in this interim report. It is neither the intention of VERBIO Vereinigte BioEnergie AG nor does VERBIO Vereinigte BioEnergie AG accept a special obligation to update statements related to the future in order to align them with events or developments that take place after this report is published. The interim report is available in German; if there are variances the German version has priority over the English translation. It is available for download in both languages at http://www.verbio.de.

We will be delighted to send you additional copies and further information material on VERBIO Vereinigte BioEnergie AG free of charge on request. Phone: +49 341 308530-90 (as of 9 June 2012 -290) Fax: +49 341 308530-99 (as of 9 June 2012 -999) Email: info@verbio.de

Editing/Text

VERBIO Vereinigte BioEnergie AG, Leipzig

Pictures

VERBIO Vereinigte BioEnergie AG, Leipzig

VERBIO Vereinigte BioEnergie AG • Augustusplatz 9 • 04109 Leipzig • Germany www.verbio.de