Earnings Release • Nov 10, 2011
Earnings Release
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Corporate | 10 November 2011 07:30
VERBIO Vereinigte BioEnergie AG: VERBIO enjoys record bioethanol production in Q3 2011
VERBIO Vereinigte BioEnergie AG / Key word(s): Quarter Results
10.11.2011 / 07:30
Zörbig/Leipzig, 10 November 2011 * During the first nine months of 2011,
the group sales of VERBIO Vereinigte BioEnergie AG (VERBIO) rose
substantially over the previous year by 45.6 per cent, reaching EUR 539.4
million (up from EUR 370.5 million in Q1-3 2010). This increase in turnover
was largely accounted for by rising prices for biofuels coupled with
trading activities. In Q1-3 2011, VERBIO produced 410,308 tonnes of
biofuel, compared to 426,682 tonnes in the same period last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for
the first nine months of 2011 were EUR 23.5 million, up by EUR 7 million on
the same period last year (Q1-3 2010: EUR 16.5 million - a figure boosted
by EUR 7 million from the sale of seven wind turbines). The consolidated
operating result (EBIT) for Q1-3 2011 was EUR 4.0 million (Q1-3 2010: EUR
7.9 million). This result was impacted by depreciation increasing by EUR
10.9 million to EUR 19.5 million (up from EUR 8.6 million in the same
period in 2010). This chiefly resulted from depreciation for the biogas
plants opened in 2010 as well as write-ups in the bioethanol segment at the
end of 2010.
The consolidated operating result before tax (EBT) was a loss of EUR 0.6
million (compared to a profit of EUR 5.9 million in Q1-3 2010) while the
loss for the period was EUR 1.1 million (compared to a profit of EUR 6.3
million in Q1-3 2010). In the period under review, this resulted in
negative earnings per share of EUR 0.02 (compared to positive earnings in
Q1-3 2010 of EUR 0.10).
At 30 September 2011, VERBIO's balance sheet total was EUR 679.0 million
(31 December 2010: EUR 608.4 million). At the end of September 2011, its
equity ratio was 49 per cent (31 December 2010: 55 per cent) with an equity
position of EUR 329.6 million (31 December 2010: EUR 332.5 million).
At 30 September 2011, VERBIO had liquid funds totaling EUR 49.4 million (31
December 2010: EUR 47.8 million).
Q3 2011: good biodiesel earnings and bioethanol production record
In Q3 2011, VERBIO's production was running at 91.4 per cent capacity.
Group sales at EUR 224.4 million were once again considerably higher than
in the previous quarters (Q1 2011: EUR 142.5 million; Q2 2011: EUR 172.5
million). In the biodiesel segment, in Q3 segment earnings reached EUR 5.3
million owing to falling prices for raw materials in this period. In the
bioethanol segment, VERBIO benefited from high demand for bioethanol and
reached a manufacturing record in Q3 with production capacities running at
90.1 per cent. Here, too, segment earnings improved, reaching a loss of
just EUR 1.2 million in Q3 compared to losses of EUR 3.5 million in Q1 and
EUR 6.1 million in Q2. Taking into account the two segments Trade Märka and
Other, the consolidated operating result for Q3 2011 amounted to EUR 3.8
million, a sharp increase on EUR 0.2 in the same period last year.
Availability of E10 rising in North and West Germany
According to recent publications by the oil industry, sales of E10
throughout Germany account for 20-30 per cent of total petrol consumption.
E10 has mainly been sold at petrol stations in the east and south of
Germany since February 2011 - and has been increasingly available in the
north and west of Germany since August 2011. Thanks to improving
availability and additional publicity, E10's share of total petrol
consumption can be expected to rise to 30-50 per cent in the
not-too-distant future.
Interest in biogas as vehicle fuel among public utilities on the rise
Following the launch of verbiogas, VERBIO has managed to sign up additional
municipal utilities which are keen to introduce this new fuel made from
residue at natural gas filling stations. In addition to delivering
verbiogas for the first time to utilities in the German towns of
Aschaffenburg, Brunswick, Wittenberg, Dessau, Schwedt and Wernigerode,
existing cooperation with Augsburg was stepped up with the 100 per cent
blending of verbiogas.
In early September, VERBIO was delighted to receive an award for its
biofuel verbiogas at the ÖkoGlobes - the awards for green innovations in
the transport industry. VERBIO collected an ÖkoGlobe in the 'Innovative
fuels and energy source' category, confirming its pioneering role in biogas
production.
Biogas expansion in Zörbig and Schwedt and construction of straw-processing
plant going to plan
The expansion of the existing biogas plants in Zörbig and Schwedt is going
to schedule. Completion is planned for late 2012 or early 2013, taking
nominal capacity to a total of 125 MW. Since mid-2011, building work has
been underway on straw-processing plants for biogas production at both
production sites. The official start-up of the first plants of their kind
in the world is planned for the first half of 2012.
Forecast for 2011 sharpened
In Q4 2011, VERBIO's production capacities will be running at almost full
capacity with the production of biogas also remaining stable. Total biogas
production in 2011 will amount to some 180 GWh, falling short of the
original target. This is due to technical difficulties which at the
beginning of the year temporarily halted biogas production and delayed the
planned complete start-up of the production facilities.
For 2011 as a whole, VERBIO's sales are predicted to be in the range of EUR
650-750 million. EBITDA are forecast to be in the region of EUR 28-32
million, with EBIT reaching EUR 6-9 million.
The complete nine-months report for 2011 will be available from 7:30am on
10 November 2011 at www.verbio.de -> Investor Relations.
Key figures Group and segments 9 M 2011/2010:
million EUR Q 3 Q 3 9 M 9 M
2011 2010 2011 2010
Group
Sales 224.4 127.4 539.4 370.5
EBIT 3.8 0.2 4.0 7.9
Financial result -2.0 -0.7 -4.6 -1.9
PAT 2.1 0.9 -1.1 6.3
Segment reporting
Biodiesel
Sales 127.2 78.5 319.0 243.8
Sales incl. Intercompany sales 128.9 78.5 326.0 243.8
EBIT* 5.3 -0.5 11.8 -2.1
Bioethanol
Sales 75.1 44.7 150.0 113.7
Sales incl. Intercompany sales 75.2 44.7 156.8 113.7
EBIT* -1.2 0.6 -10.8 4.3
Trade Märka
Sales 19.4 0.0 60.7 0.0
Sales incl. Intercompany sales 67.0 0.0 140.1 0.0
EBIT* -1.1 0.0 2.1 0.0
Other
Sales 2.7 4.2 9.7 13.0
Sales incl. Intercompany sales 8.6 4.2 22.4 13.0
EBIT* 1.1 0.1 1.6 5.7
Key figures per share
EpS (basic/diluted) in Euro 0.03 0.01 -0.02 0.10
Operating cashflow per share in Euro -0.43 0.32
(basic/diluted)
Number of shares in million 63.0 63.0
* Excluding elimination of intercompany results (Q1/2011: EUR -2,0 million;
Q2/2011: EUR 1,6 million; Q3/2011: EUR -0,3 millon;
9 M 2011: EUR -0,7 million)
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 biogas 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
10.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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: [email protected]
Internet: www.verbio.de
ISIN: DE000A0JL9W6
WKN: A0JL9W
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
145550 10.11.2011
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