VERBIO Vereinigte BioEnergie AG

Earnings Release • May 14, 2009

News Details

Corporate | 14 May 2009 07:00

VERBIO Vereinigte BioEnergie AG: Sales in first quarter 2009 slightly under prior period – price drop in fuels strain interim result

VERBIO Vereinigte BioEnergie AG / Interim Report

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Leipzig/Zörbig, May 14, 2009: In the first three month of fiscal year 2009
VERBIO Vereinigte BioEnergie AG achieved sales in the amount of EUR 122.0
million (Q1/2008: 125.1 million). The interim consolidated operating result
was EUR -12.0 million (Q1/2008: EUR 0.7 million), mainly strained by high
material costs. The manufacturing costs based on the contracted raw
material basis, could be just partially passed down the market due to the
price decline in fuel prices. In the first quarter the consolidated
operating result was additionally influenced by the use respectively
accumulation of impending loss provisions. The financial result improved by
EUR 0.4 million to EUR -0.6 million (Q1/2008: EUR -1.0 million). The loss
for the period amounted to EUR -13.8 million (Q1 2008: EUR -1.4 million).

At the end of the reporting period, cash and cash equivalents totalled EUR
54.4 million. As of the reporting date VERBIO shows an equity ratio of 66.7
percent (December 31, 2008: 66.2 percent).

Utilization in biodiesel segment below same period last year, bioethanol
segment benefits from increased demand

In the first quarter of the current fiscal year, in the biodiesel segment
78,866 tons of biodiesel (Q1/2008: 93,907 tons) were produced and revenues
were reached in the amount of EUR 83.9 million (Q1/2008: EUR 92.6 million).
The segment result before interest and tax amounted to EUR -1.6 million
(Q1/2008: EUR 4.3 million). In the same period in bioethanol segment 42,788
tons (Q1/2008: 13,560 tons) of bioethanol were produced. Sales were at EUR
31.2 million (Q1/2008: EUR 22.7 million). The segment result before
interest and tax amounted to EUR -11.3 million (Q1/2008: EUR -6.0 million)
and was negatively influenced by the accumulation of a provision for
impending losses on purchase and sales contracts by EUR 7.9 million. The
energy segment contributed revenues of EUR 5.2 million (Q1/2008: EUR 8.2
million) to consolidated sales in the first quarter of fiscal year 2009.
The revenues were below previous year's figure because of essentially
weaker wind months (especially January 2009). Therefore the segment result
before tax reduced to EUR 0.9 million (Q1/2008: EUR 2.3 million). The other
segment generated revenues in the amount of EUR 1.7 million (Q1/2008: EUR
1.6 million). The segment operating result relates with EUR -0.1 million
(Q1/2008: EUR -0.1 million) to the same period last year.

Present amendment to the act in Germany insufficient to reach EU climate
protection targets

In April the Federal Parliament approved the act of change of funding
biofuel. Herein was agreed to lower the regularized blending volume of
biofuels in 2009 from 6.25 percent (energetic) to 5.25 percent (energetic)
and stipulate the blending volume to 6.25 percent from 2010. The tax burden
of pure biodiesel (B100) will increase instead of six by three cents per
liter to 18 cent per liter in 2009. The import restriction of biofuels
which received an advancement in the inland or abroad (e.g. B99) will not
improve the situation at the B100-market, as in the meantime - even if
mottled - the tax increase in combination with the significantly dropped
prices for diesel have disrupted the B100-market.

Since January 30, 2009 a new diesel standard is valid (quality standard DIN
51628), which allows a blending up to seven percent biodiesel (this
complies with 6.3 percent energetic). Despite the agreed decrease of the
total quota to 5.25 percent experts reckon, that annual biodiesel sales in
the blending will increase by about 500,000 tons from 1.5 million tons to
2.0 million tons. They assume that the mineral oil industry will tap the
possible blending quota of seven percent.

The currently approved measures are not enough to reach the specifications
of the EU renewable energy sources directive, which schedules a share of at
least ten percent for the traffic sector. Therefore it is expected that the
Federal Parliament furthermore will deal with the subject biofuel quota act
and result again in an initiative to the correct the act within the scope
of the new legislation period.

Current cyclical and economical general conditions do not allow a concrete
outlook for fiscal year 2009.

Against the background of unsecure commercial and economic data it is
currently difficult to make a precise statement according the further
business development of VERBIO in 2009. The yield of this year's harvest is
not known yet and the effect of the economic crisis to the raw material
prices is not predictable at the moment.

A sustainable and explicit improvement of the situation of the biofuel
industry and the business of VERBIO is expected by the Management Board
with coming into force of the sustainability ordinance. This is in
particular because VERBIO is already today well prepared according the
fulfillment of the presumably required greenhouse gas reduction
specifications.

The interim report to the first quarter 2009 is available in German and
English on www.verbio.de.

EUR million Q 1 2009 Q 1 2008
Group
Sales 122.0 125.1
Materiel costs 15.0 1.3
Other operating income -1,235 -109.7
Personnel costs -4.4 -4.0
Other operating expense -2.8 -2.6
Depreciation -15.7 -10.2
Result from commodity forward contracts -0.8 -1.6
EBIT -12.0 0.7
Financial result -0.6 -1.0
EBT -12.5 -0.3
Net result -13.8 -1.4
Segments
Biodiesel Sales 83.9 92.6
Segment result -1.6 4.3
Bioethanol Sales 31.2 22.7
Segment result -11.3 -6.0
Energy Sales 5.2 8.2
Segment result 1.0 2.,5
Others Sales 1.7 1.6
Segment result -0.1 -0.1
Key figures per share in EUR
EPS (undiluted/diluted) -0.23 -0.02
Operativer cash flow per share (undiluted/diluted) -0.18 0.43
Number of shares in million shares 63.0 63.0

Information on VERBIO Vereinigte BioEnergie AG
The VERBIO Group is one of the leading producers and suppliers of biofuels
and also the only industrial-scale producer of biodiesel and bioethanol in
Europe. Nominal capacity currently amounts to around 450,000 tons of
biodiesel and 300,000 tons of bioethanol per year. The company has
developed its own processes and innovative technologies for the production
of biodiesel and bioethanol. It supplies its products directly to European
mineral oil corporations, mineral oil traders, independent gas stations and
haulage companies. VERBIO AG also markets high-quality pharmaglycerin for
the consumer goods and cosmetic industries (glycerine is a by-product of
biodiesel production). Within the Group, VERBIO AG acts as the management
holding company. The Group's operating business is run by its subsidiaries:
VERBIO Diesel Bitterfeld GmbH & Co. KG, VERBIO Diesel Schwedt GmbH & Co.
KG, VERBIO Ethanol Zörbig GmbH & Co. KG, and VERBIO Ethanol Schwedt GmbH &
Co. KG.

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

14.05.2009 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

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