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VERBIO Vereinigte BioEnergie AG
Quarterly Report • May 11, 2023
464_10-q_2023-05-11_241b446e-ba2e-405f-af04-4e01a9bc4505.pdf
Quarterly Report
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Quarterly statement for the period ended March 31, 2023 (Q3 2022/2023)
Group key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| Results of operations | Q1 2022/2023 | Q2 2022/2023 | Q3 2022/2023 | 9M 2022/2023 |
|---|---|---|---|---|
| Sales | 592.2 | 485.5 | 443.6 | 1,521.3 |
| EBITDA | 121.4 | 48.9 | 43.2 | 213.5 |
| EBITDA margin (percent) | 20.5 | 10.1 | 9.7 | 14.0 |
| EBIT | 111.9 | 39.2 | 33.6 | 184.7 |
| EBT | 112.0 | 39.3 | 34.4 | 185.7 |
| Net result for the period | 76.9 | 25.2 | 22.0 | 124.1 |
| Earnings per share (EUR) | 1.21 | 0.40 | 0.34 | 1.95 |
| Operational statistics | Q1 2022/2023 | Q2 2022/2023 | Q3 2022/2023 | 9M 2022/2023 |
| Production (tonnes) | 216,514 | 229,262 | 218,715 | 664,491 |
| Production (MWh) | 261,020 | 261,108 | 271,476 | 793,604 |
| Utilisation Biodiesel/Bioethanol (percent) 1) | 90.2 | 95.5 | 91.1 | 92.3 |
| Utilisation Biomethane (percent) 1) | 80.3 | 80.3 | 83.5 | 81.4 |
| Investments in property, plant and equipment | 42.9 | 52.0 | 35.8 | 130.7 |
| Number of employees 2) | 1,091 | 1,131 | 1,227 | 1,227 |
| Net asset position | 30.09.2022 | 31.12.2022 | 31.03.2023 | 31.03.2023 |
| Net financial assets | 261.9 | 177.5 | 121.3 | 121.3 |
| Equity and liabilities | 889.3 | 881.6 | 891.8 | 891.8 |
| Equity ratio (percent) | 72.0 | 74.0 | 73.8 | 73.8 |
| Balance sheet total | 1,234.7 | 1,191.5 | 1,208.1 | 1,208.1 |
| Financial position | Q1 2022/2023 | Q2 2022/2023 | Q3 2022/2023 | 9M 2022/2023 |
| Operating cash flow | –44.2 | –36.5 | 21.3 | –59.4 |
| Operating cash flow per share (EUR) | –0.70 | –0.57 | 0.33 | –0.94 |
| Cash and cash equivalents 3) | 291.9 | 207.5 | 196.3 | 196.3 |
1) From July 1, 2022 the annual production capacity of the production plants is as follows:
biodiesel: 660,000 tonnes (unchanged); bioethanol: 300,000 tonnes (previously 260,000 tonnes); biomethane: 1,300 GWh (previously 900 GWh)
2) At the balance sheet date
3) At the balance sheet date, includes amounts held in segregated accounts
Group key figures
[in EUR millions]
Group key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| Results of operations | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | 9M 2021/2022 |
|---|---|---|---|---|
| Sales | 350.4 | 458.7 | 428.4 | 1,237.5 |
| EBITDA | 40.2 | 147.0 | 127.7 | 314.9 |
| EBITDA margin (percent) | 11.5 | 32.0 | 29.8 | 25.4 |
| EBIT | 33.1 | 139.3 | 119.1 | 291.5 |
| EBT | 32.8 | 139.1 | 151.9 | 291.0 |
| Net result for the period | 22.6 | 97.7 | 79.6 | 199.9 |
| Earnings per share (EUR) | 0.35 | 1.55 | 1.26 | 3.16 |
| Operational statistics | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | 9M 2021/2022 |
| Production (tonnes) | 209,066 | 223,347 | 206,672 | 639,084 |
| Production (MWh) | 199,877 | 214,841 | 237,183 | 651,901 |
| Utilisation Biodiesel/Bioethanol (percent) 1) | 90.9 | 97.1 | 89.9 | 92.6 |
| Utilisation Biomethane (percent) 1) | 88.8 | 95.5 | 105.4 | 96.6 |
| Investments in property, plant and equipment | 19.3 | 23.4 | 38.2 | 80.9 |
| Number of employees 2) | 892 | 922 | 958 | 958 |
| Net asset position | 30.09.2021 | 31.12.2021 | 31.03.2022 | 31.03.2022 |
| Net financial assets | 111.5 | 140.5 | 147.5 | 147.5 |
| Equity and liabilities | 541.7 | 635.1 | 724.0 | 724.0 |
| Equity ratio (percent) | 71.8 | 71.3 | 72.5 | 72.5 |
| Balance sheet total | 754.8 | 890.5 | 999.3 | 999.3 |
| Financial position | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | 9M 2021/2022 |
| Operating cash flow | 18.5 | 76.9 | 64.6 | 160.0 |
| Operating cash flow per share (EUR) | 0.29 | 1.22 | 1.03 | 2.54 |
| Cash and cash equivalents 3) | 141.5 | 170.5 | 177.5 | 177.5 |
1) From July 1, 2021 the annual production capacity of the production plants was as follows:
biodiesel: 660,000 tonnes; bioethanol: 260,000 tonnes; biomethane: 900 GWh
2) At the balance sheet date
3) At the balance sheet date, includes amounts held in segregated accounts
Group key figures
[in EUR millions]
Segment key figures
[in EUR millions]
Segment key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| Biodiesel | Q1 2022/2023 | Q2 2022/2023 | Q3 2022/2023 | 9M 2022/2023 |
|---|---|---|---|---|
| Sales | 435.4 | 357.4 | 308.2 | 1,101.0 |
| EBITDA | 91.5 | 47.0 | 24.5 | 163.0 |
| EBIT | 88.9 | 44.5 | 22.1 | 155.5 |
| Production (tonnes) | 145,124 | 157,969 | 153,149 | 456,242 |
| Utilisation (percent) 1) | 88.0 | 95.7 | 92.8 | 92.2 |
| Number of employees 2) | 219 | 211 | 216 | 216 |
| Bioethanol (incl. biomethane) | Q1 2022/2023 | Q2 2022/2023 | Q3 2022/2023 | 9M 2022/2023 |
|---|---|---|---|---|
| Sales | 152.8 | 123.3 | 133.8 | 409.9 |
| EBITDA | 28.9 | 1.7 | 17.5 | 48.1 |
| EBIT | 22.6 | –4.8 | 11.2 | 29.0 |
| Production (tonnes) | 71,390 | 71,293 | 65,566 | 208,249 |
| Production (MWh) | 261,020 | 261,108 | 271,476 | 793,604 |
| Utilisation Bioethanol (percent) 1) | 95.2 | 95.1 | 87.4 | 92.6 |
| Utilisation Biomethane (percent) 1) | 80.3 | 80.3 | 83.5 | 81.4 |
| Number of employees 2) | 591 | 559 | 625 | 625 |
| Other | Q1 2022/2023 | Q2 2022/2023 | Q3 2022/2023 | 9M 2022/2023 |
|---|---|---|---|---|
| Sales | 7.5 | 7.0 | 6.3 | 20.8 |
| EBIT | 0.4 | –0.5 | 0.3 | 0.2 |
1) From July 1, 2022 the annual production capacity of the production plants is as follows:
biodiesel: 660,000 tonnes (unchanged); bioethanol: 300,000 tonnes (previously 260,000 tonnes); biomethane: 1,300 GWh (previously 900 GWh)
2) At the balance sheet date
Segment key figures
[in EUR millions]
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| Biodiesel | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | 9M 2021/2022 |
|---|---|---|---|---|
| Sales | 261.6 | 324.1 | 292.0 | 877.7 |
| EBITDA | 22.2 | 96.1 | 75.3 | 193.6 |
| EBIT | 19.6 | 93.6 | 72.9 | 186.1 |
| Production (tonnes) | 150,007 | 155,185 | 138,988 | 444,180 |
| Utilisation (percent) 1) | 90.9 | 94.1 | 84.2 | 89.7 |
| Number of employees 2) | 224 | 219 | 220 | 220 |
| Bioethanol (incl. biomethane) | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | 9M 2021/2022 |
|---|---|---|---|---|
| Sales | 86.0 | 131.7 | 133.7 | 351.4 |
| EBITDA | 17.1 | 50.2 | 52.0 | 119.3 |
| EBIT | 13.0 | 45.6 | 46.4 | 105.0 |
| Production (tonnes) | 59,059 | 68,161 | 67,684 | 194,904 |
| Production (MWh) | 199,877 | 214,841 | 237,183 | 651,901 |
| Utilisation Bioethanol (percent) 1) | 90.9 | 104.9 | 104.1 | 100.0 |
| Utilisation Biomethane (percent) 1) | 88.8 | 95.5 | 105.4 | 96.6 |
| Number of employees 2) | 456 | 477 | 498 | 498 |
| Other | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | 9M 2021/2022 |
|---|---|---|---|---|
| Sales | 5.4 | 4.7 | 5.3 | 15.4 |
| EBIT | 0.5 | 0.1 | –0.2 | 0.4 |
1) From July 1, 2021 the annual production capacity of the production plants was as follows:
biodiesel: 660,000 tonnes; bioethanol: 260,000 tonnes; biomethane: 900 GWh
2) At the balance sheet date
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
Financial calendar
VERBIO AG reports significantly lower earnings for the first nine months of the financial year 2022/2023 compared to the same period in the previous year. The trends seen in the second quarter of 2022/2023 have continued through into the third quarter of the financial year. EBITDA in the third quarter of 2022/2023 was EUR 43.2 million, a decrease of 66 percent compared to the comparative period in the previous year (previous year: EUR 127.7 million).
Overall, the Group's revenues increased by 23 percent to EUR 1,521.3 million compared to the previous year (9 M 2021/2022: EUR 1,237.5 million). Group revenues in the third quarter totalled EUR 443.6 million (Q3 2021/2022: EUR 428.4 million), 4 percent above the previous year's level.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the nine-month period amounted to EUR 213.5 million, 32 percent lower than in the comparative period in the previous year (9 M 2021/2022: EUR 314.9 million). As a result the EBITDA margin for the nine-month period is 14 percent, compared to 25 percent in the comparative period of the previous year.
The Group result before taxation and interest (EBIT) totalled EUR 184.7 million (9 M 2021/2022: EUR 291.5 million). The Group result before taxation (EBT) totalled EUR 185.7 million (9 M 2021/2022: EUR 291.0 million), and the net result for the period was EUR 124.1 million (9 M 2021/2022: EUR 199.9 million). Based on the result for the period, basic earnings per share amount to EUR 1.95 (9 M 2021/2022: EUR 3.16).
Net assets and financial position
Assets and liabilities
Business report and the Group's position
The balance sheet total at March 31, 2023 amounted to EUR 1,208.1 million, representing an increase of EUR 79.5 million compared to June 30, 2022 (June 30, 2022: EUR 1,128.6 million).
On the asset side of the balance sheet, the major changes of note were the increase in non-current assets (EUR 571.9 million; June 30, 2022: EUR 472.3 million), which primarily reflects the ongoing high levels of investment activity in the current financial year. In current assets, inventories in particular increased significantly compared with June 30, 2022 (EUR 264.6 million; June 30, 2022: EUR 169.3 million). However, there was no significant change in inventories compared to December 31, 2022 (EUR 259.9 million). The same applies to current financial assets (EUR 68.5 million; June 30, 2022: EUR 20.8 million), which once again primarily consist of cash balances held in segregated accounts at March 31, 2023.
The equity and liabilities side of the balance sheet includes equity of EUR 891.8 million (June 30, 2022: EUR 818.5 million), representing approximately 73.8 percent (June 30, 2022: 72.5 percent) of the balance sheet total. Noncurrent liabilities fell slightly compared to the June 30, 2022 balance sheet date (EUR 47.9 million; June 30, 2022: EUR 58.0 million). Within current liabilities, there has been an increase in bank and other loans in particular (EUR 45.0 million; June 30, 2022: EUR 0 million) as well as in other current liabilities (EUR 48.3 million; June 30, 2022: EUR 14.3 million), while tax liabilities (EUR 19.1 million; June 30, 2022: EUR 89.2 million) fell significantly as a result of payments made in respect of the financial year 2021/2022. Overall, current liabilities increased slightly from EUR 252.1 million to EUR 268.3 million compared to the June 30, 2022 balance sheet date.
Cash flows
The cash flow from operating activities in the first nine months of the financial year 2022/2023 was also significantly lower than in the previous year, amounting to EUR –59.4 million (9 M 2021/2022: EUR 160.0 million). The decline compared to the previous year, in addition to being a consequence of the lower net profit for the period, is due to the more significant effect on cash flows of the increase in inventories. In addition, the operating cash flow in the first nine months of the current financial year is also significantly affected by the tax payments made for the previous financial year 2021/2022.
The total cash outflows from investment activities in the first nine months of 2022/2023 were EUR 134.9 million (9 M 2021/2022: EUR 77.0 million). In the current financial year, the investments primarily reflect payments made for investments in property, plant and equipment (EUR 134.6 million; 9 M 2021/2022: EUR 77.4 million).
The cash flow from financing activities totalled EUR 27.2 million (9 M 2021/2022: EUR –17.0 million). Of this, EUR 12.7 million resulted from the
Segment key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
payment of the dividend for the previous financial year (9 M 2021/2022: EUR 12.6 million). In the current financial year, cash inflows from the drawdown of financial liabilities amounted to EUR 45.0 million. In both periods cash outflows also include payments for the redemption of lease liabilities (9 M 2022/2023: EUR 5.1 million (9 M 2021/2022: EUR 4.4 million).
As a result, cash and cash equivalents decreased by a total of EUR 168.7 million in the period July 1, 2022 to March 31, 2023. The balance of cash and cash equivalents reported in the balance sheet at March 31, 2023 amounted to EUR 130.9 million. In addition, VERBIO has further cash resources in the form of lines of credit, the availability of which have been approved for the medium term, totalling EUR 105.0 million.
Net cash
The Group's bank and loan financing arrangements totalling EUR 75.0 million are offset by cash and cash equivalents, as well as additional cash held in segregated accounts totalling EUR 196.3 million, so that the reported net cash balance at March 31, 2023 amounted to EUR 121.3 million (June 30, 2022: EUR 284.1 million).
Development of the Biodiesel, Bioethanol and Other segments
The sales and results in the Biodiesel segment in the third quarter of the current financial year 2022/2023 were primarily driven by the result of the lower average sales prices for biodiesel, whereby the comparatively high procurement costs of vegetable oils have led to a decline in production margins. The capacity utilisation rate for the Group's production equipment remained high at 92.2 percent (9 M 2021/2022: 89.7 percent). In the Bioethanol segment, there was an improved development in revenues and earnings compared to the second quarter of the current financial year due to higher market prices. Production volumes in the third quarter were at a similar level to the previous year, but margins were significantly lower than in the third quarter of 2021/2022. The production volume of biodiesel and bioethanol in the period from July 1, 2022 to March 31, 2023 totalled 664,491 tonnes, compared with 639,084 tonnes in the same period in the previous year. In addition, 793.6 GWh of biomethane were produced in the first nine months of the financial year 2022/2023 (9 M 2021/2022: 651.9 GWh), once again representing a significant increase in the production volume compared to the previous year.
Outlook, opportunity and risk report
Outlook report
On the publication of the annual report for the financial year 2021/2022 on September 27, 2022 an EBITDA of approximately EUR 300 million was communicated for the financial year 2022/2023 as a whole, with net financial assets at the end of the financial year 2022/2023 forecast to be approximately EUR 30 million. This forecast was amended in an ad hoc announcement dated April 27, 2023, with a revised forecast for EBITDA of approximately EUR 240 million and net financial assets of approximately EUR 80 million due to the current price situation on the raw material and sales markets. With the acquisition of South Bend Ethanol, LLC on May 1, 2023 (refer to "Events subsequent to the balance sheet date", below) the Management Board expects that net financial assets will continue to be positive at the end of the financial year.
Risk and opportunity report
There have been no changes to the opportunities and risks presented in the 2021/2022 annual report.
The war in Ukraine does not present a risk to VERBIO's physical supplies of raw materials. Almost all of the Group's supplies are obtained in Germany and Poland. 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.
Events subsequent to the balance sheet date
On May 1, 2023 VERBIO North America Holdings Corp., a wholly-owned subsidiary of VERBIO Vereinigte BioEnergie AG, completed the acquisition of the entire share capital of South Bend Ethanol, LLC under an agreement with MERCURIA INVESTMENTS US, INC. The acquisition was announced in an ad hoc announcement. The acquired company owns and operates a bioethanol plant in South Bend, Indiana, USA which has an annual production bioethanol capacity of approximately 250,000 tonnes (ca. 85 million gallons). VERBIO plans to convert the plant into a combined bioethanol-biomethane production facility with an annual production capacity of approximately 850,000 MWh of biomethane and 250,000 tonnes of bioethanol based on the model used by the German biorefineries. With this transaction, VERBIO continues to follow its internationalisation strategy with regard to the ambitious decarbonisation market in North America.
Consolidated profit and loss account
for the period from July 1, 2022 to March 31, 2023
Group key figures
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| EUR (thousands) | Q3 2022/2023 | Q3 2021/2022 | 9M 2022/2023 | 9M 2021/2022 | |
|---|---|---|---|---|---|
| 1. | Sales revenue (including energy taxes collected) | 444,038 | 428,688 | 1,522,228 | 1,238,246 |
| less: energy taxes | –410 | –314 | –940 | –725 | |
| Sales revenue | 443,628 | 428,374 | 1,521,288 | 1,237,521 | |
| 2. | Change in inventories | 7,587 | 21,848 | 51,303 | 29,483 |
| 3. | Own work capitalised | 1,074 | 1,537 | 3,938 | 3,112 |
| 4. | Other operating income | 1,916 | 2,043 | 7,442 | 7,086 |
| 5. | Cost of materials | –377,189 | –302,537 | –1,266,039 | –850,654 |
| 6. | Personnel expenses | –20,227 | –19,199 | –59,613 | –49,392 |
| 7. | Depreciation and amortisation | –9,607 | –8,566 | –28,810 | –23,415 |
| 8. | Other operating expenses | –17,067 | –14,618 | –52,604 | –39,169 |
| 9. | Changes in the value of financial assets and liabilities | –84 | 1,310 | –2,916 | 4,931 |
| 10. | Result from commodity forward contracts | 3,532 | 8,960 | 10,694 | –27,987 |
| 11. | Operating result | 33,563 | 119,153 | 184,683 | 291,516 |
| 12. | Interest income | 1,211 | 124 | 1,813 | 192 |
| 13. | Interest expense | –362 | –125 | –811 | –671 |
| 14. | Financial result | 849 | –1 | 1,002 | –479 |
| 15. | Result before tax | 34,412 | 119,152 | 185,685 | 291,037 |
| 16. | Income taxes | –12,369 | –39,601 | –61,539 | –91,167 |
| 17. | Net result for the period | 22,043 | 79,551 | 124,146 | 199,870 |
| Result attributable to shareholders of the parent company | 22,030 | 79,572 | 124,243 | 199,766 | |
| Result attributable to non-controlling interests | 13 | –21 | –97 | 104 | |
| Basic earnings per share (EUR) | 0.34 | 1.26 | 1.96 | 3.16 |
| Quarterly statement for the | |
|---|---|
| period ended March 31, 2023 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated balance sheet
Consolidated cash flow statement
| Consolidated balance sheet | |
|---|---|
at March 31, 2023
| EUR (thousands) | 31.03.2023 | 30.06.2022 |
|---|---|---|
| Assets | ||
| A. Non-current assets |
||
| I. Intangible assets |
817 | 846 |
| II. Property, plant and equipment |
486,334 | 391,523 |
| III. Right-of-use assets under leasing arrangements |
21,890 | 18,950 |
| IV. Financial assets |
3,107 | 2,397 |
| V. Other assets |
51,990 | 57,762 |
| VI. Deferred taxes |
7,795 | 807 |
| Total non-current assets | 571,933 | 472,285 |
| B. Current assets |
||
| I. Inventories |
264,621 | 169,335 |
| II. Trade receivables |
118,012 | 112,234 |
| III. Derivatives |
9,599 | 40,975 |
| IV. Other current financial assets |
68,530 | 20,828 |
| V. Tax refunds |
226 | 84 |
| VI. Other assets |
44,250 | 13,266 |
| VII. Cash and cash equivalents |
130,899 | 299,612 |
| Total current assets | 636,137 | 656,334 |
| Balance sheet total | 1,208,070 | 1,128,619 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| EUR (thousands) | 31.03.2023 | 30.06.2022 |
|---|---|---|
| Equity and liabilities | ||
| A. Equity and liabilities |
||
| I. Share capital |
63,517 | 63,398 |
| II. Additional paid-in capital |
501,212 | 499,393 |
| III. Retained earnings |
332,896 | 221,261 |
| IV. Other reserves |
–9,041 | 13,438 |
| V. Reserve for translation adjustments |
1,127 | 18,741 |
| Total equity, excluding non-controlling interests | 889,711 | 816,231 |
| VI. Non-controlling interests |
2,130 | 2,224 |
| Total equity | 891,841 | 818,455 |
| B. Non-current liabilities |
||
| I. Bank loans and other loans |
30,000 | 30,000 |
| II. Lease liabilities |
16,525 | 14,419 |
| III. Provisions |
167 | 131 |
| IV. Deferred investment grants and subsidies |
759 | 1,342 |
| V. Other non-current financial liabilities |
224 | 224 |
| VI. Deferred taxes |
256 | 11,912 |
| Total non-current liabilities | 47,931 | 58,028 |
| C. Current liabilities |
||
| I. Bank loans and other loans |
45,000 | |
| II. Lease liabilities |
5,537 | 4,967 |
| III. Trade payables |
98,917 | 95,371 |
| IV. Derivatives |
29,633 | 15,867 |
| V. Other current financial liabilities |
48,310 | 14,304 |
| VI. Tax liabilities |
19,086 | 89,156 |
| VII. Provisions |
3,119 | 3,655 |
| VIII. Deferred investment grants and subsidies |
809 | 837 |
| IX. Other current liabilities |
17,887 | 27,979 |
| Total current liabilities | 268,298 | 252,136 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
Consolidated cash flow statement
for the period from July 1, 2022 to March 31, 2023
| EUR (thousands) | 9M 2022/2023 | 9M 2021/2022 |
|---|---|---|
| Net result for the period | 124,145 | 199,870 |
| Income taxes | 61,539 | 91,167 |
| Interest result | –1,002 | 479 |
| Depreciation and amortisation | 28,810 | 23,415 |
| Non-cash expenses/income | –3,128 | 1,022 |
| Non-cash expenses from share-based remuneration | 1,338 | 4,089 |
| Gain on disposal of property, plant and equipment | –141 | –258 |
| Release of deferred investment grants and subsidies | –610 | –570 |
| Non-cash changes in derivative financial instruments | 8,647 | –19,839 |
| Increase in inventories | –95,286 | –42,612 |
| Increase in trade receivables | –5,778 | –41,870 |
| Increase in other assets and other current financial assets | –73,072 | –48,446 |
| Decrease in provisions | –501 | -6,374 |
| Increase in trade payables | 6,273 | 45,902 |
| Increase in other current financial and non-financial liabilities | 23,697 | 3,013 |
| Interest paid | –533 | –456 |
| Interest received | 1,813 | 192 |
| Income taxes paid | –135,615 | –48,767 |
| Cash flows from operating activities | –59,404 | 159,957 |
| Quarterly statement for the | |
|---|---|
| period ended March 31, 2023 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| EUR (thousands) | 9M 2022/2023 | 9M 2021/2022 |
|---|---|---|
| Acquisition of intangible assets | –118 | –389 |
| Acquisition of property, plant and equipment | –134,615 | –77,373 |
| Proceeds from disposal of property, plant and equipment | 596 | 758 |
| Investments in associated companies | –733 | 0 |
| Cash flows from investing activities | –134,870 | –77,004 |
| Dividends paid | –12,679 | –12,637 |
| Proceeds from the assumption of financial liabilities | 45,000 | 0 |
| Payment of lease liabilities | –5,141 | –4,353 |
| Cash flows from financing activities | 27,180 | –16,990 |
| Cash-effective change in cash funds | –167,094 | 65,963 |
| Change in cash funds due to effects of exchange rates | –1,620 | 960 |
| Cash funds at beginning of year | 299,612 | 105,025 |
| Cash funds at end of year | 130,898 | 171,948 |
| Cash funds at year end comprise the following: | ||
| Cash and cash equivalents | 130,898 | 171,948 |
| Cash funds at end of year | 130,898 | 171,948 |
| Quarterly statement for the period ended March 31, 2023 |
Financial calendar | |
|---|---|---|
| Group key figures | ||
| Segment key figures | ||
| Business report and the Group's position |
September 26, 2023 | Publication of the annual report 2022/2023 Analysts' and annual financial press conference Conference call |
| Consolidated profit | ||
| and loss account | November 9, 2023 | Publication of quarterly statement 2023/2024 for the period ended September 30, 2023 (July 2023 to September 2023) |
| Consolidated balance sheet | Conference call | |
| Consolidated cash flow statement | February 2, 2024 | Annual general meeting 2024 |
| Financial calendar | February 8, 2024 | Publication of the half-yearly interim report 2023/2024 (July 2023 to December 2023) |
| Conference call |
Imprint
Publisher/editing
VERBIO Vereinigte BioEnergie AG
Contact
VERBIO Vereinigte BioEnergie AG Ritterstraße 23 (Oelßner's Hof) 04109 Leipzig Telephone: +49 341 308530-0 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 quarterly 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.
Further information about VERBIO Vereinigte BioEnergie AG is available on request. Telephone: +49 341 308530-0 E-Mail: [email protected]