Quarterly Report • Nov 10, 2022
Quarterly Report
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Quarterly statement for the period ended September 30, 2022 (Q1 2022/2023)
[in EUR millions]
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| Results of operations | Q1 2022/2023 | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | Q4 2021/2022 | 2021/2022 |
|---|---|---|---|---|---|---|
| Sales | 592.2 | 350.4 | 458.7 | 428.4 | 575.0 | 1,812.5 |
| EBITDA | 121.4 | 40.2 | 147.0 | 127.7 | 188.4 | 503.3 |
| EBITDA margin (percent) | 20.5 | 11.5 | 32.0 | 29.8 | 32.8 | 27.8 |
| EBIT | 111.9 | 33.1 | 139.3 | 119.1 | 170.5 | 462.0 |
| EBT | 112.0 | 32.8 | 139.1 | 151.9 | 137.3 | 461.1 |
| Net result for the period | 76.9 | 22.6 | 97.7 | 79.6 | 115.9 | 315.8 |
| Earnings per share (basic) (EUR) | 1.21 | 0.36 | 1.55 | 1.26 | 1.82 | 4.99 |
| Operational statistics | Q1 2022/2023 | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | Q4 2021/2022 | 2021/2022 |
| Production (tonnes) | 216,514 | 209,066 | 223,347 | 206,672 | 199,047 | 838,132 |
| Production (MWh) | 261,020 | 199,877 | 214,841 | 237,183 | 233,058 | 884,959 |
| Utilisation Biodiesel/ Bioethanol (percent) 1) |
90.2 | 90.9 | 97.1 | 89.9 | 86.5 | 91.1 |
| Utilisation Biomethane (percent) 1) | 80.3 | 88.8 | 95.5 | 105.4 | 103.6 | 98.3 |
| Investments in property, plant and equipment | 42.9 | 19.3 | 23.4 | 38.2 | 41.0 | 121.4 |
| Number of employees 2) | 1,091 | 892 | 922 | 958 | 978 | 978 |
| Net asset position | 30.09.2022 | 30.09.2021 | 31.12.2021 | 31.03.2022 | 30.06.2022 | 30.06.2022 |
| Net financial assets | 261.9 | 111.5 | 140.5 | 147.5 | 284.1 | 284.1 |
| Equity and liabilities | 889.3 | 541.7 | 635.1 | 724.0 | 818.5 | 818.5 |
| Equity ratio (percent) | 72.0 | 71.8 | 71.3 | 72.5 | 72.5 | 72.5 |
| Balance sheet total | 1,234.7 | 754.8 | 890.5 | 999.3 | 1,128.6 | 1,128.6 |
| Financial position | Q1 2022/2023 | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | Q4 2021/2022 | 2021/2022 |
| Operating cash flow | –44.2 | 18.5 | 76.9 | 64.6 | 165.0 | 325 |
| Operating cash flow per share (EUR) | –0.70 | 0.29 | 1.22 | 1.03 | 2.62 | 5.16 |
| Cash and cash equivalents 3) | 291.9 | 141.5 | 170.5 | 177.5 | 314.1 | 314.1 |
1) From July 1, 2022 the annual production capacity of the production plants is as follows:
biodiesel: 660,000 tonnes (unchanged); bioethanol: increased to 300,000; biomethane: increased to 1,300 GWh.
2) At the balance sheet date.
3) At the balance sheet date, includes amounts held in segregated accounts.
[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 | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | Q4 2021/2022 | 2021/2022 |
|---|---|---|---|---|---|---|
| Sales | 435.4 | 261.6 | 324.1 | 292.0 | 392.0 | 1,269.7 |
| EBITDA | 91.5 | 22.2 | 96.1 | 75.3 | 104.8 | 298.4 |
| EBIT | 88.9 | 19.6 | 93.6 | 72.9 | 86.6 | 272.7 |
| Production (tonnes) | 145,124 | 150,007 | 155,185 | 138,988 | 129,851 | 574,031 |
| Utilisation (percent) 1) | 88.0 | 90.9 | 94.1 | 84.2 | 78.7 | 87.0 |
| Number of employees 2) | 219 | 224 | 219 | 220 | 216 | 216 |
| Bioethanol (incl. biomethane) | Q1 2022/2023 | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | Q4 2021/2022 | 2021/2022 |
|---|---|---|---|---|---|---|
| Sales | 152.8 | 86.0 | 131.7 | 133.7 | 179.9 | 531.3 |
| EBITDA | 28.9 | 17.1 | 50.2 | 52.0 | 83.0 | 202.3 |
| EBIT | 22.6 | 13.0 | 45.6 | 46.4 | 83.9 | 188.9 |
| Production (tonnes) | 71,390 | 59,059 | 68,161 | 67,684 | 69,196 | 264,101 |
| Production (MWh) | 261,020 | 199,877 | 214,841 | 237,183 | 233,058 | 884,959 |
| Utilisation Bioethanol (percent) 1) | 95.2 | 90.9 | 104.9 | 104.1 | 93.9 | 101.6 |
| Utilisation Biomethane (percent) 1) | 80.3 | 88.8 | 95.5 | 105.4 | 89.1 | 98.3 |
| Number of employees 2) | 591 | 456 | 477 | 498 | 401 | 514 |
| Other | Q1 2022/2023 | Q1 2021/2022 | Q2 2021/2022 | Q3 2021/2022 | Q4 2021/2022 | 2021/2022 |
|---|---|---|---|---|---|---|
| Sales | 7.5 | 5.4 | 4.7 | 5.3 | 6.0 | 21.4 |
| EBIT | 0.4 | 0.5 | 0.1 | –0.2 | 0.0 | 0.4 |
1) From July 1, 2022 the annual production capacity of the production plants is as follows:
biodiesel: 660,000 tonnes (unchanged); bioethanol: increased to 300,000; biomethane: increased to 1,300 GWh.
2) At the balance sheet date.
Consolidated profit and loss account
VERBIO AG reports a significant increase in earnings for the first three months of the financial year 2022/2023 compared to the same period in the previous year.
Group revenues increased by 69 percent to EUR 592.2 million compared to the previous year (Q1 2021/2022: EUR 350.4 million).
Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first three months of the financial year 2022/2023 amounted to EUR 121.4 million, above the level in the comparative period in the previous year (Q1 2021/2022: EUR 40.2 million). The Group result before interest and taxes (EBIT) totalled EUR 111.9 million (Q1 2021/2022: EUR 33.1 million). The net result for the period amounted to EUR 76.9 million (Q1 2021/2022: EUR 22.6 million). Based on the result for the period, earnings per share are EUR 1.21 (Q1 2021/2022: EUR 0.36).
Cash flows from operating activities in the first three months of the financial year 2022/2023 amounted to EUR –44.2 million (Q1 2021/2022: EUR 18.5 million). With higher net profits for the period (EUR 76.9 million; Q1 2021/2022: EUR 22.6 million), the fall in cash flows from operating activities compared to the corresponding quarter in the previous year was due to the higher increase in inventories in the period (Q1 2022/2023: an increase of EUR 28.1 million; Q1 2021/2022: an increase of EUR 7.4 million), and in addition to cash and cash equivalents of EUR 113.9 million tied up in trading activities in other financial and non-financial assets (Q1 2021/2022: EUR 8.2 million).
Driven by investments made in property, plant and equipment, total cash outflows in the first three months of 2022/2023 amounted to EUR 39.6 million (Q1 2021/2022: EUR 20.2 million), which almost corresponds to the total of cash flows from investing activities.
The cash flows from financing activities in the current reporting period wholly comprised repayments of lease liabilities of EUR 1.6 million (Q1 2021/2022: EUR 1.6 million).
As a result of the above, cash and cash equivalents fell by a total of EUR 84.7 million in the period July 1, 2022 to September 30, 2022. Cash and cash equivalents reported in the balance sheet at September 30, 2022 amounted to EUR 214.9 million.
The Group's bank and loan finance arrangements are offset by cash and cash equivalents as well as additional cash held in segregated accounts totalling EUR 291.9 million, so that the reported net cash balance at September 30, 2022 amounted to EUR 261.9 million (June 30, 2022: EUR 284.1 million).
Consolidated profit and loss account
Consolidated cash flow statement
The primary driver of the improvement in results in the first quarter of the financial year 2022/2023 compared to the same period in the previous year was the significantly higher margins achieved in the Biodiesel segment in the first quarter of 2022/2023. It was possible to maintain the trend set in the final quarter of the previous financial year. On the other hand, the margins in the Bioethanol segment were markedly below the levels of the first quarter of the previous year, with raw material costs largely unchanged. Capacity utilisation of the production plants in both the Biodiesel and Bioethanol segments was good. The production volume of biodiesel and bioethanol in the period from July 1, 2022 to September 30, 2022 totalled 216,514 tonnes, compared with 209,066 tonnes in the same period in the previous year. In addition, 261.0 GWh of biomethane were produced in the first three months of the financial year 2022/2023 (Q1 2021/2022: 199.9 GWh). Here, new capacity was available at the Group's new plants in the USA and India. These have not yet reached their full capacity utilisation, with the result that the capacity utilisation of the biomethane plants in the first three months of the financial year 2022/2023 is below the level reported for the previous year.
VERBIO is making no changes to the results forecasts provided in the 2021/2022 annual report published on September 27, 2022. Based on current sales volumes and raw material prices as well as the planned production capacity usage, the VERBIO Vereinigte BioEnergie AG Management Board expects to achieve an EBITDA for the financial year 2022/2023 of around EUR 300 million.
The Group plans significant amounts of investments to expand production capacity and in product diversification and internationalisation in the current financial year. This will be financed using the free cash reserves generated in previous financial periods and cash flows from current operations. Accordingly, the Management Board expects that the Group will have net financial assets of approximately EUR 30 million at the end of the financial year 2022/2023. This forecast is made subject to the proviso that the continued course of the Russian aggression in Ukraine and its consequences do not have a significant further negative effect on the market for biofuels and, in particular, on the procurement of raw materials and energy.
There have been no changes to the opportunities and risks presented in the 2021/2022 annual report. Further, there have been no changes in the risks and opportunities profile of the VERBIO Group during the reporting period. There are no present risks or discernible potential risks that represent a threat to the ability of the Group to continue as a going concern.
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
for the period from July 1, 2022 to September 30, 2022
| EUR (thousands) | Q1 2022/2023 | Q1 2021/2022 | ||
|---|---|---|---|---|
| 1. | Sales revenue (including energy taxes collected) | 592,384 | 350,609 | |
| less: energy taxes | –219 | –181 | ||
| Sales revenue | 592,165 | 350,428 | ||
| 2. | Change in unfinished and finished goods | 14,320 | 585 | |
| 3. | Own work capitalised | 876 | 610 | |
| 4. | Other operating income | 2,911 | 1,961 | |
| 5. | Cost of materials | –462,359 | –258,971 | |
| 6. | Personnel expenses | –18,472 | –15,253 | |
| 7. | Amortisation and impairment of non-current assets | –9,514 | –7,137 | |
| 8. | Other operating expenses | –17,221 | –11,851 | |
| 9. | Changes in the value of financial assets and liabilities | 7,758 | 1,993 | |
| 10. | Result from commodity forward contracts | 1,431 | –29,313 | |
| 11. | Operating result | 111,895 | 33,052 | |
| 12. | Interest income | 267 | 36 | |
| 13. | Interest expense | –175 | –279 | |
| 14. | Financial result | 92 | –243 | |
| 15. | Result before tax | 111,987 | 32,809 | |
| 16. | Income taxes | –35,082 | –10,171 | |
| 17. | Net result for the period | 76,905 | 22,638 | |
| Result attributable to shareholders of the parent company | 76,878 | 22,545 | ||
| Result attributable to non-controlling interests | 27 | 93 | ||
| Earnings per share (basic) in euros | 1.21 | 0.36 |
| Quarterly statement |
|---|
| for the period |
| ended September 30, 2022 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated balance sheet
Consolidated cash flow statement
at September 30, 2022
| EUR (thousands) | 30.09.2022 | 30.06.2022 |
|---|---|---|
| Assets | ||
| A. Non-current assets |
||
| I. Intangible assets |
849 | 846 |
| II. Property, plant and equipment |
436,950 | 391,523 |
| III. Right-of-use assets under leasing arrangements |
21,403 | 18,950 |
| IV. Financial assets |
3,129 | 2,397 |
| V. Other assets |
61,554 | 57,762 |
| VI. Deferred taxes |
4,965 | 807 |
| Total non-current assets | 528,850 | 472,285 |
| B. Current assets |
||
| I. Inventories |
197,393 | 169,335 |
| II. Trade receivables |
128,089 | 112,234 |
| III. Derivatives |
17,464 | 40,975 |
| IV. Other current financial assets |
83,819 | 20,828 |
| V. Tax refunds |
224 | 84 |
| VI. Other assets |
64,044 | 13,266 |
| VII. Cash and cash equivalents |
214,864 | 299,612 |
| Total current assets | 705,897 | 656,334 |
| Balance sheet total | 1,234,747 | 1,128,619 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
| EUR (thousands) | 30.09.2022 | 30.06.2022 |
|---|---|---|
| Equity and liabilities | ||
| A. Equity |
||
| I. Share capital |
63,398 | 63,398 |
| II. Additional paid-in capital |
499,789 | 499,393 |
| III. Retained earnings |
298,139 | 221,261 |
| IV. Reserve for cash flow hedges |
–9,439 | 13,438 |
| V. Reserve for translation adjustments |
35,191 | 18,741 |
| Total equity attributable to owners of the parent | 887,078 | 816,231 |
| VI. Non-controlling interests |
2,252 | 2,224 |
| Total equity | 889,330 | 818,455 |
| B. Non-current liabilities |
||
| I. Bank loans and other loans |
30,000 | 30,000 |
| II. Lease liabilities |
16,088 | 14,419 |
| III. Provisions |
131 | 131 |
| IV. Deferred investment grants and subsidies |
1,148 | 1,342 |
| V. Other non-current financial liabilities |
224 | 224 |
| VI. Deferred taxes |
286 | 11,912 |
| Total non-current liabilities | 47,877 | 58,028 |
| C. Current liabilities |
||
| I. Lease liabilities |
5,793 | 4,967 |
| II. Trade payables |
109,767 | 95,371 |
| III. Derivatives |
22,939 | 15,867 |
| IV. Other current financial liabilities |
20,525 | 14,304 |
| V. Tax liabilities |
117,121 | 89,156 |
| VI. Provisions |
4,151 | 3,655 |
| VII. Deferred investment grants and subsidies |
830 | 837 |
| VIII. Other current liabilities |
16,414 | 27,979 |
| Total current liabilities | 297,540 | 252,136 |
| Balance sheet total | 1,234,747 | 1,128,619 |
Business report and the Group's position
Consolidated profit and loss account
Consolidated cash flow statement
for the period from July 1, 2022 to September 30, 2022
| EUR (thousands) | Q1 2022/2023 | Q1 2021/2022 |
|---|---|---|
| Net result for the period | 76,905 | 22,638 |
| Income taxes | 35,082 | 10,171 |
| Interest result | –92 | 243 |
| Depreciation and amortisation | 9,514 | 7,137 |
| Non-cash expenses from share-based remuneration | 396 | 359 |
| Other non-cash income and expenses | 587 | 176 |
| Gains on disposal of property, plant and equipment and disposal of investment grants | –46 | –82 |
| Release of deferred investment grants and subsidies | –202 | –213 |
| Non-cash changes in derivative financial instruments | –3,165 | 3,207 |
| Increase in inventories | –28,059 | –7,405 |
| Increase in trade receivables | –15,855 | –24,836 |
| Increase in other assets and other current financial assets | –113,908 | –8,210 |
| Increase (previous year: decrease) in provisions | 425 | –4,148 |
| Increase in trade payables | 11,380 | 14,946 |
| Decrease (previous year: increase) in other current financial and non-financial liabilities | –5,968 | 11,505 |
| Interest paid | –109 | –225 |
| Interest received | 267 | 37 |
| Income taxes paid | –11,353 | –6,759 |
| Cash flows from operating activities | –44,201 | 18,541 |
| Quarterly statement | EUR (thousands) | Q1 2022/2023 | Q1 2021/2022 |
|---|---|---|---|
| for the period | Acquisition of intangible assets | –49 | –51 |
| ended September 30, 2022 | Acquisition of property, plant and equipment | –39,619 | –20,243 |
| Group key figures | Proceeds from disposal of property, plant and equipment | 40 | 81 |
| Segment key figures | Cash outflows for investments in associated companies | –733 | 0 |
| Cash flows from investing activities | –40,361 | –20,213 | |
| Business report and the Group's position |
Payments for the redemption of lease liabilities | –1,569 | –1,589 |
| Cash flows from financing activities | –1,569 | –1,589 | |
| Consolidated profit and loss account |
Cash-effective change in cash funds | –86,131 | –3,261 |
| Change in cash funds due to effects of exchange rates | 1,383 | 468 | |
| Consolidated balance sheet | Cash funds at beginning of year | 299,612 | 105,025 |
| Consolidated cash flow statement | Cash funds at end of year | 214,864 | 102,232 |
Financial calendar
| Quarterly statement for the period ended September 30, 2022 |
Financial calendar | |
|---|---|---|
| Group key figures | ||
| Segment key figures | February 3, 2023 | Virtual annual general meeting 2023 |
| Business report and | ||
| the Group's position | February 9, 2023 | Publication of the half-yearly interim report 2022/2023 (July 2022 to December 2022) |
| Consolidated profit | Conference call | |
| and loss account | May 11, 2023 | Publication of the quarterly statement for the period ended March 31, 2023 (July 2022 to March 2023) Conference call |
| Consolidated balance sheet | September 26, 2023 | Publication of the annual report 2022/2023 Analysts' and annual financial press conference |
| Consolidated cash flow statement |
VERBIO Vereinigte BioEnergie AG
VERBIO Vereinigte BioEnergie AG Ritterstraße 23 (Oelßner's Hof) 04109 Leipzig Telephone: +49 341 308530-0 www.verbio.de
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]
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