13.08.2013 PETROTEC AG  DE000PET1111

DGAP-News: PETROTEC AG: Sales and earnings increased in H1 2013


 
DGAP-News: PETROTEC AG / Key word(s): Half Year Results/Forecast PETROTEC AG: Sales and earnings increased in H1 2013 13.08.2013 / 07:37 --------------------------------------------------------------------- Petrotec AG Corporate News Results of first half year 2013 (Jan. 1st to June 30th) Petrotec: Sales and earnings increased in H1 2013 Positive results mirror the continuous improved operational parameters of Petrotec group and the increasing demand for CO2 friendly waste based biodiesel in Europe - EBIT of EUR 3.7 mio. in H1, up 316.2 % compared with H1 2012 - Sales up 25.8 % to EUR 96.9 mio. compared with H1 2012 - EBIT-margin of 3.8 % realized in H1 - High utilization of ca. 78 % in biodiesel production plants - Petrotec further reduced liabilities against main shareholder - Equity ratio improved to 46.8% - Forecast for 2013 confirmed Borken, August 13th, 2013 - Petrotec AG (ISIN DE000PET111), the largest European producer of waste based biodiesel predominantly from used cooking oil, reports group sales of EUR 96.9 mio., up 25.8 % compared with the prior year (H1 2012: EUR 77.1 mio.) in the first half (Jan. 1st to June 30th) of the business year 2013. The company generated an operating profit (EBIT) of EUR 3.7 mio. (H1 2012: EUR 0.9 mio.). EBT reached EUR 2.8 mio. (previous year EUR - 0.1 mio.) and earnings per share (EPS) went up to EUR 0.11 in H1 2013. These strong financial results of H1 2013 were fueled by an increasing demand for Petrotec's sustainable waste based biodiesel leading to an increase by 32% in sales compared to H1 2012 to a total of 87,000 tons of biodiesel sold in H1 2013. Improvements in production capacity utilization (up 15% - from H1 2012 to almost 78% in H1 2013) and logistics processes supported this growth. In the first half year of 2013 Petrotec enjoyed relatively good market conditions and high demand for its products. A good second quarter with even increased margins continued the positive trend seen in the first quarter. In Q2 2013 Petrotec reached its second highest quarterly sales result of EUR 49.1 mio. (Q2 2012: EUR 35.0 mio.) which included some trading volumes and a release of further 5,000 tons from the finished goods stocks. Utilization of both biodiesel production plants reached a high rate of almost 78 % in the first half year 2013 (H1 2012: 67 %) despite having stopped both plants for a planned maintenance period in the second quarter. Production of biodiesel in H1 2013 amounted to 71,000 tons (H1 2012: circa 62,000 tons) with Q2 production figures of 34,000 tons being affected by the mentioned maintenance work (Q2 2012: ca. 28,000 tons). The German market was still influenced by the insufficient transition period granted for the implementation of the new German Biofuels Law (36th BImSchV) which introduced stricter standards for tracing origins of double counting waste based feedstock. By the end of May a large part of Petrotec's supply was certified. Hence, the majority of the volumes Petrotec produced in Q2 were delivered to the German blending market. The Netherlands and the UK showed demand for double counted FAME as well, even though the demand was much lower than in Germany. In Spain the company continues to grow its operation, through the purchase of UCO and its conversion locally into UCOME. For the French double counting scheme the certification of Petrotec's two plants has been (retroactively for 2012) confirmed in April 2013. Also, Petrotec got its EPA (United States Environmental Protection Agency) and is hence registered with its two production facilities in the US. Petrotec can export its biodiesel to the US as an additional outlet if market conditions will materialize. Finally, Petrotec's plants' capacity was both part of the quota allocation in the new Spanish quota system. Equity ratio increased to 46.8 % As of June 30, 2013 total assets declined by EUR 3.6 mio. to EUR 55.7 mio. The decline from year end 2012 is primarily due to the decline in inventories by EUR 5.9 mio. Inventories at year end were exceptionally high. Trade receivables increased significantly by EUR 5.0 mio. to EUR 14.9 mio. which is primarily caused by the strong revenue achievement during the first six month. Cash and cash equivalents decreased from EUR 7.9 mio. as of December 31, 2012 to EUR 6.0 mio. as of June 30, 2013. The decline primarily results from the redemption of loans. Major shareholder (ICG) loans have been reduced to EUR 14.5 mio. at the end of the reporting period, compared to EUR 17.7 mio. at year end 2012, following a repayment of EUR 1.2 mio. of incurred and not paid interest at the end of March and further EUR 2.0 mio. principal payment which was due at end of June 2013. The company has reduced total liabilities by EUR 6.4 mio. to EUR 29.6 mio. as of June 30, 2013 compared to December 31, 2012. Petrotec's equity ratio improved to 46.8% compared to 39.3% as of the balance sheet date on December 31, 2012. Petrotec's working capital remained relatively stable, despite the relatively high growth of the company. Compared to 2012 year end it declined by EUR 2.1 mio. to EUR 18.3 mio. The new trade financing line ability alongside shareholder loans provide Petrotec with a robust financial platform to finance its working capital requirements and act in a flexible manner to capture market opportunities. In the period under review Petrotec generated a net cash flow from operating activities amounting to EUR 7.0 mio. (H1 2012: EUR 1.1 mio.) thanks to the decrease in inventories and the strong H1 result. Outlook Overall, management sees a further slightly improving market environment. After the double counting scheme has now been adopted by the major Western European countries, including Italy, Denmark and mainly Germany the same trend has continued this year with additional eastern and northern countries, such as Finland, Sweden and Romania adopting the double counting scheme. Some countries are about to increase their blending obligations in order to achieve GHG saving targets as well. This is fostering the increase of demand for the company's product, and is enhancing the differentiation point compared to the vegetable oil based biodiesel producers. The 36th BImSchV has increased the requirements for supply of feedstock eligible for double counting in Germany. This has in parallel created a certain shortage in feedstock availability and therefore an increase in prices through the first half year. These relative high prices might be maintained in the short term, going into the third quarter. Yet, the limited effect of the EU imposed new product registration requirements for biodiesel coming from Argentina and Indonesia to countervail the dumping practices and a healthy supply of oil seeds from the US and other locations supported by an expected good harvest, is starting to put significant pressure on oil prices towards the last trimester of the year. Parallel pressure is being observed on the FAME 0 margins and is expected to put double the pressure effect on double counting feedstock such as UCO and animal fat. On the regulatory level the on-going debate on the iLUC (indirect land use chance) criteria is threatening the long term viability of the biodiesel industry as structured today. Although, Petrotec's product is superior in terms of CO2 emission savings, environmental implications and is not impacting food prices, the iLUC discussion seem to contest the biofuel industry as a whole. In contradiction to the initial intention of the EU commission's proposal to encourage the production of waste based biofuels, it might eventually have a negative impact on the double counting players as well. Petrotec's efforts to constantly increase production and sales output by improving its technology, processing yields and its logistics network flexibility continue to be of highest priority to Petrotec's management. Being the largest European independent UCOME producer, Petrotec keeps its excellent relationship with the large mineral oil producers by providing a high quality sustainable and certified product. These high standards are supporting the company by continuously enlarging its customer base, and increasing demand for its product. The management maintains the outlook given in the 2012 annual report for the ongoing business year with sales between EUR 150 mio. to EUR 190 mio. and a 2 % EBIT margin, correlating to an EBIT of EUR 3.0 mio. respectively EUR 3.8 mio. Report download The full H1 2013 financial report can be found in the following link: http://www.petrotec.de/core/cms/front_content.php?idart=386&changelang=2&l ang=2 Petrotec group financial figures
EUR million                          2012      2011      H1 2013   H1 2012

Sales revenues                       166.2     173.2     96.9      77.1

EBIT                                 2.9       5.3       3.7       0.9

EBT                                  0.9       3.0       2.8       -0.1

Profit/Loss of the period            0.9       3.0       2.8       -0.1

EPS in EUR                           0.04      0.19      0.11      0.00

Operative cashflow                   -6.3      4.9       7.0       1.1

Cash & equivalents                   7.9       11.1      6.1       7.9

Equity ratio %                       39.3      43.9      46.8      39.9

No. of shares as of Dec. 31 / June   24,543,7  24,543,7  24,543,7  24,543,7
30                                   41        41        41        41



Disclaimer This corporate news contains forward looking statements, which are based on assumptions and estimates of the management of Petrotec AG. Although Petrotec management believes that these assumptions and estimates are correct, actual future developments and results can deviate substantially from these assumptions and estimates due to many factors. These factors can include alteration of the economic situation, legal and regulatory constraints in Germany and the EU, and changes in Petrotec's general business and competitive environment. Petrotec assumes no liability and provides no warranty that future developments and actual future results will conform with the assumptions and estimates expressed in this corporate news. About Petrotec Petrotec AG, Germany, is the largest European producer of waste-derived biodiesel, mainly based on used cooking oil. The Company owns an overall nominal production capacity of 185,000 tons per year at two locations in Germany. Petrotec runs a vertically integrated business model including own collection of used cooking oil from more than 15,000 collection points, treatment and refining of the raw material up to the technologically demanding production of waste-based biodiesel. The Company sells its biodiesel primarily to large mineral oil companies in northwest Europe. The usage of waste based biodiesel enjoys a preferential double counting scheme granted by major EU countries as part of the mandatory blending quotas. Petrotec's EcoPremium biodiesel provides significant environmental and climate advantages with the highest CO2 emission reduction of 83% (compared with fossil diesel) amongst all biofuels approved by the EU Renewable Energy Directive (2009/28/EC). Since its IPO in 2006, Petrotec cleaned more than 700,000 tons of waste and saved over 2 million tons of CO2 emissions. Petrotec is a public listed company (ISIN DE000PET111) in the regulated market of Frankfurt Stock Exchange, in the Prime Standard segment, complying with high international transparency standards. It has a capital stock of 24,543,741 Euro, equaling 24,543,741 shares. Main shareholder is IC Green Energy Ltd., Israel, with a stake of 69 percent, freefloat is approx. 18 percent. In the business year 2012 (Jan. 1st to Dec. 31st) Petrotec reached sales of EUR 166 mio. and generated an EBIT of EUR 2.9 mio. and a net profit of EUR 0.9 mio. The Company employs about 100 employees. Press contact Petrotec AG Falk v. Kriegsheim Investor Relations Tel.: +49 (0) 172 9837109 [email protected] End of Corporate News --------------------------------------------------------------------- 13.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: PETROTEC AG Fürst-zuSalm-Salm-Str. 18 46325 Borken-Burlo Germany Phone: +49 (0)2862 9100 19 Fax: +49 (0)2862 9100 99 E-mail: [email protected] Internet: www.petrotec.de ISIN: DE000PET1111 WKN: PET111 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 225477 13.08.2013


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBITDA1,2 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBITDA-Marge3 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBIT1,4 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBIT-Marge5 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Jahresüberschuss1 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Netto-Marge6 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Cashflow1,7 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Ergebnis je Aktie8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

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WKN Kurs in € Einschätzung Börsenwert in Mio. €
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KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
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Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
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