09.05.2018
VERBIO Vereinigte BioEnergie AG DE000A0JL9W6
DGAP-News: VERBIO Vereinigte BioEnergie AG: Results for the third quarter of 2017/2018 below expectations
DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Quarterly /
Interim Statement
VERBIO Vereinigte BioEnergie AG: Results for the third quarter of 2017/2018
below expectations
09.05.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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VERBIO AG: Results for the third quarter of 2017/2018 below expectations
* Continued heavy pressure on margins expected due to unexpectedly high
levels of subsidised imports of biodiesel from Argentina and Indonesia.
* Amended earnings forecast for the current financial year 2017/2018
* Production of biomethane increased by 11 percent compared to the same
period in the previous year
* All current investment projects in line with plan
Leipzig, May 9, 2018 - VERBIO AG reports significantly lower earnings for
the first nine months of the current financial year compared to the
equivalent period in the previous year, because once again in the third
quarter of the current financial year it has not been possible to maintain
the trend set in the previous financial year. This is due to the fact that
the margins in biodiesel and bioethanol have fallen by more than expected.
Group revenues fell by 5 percent to EUR 513.2 million compared to the same
period in the previous year (9 M 2016/2017: EUR 538.8 million). Earnings
before interest, taxation, depreciation and amortisation (EBITDA) for the
nine-month period amounted to EUR 34.7 million, 55 percent ahead of the
comparative period in the previous year (9 M 2016/2017: EUR 75.8 million).
The Group result before tax (EBIT) totalled EUR 18.0 million (9 M 2016/2017:
EUR 59.7 million). The Group result before tax (EBT) totalled EUR 17.9
million (9 M 2016/2017: EUR 59.1 million), and the net result for the period
was EUR 12.2 million (9 M 2016/2017: EUR 40.9 million). Based on the result
for the period, earnings per share amount to EUR 0.19 (9 M 2016/2017: EUR
0.65).
Development of the Biodiesel and Bioethanol segments
The decline in earnings in the first nine months of the current financial
year was primarily due to lower margins, while capacity utilisation remained
high. . The production volume of biodiesel and bioethanol in the period from
July 1, 2017 to March 31, 2018 totalled 544,949 tonnes, compared with
539,801 tonnes in the same period in the previous year. In addition, 464.4
GWh of biomethane were produced in the first nine months of the financial
year 2017/2018 (9 M 2016/2017: 416.8 GWh), an increase of 11 percent
compared with the same period in the previous year.
Amended earnings forecast for the financial year 2017/2018
Based on current sales volumes and raw material prices the Management Board
expects to achieve an EBITDA for the financial year 2017/2018 of around EUR
40 million. The net cash level should fall to around the EUR 85 million
level by the end of the financial year. Previously the Group had expected an
EBITDA of around EUR 50 million and net cash of EUR 100 million. The Group's
plants will continue production through to the end of the financial year at
high levels of capacity utilisation, as expected.
The primary driver of the adjustments made to forecasts is the continued
imports of subsidised biodiesel from Argentina and Indonesia, which have led
to a heavier than anticipated decline in prices in the third quarter of
2017/2018. In addition, there are sustained low prices for bioethanol. As a
change in the situation cannot be expected in the short term, the Management
Board expects that the pressure on prices for biodiesel and bioethanol will
continue in the fourth quarter of 2017/2018.
Detailed information on business developments in the first nine months of
the 2017/2018 financial year are provided in the quarterly interim statement
for the period ended March 31, 2018. The report can be viewed from 9 a.m. on
VERBIO's website at www.verbio.de.
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and suppliers of
biofuels, and is also the only large-scale producer of biodiesel, bioethanol
and biomethane in Europe. The annual production capacity amounts to
approximately 470,000 tonnes of biodiesel, 260,000 tonnes of bioethanol and
600 gigawatt hours of biomethane. The Company produces its highly efficient
fuels using internally developed, energy efficient production processes and
innovative technologies. VERBIO's biofuels achieve CO2 reductions of up to
90 percent compared to petrol or diesel. VERBIO delivers its products
directly to European oil companies, oil trading companies, independent
filling stations, freight forwarders, municipal utilities and vehicle
fleets. In addition, VERBIO markets high-quality pharma glycerine for the
consumer goods and cosmetics industry (glycerine is manufactured as a
by-product in the biodiesel production process). Within the Group, VERBIO
Vereinigte BioEnergie AG acts as a management holding company. The operative
business is conducted by the subsidiaries VERBIO Diesel Bitterfeld GmbH,
VERBIO Diesel Schwedt GmbH, VERBIO Ethanol Schwedt GmbH & Co. KG, VERBIO
Ethanol Zörbig GmbH & Co. KG and VERBIO Agrar GmbH. The VERBIO share (ISIN
DE000A0JL9W6/WKN A0JL9W) has been listed in the prime standard segment of
the Frankfurt Stock Exchange since October 2006.
Important notice
This publication contains forward-looking statements which are based on
assumptions and estimates made by the management of VERBIO Vereinigte
BioEnergie AG. Although the Company's management is of the opinion that
these assumptions and estimations are realistic, actual future developments
and actual future results may differ significantly from these assumptions
and estimates due to a variety of factors. For example, these factors can
include changes to the overall economic climate, changes to the legal and
regulatory framework in Germany and the EU, and changes in the industry.
VERBIO can give no guarantee and accepts no liability as to whether future
development and the results actually achieved in future will match the
assumptions and estimates made in this publication.
Contact:
VERBIO Vereinigte BioEnergie AG
Ritterstraße 23 (Oelßner's Hof)
04109 Leipzig
Olaf Tröber (IR)
Ulrike Kurze (PR)
Phone: +49(0)341/308530-251
Fax: +49(0)341/308530-998
Email: [email protected]/[email protected]
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09.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: VERBIO Vereinigte BioEnergie AG
Ritterstraße 23 (Oelßners Hof)
04109 Leipzig
Germany
Phone: +49 (0)341 308530-0
Fax: +49 (0)341 308530-998
E-mail: [email protected]
Internet: www.verbio.de
ISIN: DE000A0JL9W6
WKN: A0JL9W
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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