14.05.2014 PETROTEC AG  DE000PET1111

DGAP-News: PETROTEC AG: Weaker Q1 results due to pressure on UCOME prices; Positive prospects with further implementation of double counting scheme


 
DGAP-News: PETROTEC AG / Key word(s): Quarter Results/Quarter Results PETROTEC AG: Weaker Q1 results due to pressure on UCOME prices; Positive prospects with further implementation of double counting scheme 14.05.2014 / 20:32 --------------------------------------------------------------------- Petrotec AG: Weaker Q1 results due to pressure on UCOME prices; Positive prospects with further implementation of double counting scheme Petrotec AG Corporate News Results of first quarter 2014 (Jan. 1st to Mar. 31st) Petrotec AG: Weaker Q1 results due to pressure on UCOME prices; Positive prospects with further implementation of double counting scheme - Sales volumes in Q1 2014 increased to 47,600 tons (Q1 2013: 43,400 tons) - Negative EBIT margin of -1.6% in Q1 2014 due to price pressure - Further implementations of double counting expected to support the market Borken, May 14th, 2014 - Petrotec AG (ISIN DE000PET111), the largest European producer of waste based biodiesel predominantly from used cooking oil, reports group sales of EUR 46.0 mill. in first quarter of business year 2014 (Jan. 1st to Mar. 31st) compared with the prior year (Q1 2013: EUR 47.8 mill.). The company generated an operating loss (EBIT) of minus EUR 0.8 mill. (Q1 2013: operating profit of plus EUR 1.5 mill.). EBT reached minus EUR 1.2 mill. in Q1 2014 (Q1 2013: plus EUR 1.1 mill.) and earnings per share (EPS) declined from plus EUR 0.04 in Q1 2013 to minus EUR 0.05 in Q1 2014. These results demonstrate the tough market conditions in the waste based biodiesel market. The recent developments in the feedstock and biodiesel markets have put a lot of pressure on the UCOME margins. On the single counting biodiesel market, the company observed a sharp decrease in prices and margins. Being tied to the FAME 0 and RME margins to gasoil, weaker margins for the latter have double the negative effect on the UCOME prices leading to a decline in the sales price. EBIT result was also impacted from the reduction of production volumes, higher personnel expenses and higher storage costs due to inventory build-up. Despite a traditional weak winter season Petrotec managed to capture a higher demand for biodiesel in Q1 and to trade significant volumes (11,700 tons in Q1 2014 vs. 3,900 tons in Q1 2013) increasing sales volumes to 47,600 tons of biodiesel during Q1 2014 compared with 43,400 tons in Q1 2013. Yet, sales margins tightened significantly due to lower margins. Due to said price decrease total sales value declined by 3.8%, despite higher sales volumes. Furthermore, tight feedstock supply and strict quality parameters resulted in lower production volumes (34,900 tons in Q1 2014 vs. 37,100 tons in Q1 2013). Utilization of both biodiesel production plants reached a high of 76.5% compared with 81.3% in Q1 2013. In Spain the company maintained a growth trend in the activity and managed to diversify its target markets. The quota system was announced in Spain during Q1 2014 to be implemented as of May 2014. Furthermore, in April 2014 Spanish authorities announced double counting in near future to be introduced in the Spanish market. Equity ratio stable at 47.9% As of March 31st, 2014 total assets decreased to EUR 55.6 mill. compared with a total assets position of EUR 58.2 mill. at year end 2013. This is primarily due to a decline in cash (by EUR 5.6 mill.) and in trade and other receivables (by EUR 2.7 mill.). In the opposite direction inventories increased significantly by EUR 5.2 mill. In addition, Petrotec paid EUR 1.2 mill. loan redemption and interest and invested a total of EUR 1.2 mill. in plant expansions and modernization as well as in the partial renewal of the truck fleet, which in turn reduced the cash position to EUR 4.3 mill. On the liability side, total liabilities reduced from EUR 30.5 mill. as of December 31st, 2013 by 4.9% to EUR 29 mill. On March 31st, 2014 the equity ratio remained stable at 47.9% compared to 47.6% at the balance sheet day on December 31st, 2013. The almost unchanged equity ratio is due to the net loss of the period on the one hand, which was balanced by the parallel reduced asset position. Working capital increased compared to 2013 year end by EUR 3.2 mill. to EUR 19.8 mill., primarily due to increase in inventories. Additionally trade payables and other payables decreased. In Q1 2014 Petrotec generated a negative cash flow from operating activities of minus EUR 3.2 mill. compared to plus EUR 6.8 mill. in Q1 2013. Outlook The lower demand from the German market has significantly reduced last year's premiums and margins of the UCOME, where feedstock prices in the UCO market typically adjust with a delay to the UCOME trend and is expected to do so through Q2. In addition, the expectation for upraising UCOME prices, supporting upraising UCO prices, observed in previous years coming to the summer period made suppliers maintaining high feedstock prices, that again are expected to adjust with the down sliding biodiesel prices and margins in this summer period. On a more general perspective, the company sees a further increase in the demand for biodiesel mainly thanks to an increasing number of countries adopting the double counting scheme and to higher blending obligations in order to achieve GHG saving targets. Petrotec's efforts to constantly increase production and sales output by improving its processing yields and its logistics network flexibility continue to be of highest priority to Petrotec's management. Considering the recent development in the biodiesel market, and the weaker margins for single counting product, the management asses the company to be able to meet only the lower range of the guidance it has published in the annual report 2013 and the overall likelihood to meet the guidance to be reduced. Report download The full Q1 2014 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                          2013      2012      Q1 2014   Q1 2013

Sales revenues                       193.3     166.2     46.0      47.8

EBIT                                 4.9       2.9       -0.8      1.5

EBT                                  3.1       0.9       -1.2      1.1

Profit/Loss of the period            4.0       0.9       -1.2      1.1

EPS in EUR, undiluted                0.16      0.04      -0.05     0.04

Operative cashflow                   11.6      -6.3      -3.2      6.8

Cash & equivalents                   9.9       7.9       4.3       6.5

Equity ratio %                       47.6      39.3      47.9      46.9

No. of shares as of Dec. 31 / March  24,543,7  24,543,7  24,543,7  24,543,7
31                                   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 biodiesel 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 to large mineral oil companies in northwest Europe. The usage of waste based biodiesel is incentivized by major EU countries with a double counting scheme 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 has cleaned more than 873,000 tons of waste and saved over 2.5 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. Petrotec's main shareholder is IC Green Energy Ltd., Israel, with a stake of 69 percent, freefloat is approx. 18 percent. In the business year 2013 (Jan. 1st to Dec. 31st) Petrotec reached sales of EUR 193 mill. and generated an EBIT of EUR 4.9 mill. and a net profit of EUR 4.0 mill. The Company employs about 115 employees. Press contact Petrotec AG Investor Relations Falk v. Kriegsheim [email protected] Tel. +49 172 9837109 End of corporate news End of Corporate News --------------------------------------------------------------------- 14.05.2014 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 --------------------------------------------------------------------- 268560 14.05.2014


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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KBV KCV KUV EV/EBITDA
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Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
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Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
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