- Record levels of production and results despite intense competition
- EBITDA up 40 percent to EUR 50.7 million and EBIT up 161 percent to EUR 28.5 million compared to the previous year
- Proposed dividend: EUR 0.10 per qualifying share
Leipzig, September 23, 2015 – VERBIO Vereinigte BioEnergie AG has continued along its successful path in 2014/2015 and expects to maintain the earnings level achieved. Since January 1, 2015 VERBIO is currently the only provider able to offer all products required to meet GHG reductions from a single source. Accordingly, VERBIO is in a position to be able to create and deliver tailor-made solutions to each oil industry customer individually.
Group revenues fell by 16 percent to EUR 618.5 million compared to the previous year (2013/2014: EUR 733.8 million). The fall is primarily due to lower revenues from fossil and biogene fuel trading activities.
The result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 50.7 million, 40 percent above the comparative period (2013/2014: EUR 36.2 million). The Group's result before taxes and interest (EBIT) increased by 161 percent to EUR 28.5 million (2013/2014: EUR 10.9 million). The Group result before taxes (EBT) amounted to EUR 24.7 million (2013/2014: EUR 6.9 million); the net result for the period after current and deferred tax income was EUR 26.9 million (2013/2014: EUR 4.0 million). As a result earnings per share (basic and diluted) was EUR 0.43 (2013/2014: EUR 0.09).
Development of the Biodiesel, Bioethanol and Other segments
The Biodiesel segment generated revenues of EUR 397.0 million in the financial year 2014/2015 (2013/2014: EUR 458.2 million). Production of biodiesel increased yet again. A total of 442,867 tonnes of biodiesel were produced (2013/2014: 420,315 tonnes), a 5 percent increase. This represents a 98 percent capacity utilisation. The Biodiesel segment contributed to the Group's overall results with an EBITDA of EUR 26.9 million (2013/2014: EUR 22.4 million) and an EBIT of EUR 21.7 million (2013/2014: EUR 17.3 million).
The Bioethanol segment generated revenues of EUR 212.9 million in the financial year 2014/2015 (2013/2014: EUR 257.8 million). Production of bioethanol and biomethane increased to 248,103 tonnes (2013/2014: 207,570 tonnes) and 469 GWh (2013/2014: 323 GWh) respectively, representing increases of 19 percent and 45 percent. The Bioethanol segment contributed to the Group's overall results with an EBITDA of EUR 22.4 million (2013/2014: EUR 14.1 million) and an EBIT of EUR 6.3 million (2013/2014: EUR -0.4 million).
Revenues generated in the Other segment in the financial year 2014/2015 amounted to EUR 15.8 million and primarily related to transport and logistics services. The reported segment result amounted to EUR 0.5 million (2013/2014: EUR -0.6 million).
Further improvement in the net asset and financial position
The Group's bank and loan financing arrangements were reduced by EUR -33.6 million (2013/2014: EUR -91.1 million). The cash and cash equivalents of EUR 26.7 million exceed the remaining bank and loan finance liabilities so that the reported net financial assets amount to EUR 7.8 million at the balance sheet date. With equity totalling EUR 209.7 million (June 30, 2014: EUR 183.5 million) the equity ratio amounts to 70.8 percent, a significant increase compared to the previous year's balance sheet date (June 30, 2014: 60.6 percent).
Dividend/outlook for the financial year 2015/2016
This past financial year 2014/2015 was the most successful year for VERBIO AG since the formation of the Company. The Supervisory Board resolved at its meeting held on September 21, 2015 to approve the proposal made by the Management Board to pay a dividend for the financial year 2014/2015 for the first time since the Company's formation in 2006. The Supervisory Board and the Management Board will propose the payment of a dividend of EUR 0.10 per qualifying share at the annual general meeting to be held on January 29, 2016. It is intended to pay dividends on a regular basis in future, assuming that business conditions remain unchanged.
Based on the current level of sales and raw material prices and the planned plant utilisation, the Management Board expects to achieve an EBITDA of around EUR 50 million in the financial year 2015/2016 and to increase net cash by the end the financial year to approximately EUR 38 million.
Detailed information on business developments in the financial year 2014/2015 is provided in the annual report 2014/2015. The report can be viewed from 9 a.m. on Verbio's website, www.verbio.de.
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and suppliers of biofuels, and at the same time the only large-scale producer of biodiesel, bioethanol and biomethane in Europe. The annual production capacity amounts to approximately 450,000 tonnes of biodiesel, 260,000 tonnes of bioethanol and 480 gigawatt hours of biomethane. The Company produces its highly efficient fuels using internally generated, 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 the 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 & Co. KG, VERBIO Diesel Schwedt GmbH & Co. KG, VERBIO Ethanol Schwedt GmbH & Co. KG, VERBIO Ethanol Zörbig GmbH & Co. KG and Märka 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 certain forward-looking statements which are based on assumptions and judgements made by the management of VERBIO Vereinigte BioEnergie AG¬. Although the Company's management is of the opinion that those assumptions and estimations are realistic, future actual developments and future actual results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can, for example, 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 the future development and the results actually achieved in future will match the assumptions and estimates made in this publication.