BIOPETROL: Strong Growth in 1st Half 2010

Sales up by 36.9% / Successful restart of the biodiesel plant in Rotterdam

(PresseBox) ( Baar, )
In the first half 2010 BIOPETROL INDUSTRIES AG increased Sales excluding energy tax to KEUR 95,422 (first half of 2009: KEUR 69,717). EBITDA was improved to KEUR -1,907 (first half of 2009: KEUR -12,070), EBIT to KEUR -4,810 (first half of 2009: KEUR -13,757). The BIOPETROL group has impaired the net deferred tax assets of KEUR -3,492. Net loss cumulated to KEUR

-10,334 (first half of 2009: KEUR: -12,339), therefore Earnings per share were EUR
-0.20 in the first 6 months versus EUR -0.24 in the first half 2009.

Back to Growth Strategy

A new working capital financing facility allowed the company to reactivate customer relationships, to procure more feedstocks and to attract larger orders from our customers. With the significant increase in inventory and due to the negative result for the period the operational cash flow was KEUR -43,126 (first half of 2009: KEUR 14,065), however, in line with the company's expectations.

Still Cautious Outlook for 2010

With respect to the second half of 2010, it is very difficult to provide a concrete forecast at this stage because overcapacity and imports still remain an issue. Shortterm, BIOPETROL does not expect a significant improvement in spot margins before fourth quarter. In general, European producers are better positioned in winter than in summer, because the better cold flow properties of rapeseed methyl ester (RME) are in stronger demand during the winter period.

From the end of 2010, a significant increase in demand for sustainable certified biodiesel is expected in order to comply with the new sustainability regulations. BIOPETROL will continue to focus on driving cost efficiencies across the group in the coming months in order to enhance the competitiveness across a challenging market environment. This, together with the increased demand for sustainable biodiesel, provides BIOPETROL with the belief being well positioned for future growth.

The full half year report has been published in English on the company's website


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