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BIOPETROL: Strong Growth in 1st Half 2010
Sales up by 36.9% / Successful restart of the biodiesel plant in Rotterdam
Baar, (PresseBox) -
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 www.biopetrol-ind.com.
Disclaimer
This press release represents neither an offer for sale nor a request for the submission of an offer to purchase or subscribe to securities. This announcement and the information contained therein are not intended to be directly or indirectly passed on to or within the United States of America, Canada, Australia or Japan.
-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 www.biopetrol-ind.com.
Disclaimer
This press release represents neither an offer for sale nor a request for the submission of an offer to purchase or subscribe to securities. This announcement and the information contained therein are not intended to be directly or indirectly passed on to or within the United States of America, Canada, Australia or Japan.
BIOPETROL INDUSTRIES AG
With its German, Dutch and Swiss subsidiaries, BIOPETROL INDUSTRIES AG, which has its head office in Baar (Switzerland), produces and sells biodiesel and pharmaceuticalgrade glycerine of the highest quality. Among our customers are the oil industry and oil traders, largescale fleet operators, public shortdistance transport, as well as the agricultural and construction industries. The pharmaceuticals and cosmetics industries are in addition supplied with glycerine of pharmaceutical quality.
BIOPETROL INDUSTRIES AG has annual production capacities in Schwarzheide, Rostock and Rotterdam of 750,000 tonnes of biodiesel and 90,000 tonnes of pharmaceuticalgrade glycerine. Further expansion of capacity in Rotterdam and extending the product range is planned.
