BIOPETROL: Strong Growth of Sales in 2011
- Utilization rates of operating plants improved to 49% in 2H-2011
- Net loss of KEUR 34,693
- Market conditions expected to remain challenging in the near term
BIOPETROL INDUSTRIES AG, the Switzerland-based producer of biodiesel and high quality pharmaceutical-grade glycerine, today reported a net loss of KEUR 34,693 for 2011 amid continuing overcapacity in the European biodiesel market, which led to pressure on margins and low utilization rates across the industry. EBITDA was KEUR -19,380 for the year compared to KEUR -9,808 for 2010, while sales revenues were KEUR 616,108 (2010: KEUR 369,238). Cash flow before changes in working capital was KEUR -21,104.
Despite the difficult market environment, operational performance showed significant signs of improvement with the utilization rate of operating plants in Rotterdam and Germany increasing from 38% in the first half of 2011 to 49% in the second half. In December, the utilization rate was an even higher 54%.
Commenting on the results, Maarten Roelfs, Chief Executive Officer said: "During 2011, BIOPETROL took a number of other actions to further drive cost efficiency and competitiveness, including ending the production at the plant in Schwarzheide. This gives us confidence going into next year, despite its challenging outlook. The Board and management team remain fully focused on improving the operational and financial performance of the company, amidst difficult market conditions."
During the period, BIOPETROL engaged in refinancing discussions resulting in more favourable loan terms with its majority shareholder. The Company will continue to explore opportunities to strengthen its balance sheet, including diversifying its financing providers, where possible.
At the Annual General Meeting on 18th May 2012, Andreas Hubmann will stand for election by shareholders. Ernest Mostert and Roland Pechtold will be standing for re-election for a period of one year. Steven Kalmin, Richard Marshall and Han Smits will leave the Board with effect as of the Annual General Meeting.
The overall outlook for the Group in 2012 remains challenging. The Board and management team will continue to focus on improving the operational and financial performance of the company, while market conditions are expected to remain challenging for the near term.
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 pharmaceutical-grade glycerine of the highest quality. Among our customers are the oil industry and oil traders, large-scale fleet operators, public short-distance 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 850,000 tonnes of biodiesel and 60,000 tonnes of pharmaceutical-grade glycerine.