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EnviTec Biogas operates successfully in third quarter in challenging market environment
- Positive sales trend continues as the year progresses
- Successful turnaround: EBIT and net result in positive territory again
- Forecast for 2013 confirmed
Due to the great uncertainty about the future legal framework, demand for biogas plants in Germany has declined sharply in 2013. In response to this trend, EnviTec Biogas AG (ISIN: DE000A0MVLS8) cut its costs significantly and pushed ahead its international expansion. As a result, the supplier of biogas plants and services from Lower Saxony managed to turn around in the course of the year and again reported growing sales revenues as well as a positive result in the third quarter. Sales revenues increased from EUR 33.5 million and EUR 35.3 million in the first and second quarter, respectively, to EUR 38.6 million in the period from August to October (Q3 2012: EUR 55.9 million). At EUR 14.4 million, the Own Plant Operation segment for the first time reported the highest sales revenues (Q3 2012: EUR 10.0 million) of the company's business segments.
"It was necessary to adjust our corporate structures," said Jörg Fischer, Chief Financial Officer of EnviTec Biogas AG. "We have now laid the basis for profitable growth even in a challenging market environment and will be able to seize new opportunities that arise". After two loss-making quarters, EnviTec Biogas generated positive earnings before interest and taxes (EBIT) of EUR 1.3 million in the third quarter (Q3 2012: EUR 4.5 million). Net income for the period amounted to EUR 0.5 million in Q3 2013 (Q3 2012: EUR 4.8 million). Liquid funds of EUR 14.7 million and an equity ratio of 54.4% mean that EnviTec Biogas remains very solidly financed.
EnviTec Biogas projects a stable trend for the fourth quarter. At the end of September, the company had an order backlog of EUR 93.3 million. Accordingly, the Executive Board confirmed the sales forecast of EUR 140 - 160 million for the full year 2013 (Jan. - Sep. EUR 107.4 million) and projects a positive operating result (Jan. - Sep. EUR -0.5 million).
Says Jörg Fischer: "The market environment will remain challenging in 2014, but we see growth opportunities. The German biogas market urgently needs a reliable legal framework to allow biogas, which is a source of energy that can cover base load and peak load requirements, to make an important contribution to the exit from nuclear energy." At an international level, EnviTec Biogas sees new opportunities in the United States, China and Russia, besides established markets like the Czech Republic, France and the UK.
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