EOP Biodiesel AG on course with operations in third quarter

No exoneration for former Management Board members at Annual General Meeting / Planned capital reduction does not win necessary three-quarter majority shareholder vote

(PresseBox) ( Pritzwalk/Berlin, )
In the first nine months of financial year 2009/2010 (1 July 2009 to 31 March 2010) EOP Biodiesel AG achieved a gross profit of €9.5 million, about tripling the figure made in the same period the previous year (€3.3 million). In comparison to the first nine months of the previous year (€73.1 million), sales dropped by 12% to €64.0 million, mainly due to price changes. The operating result (earnings before interest, taxes, depreciation and amortisation, EBITDA) was positive at €1.3 million. For the same period in the previous year, the EBITDA was €-4.8 million.

"We have made good progress in our operating business," said Chief Executive Officer Jörg Jacob. For example, sales contracts for biodiesel worth 120,000 tonnes of the total 130,000tonne capacity have already been concluded for the 2010 calendar year. "Unlike in the past, our production operations are today making a positive margin. To take advantage of cost savings, we want our plants to be run at full capacity as soon as possible."

At the Annual General Meeting of EOP Biodiesel AG in Berlin today (3 May 2010) the decision was taken not to grant former Board members Sven Schön and Prof. Dr. Karl-Wilhelm Giersberg exoneration for massive potential breaches of duty in financial year 2008/2009. Bengt Korupp, who is still a member of the Management Board, was exonerated, as proposed when the Annual General Meeting was called. Klaus Maerten-Hinrichs, Dirk Tast and Mike Blechschmidt, who were Supervisory Board members in financial year 2008/2009, were not granted exoneration at the Annual General Meeting - also on the proposal of the Management Board and the Supervisory Board.

The reduction of nominal share capital to a ratio of 3:1 as put forward by the Management and Supervisory Boards was not, however, voted for by the necessary threequarters of the shareholders present. "This is regrettable, but will not hinder the company in its operations. However, the financial restructuring of the company will now take longer," said CEO Jörg Jacob.

This announcement is neither an offer to sell nor an invitation to make an offer to purchase or subscribe to shares. There is no public offering of shares in EOP Biodiesel AG in connection with the share listing on the Frankfurt Stock Exchange. This communication does not constitute a share prospectus. It and the information that it contains are not intended for direct or indirect circulation to or within the United States of America, Canada, Australia or Japan.
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