EOP Biodiesel AG schreibt Verlust im ersten Halbjahr 2008/2009 - Umsatz gestiegen

Low diesel price and unclear political framework strain results - short-term and long-term credit lines are secured

(PresseBox) ( Pritzwalk, )
EOP Biodiesel AG, Pritzwalk, Germany, increased its group turnover by 38 percent to 70.2m Euro in the first half of its financial year 2008/09, after 50.9m Euro in the first half of 2007/08. 20 percent of the group revenue was made outside Germany (previous year 25 percent). EBIT declined to -5.0m Euro from -4.0m Euro the year before. Group losses amounted to -9.5m Euro (previous year: -4.0m Euro).

The reasons for the revenue decline are mainly two factors: Firstly, the world-wide recession lead to a decline in mineral oil price. This led to a fall in prices for mineral diesel, which in turn are the basis for the biodiesel prices. Secondly, the raw material prices did not decline at the same rate as the sales prices, which put margins under pressure.

Currently, from the political side there are no impulses to be expected. As opposed to the initial announcement to increase the blending rate from currently 5% to 7%, the German government has only changed the norms for diesel in that way that mineral oil companies can blend up to 7% biodiesel on a voluntary basis. For this, however, there is no incentive to do so as due to the low mineral oil prices. "We expect that there will be no considerable improvement of the framework conditions until the general election in autumn this year," says CEO Sven Schön.

In Austria, the affiliated company ABID delivers to the Austrian and East European markets. On the other hand, the other business abroad is planned to be cut down. The subsidiary in Latvia is up for sale and Serbia will be closed down, as now there is no market for biodiesel in both countries. The warehouse for rape seed in Poland is slated for sale as EOP will be a pure trading company there in the future.

In order to counteract to the adverse market conditions, EOP Biodiesel AG has started a comprehensive cost cutting program. First effects can be felt in the third quarter of the financial year, but these will be not sufficient to compensate for the losses over the course of the full financial year. "We currently expect that the results will rather worsen over the course of the year, however, at a slower rate," according to CFO Prof. Dr. Karl-Wilhelm Giersberg.

Despite of these facts, sales of EOP Biodiesel AG are increasing due to long-term contracts with the mineral oil industry. The long-term financing of EOP Biodiesel AG is secured by respective credit contract. Also, the short-term credit line was extended by one year by the banks involved last autumn.
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