Press release BoxID: 311394 (EOP Biodiesel AG)
  • EOP Biodiesel AG
  • Am Hünengrab 09
  • 16928 Pritzwalk
  • Contact person
  • Jörg Jacob
  • +49 (3398) 505-0

EOP Biodiesel achieves break-even EBIT in Q1 2009/2010

Annual loss 2008/09 is at €-25.1m / Share in affiliated company ABID is in the process of being sold

(PresseBox) (Pritzwalk, ) EOP Biodiesel AG achieved an EBIT of €0.1m in the first quarter of the current financial year (compared to €0.9m in the first quarter 2008/2009). Revenue was down to €20.2m due to significant lower mineral oil price (previous year: €32.4m). Results as of 30 September 2009 were at €-0.3m (previous year: €0.5m). All these numbers are according to local GAAP HGB and for the EOP Biodiesel AG only.

The financial year 2008/2009 of EOP Biodiesel AG ended according to preliminary numbers in local GAAP HGB with a loss of €-25.1m (2007/2008: €-7.5m). The reason for this was mainly the writeoff of investments of €10.7m and an EBITDA of €9.7m. EBIT itself was €-23.6m (previous year: €-5.9m).

The writeoff in connection with the Austrian investment ABID Biotreibstoffe AG was €7.7m alone. EBIT was suffering from the fact that raw material was purchased at high fixed prices in order to secure availability. The decline in mineral oil price, which is the basis for the biodiesel price fixing, was eating into the margins during the course of the financial year. Due to this high loss a deficit of around €2m. is expected for the previous financial year at the moment. The board of management is currently working on a restructuring concept, which is scheduled to be presented at the ordinary AGM on 23 February 2010.

The 61.5 percent investment in ABID Biotreibstoffe is in the process of being sold. Also, the affiliated companies in Serbia and Romania have been closed down or are in the process of being closed down shortly. "We are cleaningup our legacy problems," says CEO Jörg Jacob. "We are focusing on the development of a restructuring concept, with which we want to secure the midterm future of our company. The positive EBIT in the first quarter of the current financial year shows, that our company is eligible for restructuring and that this is worthwhile ."

This announcement is neither an offer to buy nor an invitation to make an offer to purchase or subscribe to securities. No public offer of shares in EOP Biodiesel AG was made in connection with the open market launch of EOP shares on the Frankfurt Stock Exchange. This announcement 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.