DGAP-Ad-hoc: VERBIO Vereinigte BioEnergie AG / Key word(s): Change in Forecast
VERBIO adjusts its earnings forecast for financial year 2017/2018 following weak third quarter.
Zörbig/Leipzig, April 30, 2018 - The ongoing imports of subsidized biodiesel from Argentina and Indonesia have led to a greater decline in prices in the third quarter 2017/2018 than previously expected. Furthermore, prices for bioethanol are persistently low. The Management Board believes that pressure on prices will continue in the fourth quarter 2017/2018 for biodiesel and bioethanol as well, since any changes of the current situation in the short term are not likely.
Based on the current level of sales and raw material prices, the Management Board expects to achieve an EBITDA of approximately EUR 40 million in the financial year 2017/2018. The net cash by the end of the financial year shall be approximately EUR 85 million. In its most recent previous forecast the Company had expected EBITDA of approximately EUR 50 million and Net-Cash of EUR 100 million. As expected the production facilities will operate with a high utilization rate till the end of the financial year.
All the key figures will be published with the interim report as of 31. March 2018 (third quarter 2017/2018) as scheduled on May 9, 2018.
Information and Explanation of the Issuer to this News:
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and providers of biofuels and is at the same time the only large industrial producer of biodiesel, bioethanol and biomethane in Europe. The production capacity is at a rounded 470,000 tons biodiesel, 260,000 tons bioethanol and 600 gigawatt hours biomethane per year. In the production of its highly efficient fuels, the company uses energy-saving production processes and innovative technologies of own development. The biofuels of VERBIO achieve CO2 reductions of up to 90 percent compared to petrol or diesel. VERBIO delivers its products directly to the European mineral oil conglomerates, mineral oil trading companies, independent gas stations, freight forwarders, municipal utilities and vehicle fleets. In addition, VERBIO markets high-quality pharma glycerine for the consumer goods and cosmetics industry (glycerine is gained as a by-product in biodiesel production). Within the group, VERBIO Vereinigte BioEnergie AG acts as Management Holding. The operative business is exercised by the subsidiaries, VERBIO Diesel Bitterfeld GmbH, VERBIO Diesel Schwedt GmbH, VERBIO Ethanol Schwedt GmbH & Co. KG, VERBIO Ethanol Zörbig GmbH & Co. KG and VERBIO Agrar GmbH. The VERBIO stock (ISIN DE000A0JL9W6 / WKN A0JL9W) has been listed at the Prime Standard of the Frankfurt stock exchange since October 2006.
This publication contains certain forward-looking statements concerning the VERBIO group of companies. The forward-looking statements contained herein represent the judgment of VERBIO as of the date of this release and involve risks and uncertainties. Should actual conditions differ from the Company's assumptions, actual results and actions may differ from those anticipated. VERBIO does not intend to update any of these forward-looking statements as far as the wording of the relevant publication is concerned.
|Company:||VERBIO Vereinigte BioEnergie AG|
|Ritterstraße 23 (Oelßners Hof)|
|Phone:||+49 (0)341 308530-0|
|Fax:||+49 (0)341 308530-998|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|
680949 30-Apr-2018 CET/CEST