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EOP Biodiesel AG posts 84% increase in gross operating result in the first half of 2009/2010
Sales figures fall due to lower selling prices - Commodity prices also down - Stable gross profit margin planned as the financial year progresses(PresseBox) ( Pritzwalk, Germany,, )
Earnings before interest and taxes (EBIT) came in at €-0.8 million(previous year: €-5.0 million). This improvement was due to a 43% reduction in the cost of materials to €37.4 million and lower net financial costs of €1.1 million (previous year: €3.3 million). However, oneoff restructuring expenses of approximately €1 million still impacted on the EBIT.
Terminating the Group's highloss foreign operations was a priority in the first half of 2009/2010. On 21 December 2009, EOP Biodiesel AG sold its shareholding in the Austrian company ABID Biotreibstoffe AG.In addition to eliminating an ongoing draw on earnings, this move freed the Group from an impending claim relating to counterguarantees worth over €2.5 million. The Romanian subsidiary EOP Siloz S.R.L. and the Serbian company EOP Eco Oil Products D.O.O. were liquidated in the course of the first half of 2009/2010 and deleted from the Commercial Register. There are plans to close the Romanian company EOP Farms S.R.L. in the second half of the current financial year. Furthermore, the Latvian shareholding AS Baltic Holding Company is due to be sold. The Polish subsidiary will be retained as a trading office.
The EOP Biodiesel Group's total assets fell by €20.2 million to €42.6 million. This was primarily due to the deconsolidation of ABID Biotreibstoffe AG. Equity remains negative, coming in at €-10.6 million on 31 December 2009.
As at 31 December 2009, the EOP Biodiesel Group employed 75 members of staff (30 June 2009: 98 staff). This also reflects the sale of ABID Biotreibstoffe AG.
EOP Biodiesel AG expects its gross profit margin to develop steadily in the current year in conjunction with a slight increase in its sales volume. Selling agreements for 120,000 tonnes of biodiesel have already been concluded for the 2010 calendar year. This is largely thanks to EOP adding a further mineral oil producer to its customer base. These orders mean that both the oil mill, with a capacity of 42,000 tonnes per annum, and the third biodiesel plant, with a capacity of 100,000 tonnes, will operate at full capacity. It is expected that the second biodiesel plant, whose potential output is 30,000 tonnes, will run at twothirds capacity.
Working capital financing has been secured until 30 November 2010.In addition to this, the Group is still engaged in talks with the banks regarding additional funds for hedging instruments. The management continues to work on cutting costs, optimising processes and strengthening margins by improving the way in which sales and procurement are coordinated. These efforts are already having a positive effect on results.
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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