BIOPETROL INDUSTRIES AG
BIOPETROL INDUSTRIES AG prepares financial restructuring
BIOPETROL INDUSTRIES AG / Strategic Company Decision Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Zug, 16th February 2009: According to currently available preliminary financials, BIOPETROL INDUSTRIES AG expects to close the financial year 2008 with a turnover of around EUR 300m (2007: EUR 218.1m), a negative EBIT of around EUR -11.5m (2007.: EUR 5.4m) and with a loss after tax of around EUR –10m (2007: profit of 4.4m). The operating cash flow is expected to be around EUR -20m (2007: EUR -7m). The balance sheet is expected to show total assets of around EUR 171m (2007: EUR 202m) and total equity of around EUR 65.0 m. At 31st December 2008 the cash and cash equivalents less current account financing was EUR -15.2m. Based on the preliminary figures for the financial year 2008 and according to the valuation resulting from the going concern planning which was set up for restructuring purposes, BIOPETROL INDUSTRIES AG is currently not overindebted. The continuing lack of orders from the beginning of 2009 together with pressure on margins makes it necessary to take substantial and sustainable steps in order to secure the continuation of the company. Coupon payment for the convertible bond currently not possible BIOPETROL FINANCE B.V., an indirect subsidiary of BIOPETROL INDUSTRIES AG, issued a convertible bond ('bond') on 21st February 2007 of EUR 75m and with an annual interest coupon of 4% with a term until 21st February 2012. BIOPETROL FINANCE B.V. is currently not able to pay the EUR 3m interest due for the year 2008/9. BIOPETROL INDUSTRIES AG as Guarantor of the bond is also currently not in a position to fund the payment due under the bond. In the next few days the holders of the bond will receive a written information via their depot banks. Early conversion of the convertible bond In response to the financial difficulties described above, BIOPETROL has set up a restructuring concept. Key element of the planned financial restructuring is a modification of the terms and conditions of the convertible bond to align these terms and conditions with the mid-term economic outlook for the group. An offer will be made to the bondholders to early conversion of their bonds into shares. This offer would use the shares reserved for conversion at the time the bond was issued. As part of the restructuring concept, the auditing company Warth & Klein has made an indicative valuation of BIOPETROL INDUSTRIES AG based on business plans provided by the management and the assumption that the restructuring is successful and the bond is fully converted into equity. Warth & Klein comes to a considerably higher valuation than the current market capitalization of BIOPETROL INDUSTRIES AG. Preparations made for meetings with banks and investors Talks will immediately start with the creditor bank, as well as a number of potential investors aiming at continuing the restructured business of BIOPETROL INDUSTRIES AG as alternative to an insolvency scenario. Postponement of the Annual Report and the Annual General Meeting The financial restructuring of the group can have substantial impact on the annual report and accounts for 2008. In agreement with the group auditors (KPMG AG, Zug / Switzerland) the board has decided to postpone the publication of the annual report and accounts 2008 until 19th May 2009 and the Annual General Meeting will be held on 23nd June 2009. About the company With its German, Dutch and Swiss subsidiaries, BIOPETROL INDUSTRIES AG, which has its head office in Zug (Switzerland), produces and sells biodiesel and pharmaceutical-grade glycerine of the highest quality. Among our customers are the oil industry and oil traders, large-scale fleet operators, public short-distance transport, as well as the agricultural and construction industries. The pharmaceuticals and cosmetics industries are in addition supplied with bioglycerine of pharmaceutical quality. At the present date, BIOPETROL INDUSTRIES AG has annual productive capacities in Schwarzheide and Rostock of around 350,000 tonnes of biodiesel and 30,000 tonnes of pharmaceutical-grade glycerine. In Rotterdam, BIOPETROL is building an installation with an annual productive capacity of 400,000 tonnes of biodiesel and 60,000 tonnes of bioglycerine. By the end of 2008, annual capacity should then be more than doubled to a total of 750,000 tonnes of biodiesel. Further expansion of capacity in Rotterdam is planned. We are working actively on extending our product range, based on the coproduct bioglycerine. Disclaimer This press release represents neither an offer for sale nor a request for the submission of an offer to purchase or subscribe to securities. This announcement and the information contained therein are not intended to be directly or indirectly passed on to or within the United States of America, Canada, Australia or Japan. Contact: Investor Relations Gerd Rückel Telefon +49 (0) 69 577 0 300 31 Mail: gerd.rueckel@biopetrol-ind.com Contact: Public Relations Andrea Beyer Telefon +49 (0)211-15779610 Mail: andrea.beyer@biopetrol-ind.com 16.02.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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