EOP Biodiesel AG
EOP Biodiesel AG: EOP Biodiesel AG aims to stabilize revenues in the current financial year and aims at a positive EBITDA
EOP Biodiesel AG / Final Results 27.01.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- EOP Biodiesel AG aims to stabilize revenues in the current financial year and aims at a positive EBITDA Group accounts 2008/2009: losses amount to EUR -24.1m - 96,000 t of biodiesel have been sold for the calendar year 2010 Pritzwalk, 27 January 2010 - In financial year 2008/2009, ending 30 June 2009, EOP Biodiesel AG group produced and sold more biodiesel than ever before. However, due to the steep fall in mineral oil prices, which is the basis for the price formula calculating the price for biodiesel, this increase in sales did not lead to a respective increase in revenue. Looking at Germany, the increase of volume was compensated by the decline in sales prices. Especially changing from normal production to toll-processing at ABID Biotreibstoffe AG in Austria lead to a decline in group-wide sales revenue. In total, sales revenues, adjusted by mineral oil taxes, declined by 10 per cent to EUR 112.4m (previous year: EUR 124.7m). This appears from the group accounts 2008/2009, which have been published today. The annual report 2008/2009 can be downloaded from the EOP Biodiesel AG's homepage (www.eopbiodieselag.de) under Investor Relations. As previously stated, on group level high losses have been accumulated. This was a result from a worsening operating margin. The gross results of the group shrank from EUR 11.4m in the previous year to EUR 6.8m in 2008/2009. This decline resulted, on the one hand, from lower sales revenues as described above and, on the other hand, from the, in comparison to the sales revenue, under-proportionally declining raw material costs. Furthermore, depreciation of intangible assets as well as well as of tangible assets had a negative impact. In total, write-offs increased by EUR 2.8m compared to the previous year. Group earnings before interest, tax, depreciation and amortization (EBITDA) were EUR -8.7m (previous year: EUR -5.4m), whereas EBIT was EUR -15.6m (previous year: EUR -9.5m). Especially due to write-offs of deferred taxes over EUR 3.5m, profits after tax deteriorated to EUR -21.8m (previous year: EUR -9.1m). Under the heading losses from abandoned businesses, losses from affiliated companies from Latvia, Serbia and Romania as well as the write-offs of long-term assets held for sale are included. This accumulates to a total of EUR -3.1m (previous year: EUR -0.7m). Taking into account the minority stakes of the other shareholders, the financial year 2008/2009 ended with a group loss of EUR -24.1m (previous year: EUR -8.0m). The balance sheet total of EOP Biodiesel AG group shrank by 28.9 per cent to EUR 62.8m (previous year: EUR 88.6m). Group equity evaporated by the high balance sheet losses of EUR 37.6m and amounts to EUR -9.7m. The company is still in the process of evaluating and negotiating the future financing. An average of 119 people were employed during the financial year 2008/2009 within the group, compared to 130 in the previous year. 'The development of the financial year 2008/2009 put EOP Biodiesel AG in an existence-threatening situation and we are not yet in the comfort zone,' says CEO Jörg Jacob. Next to the current financing talks, management works at a new strategy at the moment. Focal points are retreating from unprofitable foreign investments, concentrating on the core market Germany and hedging of purchase and sales prices. For the current financial year, EOP Biodiesel AG expects a revenue on past year's level. For the calendar year 2010, 96,000 t biodiesel have been already sold, which is a capacity utilization of nearly 75 per cent of the annual capacity of 130,000 t. Due to restructuring and changing in strategy, EOP aims to achieve a positive EBITDA for the current financial year. At the annual general meeting (AGM) of EOP Biodiesel AG, which is scheduled for 10 March 2010 in Pritzwalk, key data of the first half of the current financial year 2009/2010 will be published. Media Contact: EOP Biodiesel AG Jörg Jacob Tel.: +49-3398-505-0 Fax: +49-3398-505-99 E-mail: jacob@eopag.de www.eopbiodieselag.de 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. 27.01.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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