Umweltkontor Renewable Energy AG
Umweltkontor Group sells equity interest in Nevest
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
Umweltkontor Renewable Energy AG
Erkelenz, December 16, 2003
Umweltkontor Group sells equity interest in Nevest
The Umweltkontor Group has sold its 66.43% equity interest in Nevest New Energy
AG with effect from December 1, 2003. With this move, it has also parted
company with Nevest’s wholly-owned subsidiaries, Biodiesel Schwarzheide GmbH
and Biodiesel Rostock GmbH.
The reason behind this step is the ongoing losses at these companies. These are
due in part to the drop in the price of glycerine, a by-product of the
biodiesel production process, from EUR 1,000/t to the current level of less
than EUR 500/t, as well as to continuing technical problems in ramping up the
refinery.
The impact on the Group’s balance sheet will be limited. As the carrying
amounts of equity interests were eliminated against the share premium and
profits/losses carried forward in the amount of EUR 24 million in the 2002
financial statements, write-downs on the remaining carrying amount are expected
to total around EUR 5 million. Under certain circumstances, the necessary
deconsolidation may even result in positive effects as against the previous
quarter.
The new owner will assume the task of restructuring the company together with
the financing bank, with a view to safeguarding jobs.
This means that the Umweltkontor Group will only leverage market opportunities
in the area of biogenic fuels via its profitable trading company from 2004
onwards.
Contact:
Tel.: +49(0)2431-94 52-304
E-mail: ir@umweltkontor.com – http//www.umweltkontor.com
end of ad-hoc-announcement (c)DGAP 16.12.2003
——————————————————————————–
WKN: 760810; ISIN: DE0007608101; Index: NEMAX 50
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
160737 Dez 03
Latest News
Latest Reports
Upcoming Events
No Events found
Webcasts
No Webcasts found