BIOPETROL INDUSTRIES AG
BIOPETROL INDUSTRIES AG: Company update
BIOPETROL INDUSTRIES AG / Key word(s): Final Results/Final Results 06.05.2013 07:51 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. --------------------------------------------------------------------------- BIOPETROL: Company update - Improved operating performance, with plant utilization rates rising to 65% in 2H-2012 - EBITDA of KEUR -11,977 (vs KEUR -19,380 in 2011) - Net loss of KEUR -97,949 (vs KEUR -34,693 in 2011) - Total booked impairments in 2012 of KEUR 73,380 - Negative shareholder's equity of KEUR -87,053 (vs KEUR 10,896 in 2011) - Currently exploring capital raising options of an amount of CHF 116,374,327.50 Baar, 6 May 2013: BIOPETROL INDUSTRIES AG, the Switzerland-based producer of biodiesel and high quality pharmaceutical-grade glycerine, has today published its annual report. Amid challenging market conditions and persistent overcapacity in the European biodiesel market, the Group reported a net loss of KEUR 97,949 in 2012, having booked impairments of KEUR 73,380 over the full year. EBITDA was KEUR -11,977 for the year compared to KEUR -19,380 for 2011. In the Consolidated Financial Statement, the total equity of the Group became negative at KEUR -87,053. In spite of this challenging environment, the Group's operational performance has registered improvement over the year, with the utilization rate at our operating plants in Rotterdam and Germany rising from 55% in the first half of 2012 to 65% in the second half. The company continues to maintain a strong focus on reducing its fixed cost base, to increase competitiveness and maximise operational efficiency. This has included the closure of the plant in Rotterdam-Pernis. While we remain open-minded about a potential restart of the plant in the future, this is unlikely to take place in 2013. Maarten Roelfs, Chief Executive Officer, commented: 'During 2012, our focus has been on reducing BIOPETROL'S fixed cost base and further driving our competiveness. The Board and management team are determined to maximise the operational and financial efficiency of the Group throughout these challenging market conditions, which are likely to continue into 2013. In our Consolidated Financial Statement the total equity of the Group became negative. The Board and management are taking steps to improve the Group's solvability by raising equity through capital markets.' In order to restructure the Company's balance sheet, the Board of BIOPETROL is proposing to the shareholders' meeting to reduce the share capital in the amount of CHF 65'945'452.25 i.e. from CHF 77'582'885.00 to CHF 11'637'432.75 by reducing the nominal value of the shares from CHF 1.00 to CHF 0.15 and to subsequently raise a maximum amount of CHF 116,374,327.50 in equity through the capital markets by means of a rights issue at the new nominal value of CHF 0.15. By participating in this rights issue, our existing shareholders can avoid (if the relevant shareholder exercises all of its subscription rights) or limit dilution. More details can be found in the invitation to the forthcoming annual shareholders meeting and a securities prospectus which will be published upon commencement of the offer. Furthermore, in order to raise the flexibility of the Company, the Board of BIOPETROL intends to terminate the inclusion of the Company's shares (ISIN CH0023225938 / WKN A0HNQ5) in the Open Market (Freiverkehr) of the Frankfurt Stock Exchange. The termination will be effective six weeks after the termination notice has been submitted to Deutsche Börse AG. The Company expects the termination notice to be submitted within the next one or two weeks following this press release. Outlook The overall outlook remains challenging and the company does not expect the business environment to improve significantly in 2013. The Board and management team will continue to take action to minimise costs and strengthen the Group's balance sheet. About the company: With its German, Dutch and Swiss subsidiaries, BIOPETROL INDUSTRIES AG, headquartered in Baar (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 also supplied with pharmaceutical grade glycerine. BIOPETROL INDUSTRIES AG has annual production capacities in Schwarzheide, Rostock and Rotterdam of 1,000,000 tonnes of biodiesel, of which 600,000 tonnes are operational, and 60,000 tonnes of pharmaceutical-grade glycerine. 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. BIOPETROL INDUSTRIES AG Baarermattstrasse 3 CH-6340 Baar (Switzerland) Investor Relations Contact Gerd Rückel Phone +49 (0) 69 577 0 300 31 Mail: gerd.rueckel@biopetrol-ind.com 06.05.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: BIOPETROL INDUSTRIES AG Bernoldweg 14 CH-6300 Zug Switzerland Phone: Fax: E-mail: ir@biopetrol-ind.com Internet: www.biopetrol-ind.com ISIN: CH0023225938, DE000A0LMF75 WKN: A0HNQ5, A0LMF7 Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in Open Market (Entry Standard) End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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