DGAP-News

VERBIO Vereinigte BioEnergie AG maintains positive business development and adjusts earnings forecast for financial year 2013/2014 again - Seite 2

increase is mainly due to the reduction in total assets of nearly 23
percent from EUR 410.4 million (June 30, 2013) to EUR 317.1 million,
essentially through the unscheduled repayment of short-term bank borrowing
and other loans as well as the reduction of inventories.

The reduction in short-term debt in the third quarter by a further EUR 27.7
million was particularly achieved through the positive cash flow resulting
from current operating activities and the cash inflow from the sale of the
Märka sites. Thus, apart from some long-term financing, all liabilities to
banks as of March 31, 2014 and April 1, 2014 were reduced, and the
financing structure was adjusted to the changed strategy and future
financing needs.

With net debt of EUR 42.1 million, the ratio of net debt to EBITDA based on
the total financial year 2013/2014 is clearly below two.

As of the reporting date March 31, 2014, a cash balance resulted in the
amount of EUR 16.9 million.


Development of the segments
Utilization of biodiesel production capacity still over 90 percent at
slightly lower margins
The biodiesel capacity of VERBIO was utilized in the first three quarters
of financial year 2013/2014 at a rate of 93.2 percent, which is almost
full. Overall, 314,600 tons of biodiesel (and thus, significantly more) was
produced in this period than in the comparative period (9 M 2012/2013:
253,027 tons). This is mainly due to the elimination of the market turmoil
of the comparative period 2012/2013 and a continued strong demand from
abroad.

During reporting period 2013/2014, sales revenues in the biodiesel segment
in the amount of EUR 360.9 million (9 M 2012/2013: EUR 329.9 million) were
achieved. The cost of materials amounted to EUR 327.1 million, after EUR
308.2 million in the comparative period 2012/2013. Overall, the gross
profit margin improved through increased sales and reduced pressure on
margins clearly. Segment operating profit improved significantly from EUR
-85.7 million in the comparative period 2012/2013 to EUR 15.4 million in
the reporting period. In the previous year, segment operating income was
negatively impacted by impairment losses in accordance with IAS 36 as well
as book losses from the sale of biofuel quotas in the amount of EUR 88.0
million.

Continuous production increase in the bioethanol segment reflects increased
demand; reduction of the selling prices for bioethanol strains segment
result
With a production of 152,290 tons of bioethanol in the first three quarters
of financial year 2013/2014, there were 28,398 more tons produced than in
the corresponding period of the previous year (9 M 2012/2013: 123,892