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DGAP-News: EOP Biodiesel AG increased gross profit in the first half of 2009/2010, 84%


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EOP Biodiesel AG increased gross profit in the first half 2009/2010 by 84%
Revenue goes back by low sale prices – Fall in prices on the commodity side – planning is stable gross margin during the year before further
Pritzwalk 31 March 2010 – The EOP Biodiesel Group has first half of fiscal year 2009/2010 (1 July 2009 to 31 December 2009) compared to the same period, gross profit by 84% increased to 8.8 million. This is despite a decline in sales succeeded by 35% to 45.6 million. In the same period last year was at a Turnover of 70.2 million gross profit of EUR 4.8 million achieved been. The main reasons for the sales decline are the the partial conversion of self-production on Lohnveresterung at one of the Foreign and price declines on the sales side. The Price level on the purchasing side has developed accordingly. The gratifying increase in gross profit is both market conditions and by higher capacity utilization has been achieved. ‘The Market is again in a favorable direction. If the second half of the year, the added effects from the restructuring, margin is expected to continue to develop stable, ‘says CEO Jörg Jacob.
Earnings before interest and tax (EBIT) amounted to -0.8 million Euro (previous year: -5.0 Million Euro). Reasons for the improvement was the combined Decrease in material costs by 43% to EUR 37.4 million and lower Financial expenses of EUR 1.1 million (previous year: 3.3 million euros). EBIT yet by one-time restructuring charges of approximately 1 Million euro charge.
The termination of loss-making activities abroad was 1st Half of 2009/2010 pursued with priority. So EOP Biodiesel AG has sold its stake in Austrian ABID Biofuels Ltd on 21 December 2009. This freed them not only by an ongoing impact on earnings, but also by a threat of use of counter-guarantees of more than 2.5 Million. The Romanian subsidiary, EOP Siloz SRL and the Serbian EOP Eco Oil Products d.o.o. were in the first Half Year 2009/2010 liquidated and erased from the Register. The closure of the Romanian society EOP Farms S.r.l. is scheduled for the second half of 2009/2010. The Latvian participation AS Baltic Holding Company will be sold. The Polish subsidiary will be obtained as commercial office.
The total assets of EOP Biodiesel Group decreased by 20.2 Million to 42.6 million. Reason is mainly to the deconsolidation of ABID biofuels AG. The equity remains negative, it was 31 December 2009 at -10.6 million euros.
At 31 December 2009 employed the EOP Biodiesel Group 75 employees (June 30, 2009: 98 employees). Here, too, is reflected ABID AG, the sale of biofuels against.
For the current year are expected to EOP Biodiesel AG in a slightly increased sales volume, the stable development of Gross profit margin. For the calendar year 2010 are already selling contracts completed more than 120,000 tonnes of biodiesel have been proposed, was the production of a further oil producers as Customers. The oil mill with a capacity of 42,000 Tonnes a year and the biodiesel plant with a capacity of Plant III 100,000 tons are to be fully utilized. For the second Biodiesel plant with a capacity of 30,000 tons has a capacity utilization of two-thirds planned.
The operating funds until 30 November 2010 secured. In addition, the talks with banks additional funds for hedging instruments continued. The management continues to work to reduce costs, processes to optimize and better matching of supply and marketing margins to . Strengthen The positive effects are already visible in the results.
Media Contact: EOP Biodiesel AG Philip Rosengarten Tel: +49 33 98 6 5050 Email: rosengarten@eopag.de www.eopbiodieselag.de
This announcement is neither an offer to sell or a Solicitation of an offer to purchase or subscribe for Securities dar. A public offering of shares of EOP Biodiesel AG in connection with the introduction of the shares on the OTC market the Frankfurt Stock Exchange will be made. This Communication is not a share dar. This communication and the fact information contained herein are not intended for direct or indirect circulation or within the United States of America, Canada, Australia or Japan.
31.03.2010 08:22 Ad-hoc reports, financial news and Press releases transmitted by DGAP. Media Library under http://www.dgap-medientreff.de and http://www.dgap.de