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Verbio profits drop sharply on surge in EU biodiesel imports from Argentina, Indonesia

| November 9, 2012

In Germany, VERBIO Vereinigte BioEnergie, in the first quarter of its new business year 2012/2013, reported group revenue of EUR 217.5 million, down from Q1 2011/2012 revenues of EUR 224.4 million),and EBITDA of EUR 1.6 million, down from Q1 2011/2012 EBITDA of EUR 10.3 million.

“In consequence of the subsidized biodiesel imports, the result was burdened by low plant utilization, high margin pressure as well as losses from hedging transactions totalling EUR 6.8 million (Q1 2011/12: earnings of EUR 6.7 million) to which the requirements for hedge accounting did not apply,” the company said, citing imports from “non-sustainable production out of Argentina and Indonesia”, and a major increase in imports of biodiesel made of used cooking oil from across the world.

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Category: International

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