BDI-BioEnergy’s balance sheet suffers from delayed project implementation

In Germany, BDI-BioEnergy International reported a decline in revenues of 53.9 percent to 16.3 million euros in the financial year 2014. The reason for this was the delay in the implementation of two major biodiesel projects. The operating result (EBIT) in the reporting period was -5 million euros (previous year: 2.6 million euros). Due to a positive financial result (including taxes) the result for the period was improved to -1.7 million euros but remains below previous years’ level (previous year: 3.2 million euros). With an ongoing high order backlog and an excellent equity base BDI is well prepared for the future. In the financial year 2014, a dividend of 1.10 euro per share was distributed.

The two major biodiesel projects in Croatia and the Netherlands got delayed due to difficulties in the project financing and the regulatory approval. Therefore, the order to cash through the high order backlog in 2014 did not go according to plan, which contributed significantly to the negative EBIT in 2014. Taking into account the 20 million euros project in Croatia (which we currently assess as restrained) the order backlog as at Dec. 31 amounted to 73.9 million euros (previous year: 74.1 million euros).