Publication of 2008 company data
Bielefeld, 14th July 2009. Biogas Nord AG has today published its company data for 2008. The consolidated accounts of 31st December 2008 have been produced in accordance with §§ 290 ff. HGB (German Commercial Code) and the additional requirements of the Aktiengesetz (German Joint-stock Companies Act).
- Gross revenue for period of €17,695,000 (previous year: €25,805,000)
- Net income for financial year €-8,297,000 (previous year: €-3,152,000)
- Consolidation process initiated
- Orders on hand in June 2009 of €37,600,000
In the 2008 reporting period for the Biogas Nord AG consolidated accounts, gross revenue fell by 31.4% to €17,695,000 (previous year €25,805,000). EBIT fell to €-8,571,000 (previous year: €-4,375,000). EBITDA fell to € -8,006,000 (previous year: €-3.730,000). Net income for the financial year after minority interests was €-8,297,000 (previous year: €-3,152,000). Correspondingly, the result per share was €-3.61 (number of shares: 2,562,000).
"In the last business year, Biogas Nord AG suffered, like the whole industry, from the effects of high substrate prices and the amended Renewable Energies Act which came into force in Germany on 1st January 2009. This resulted in a reluctance to invest on the part of investors and clients which could not have been anticipated. In addition, the state of the foreign markets, which are developing only slowly, and the financial crisis, which reached an initial peak in September 2008, both contributed to the fall in demand. The result was that orders were delayed further or put on ice entirely," explained Gerrit Holz, chairman of the management board of Biogas Nord AG.
"We have learnt from the disaster that was 2008 and have already made fundamental changes to the structure and processes of the company. Above all, this has involved the processes of project evaluation and development, which make a vital contribution in allowing more precise forecasting. We have added Ms Drouianov to the management team of Biogas Nord Anlagenbau GmbH in order to consistently implement the cost-saving plan which has been agreed for both our domestic and foreign operations, which necessarily includes reducing staff costs. This restructuring process will provide the foundation for future financial success and solid, continuous growth of Biogas Nord," said Matthias Kubat, COO/CFO of Biogas Nord AG.
In the 2008 financial year reporting period, Biogas Nord AG saw net orders placed of €19,900,000. As of 31st December 2008, orders on hand were €23,300,000. As early as June 2009, this had risen to €37,600,000. Further orders are currently in the final stages of negotiation.
On the accounting date for the consolidated accounts, Biogas Nord AG had a balance sheet total of €16,683,000 (previous year: €19,097,000). Equity was €2,022,000 (previous year: €8,190,000). The equity ratio thus fell to 12.1% (previous year: 42.9%). As of 31st December 2008, liabilities amounted to €13,209,000 (previous year: €8,499,000). Cash and cash equivalents were €522,000 (previous year: €2,003,000).
"Overall, 2009 will be a year of consolidation for Biogas Nord. However, the Biogas Nord group currently expects for the current business year, in the context of significantly improved orders, current sales successes, new business and positive political conditions, to see significant improvement in gross revenue in comparison to the previous year. We are seeking to significantly improve the return figures and forecast at least a stable result for the current year. This improvement should be brought by the further optimisation of the organisational structure and streamlining of the company administration. In subsequent years, we expect the full effects of the restructuring measures which have been introduced to bring a clear return to profitability", said Holz.
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