BDI-BioEnergy International achieves considerable sales increase

By BDI-BioEnergy International AG | August 11, 2016

BDI-BioEnergy International AG increased sales by 32.5 percent in the first half of 2016 to a total of €15.5 million ($17.27 million) due to the implementation of various major projects as planned (previous year: €11.7 million). Due to this, earnings before interest and taxes improved by €1.9 million over the previous year (negative €2.9 million) to negative €1 million. Based on the good financial result including taxes, the earnings for the period were positive and amounted to €0.4 million (previous year: €0.6 million).

The down payments received in the previous year for the projects in Great Britain have been exhausted to a large extent corresponding the project progress. As a result operating cash flow was negative at minus €12.1 million. The liquid funds were increased by €1.2 million over the same period the previous year to €17.7 million in spite of this.

Sound equity position provides good basis for future
The equity ratio was 64.1 percent in the first half of 2016 (previous year: 62.4 percent). In spite of the dividend distribution of €1.9 million, equity increased by 2.5 percent to €49.3 million as of June 30 (previous year: €48.1 million). Together with the large portfolio of securities and the high level of liquid funds amounting to €44.7 million as of the reporting date, BDI is in a strategically good financial position.

Current project business
The Austrian biogas project—the brewer’s grain fermentation plant for Brauerei Göss—was in the start-up phase in the first half of 2016. This is an important biogas reference plant for the brewery and beverage sector. The positive response in the form of visits by numerous international delegations, awards and positive press reports suggests that BDI can hope to obtain commissions for subsequent projects.

In the biodiesel plant operations, the high free fatty acid (FFA) esterification unit project in Great Britain was in the process of being transferred to the customer as scheduled in the first half of 2016. What is involved here is the construction of a plant for the processing of commercial and industrial waste fats that have a very high FFA content. The second project for the customer Argent Energy Ltd.—construction of a multifeedstock biodiesel plant—will be completed in the coming year.

The major RetroFit project in California was in the preparatory phase preceding cold testing and start-up. With the implementation of the BDI RetroFit technology, we are making it possible not only to improve the quality of the biodiesel but also to increase raw material flexibility. This project will be handed over to the customer as expected before the end of this year.

In addition to numerous small projects, the after-sales operations also developed steadily and again generated sales of €1 million in the first half of the year (previous year: €1 million).

The chemical processing segment, represented by the German subsidiary UIC GmbH in Alzenau, developed as planned in the first half of 2016. Particular attention should be drawn here to the opening of the modern new technical facilities.

Development of the algae resource astaxanthin in the newly created operations organized in BioLife Science GmbH is now close to the start of industrial production. BDI is confident that it will be able to establish itself successfully in the booming life science market with this material.

The financial report about the first half of 2016 can be downloaded here.

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