BDI-BioEnergy Int'l reports sound Q3 financials, plans delisting

By BDI-BioEnergy International AG | November 16, 2016

BDI-BioEnergy International AG increased sales by 43.6 percent to a total of €28.6 million (USD$31 million), up from €19.9 million in Q3 2015 due to the implementation and completion of various projects on schedule. The operating result improved accordingly year-on-year by €3.3 million from negative €3.4 million in Q3 2015 to negative €0.1 million. The positive financial result including taxes led to a positive result for the period of €1.4 million, doubling from €0.7 million in Q3 2015.

The prepayments already received in the previous year for the new commissions led to an above-average positive operating cash flow in 2015. As expected, these prepayments have decreased again because of material orders and project expenses, so that the operating cash flow is negative €8.1 million this year compared to €3.5 million in Q3 2015.

Sound equity position provides good basis for future

 The equity ratio was 63.8 percent at the end of Q3 2016 from 57.2 percent at Dec. 31. Equity decreased by 0.8 percent to €50.5 million from €50.9 million at Dec. 31. Together with the large portfolio of securities and the high level of liquid funds of €48.3 million as at the balance sheet date (Dec. 31, €58.9 million), BDI is in a sound financial position.

Current project business

 Two projects were handed over to customers successfully in Q3. One of them was a RetroFit project in California (Crimson Renewable Energy), while the other one was the high FFA esterification unit in Great Britain (Argent Energy Ltd.). Successful progress is being made with the second major project in Great Britain. The start-up of the brewer’s grain fermentation plant for the Göss brewery has now largely been completed.

The development of the algae resource astaxanthin in the newly established BioLife Science business operations continues to be in an intensive research stage. Due to the need for more intensive development work, the start of construction of the industrial plant is being deferred until 2017. BDI is confident that it will be able to establish itself successfully in the booming life science market with this plant.

Planned delisting

Following the reporting period BDI’s principal shareholder, BDI Beteiligungs GmbH, announced to launch a voluntary offer for the shares held by the retail shareholders of BDI. The shareholders will be offered a price of €13.50 in exchange for each BDI share. BDI intends, in agreement with BDI Beteiligungs GmbH, to delist the shares of BDI from the Regulated Market of the Frankfurt Stock Exchange. BDI does not intend to initiate admission on any other regulated market or trading platform. The management board of BDI, after consultation of the supervisory board, welcomes the transaction as a whole and intends, subject to the review of the offer document, to support the offer and to recommend that BDI shareholders accept such offer. Further information on the delisting can be found in a corresponding Q&A on the website of BDI-BioEnergy International AG.

The interim statement about Q3 2016 can be downloaded here


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