Biodiesel producer Biopetrol reports €22m net loss for 2008

19 May 2009 14:23  [Source: ICIS news]

LONDON (ICIS news)--Biopetrol reported a net loss of €22.4m ($32.5m) in the full year of 2008, down from a gain of €4.4m in the previous year, the Switzerland-based biodiesel producer said on Tuesday.

The company said profits were impacted by higher mineral oil taxes, subsidised imports from the US, higher raw materials prices and lower selling prices.

Market conditions were also impacted by Germany’s indecision on biofuels blending quotas and uncertainty on which vegetable oils should be permitted for use in biodiesel processing, the company said.

The company’s sales increased by 34% to €303.6m, up from the €226.8m reported in 2007.

Biopetrol’s results announcement was postponed to take into account restructuring measures announced on 22 April, which would allow the company to continue operations amid the deteriorated economic conditions.

The company was unable to pay interest on a €75m bond it issued in February 2007, but Biopetrol’s majority shareholders have now agreed to purchase 99.1% of the value from existing bondholders.

Biopetrol said it would introduce cost-cutting measures include short-time working, job losses, rental of unused tank storage, optimisation of production capacity and agreeing changes to move from quarterly to half-year financial reporting.

Based in Zug, Switzerland, the company produces biodiesel at sites in Rotterdam in the Netherlands, as well as Schwarzheide and Rostock in Germany.

($1 = €0.74)

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By: Mark Watts
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