Corrected: BUZZ-Verbio falls after FY outlook cut on higher ethanol prices

Verbio SE

16/01/2024 07:36

(corrects currency for previous outlook in second bullet)
    ** Shares in Verbio  VBKG.DE  fall 7.4% in early Frankfurt
trade after the German biofuel maker cut its annual outlook late
on Monday citing higher ethanol prices and greenhouse gas quotas
(GHG) 
    ** It now expects EBITDA of between 120-150 million euros
($131-$163 million), down from the previously anticipated
200-250 million euros 
    ** The prices rise especially due to "massive biodiesel
imports from Asia which were likely to have been falsely
labelled," Verbio said in a statement 
    ** "It can no longer be assumed that prices will recover
sufficiently in the short term to achieve the previously
expected result," the company added
    ** The stock bottoms the German smallcap index  .SDAX  in
early trade
    
($1 = 0.9160 euros)

 (Reporting by Andrey Sychev)
 ((andrey.sychev@thomsonreuters.com))