CBI China Bio

 

TIDMCBI 
 
RNS Number : 0714N 
China Biodiesel International Hold 
10 February 2009 
 

China Biodiesel International Holding Co., Ltd. ("CBI" or the "Company") 
Pre-close statement for the year ended 31 December 2008 
CBI, one of the leading producers of biodiesel focused on the Chinese market, 
today announces a pre-close trading update for the financial year ended 31 
December 2008. The Company also confirms it will announce its results for the 
year ended 31 December 2008 ("2008 Financial Year") on 20 April 2009. 
In the second half of 2008, the petrochemical industry experienced a decline in 
demand for its products linked to the international financial crisis and the 
perceived growth prospects of the Chinese and global economies. This fall in 
demand led to a decline in the Company's sales volume during the second half of 
the 2008 Financial Year. CBI's sales volume during the second half of the 2008 
Financial Year was 11,853 metric tons, 11.66% less than 13,418 tons sold in the 
first six months of 2008. 
Revenue for the second half of the 2008 Financial Year was further impacted by 
falls in the selling price of CBI products. The average selling price in the 
second half of the 2008 Financial Year of RMB6,309 per ton was 5.42% less than 
RMB6,671 per ton achieved in the first half of the year. Falling selling prices 
also impacted the cost of raw materials, which while in 2009 should lead to 
improvements in gross margins, has led to the Company incurring a loss on 
carried inventory. As set out in the October 2008 trading statement, the board 
of CBI therefore expects to report an operational loss in the second half of 
2008. 
The financial grants received by the Company during the 2008 Financial Year 
reached RMB15.35 million. In December 2008, CBI's branded biodiesel of 
"Zhuoneng" was officially named by the government as a "Provincial Famous Brand 
Product". 
 
 In December 2008 regulations released by the Chinese government 
announced that biodiesel companies which utilise waste animal and vegetable oils 
as feedstock can apply for refund of value-added tax. The board of CBI is 
pleased to confirm that both its Longyan and Xiamen subsidiaries have both 
recently qualified for this refunding and therefore the Company expects going 
forward to enjoy lower tax expense and potentially higher margins. 
CBI's chairman, Mr. Huodong Ye, commented: 
"In 2008, the Company experienced many great challenges but also achieved much 
experience. We believe the global economic crisis will continue to impact the 
biodiesel industry in 2009, however we are confident that the financial 
performance of the Company will improve during the year as a more mature product 
mix is released into the market, our brand is further acknowledged and the 
recent preferential tax policies are implemented. 
For further information: 
Gloria He, CFO: +86 (592) 7191103 
 James Wang, Company Secretary: +86 (592) 
7191109 
Tom Price or Bobbie Hilliam 
 Evolution Securities: +44 (0) 20 7071 4300 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTCKKKDKBKDPBD 
 

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