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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Infinity Regs | LSE:IBI | London | Ordinary Share | BMG4770S1017 | COM SHS USD0.0015 (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 6090U Infinity Bio-Energy Ltd 16 May 2008 Infinity Bio-Energy Ltd. ("Infinity" or the "Company") Publication of Annual Report and Accounts for the full year ended 31 March 2008 Infinity Bio-Energy Ltd. (AIM: IBI.L) is pleased to announce that it intends to publish its results for the period ended 31 March 2008 by 25 June 2008. As anticipated by the Company in its Interim Report of September 2007 and as those that follow the sector are likely to be aware, prices of sugar and ethanol in 2007 were significantly lower than in 2006. As we have highlighted in our interim results announcement of 18 December 2007, prices of sugar and ethanol in the Brazilian market are typically higher in the inter-crop period of December to March. However, in the year to 31 March 2008, neither ethanol nor sugar prices increased to the levels expected by the Company and the rest of the sector in this key period. These lower prices affected the whole sector including the Company. This was exacerbated by low utilization with the Company's mills operating at 62% of its 6.2 million tons installed capacity, crushing 3.8 million tons. Therefore, the results for the period ended 31 March 2008 will be lower than expected. Other companies in the sector have experienced the same issues. For the 2008/2009 harvest, the three mills that were operating in the last harvest (Usinavi, Alcana and Cridasa) are budgeted to operate at approximately 81% utilization of its installed capacity, crushing an aggregate of 5.05 million tons. Greater utilization will therefore be achieved. Furthermore, and as previously announced, the Company will benefit from having executed four acquisitions with the acquired entities consolidated into an integrated company, completing its first phase of expansion that should lead to an increase in productivity. Following these acquisitions, the Company is budgeted to crush approximately 7.4 million tons this year and its fully installed capacity for the 2008/09 harvest is 9.5 million tons including two mills that are in the latter stages of construction, Central Energica Parao ("Parao") and Destilaria de Ã?lcool IbirapuLtda. ("Ibircool"), both of which are dedicated exclusively to producing ethanol. Parao and Ibircool are expected to be operating in the 2008/09 harvest. The Company also announced the acquisition of an existing mill (an asset purchase), Agro Industrial Marcoalhado Ltda. ("Agromar"), that has already been disassembled and will be rebuilt at one of Infinity's future greenfield sites in the state of Mato Grosso do Sul. Agromar will only produce ethanol and is scheduled to initiate operations in the 2009/10 harvest. Finally, on 13 February 2008 the Company announced the acquisition of Disa Group. The Company continues to be confident in the growth of the ethanol market, both in Brazil and in international markets and is well placed to benefit from this growth. For further information, please contact: Infinity Bio-Energy Ltd. Infinity Bio-Energy Sergio Thompson-Flores, CEO +55 11 3525-9921 Rodrigo Aguiar, IRO +55 11 3525-9922 Collins Stewart Europe Limited Adrian Hadden/Adam Cowen +44 (0) 20 7523 8350 END This information is provided by RNS The company news service from the London Stock Exchange END TSTDBGDUSXBGGIU
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