Last year, BEI was restructured and undertook three acquisitions and two capital raisings.
“We are very pleased with the progress that has been made towards building a first-class portfolio of renewable energy and other assets in the environmental sector,” BEI managing director Gary Levin said.
“To enter the New Year with a solid shareholder support from a broadened register and a diversified portfolio of assets is an excellent result.”
Last April, BEI underwent a major restructure, which saw the acquisition of a 50% interest in both Southern Oil Refining and Natural Fuels Australia.
Natural Fuels Australia is currently developing a 147 million-litre biodiesel plant in Darwin, and is undertaking due diligence on a greenfields plant at Port Botany in Sydney. Construction has started on the Darwin plant and is expected to be completed in September.
Southern Oil Refining processes used lubricant oil into refined oil and energy products. It currently re-refines 20 million litres of used oil per annum, however, a 50% capacity expansion is currently underway and scheduled to be completed by the end of this year.
BEI attributed the $A3.9 million profit loss to the EarthPower Technologies ramp-up after commissioning was completed in June, construction of Natural Fuels Australia’s biodiesel plant in Darwin, corporate overheads and management fees.
EarthPower Technologies recycles organic water from the manufacturing, retailing and hospitality industries into green energy, which is sold into the electricity grid. The plant is currently running at 40% capacity and aims to reach full capacity by the end of the financial year.
During the first half of fiscal 2005-06, BEI achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of $A2.4 million. BEI expects EBITDA for the second half to be positive, with a strong contribution from its recently acquired Denco ethanol business in the US.
These acquisitions have boosted BEI’s assets during the first half of fiscal 2005-06 from $A46.6 million to $A135.4 million. Over the same period, total liabilities have dropped from $A43.8 million to $A17.6 million, the company said.
