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DGAP-News: VERBIO Vereinigte BioEnergie AG / Key word(s): Half Year Results VERBIO Vereinigte BioEnergie AG:

06.02.2014 / 07:00

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VERBIO AG continues its positive business development

- Significant increase in biofuel production and sales - Increases in EBITDA to EUR 21.5 million and in EBIT to EUR 10.5 million - Debt reduction by EUR 56.6 million - Raising of the earnings forecast for financial year 2013/2014

Leipzig, 6 February 2014 - VERBIO is very satisfied with the performance in the first half of financial year 2013/2014 and optimistic about the prospects for the current year. For the continued operations consolidated sales increased, compared to the corresponding prior-year figure, by 15 percent to EUR 420.2 million (1 HY 2012/2013: EUR 363.9 million). The significant sales increase is essentially demand-driven and has been favoured by the re-establishment of fair competition for the biofuel market in Europe. Overall, in the first half of 2013/2014, VERBIO produced 309,441 tons of biofuel, an increase of more than 20 percent compared with the first half of 2012/2013. At the same time gross margin improved by about 26 percent, personnel expenses amounted to EUR 11.1 million and other operating expenses turned out to be significantly reduced by 26 percent or EUR 3.7 million to EUR 12.5 million compared to those of the previous year. This initially increased earnings before interest, taxes, depreciation and amortization (EBITDA) significantly by EUR 14.5 million to EUR 21.5 million. Results were enhanced by the increased production and sales volumes, higher selling prices and targeted cost reduction measures. The operating profit (EBIT) for the first half of 2013/2014 is reported at EUR 10.5 million (1 HY 2012/2013: EUR -4.2 million). Consolidated earnings before taxes (EBT) for the reporting period amounted to EUR 8.8 million (1 HY of 2012/2013: EUR -6.0 million), and net results for the period were EUR 7.9 million (1 HY 2012/2013: -6.4 million). This resulted in earnings per share (diluted/undiluted) of EUR 0.13 (1 HY 2012/2013: EUR -0.10).

As of the balance sheet date 31 December 2013, liquid assets totalled EUR 25.1 million. Due to the positive cash flow from operating activities as well as cash inflows from the sale of Mrka locations bank and loan liabilities were reduced up to a total of EUR 56.6 million. With net financial liabilities in the amount of EUR 55.9 million the ratio of net financial liabilities to EBITDA, related to the overall financial year, is again clearly below two.

Segment development

Biodiesel segment benefits from improved conditions

The biodiesel capacity of VERBIO was utilized at a rate of 98 percent in the first half of 2013/2014, which is almost full utilization. Overall, in this period, significantly more biodiesel (209,522 tons) was produced than in the corresponding period (1 HY 2012/2013: 173,387 tons). This is mainly due to the decline in imports of subsidized biodiesel from Argentina and Indonesia, as well as the declining amounts of UCOME (Used Cooking Oil Methyl Ester), and thus to the elimination of the market turmoil which had been ongoing since 2012.

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PRESS RELEASE: VERBIO Vereinigte BioEnergie AG:

DGAP-News: Hannover Rck SE / Key word(s): Miscellaneous Hannover Re satisfied with treaty renewals

06.02.2014 / 07:30

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Hannover Re satisfied with treaty renewals

- Good rate quality preserved in competitive environment

- Selective underwriting led to 2% contraction in premium volume

- Price increases in loss-impacted areas

- Solid prospects for 2014 despite softer market conditions

Hannover, 6 February 2014: Hannover Re expressed satisfaction with the results of the treaty renewals as at 1 January 2014 despite an even more competitive climate. 'Although the rate level in non-life reinsurance was broadly lower than in the previous year, we achieved adequate margins thanks to our systematic underwriting discipline. We are satisfied with the rate level of our renewed portfolio; profitability is likely to remain largely stable relative to 2013. In areas where risks were not commensurately priced we reduced our shares - sometimes markedly so', Hannover Re's Chief Executive Officer Ulrich Wallin stated. Against this backdrop the premium volume contracted by 2%.

Aside from the absence of market-changing major losses, increased retentions carried by ceding companies were a key factor in the premium decline. The inflow of capital from the ILS market led to particularly sharp rate decrease in US natural catastrophe business; this did not, however, give rise to any significant share reductions for Hannover Re. Rate increases were obtained under loss-impacted programmes. This was true, for example, of catastrophe covers in Germany and Canada. Increases were recorded in marine business on the back of adverse claims experiences in prior years. Overall, Hannover Re benefited once again from its enduring client relationships and its position as one of the leading and financially robust reinsurance groups.

Original post:
PRESS RELEASE: Hannover Re satisfied with treaty renewals

It wasnt just one utterance of the N word over the police radio.

Dozens of African-American city cops gathered at the Amistad statue outside City Hall for a press conference Thursday evening to express outrage over a series of disturbing racially discriminatory incidents in their department beyond the recent utterance of the racial slur.

Three organizations representing black copsthe Silver Shields, the Guardians, and the National Association of Black Law Enforcement Officersorganized the press conference.

None of the officers spoke at the event. Instead, they surrounded local civil-rights attorney John Williams as he read a lengthy statement on their behalf.

The statement began by referencing the post-midnight utterance by an identified person of the word nigger over the police radio on Dec. 30 (originally reported here). That incident sparked an immediate internal affairs investigation aided by the FBI.

It should be very clear the black officers are not just outraged over this once incident, the statement read. Over the past 18 months, under Chief [Dean] Essermans administration, there has been a series of disturbing racially discriminatory incidents that range from blatant officer misconduct to acts of intimidation.

Esserman said Thursday night that he has been reaching out to local clergy and the NAACP and reaching out to groups within the department in addition to meeting with the black police officers in order to tackle the issue.

Let me be unequivocably clear: Racist behavior in any form of expression will not be tolerated in the New Haven police department, neither to the citizens we serve nor amongst one another in the rank and file, Esserman decalred. As a New Haven police officer, I am offended and want to believe most New Haven police officers are offended by such behavior and words. Respect and integrity must be the bedrock of our profession.

The black officers statement details four incidents, along with assessments of how the department handled them:

The posting by a white police officer of racially inflammatory comments on his personal Facebook page, including a description of a high-ranking black female cop as Miss Butterworth (a slur). For his highly inappropriate and unprofessional behavior, he was promoted to detective and assigned [to] the Bureau of Investigation in charge of processing evidence vital to major investigations, the statement charged.

Link:
Black Cops Decry Serious Breach Of Trust

Ibiza's Beaches

Ibiza's beautiful beaches with crystal clear, tranquil, turquoise watersare what brings many holiday makers to the island every summer. Ibiza's coastline is made up mostly of small "calas" with only a few long beaches such as Las Salinas, Es Cavallet or Playa den Bossa.

You will find varying types of beaches in Ibiza from fine sand to pebbles or rock like the mythic Punta Galera. Some beaches are developed for tourism where as other are completely virgin and wild. There is a lot of coastline to explore but rest assured you will find something just right for your holiday whether you want the action of water sports or just a quiet place to do Thai Chi.

Most Ibiza beaches are perfect for snorkeling where the Mediterranean marine life is easily observed through goggles, this is one of the great pleasures to experience in Ibiza so bring a mask and snorkel if you want to enjoy the underwater Ibiza.

Another one of the great features of many beaches in Ibiza are the "chiringuitos" or beach bars, where you can buy cool drink or eat "bocadillos" which are perfect for a lunch time snack. These chiringuitos will often play chilled music which is great while lying and enjoying the sun.

Talamanca beach is situated about 2,5 kilometres north of Ibiza Town. It is very sheltered and shallow sloping with fine sand, making it very safe for families. This beach is the largest in the municipality of Ibiza and lies in a sea inlet which protects it from most winds.

Cala Graci is situated at 1,5 kilometres from San Antonio, and sits between Cap Negret and Cap Blanc. It is right next to Cala Gracioneta which shares this small sea inlet.

Calo des Moro is a crowded beach mainly filled with the British and German youth that stay at the hotels and apartments surrounding the beach.

Famous for its full moons and hippy parties which accompany them, this beach is often alive with drums and an away-from-it-all holiday feeling.

San Miguel Port although a long way from the more visited areas of Ibiza is very well set up for the holiday tourist. The port is well protected from wind and offers many different activities, restaurants, hotels and bars.

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Beaches Map | Ibiza Maps

Rep. Schiff Discusses Prospects for Immigration Reform with NBC 4
Following the announcement from the House Republicans #39; retreat that they have released principles for immigration reform, Rep. Adam Schiff (D-Burbank) spoke ...

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Rep. Schiff Discusses Prospects for Immigration Reform with NBC 4 - Video