CropEnergies AG / Final Results
15.05.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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CropEnergies AG increases revenues and earnings
Mannheim, 15 May 2008 In the past 2007/08 financial year (1 March 2007 to
29 February 2008) CropEnergies AG, Mannheim, increased its revenues by over
27% year on year to 186.8 (146.8) million. The Groups operating profit
was improved again by 4.8% to 22.0 (21.0) million equivalent to an
operating margin of 11.8 (14.3)%. Combined with a better interest result
and non-recurrent tax income from the company tax reform in Germany, net
earnings for the year were up as much as 80.4% on the previous years
figure at 20.2 (11.2) million. With cash flow of 26.0 (27.1) million
the companys self-financing ability was maintained at a high level in the
reporting period.
Bioethanol production was increased by 7.7% to approximately 247,000
(229,000) m³. This makes CropEnergies the largest producer of bioethanol in
Germany and one of the top players in Europe. The volume of bioethanol sold
rose to 279,000 m³ (+17.2%), approximately 43,000 (4,400) m³ of which was
purchased in the market. With the strong growth in trading business
CropEnergies succeeded in developing new markets ahead of the capacity
enlargements who in future will mainly be supplied by the Zeitz and Wanze
plants from their own production.
Despite massive increases in raw material prices CropEnergies AG was able
to increase its revenues and earnings in a difficult market environment.
This gratifying development was mainly due to the higher volume of
bioethanol sold and the efficient production and cost structure. This not
only includes the ability of our production plant in Zeitz to process
various types of grain as well as sugar syrups. Our strategy of upgrading
and marketing the by-product ProtiGrain® from bioethanol production has
paid off, too. About a third of the processed amount of grain was returned
to food production as high-quality animal feed. Together with a far-sighted
procurement policy CropEnergies has limited the increase of net raw
material costs due to the massive price increases on the grain markets by
using sugar syrups and by rising selling prices for animal feed.
Based on the capacity expansions already realised and the anticipated
growth in demand for bioethanol in Europe, CropEnergies expects production
and sales volumes in the 2008/09 financial year to be above the previous
years level. This growth will have a positive impact on revenues.
CropEnergies expects to achieve a positive operating result albeit this
will be below the previous years gratifying level due to the massively
increased raw material prices. The aim is to emerge strengthened after a
year of transition.
The installed production capacity of over 700,000 m³ bioethanol per year
will be fully available for the first time in the 2009/10 financial year.
All the CropEnergies Groups production facilities will meet the
requirements regarding the reduction of greenhouse gas emissions as
provided for in the present draft legislation, which will further increase
the groups competitiveness. CropEnergies will thus be in a leading
position in the growing European market for sustainably produced bioethanol
and will significantly contribute to the reduction of greenhouse gases as
well as to the reduction of the dependence on energy imports.
The CropEnergies AG
The CropEnergies Group a member of the Südzucker Group is an
established leading European producer of bioethanol for the fuel sector.
'Crop' stands for 'creative regeneration of power'. Energy in the form of
bioethanol is produced from renewable resources grain and sugar beets.
With subsidiaries in Germany, France, and Belgium, CropEnergies has
established itself as a bioethanol producer in a growing market in just a
few years and it operates todays largest bioethanol plant in Europe in
Zeitz, Saxony-Anhalt, Germany. CropEnergies considers itself a pioneer on
the German bioethanol market and expands its market position in Europe. The
shares of CropEnergies AG (ISIN DE000A0LAUP1) are listed in the Prime
Standard at the Frankfurt Stock Exchange.
Contact:
Tobias Erfurth
Investor Relations
Tel.: +49 (621) 71 41 90-30
Fax: +49 (621) 71 41 90-03
ir@cropenergies.de
Nadine Dejung
Public Relations / Marketing
Tel.: +49 (621) 71 41 90-65
Fax: +49 (621) 71 41 90-04
presse@cropenergies.de
DGAP 15.05.2008
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Language: English
Issuer: CropEnergies AG
Gottlieb-Daimler-Str. 12
68165 Mannheim
Deutschland
Phone: +49 (0)621-71 41 90 00
Fax: +49 (0)621-71 41 90 04
E-mail: info@cropenergies.de
Internet: www.cropenergies.de
ISIN: DE000A0LAUP1
WKN: A0LAUP
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: CropEnergies AG increases revenues and earnings
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