CropEnergies AG / Half Year Results
14.10.2008
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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Successful first half for CropEnergies Expansion proceeding as planned
Mannheim, 14 October 2008 CropEnergies AG, Mannheim, increased its
revenues in the first six months of the 2008/09 financial year by 67.8% to
146.3 (87.2) million. EBITDA was down 13.1% to 15.8 (18.2) million due
to raw material costs. With an EBITDA margin of 10.8% (20.9%), CropEnergies
achieved a leading position in the biofuel industry. After depreciation of
4.7 (4.2) million, operating profit was down 20.4% to 11.1 (14.0)
million, equivalent to 7.6% (16.0%) of revenues.
Bioethanol production was further expanded in the first half of the 2008/09
financial year at the Zeitz location and, at 141,000 (125,000) m³, exceeded
the level in the same period of the previous year by 12.5 %.
CropEnergies AG is continuing with its expansion programme as planned. At
the end of June 2008 CropEnergies acquired the French alcohol producer
Ryssen Alcools S.A.S, France (Ryssen). With the Ryssen acquisition,
CropEnergies is expanding its activities in the important French market
while broadening its product range with the addition of high-grade alcohols
for traditional and technical applications. At the same time, the expansion
of the production capacities at the Zeitz location to 360,000 m³ of
bioethanol per year was completed. The construction of the bioethanol plant
at the Wanze location in Belgium with a capacity of up to 300,000 m³ of
bioethanol per year is proceeding as planned, so it will be coming on
stream in the fourth quarter of 2008. The expansion programme strengthens
CropEnergies position as one of the leading producers of bioethanol in
Europe.
Although the increase in capacities will only have full effect in the
2009/10 financial year, CropEnergies expects year-on-year growth of over
50% in revenues already in 2008/09. With regards to earnings, it is still
assumed that, despite the increases in raw material prices, a positive
operating result will be achieved for the full 2008/09 financial year,
though below the previous years level as the second half of the year will
be affected by still high raw material costs and by the start-up of the new
plant in Wanze.
With the start of the 2009/10 financial year CropEnergies will have an
enlarged annual production capacity of over 700,000 m³ of bioethanol at its
disposal at locations in Germany, Belgium and France. Assuming further
market growth and given the signs of easing raw material costs observable
at present CropEnergies expects that in 2009/10 it will be able to increase
revenues and operating profit substantially versus the 2007/08 level.
The CropEnergies AG
The CropEnergies Group a member of the Südzucker Group is an
established leading European manufacturer of sustainably produced
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 leading 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 is expanding 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 14.10.2008
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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: Successful first half Expansion proceeding as planned
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