CropEnergies AG / Quarter Results
13.01.2009
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 raises revenue forecast for the 2008/09 financial year
Mannheim, 13 January 2009 In the first nine months of the 2008/09
financial year CropEnergies AG, Mannheim, was able to increase its revenues
by 89% from 125.7 to 237.5 million. For the full 2008/09 financial year
CropEnergies now expects revenues of over 300 (187) million.
EBITDA caught up with the good previous years level to 22.8 (23.8)
million despite much higher raw material costs. After depreciation of 7.2
(6.4) million, operating profit was down 10.5% to 15.6 (17.4) million.
The start-up costs for the construction of the new plant in Wanze (Belgium)
reduced income from operations by 8.3 (3.1) million to 7.3 (14.3)
million. After a financial result of -1.8 (2.7) million and a positive
net tax position of 0.8 (-0.7) million net earnings for the 1st to 3rd
quarter came to 6.3 million. In the same period of the previous year net
earnings including the positive one-time tax effect of 3.5 million from
the German company tax reform had amounted to 16.4 million.
In December 2008 CropEnergies completed the planned expansion projects with
the start-up of the Belgian plant in Wanze with an annual production
capacity of up to 300,000 m³ of bioethanol as scheduled. Following the
acquisition of the French alcohol producer Ryssen Alcools S.A.S. and the
expansion of production capacity in Zeitz, Saxony-Anhalt, Germany, in June
2008 CropEnergies has almost tripled its annual production capacity to over
700,000 m³ of bioethanol. CropEnergies is therefore excellently positioned
in the European market for sustainably produced bioethanol. With the 10%
minimum quota set in December 2008 for renewable energies in the transport
sector for the year 2020 the EU has established the basis for dynamic
market growth.
Although these expansion measures will only have full effect in the 2009/10
financial year, CropEnergies is raising its revenue forecast for 2008/09 to
over 300 (187) million. Allowing for the effect of high raw material
costs that will still be felt in the fourth quarter and the start-up costs
of the new plant in Belgium CropEnergies expects to achieve a positive
operating result, though below the previous years good level.
The CropEnergies AG
The CropEnergies Group a member of the Südzucker Group is a leading
European producer of sustainably manufactured 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 in a growing market in just a few years. 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 13.01.2009
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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 raises revenue forecast for the 2008/09 financial year
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