CropEnergies AG / Final Results
20.05.2009
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 on growth path
Mannheim, 20 May 2009 - CropEnergies AG, Mannheim, has continued on its
successful growth path in the past 2008/09 financial year (1 March 2008 to
28 February 2009). Revenues were up 76% to EUR 328.4 (186.8) million. With
a Group operating profit of EUR 18.2 (22.0) million, CropEnergies achieved
a respectable result under difficult market conditions. Despite the
start-up costs for the new plant in Wanze, Belgium, the related higher
financing costs, and the non-recurrence of the one-off tax income booked
the year before, CropEnergies posted Group net earnings for the year of EUR
5.9 (20.1) million. The parent company CropEnergies AG improved its net
earnings for the year substantially to EUR 6.0 (1.2) million and was able
to offset the remaining losses carried forward from the previous years.
Even after implementing the investment programme, which has increased the
annual capacity to over 700,000 m³ of bioethanol, CropEnergies has a solid
financing structure. Shareholders' equity amounts to EUR 309 million,
equivalent to 54% of total assets.
CropEnergies increased its bioethanol production in the 2008/09 financial
year by 77% to 436,000 (247,000) m³. This is the result of the expansion
programme initiated in 2006 and strengthens CropEnergies' position as
Germany's largest producer of bioethanol and one of the leading players in
Europe. Sales of bioethanol were up 73% to 482,000 (279,000) m³. One-third
of the growth was attributable to a step-up in trading activities in
preparation for the new plant in Belgium coming on stream. Production and
sales of the high-grade protein animal feed ProtiGrain(R) were also up by
over 15%.
The capacity growth at CropEnergies comes at a time when the European
market for bioethanol is expected to grow dynamically with the passing of
the 'Renewable Energies Directive'. In the 2009/10 financial year the
company therefore expects to further expand production and sales of
bioethanol versus the previous year and achieve revenues in excess of EUR
400 million. Despite volatile raw material prices and lower ethanol prices,
CropEnergies expects an operating profit above last year's level.
The focus in the 2009/10 financial year will be on the utilisation and
optimisation of the production plants. In addition, further investments are
planned to extend the value chain. In the long term, research and
development activities in the areas of second-generation biofuels and the
use of bioethanol in fuel cells are expected to open up new growth
potential for CropEnergies.
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.
CropEnergies considers itself a pioneer on the German bioethanol market and
expands its market position in Europe. With subsidiaries in Germany,
Belgium, and France, CropEnergies is one of the leading bioethanol
producers in the European growth market for renewable energies. 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 20.05.2009
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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 on growth path
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