DGAP-News: CropEnergies AG / Key word(s): 9-month figures/Quarter
Results
CropEnergies with revenue growth and lower operating profit -
Bioethanol production increased by 5 percent
09.01.2014 / 07:00
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Mannheim, 9 January 2014 - In the first three quarters of the financial
year 2013/14 (1 March 2013 - 30 November 2013) CropEnergies AG, Mannheim,
increased group revenues by 12 percent to EUR 572.8 (previous year: 509.7)
million. Higher sales volumes of bioethanol as well as food and animal feed
products significantly accounted for the growth. These were based on
increased production volumes especially due to the start of production at
Ensus in the 3rd quarter. A further growth in revenues resulted from higher
trading volumes as well as better revenues for food and animal feed
products.
Following the record result of the previous year, EBITDA declined to EUR
61.8 (previous year: 94.0) million owing to the fall in market prices for
bioethanol at the same time as the increase in net raw material expenses.
Further operating costs resulted from the commissioning of the Ensus
bioethanol plant in Wilton, UK, acquired in July 2013, and the flood in
Zeitz, Germany, in June 2013. Overall, operating profit almost halved to
EUR 37.2 (previous year: 70.2) million.
From March to November 2013 CropEnergies produced 626,000 (previous year:
597,000) cubic metres of bioethanol and thus 5 percent more than in the
same period of the previous year. The loss of production in Zeitz caused by
the flood was largely offset in the following months by high capacity
utilisation in Zeitz and Wanze, Belgium. The increase in production was the
result of the successful start of production of Ensus in September 2013.
The decline of bioethanol prices since September 2013 is due to an increase
in competition intensity, not least due also to imports that are
circumventing current customs regulations. The European bioethanol
association ePURE is examining whether to request the European Commission
to investigate whether these imports are lawful. The consolidation of the
bioethanol industry in Europe, which was initiated by CropEnergies, will
accelerate due to the current price levels.
In the 2013/14 financial year, CropEnergies intends to further strengthen
the market position that it has achieved. Production and sales volumes are
expected to be significantly above those achieved in the previous year
owing to the acquisition of Ensus and the expansion in trade volume.
CropEnergies therefore expects revenues to increase by between 10 and 20
percent compared with the previous year (EUR 689 million). In consideration
of the current price levels for bioethanol, CropEnergies expects operating
profit to range between EUR 33 and 43 (previous year: 87) million in the
full financial year 2013/14.
Furthermore CropEnergies expects the current developments on the European
bioethanol market to also burden the operating profit of the financial year
2014/15. Thanks to the consistent realisation of its growth strategy, which
CropEnergies pushes on with the acquisition of Ensus and the start of
construction of a neutral alcohol plant in Zeitz, the expected
consolidation of the industry will offer further growth possibilities to
CropEnergies, who already is one of the leading European producers of
bioethanol with above average financial and cash flow strength. By
acquiring Ensus, CropEnergies has increased its annual production capacity
to 1.2 million cubic metres of bioethanol and is now one of the leading
European bioethanol producers. In addition, CropEnergies has expanded its
position in the South American market with the foundation of Ryssen Chile
SpA, Santiago de Chile, Chile, and by taking over operations of a Chilean
alcohol distributor. In the medium term, CropEnergies will achieve revenues
of EUR 1 billion.
The full report for the first nine months of the financial year 2013/14 can
be downloaded at www.cropenergies.com.
CropEnergies AG
Ensuring mobility in a climate friendly way - today and in the future - is
CropEnergies' business. Founded in Mannheim, Germany, in 2006, the young
and dynamically growing member of the Südzucker Group is one of the leading
European manufacturers of sustainably produced bioethanol for the fuel
sector today. With its production capacities of 1.2 million cubic meters of
bioethanol per year, CropEnergies produces bioethanol which predominantly
replaces petrol in four modern production facilities in Germany, Belgium,
the UK, and France. The highly efficient production facilities reduce CO2
emissions by up to 70 percent across the whole value-added chain compared
to fossil fuel. With the production sites, the unique logistics network in
Europe as well as trading offices in the USA and Brazil, CropEnergies is
one of the leading companies in a major emerging market.
At the same time, CropEnergies is an important producer of food and animal
feed products. The raw materials which are used such as cereals and sugar
beets are completely utilized. As a result, more than 1 million tonnes of
high-quality protein food and animal feed products are manufactured every
year out of the non-fermentable components of the raw materials.
Through advanced technology and innovation CropEnergies contributes to
ensure a sustainable mobility from renewable sources today and in the
future through its main product bioethanol: mobility - sustainable.
renewable.
The CropEnergies AG stock (ISIN DE000AOLAUP1) has been listed at the
regulated market (Prime Standard) at the Frankfurt Stock Exchange since
2006.
Contact:
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
End of Corporate News
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09.01.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: CropEnergies AG
Gottlieb-Daimler-Str. 12
68165 Mannheim
Germany
Phone: +49 (0)621-71 41 90 00
Fax: +49 (0)621-71 41 90 04
E-mail: info@cropenergies.de
Internet: www.cropenergies.com
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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247310 09.01.2014
DGAP-News: CropEnergies with revenue growth and lower operating profit - Bioethanol production increased by 5 percent
| Source: EQS Group AG