CropEnergies AG / Key word(s): Half Year Results
19.09.2014 08:30
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Mannheim, 19 September 2014 - In the 1st half of the financial year 2014/15
(1 March 2014 - 31 August 2014), CropEnergies AG, Mannheim, increased its
revenues by 9 percent to EUR 405 (previous year: EUR 372) million compared
to the previous year. The growth in revenues is the result of additional
increases in production and sales of bioethanol as well as of high-protein
food and animal feed products.
However, EBITDA decreased significantly to EUR 13 (previous year: EUR 42)
million. Accordingly, after depreciation, this results in an operating loss
of EUR -4 (previous year: EUR +26) million. The main reason for this drop
in profit is the dramatic deterioration of bioethanol prices in Europe.
They fell by more than 25 percent from more than EUR 600 per cubic meter at
the end of August 2013 to EUR 434 per cubic meter on 22 July 2014 and were
at EUR 495 per cubic meter at the end of August 2014. Since the end of
November 2013, the price of bioethanol has been more than 10 cents below
that of petrol at times. In the same period of time, raw material prices
sank by only approximately 10 percent and could only partially compensate
for the decrease in bioethanol prices. An additional burden came from the
scheduled maintenance standstill of the plant in Zeitz, Germany, in the 2nd
quarter as well as temporary technical hold-ups in Zeitz and Wilton, UK.
Correspondent with the developments of the 1st half 2014/15, CropEnergies
specifies the outlook for the financial year 2014/15. A growth in revenues
of 5 to 10 percent to EUR 820 to EUR 860 (previous year: EUR 781) million
is expected. EBITDA should reach a spread of EUR 20 to EUR 40 (previous
year: EUR 68) million. Despite the bioethanol prices having risen in the
last weeks, CropEnergies - due to continuing uncertainties in the price and
market development - now expects an operating result between zero and minus
EUR 20 million.
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
19.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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 Announcement DGAP News-Service
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DGAP-Adhoc: CropEnergies with growth in revenues and operating loss in 1st half of 2014/15 - Low bioethanol prices in Europe put pressure on industry
| Source: EQS Group AG