CropEnergies AG / Key word(s): Profit Warning
18.02.2015 08:15
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, 18 February 2015 - CropEnergies AG, Mannheim, temporarily pausing
production of its English subsidiary Ensus UK, Wilton. This decision has
been made due to the current difficult situation in the European bioethanol
market which the dramatic drop of oil prices in the last few months has
exacerbated. Bioethanol prices reached an all-time low of EUR 417 per cubic
meter FOB Rotterdam on 15 January 2015. The devaluation of the euro
compared to the British pound was an additional burden. The drawn-out
political process in the EU to also increase the percentage of renewable
energies in the transport sector compared to today is not conductive
either. The production facility was brought off line a few days ago for
cleaning and inspection. CropEnergies' other plants in Germany, Belgium and
France are running at high capacity utilization despite the difficult
market conditions and thus prove their leading technological position and
competitiveness.
As soon as market conditions allow, the English production plant can be
brought on line again and the group's full annual production potential of
1.2 million cubic meters can be exploited. The possibility of
recommissioning will be continuously reviewed against the backdrop of
upcoming policy decisions.
CropEnergies had acquired Ensus in July 2013 as a contribution in kind for
an equivalent for EUR 13 million and injected additional equity of GBP 70
million. CropEnergies expects the temporary shutdown to lead to one-off
restructuring costs of up to EUR 40 million in the consolidated financial
statement of the financial year 2014/15.
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:
Heike Baumbach
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
18.02.2015 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
Maximilianstr. 10
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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: CropEnergies temporarily pausing production at Ensus. One-off costs of up to EUR 40 million expected
| Source: EQS Group AG