11.01.2017
CropEnergies AG DE000A0LAUP1
DGAP-News: CropEnergies grows in 3rd quarter and increases earnings forecast - Reduction of emissions required by European Commission only possible with secure basis for conventional biofuels
DGAP-News: CropEnergies AG / Key word(s): Quarter Results/9-month figures
CropEnergies grows in 3rd quarter and increases earnings forecast -
Reduction of emissions required by European Commission only possible with
secure basis for conventional biofuels
11.01.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
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Mannheim, 11 January 2017 - In the first nine months of the financial year
2016/17, CropEnergies AG, Mannheim, increased revenues slightly to EUR 565
(previous year: EUR 558) million. The jump in revenues in the 3rd quarter
to EUR 215 (previous year: EUR 168) million contributed significantly. The
main reason for the increase in revenues is the restart of the production
plant in Wilton, UK, by which CropEnergies increased bioethanol production
from 618,000 to 735,000 cubic meters in the reporting period. At the same
time, the food and animal feed volumes produced increased.
With EUR 87 (previous year: EUR 89) million, EBITDA almost reached the
previous years' level. Due to lower proceed for bioethanol, food and animal
feed, the 3rd quarter contributed EUR 28 (previous year: EUR 32) million.
At EUR 59 (previous year: EUR 63) million, operating profit was also
slightly lower than in the previous year. The contribution of the 3rd
quarter of EUR 18 (previous year: EUR 24) million was also lower than in
the year before, but higher than expected. Income from operations, as the
sum of operating profit, earnings from entities consolidated at equity and
special items improved in the first three quarters to EUR 53 (previous
year: EUR 50) million. After taxes, net earnings for the reporting period
improved to EUR 36 (previous year: EUR 30) million.
Against the background of these positive developments, CropEnergies has
increased its forecast for the current financial year on 20 December 2016
and now expects revenues between EUR 760 and EUR 790 (previously: EUR 670
and EUR 720) million and an operating profit in a range of EUR 70 to EUR 85
(previously: EUR 50 to EUR 80) million.
The long-term development prospects for renewable energies in the transport
sector are subject to a legal framework. In October 2014, the European
Council decided that greenhouse gas emissions in the EU have to be reduced
by 40 percent by 2030. This target can hardly be reached with the package
of climate and energy policy measures as presented by the European
Commission in November 2016. Though the share of renewable energies in the
EU is to increase to 27 percent, no specific target for the transport
sector was defined. The burning of petrol and diesel especially in the
European road traffic emits approximately one billion tonnes of greenhouse
gases annually.
In the last few years, the European bioethanol industry was able to
increase the greenhouse gas savings of ethanol from regional crops to, on
average, approximately 70 percent by continuous improvements. Instead of
building on this progress, the draft of the European Commission proposes
decreasing the share of biofuels made from crops from 7 percent in 2021 to
a maximum of 3.8 percent in 2030. The share of certain alternative fuels,
however, is to increase step by step from 1.5 percent in 2021 to 6.8
percent in 2030. The European Commission ignores the continuing need for
research and development that is necessary to ensure the competitiveness of
alternative fuels as additional alternative to fossil fuels. There is
reason to fear that implementing the draft of the European Commission would
not lead to a decrease in fossil fuel use, but only to a decrease in the
use of highly efficient biofuels which are already on the market.
To prevent this, CropEnergies, together with national and European
associations, campaigns for a growing share of renewable fuels in the
transport sector. A development of alternative fuels can only be achieved
in addition to - not instead of - already established biofuel made from
regional crops.
The report for the first nine months of the financial year 2016/17 can be
downloaded from the CropEnergies website.
CropEnergies AG
Ensuring mobility in a climate friendly way - today and in the future - is
CropEnergies' business. Founded in Mannheim, Germany, in 2006, the member
of the Südzucker Group is one of the leading European manufacturers of
sustainably produced bioethanol today. With its annual capacity of 1.3
million cubic meters of bioethanol, 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 approximately 70 percent on average
across the whole value-added chain compared to fossil fuel.
In addition to fuel alcohol, CropEnergies also produces 150,000 cubic
meters of high-purity neutral alcohol which is used in the cosmetics,
pharmaceutical, and beverage industry or for technical applications. 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 (ISIN DE000AOLAUP1) is listed at the regulated market
(Prime Standard) at the Frankfurt Stock Exchange.
Contact:
Dr. Lilia Filipova-Neumann
Investor Relations
Tel.: +49 (621) 71 41 90-30
Fax: +49 (621) 71 41 90-03
[email protected]
Nadine Dejung-Custance
Public Relations / Marketing
Tel.: +49 (621) 71 41 90-65
Fax: +49 (621) 71 41 90-04
[email protected]
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11.01.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: [email protected]
Internet: www.cropenergies.com
ISIN: DE000A0LAUP1
WKN: A0LAUP
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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