08.04.2014
CropEnergies AG DE000A0LAUP1
DGAP-Adhoc: CropEnergies reaches targets for financial year 2013/14 - Challenging market conditions impair forecast for 2014/15
CropEnergies AG / Key word(s): Final Results/Forecast
08.04.2014 08:49
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Mannheim, 8 April 2014 - With a growth in revenues of 13 percent to EUR 781
(previous year: 689) million, CropEnergies AG, Mannheim, has reached its
targets for growth in the financial year 2013/14 (1 March 2013 - 28
February 2014). The decrease of the operating profit to EUR 34.5 (previous
year: 87.0) million also corresponds to the forecast which had been adapted
in December 2013.
As CropEnergies communicated in the ad-hoc announcement in December 2013,
bioethanol prices in Europe have significantly decreased not least because
of US imports via Norway which circumvent import duties. The failure of the
EU to consistently pursue its goal to reduce the amount of fossil fuels
used in the transport sector also adds to the current market environment.
The continuing discussion in Brussels slows down market growth since many
member states hesitate to increase the biofuels share and e.g. introduce
E10 into the market. Failing to introduce a higher share of biofuels
ignores the potential to lower greenhouse gas emissions quickly and
cost-effectively.
Bioethanol prices in Europe are currently lower than the ones in the large
bioethanol countries Brazil and the USA. Even more, bioethanol is cheaper
than petrol in Europe. Due to the fact that grain prices have developed a
side trend while bioethanol prices have started to decrease, the earnings
situation of European bioethanol producers has significantly worsened. As a
result, CropEnergies expects the consolidation of the industry to continue
but, as a leading producer, is well prepared for this difficult time.
The high volatility of bioethanol prices makes the outlook for the
financial year 2014/15, which has started in 1 March 2014, more difficult.
Due to the growth in production capacity, a further increase in revenues to
EUR 850 million is expected. From today's point of view, CropEnergies
expects the EBITDA to reach EUR 10 to 60 million. After depreciation, this
should result in an operating profit/loss of EUR minus 30 to EUR plus 20
million.
The annual report for the financial year 2013/14 will be published on 13
May 2014.
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
[email protected]
Public Relations / Marketing
Nadine Dejung
Tel.: +49 (621) 71 41 90-65
Fax: +49 (621) 71 41 90-04
[email protected]
08.04.2014 DGAP's 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: [email protected]
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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