19.05.2015
CropEnergies AG DE000A0LAUP1
DGAP-News: CropEnergies with growth in revenues but operating loss - Bioethanol production increased - difficult market conditions put pressure on European bioethanol producers - medium term outlook improved
DGAP-News: CropEnergies AG / Key word(s): Final Results/Forecast
CropEnergies with growth in revenues but operating loss - Bioethanol
production increased - difficult market conditions put pressure on
European bioethanol producers - medium term outlook improved
19.05.2015 / 10:00
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Mannheim, 19 May 2015 - CropEnergies AG, Mannheim, was able to increase
revenues by 6 percent to EUR 827 million (previous year: EUR 780 million)
in the financial year 2014/15 (1 March 2014 - 28 February 2015). The main
reason for the growth in revenues was the increase in bioethanol
production. However, very low bioethanol prices which could not be offset
by lower raw material prices put a strain on the result. EBITDA decreased
to EUR 25.2 (previous year: 68.5) million. This led to a decrease in
operating profit to minus EUR 11 million (previous year: plus EUR 35
million). In addition to this, the consolidated result was burdened by
non-recurring expenditures of EUR 37 million by the temporary standstill of
the production plant in Wilton, UK. All in all, the company closes the
financial year with a net loss of the year of minus EUR 58 million
(previous year: plus EUR 12 million). Therefore, there will be no dividend
payout.
In the previous financial year, CropEnergies increased production to over 1
million cubic meters for the first time and produced a total of 1,056,000
(previous year: 884,000) cubic meters of bioethanol. The volumes of dried
food and animal feed products produced increased to 537,000 (previous year:
413,000) tonnes. For the financial year 2015/16, CropEnergies expects a
stabilization of earnings despite initially expected lower prices for
bioethanol. The measures already in place for reducing costs, improving the
risk profile and expanding the product range will contribute to this. For
example, the production plant for high-purity neutral alcohol was
commissioned in Zeitz at the beginning of 2015. Future customers include
companies from the pharmaceutical, beverage, cosmetics and chemical
industry.
The bioethanol prices have risen significantly over the last few weeks, but
they are still very volatile which makes an outlook for the financial year
2015/16 difficult. CropEnergies expects revenues in the range of EUR 625 to
EUR 675 million. Against this background, an EBITDA, adjusted for special
items, of EUR 15 million to EUR 45 million is expected for the financial
year 2015/16. After depreciation, an operating profit in the range of minus
EUR 20 million to plus EUR 10 million is expected. In addition, there will
be extraordinary expenses of up to EUR 15 million annually during the
shutdown phase of the bioethanol plant in Wilton.
The European parliament's agreement on a compromise for the amendment of
the "Renewable Energies Directive" in April 2015 is an important step
forward and ends the uncertainty which has lasted since 2012.
With a reliable framework for the European biofuels market, renewable
energies will have a more important role, not only in the electricity
sector, but also in the transport sector. CropEnergies expects this
decision to offer growth impulses to the European bioethanol market in the
medium term and to promote the further distribution of E10. With this, the
revenue and earnings situation for bioethanol producers in Europe should
also improve in the medium term. CropEnergies is well prepared for this
growth.
The full report for the financial year 2014/15 is available at
www.cropenergies.com/en/investorrelations/Finanzberichte/.
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
[email protected]
Nadine Dejung
Public Relations / Marketing
Tel.: +49 (621) 71 41 90-65
Fax: +49 (621) 71 41 90-04
[email protected]
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19.05.2015 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
End of News DGAP News-Service
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