CropEnergies confirms profitable development – Revenue growth of 20% expected in the 2007/08 financial year
Mannheim, 10 October 2007 – CropEnergies AG, Mannheim, one of Europe’s leading producers of bioethanol, has further improved revenues and earnings in the first half of the current financial year (1 March 2007 to 31 August 2007).
Revenues have increased by 34.1% to € 87.2 (H1 2006/07: 65.0) million, while operating profit was up 85% to € 14.0 (7.5) million. This is equivalent to an operating margin of 16.0% (11.6%). After special expense items of € 2.0 (0.0) million for the construction of the plant in Wanze (Belgium), income from operations came to € 11.9 (7.5) million. Net earnings for the first six months almost quadrupled to € 13.4 (3.4) million. The revenue growth was due to both increased bioethanol production, which was up 14% to 125,100 m³, and higher average selling prices for bioethanol and the animal feed ProtiGrain®.
Despite the currently high prices for raw materials, CropEnergies expects the positive business development to continue in the second half of 2007/08. Due to the cost-oriented input material mix and a scheduled overhaul of the distillation, pace of production growth will be slower than in the first half of 2007/08. For the full 2007/08 financial year CropEnergies expects to increase revenues by about 20% and achieve an operating profit comparable to the previous year’s good result.
About CropEnergies AG
The CropEnergies-Group – a member of the Südzucker-Group – is an established and according to the production capacity a leading European producer of bioethanol for the fuel sector. „Crop“ stands for „creative regeneration of power“. Energy in the form of bioethanol is produced from renewable resources – grain and sugar beets. With subsidiaries in Germany, France, and Belgium, the CropEnergies-Group has – in just a few years – established itself as a bioethanol producer in a growing market and operates today’s largest bioethanol plant in Europe in Zeitz, Saxony-Anhalt, Germany. CropEnergies considers itself a pioneer on the German bioethanol market and will expand its market position in Europe. Since 29 September 2006, CropEnergies AG (ISIN DE000A0LAUP1) has been listed in the Prime Standard at the Frankfurt Stock Exchange.
