Press release 17.12.2010
CropEnergies again increases forecast for the current financial year
Profitable growth path continued in 3rd quarter
Mannheim, 17 December 2010 - CropEnergies AG, Mannheim, has continued its road to success in the first nine months of the current financial year 2010/11 (1 March - 30 November 2010) and has significantly increased its revenues by 24 percent compared to the previous year to EUR 349 (previous year: EUR 280) million. Operating profit rose to EUR 32 (previous year: EUR 4) million. The main reason for the growth in revenues and profit is the increased production of bioethanol and the high-quality protein food and animal feed of the plant in Wanze, Belgium, which led to increased revenues in the 3rd quarter as well.
Due to the good development of the business in the first nine months, CropEnergies once again increases its forecast for revenues and profit for the full financial year 2010/11. Revenues are now expected to climb by approx. 20 percent to more than EUR 440 (previous year: 374) million. At the same time, operating profit is expected to more than triple compared to the previous year to over EUR 40 (previous year: 12) million.
The full report for the first nine months of the financial year 2010/11 will be published on 11 January 2011.
CropEnergies - a member of the Südzucker Group - is a leading European supplier of sustainably produced 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. The components of the raw materials not used to produce bioethanol, such as proteins, are processed into high-quality food and animal feed products.
CropEnergies sees itself as a pioneer in the German bioethanol market and is expanding its market position throughout Europe. With subsidiaries in Germany, Belgium, and France, CropEnergies is one of the leading bioethanol producers in the European growth market for renewable energies. The shares of CropEnergies AG (ISIN DE000A0LAUP1) are listed in the Official Market (Prime Standard) on the Frankfurt Stock Exchange.
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