Press release 30.07.2013
CropEnergies adjusts outlook for financial year 2013/14 after acquisition of Ensus
Mannheim, 30. July 2013 - On 19 July 2013 CropEnergies AG, Mannheim, acquired the British bioethanol producer Ensus Limited, Yarm, England. With the acquisition, CropEnergies increases the annual production capacity by 50 percent to more than 1.2 million cubic metres and strengthens its position as one of the leading bioethanol producers in Europe. The production plant in the northeast of England is supposed to start production in the autumn of 2013. For the whole financial year, the company thus expects an increase in revenues of 10 to 20 percent compared to the previous year (EUR 689 million) as a result of the rise in the production of bioethanol and protein animal feed. Until now, revenues were expected at the same level as the previous year's. However, operating profit will initially be reduced by the commissioning of the Ensus plant, which has been at a standstill since April 2013. For the full financial year 2013/14, CropEnergies expects an operating profit between EUR 40 and 50 million. Previously, an operating profit of EUR 50 to 60 million had been expected.
Despite extensive investments in the new bioethanol plant, net financial debt in the financial year 2013/14 is expected to be below the level reached on 29 February 2012 of EUR 158 million.
With a production capacity of 400,000 cubic metres of bioethanol and 350,000 tonnes of high-quality protein animal feed per year, the Ensus plant is one of the largest bioethanol plants in Europe. The production capacities in the UK complement the company's network which already has bioethanol plants in Germany, Belgium, and France. CropEnergies expects Ensus to already make a positive contribution to earnings in the second year after the acquisition. Due to the current course of expansion, CropEnergies estimates revenues to increase to EUR 1 billion in the medium term.
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 800,000 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.
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