CropEnergies continues to increase revenues and earnings in 1st half of 2017/18
Ethanol production increases by 26 percent
Mannheim, 11 October 2017 - CropEnergies AG, Mannheim, increased revenues and earnings significantly in the 1st half of the financial year 2017/18. Thanks to the higher production volumes of ethanol as well as food and animal feed products and the growth in trading volumes, revenues increased by 31 percent to EUR 460 (previous year: EUR 350) million. In the 2nd quarter 2017/18, they grew to EUR 229 (previous year: EUR 182) million.
Altogether, EBITDA increased by 13 percent to EUR 67 (previous year: EUR 59) million in the 1st half 2017/18. In the 2nd quarter of the current financial year, EBITDA amounted to EUR 33 (previous year: EUR 31) million. Operating profit reached EUR 47 (previous year: EUR 41) million. Higher proceeds for ethanol compensated for slightly decreasing sales prices for food and animal feed and higher raw material prices. Based on revenues, this results in an operating margin of 10.3 (previous year: 11.7) percent. In the 2nd quarter 2017/18, an operating profit of EUR 24 (previous year: EUR 22) million was achieved which gives rise to an operating margin of 10.4 (previous year: 11.9) percent.
In the reporting period, CropEnergies increased ethanol production to 567,000 (previous year: 450,000) cubic meters, mainly due to the fact that the production plant in Wilton was taken back into operation in July 2016. The production of food and animal feed products grew parallel to the higher ethanol volumes.
CropEnergies has adjusted its revenues forecast for the 2017/18 financial year and now expects revenues for the full year to range between EUR 880 and EUR 920 million (previous expectation: between EUR 850 and EUR 900 million). Operating profit is now expected to range between EUR 60 and EUR 90 million (previous expectation: between EUR 50 and EUR 90 million). This is equivalent to an EBITDA of between EUR 100 and EUR 130 million (previous expectation: between EUR 90 and EUR 130 million). In the previous year, revenues of EUR 802 million and operating profit of EUR 98 million were generated.
The full financial report for the 1st half 2017/18 is available on the CropEnergies website.
Ensuring mobility in a climate friendly way - today and in the future - is CropEnergies' business. Founded in Mannheim, Germany, in 2006, the member of the Südzucker Group is the leading European manufacturer of sustainably produced bioethanol today. With its production capacities of 1.3 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 approximately 70 percent on average across the whole value-added chain compared to fossil fuel.
In addition to fuel alcohol, CropEnergies also produces 150,000 cubic meters of high-purity neutral alcohol which is used in the beverage, cosmetics, and pharmaceutical industry or for technical applications. 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 (ISIN DE000A0LAUP1) has been listed at the regulated market (Prime Standard) at the Frankfurt Stock Exchange since 2006.
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