CropEnergies confirms good result in 1st quarter
Bioethanol production increases by 38 percent in 1st quarter
Mannheim, 12 July 2017 - CropEnergies AG, Mannheim, was able to significantly increase revenues and results in the 1st quarter of the current financial year 2017/18. As already announced on 19 June 2017, revenues increased by 38 percent to EUR 231 (previous year: EUR 168) million. The main reasons for the growth were the significantly increased sales volumes of bioethanol as well as food and animal feed products. In the first three months of the financial year 2017/18, a total of 280,000 (previous year: 203,000) cubic meters of bioethanol were produced. This also led to an increase of the production of food and animal feed products. The increase of the production volumes is mainly due to the restart of the bioethanol plant in Wilton, UK, in July 2016.
EBITDA improved by 18 percent to EUR 33.1 (previous year: EUR 28.0) million. Accordingly, CropEnergies also generated a significantly higher operating profit. It improved by 21 percent to EUR 23.5 (previous year EUR 19.4) million. This leads to an operating margin of 10.2 (previous year: 11.6) percent. Income from operations, as the sum of operating profit, earnings from entities consolidated at equity and special items, grew distinctly by 48 percent to EUR 23.2 (previous year: EUR 15.7) million.
Against the background of the good start in the 1st quarter 2017/18, CropEnergies had already raised the forecast for the financial year 2017/18 on 19 June 2017 and now expects revenues in a range of EUR 850 to EUR 900 million for the whole financial year 2017/18. Operating profit is expected in a range of EUR 50 to EUR 90 million. This corresponds to an EBITDA between EUR 90 and EUR 130 million which will lead to another improvement of the financial position. In the previous year, revenues reached EUR 802 million and the operating profit EUR 98 million.
The full financial report for the 1st quarter 2017/18 can be downloaded 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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