Fiscal year 2008/09
CropEnergies raises revenue forecast for the 2008/09 financial year
Mannheim, 13 January 2009 - In the first nine months of the 2008/09 financial year CropEnergies AG, Mannheim, was able to increase its revenues by 89% from 125.7 to 237.5 million. For the full 2008/09 financial year CropEnergies now expects revenues of over 300 (187) million.
CropEnergies: Next Generation Bioethanol Plant in Belgium Starts Production
BioWanze, the Belgian subsidiary of CropEnergies AG, Mannheim, starts production in its next-generation bioethanol plant in Wanze, Belgium, as planned. The plant, being the largest bioethanol plant in Belgium, will produce up to 300,000 m≥ of bioethanol per year from wheat and sugar syrups. The innovative manufacturing process, which uses biomass as a primary energy source, lowers CO2 emissions by up to 70% compared to fossil fuels. With this, BioWanze has been awarded half of the distributed production licenses or 125,000 m≥ per year until 2013 with which the Belgian government promotes biofuels in the domestic market. The investment for this unique technology is more than EUR 250 million.
Successful first half for CropEnergies - Expansion proceeding as planned
CropEnergies AG, Mannheim, increased its revenues in the first six months of the 2008/09 financial year by 67.8% to 146.3 (87.2) million. EBITDA was down 13.1% to 15.8 (18.2) million due to raw material costs. With an EBITDA margin of 10.8% (20.9%), CropEnergies achieved a leading position in the biofuel industry. After depreciation of 4.7 (4.2) million, operating profit was down 20.4% to 11.1 (14.0) million, equivalent to 7.6% (16.0%) of revenues.
Successful start of new financial year for CropEnergies Revenue increases by 66 percent
CropEnergies AG, Mannheim, has increased its revenues by 66% to 56.4 (34.1) million in the first three months of the current financial year (1 March to 31 May 2008). Besides increased selling prices, this was mainly due to higher bioethanol sales. Supported by a growth in revenues and an increased use of sugar syrups instead of grain, operating profit reached last years level of 5.5 (5.5) million despite higher grain prices. After preparatory cost for Wanze and a capital expenditure-related decrease in the interest result, net earnings in the first quarter amounted to 3.0 (4.2) million.
Zeitz bioethanol plant expansion completed
CropEnergies AG, Mannheim, has completed the expansion of the capacity of their bioethanol plant in Zeitz, Saxony-Anhalt, as planned. After a construction time for the extension of only 13 months, the original annual capacity of the Zeitz location of 260,000 m≥ of bioethanol has been increased by a further 100,000 m≥ to 360,000 m≥. This increase was carried out in two stages. The existing plant, which processes cereals and sugar syrups into bioethanol, was expanded by an additional 40,000 m≥ of bioethanol per annum. The newly-built plant with an annual capacity of 60,000 m≥ exclusively processes sugar syrups originating from the neighbouring sugar factory. With this expansion, the Zeitz factory is by far Europe's largest bioethanol plant.
CropEnergies AG acquires French bioethanol producer Ryssen Alcools S.A.S
CropEnergies AG signed an agreement for the acquisition of French alcohol producer Ryssen Alcools S.A.S in Paris on 2 June 2008. The seller is French sugar producer Saint Louis Sucre, which is a member of the SŁdzucker Group. The acquisition of Ryssen Alcools S.A.S is due to be completed at the end of June 2008. With this move CropEnergies is expanding its activities in the important French market as planned and will be increasing its capacities for the production of bioethanol for fuel applications by another 100,000 m≥ of bioethanol per year.
CropEnergies AG increases revenues and earnings
In the past 2007/08 financial year (1 March 2007 to 29 February 2008) CropEnergies AG, Mannheim, increased its revenues by over 27% year on year to 186.8 (146.8) million. The Groups operating profit was improved again by 4.8% to 22.0 (21.0) million equivalent to an operating margin of 11.8 (14.3)%.
CropEnergies expects bioethanol market to continue growing despite E10 stop
The CropEnergies AG, Mannheim, expects that the bioethanol market in Germany and Europe will continue to grow despite the announcement of German Federal Environmental Minister Sigmar Gabriel, to defer for now the increase of the amount of bioethanol allowed in gasoline from 5 vol.-% to 10 vol.-% (E10). The legally tied down blending quotas for Germany are not influenced by the decision
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