Press release 21.06.2016
Ad hoc announcement pursuant to Section 15 of the German Securities Trading Act (WpHG)
CropEnergies increases forecast for financial year 2016/17
Mannheim, 21 June 2016 - CropEnergies AG, Mannheim, has had a good start into the new financial year 2016/17. Revenues in the 1st quarter decreased as expected and reached EUR 168 (previous year: EUR 198) million. The main reason for this were lower ethanol prices as well as missing sales volumes compared to the 1st quarter of the previous year from the production plant in Wilton, UK, which has been temporarily closed since February 2015. Despite the lower business volume, CropEnergies was able to significantly improve the earnings situation due to lower raw material prices and decreased expenditures for energy and maintenance. Operating profit therefore increased by 42 percent to EUR 19 (previous year: EUR 14) million.
For the full financial year, CropEnergies has increased its forecast and now expects revenues of EUR 640 to EUR 700 (previously expected: EUR 625 to EUR 700) million and an operating profit in the range of EUR 50 to EUR 80 (previously expected: EUR 30 to EUR 70) million. In the previous year, revenues had reached EUR 723 million with an operating profit of EUR 87 million.
In July 2016, CropEnergies will restart its production plant in Wilton. This will allow all modifications that have been carried out to increase reliability and improve energy efficiency to be tested. Depending on the duration as well as the result, this may have an effect on revenues and earnings. Possible effects, however, have not been included in the current forecast.
The full annual report for the 1st quarter 2016/17 will be published on 6 July 2016.
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 1.3 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 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, Brazil, and Chile, 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 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 stock (ISIN DE000AOLAUP1) has been listed at the regulated market (Prime Standard) at the Frankfurt Stock Exchange since 2006.
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