Mannheim, 9 July 2008 - 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.
Bioethanol production rose by 5.1% to 62,000 (59,000) m³.
For CropEnergies, the 2008/09 financial year will be characterized by the entry into the French market and the expansion of capacities in Germany and Belgium. The acquisition of Ryssen Alcools S.A.S as well as the completion of the expansion of the bioethanol plant in Zeitz at the end of June are part of the expansion program of CropEnergies. At the end of 2008, another plant with an annual capacity of up to 300,000 m³ will be started up in Wanze, Belgium. Although these measures will only have full effect from the 2009/10 financial year on, CropEnergies expects year-on-year growth of more than 50% in revenues already in 2008/09 and a positive albeit reduced operating profit due to higher raw material cost.
The CropEnergies AG
The CropEnergies Group - a member of the Südzucker Group - is an established leading European producer of bioethanol for the fuel sector.
Crop stands for creative regeneration of power. Energy in the form of bioethanol is produced from renewable resources, grain and sugar beets. With subsidiaries in Germany, France, and Belgium, CropEnergies has established itself as a bioethanol producer in a growing market in just a few years and it operates todays largest bioethanol plant in Europe in Zeitz, Saxony-Anhalt, Germany. CropEnergies considers itself a pioneer on the German bioethanol market and expands its market position in Europe. The shares of CropEnergies AG (ISIN DE000A0LAUP1) are listed in the Prime Standard at the Frankfurt Stock Exchange.