DGAP-Adhoc: CropEnergies with weaker start to the year - Adjustment of forecast to lower ethanol prices
CropEnergies with weaker start to the year - Adjustment of forecast to lower
14-Jun-2018 / 12:02 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Mannheim, 14 June 2018 - CropEnergies AG, Mannheim, started the 2018/19
financial year with a below-average 1st quarter compared to the previous
year. According to preliminary figures, revenues decreased by 17 percent to
EUR 192 (previous year: EUR 231) million. EBITDA of EUR 14 (previous year:
EUR 33) million was slightly less than half the previous year's figure.
Accordingly, the operating result decreased to EUR 5 (previous year: EUR 23)
million. The main reason for the reduction is the significantly lower price
of ethanol, which has not yet benefited from the higher oil price.
A gradual improvement in ethanol prices and results is expected over the
course of the year, while the opposite trend was observed in the past
financial year. CropEnergies adjusts its forecast for the 2018/19 financial
year as a whole, in particular due to the significant year-on-year decline
in ethanol prices, and now expects revenues of EUR 810 to EUR 860
(previously expected: EUR 840 to EUR 900) million and an operating profit of
EUR 25 to EUR 55 (previously expected: EUR 30 to EUR 70) million. This is
equivalent to an EBITDA of between EUR 65 and EUR 95 (previously expected:
between EUR 70 and EUR 110) million.
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.
Tel.: +49 (621) 71 41 90-30
Fax: +49 (621) 71 41 90-03
Public Relations / Marketing
Tel.: +49 (621) 71 41 90-63
Fax: +49 (621) 71 41 90-05
14-Jun-2018 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Company: CropEnergies AG
Phone: +49 (0)621-71 41 90 00
Fax: +49 (0)621-71 41 90 04
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News Service
695417 14-Jun-2018 CET/CEST
(END) Dow Jones Newswires
June 14, 2018 06:02 ET ( 10:02 GMT)
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