DGAP-News
Increased revenues and production volumes for CropEnergies 1st half of business year 2014/15 - Operating loss due to steep decline of bioethanol prices in Europe
DGAP-News: CropEnergies AG / Key word(s): Half Year Results/Quarter
Results
Increased revenues and production volumes for CropEnergies 1st half of
business year 2014/15 - Operating loss due to steep decline of
bioethanol prices in Europe
08.10.2014 / 07:00
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Mannheim, 8 October 2014 - In the 1st half of the business year 2014/15 (1
March 2014 - 31 August 2014) CropEnergies AG, Mannheim, has increased its
revenues by 9 percent to EUR 405 (previous year: EUR 372) million compared
to the previous year. The increase in revenues is due to higher production
and sales volumes of bioethanol as well as food and animal feed products.
However, the sharp decline in bioethanol prices as well as lower prices for
high-protein food and animal feed products have tempered the impact of this
positive development.
Compared to the previous year, EBITDA was reduced to EUR 13 (previous year:
EUR 42) million. This resulted in an operating loss after depreciation of
EUR -4 (previous year: EUR +26) million. The drop in profits is due to the
steep decline of bioethanol prices in Europe. They fell by more than 25
percent from more than EUR 600 per cubic meter at the end of August 2013 to
EUR 434 Euro per cubic meter on 22 July 2014. At the end of August 2014,
prices were at EUR 495 per cubic meter. Since the end of November 2013,
bioethanol was at times more than 10 euro cents cheaper than petrol. Raw
materials prices only decreased by approximately 10 percent in the same
period and could only partly offset the severe negative impact from lower
selling prices.
In the first six months of the business year 2014/15, production increased
by 27 percent to 478,000 (previous year: 377,000) cubic meters of
bioethanol. CropEnergies also significantly increased the produced volume
of food and animal feed products. The increase was achieved despite a
scheduled standstill in Zeitz as well as technical difficulties in Zeitz
and Wanze which resulted in a lower capacity utilization.
On 19 September 2014, CropEnergies specified the outlook for the business
year 2014/15 and now expects a growth in revenues of 5 to 10 percent to EUR
820 to EUR 860 (previous year: EUR 781) million. EBITDA is expected to
range between EUR 20 and EUR 40 (previous year: EUR 68) million. Owing to
the continuing uncertainty regarding price and market developments,
CropEnergies now expects to achieve an operating profit ranging between EUR
0 and minus EUR 20 million.
The full report for the 1st half 2014/15 is available on the CropEnergies
Mannheim, 8 October 2014 - In the 1st half of the business year 2014/15 (1
March 2014 - 31 August 2014) CropEnergies AG, Mannheim, has increased its
revenues by 9 percent to EUR 405 (previous year: EUR 372) million compared
to the previous year. The increase in revenues is due to higher production
and sales volumes of bioethanol as well as food and animal feed products.
However, the sharp decline in bioethanol prices as well as lower prices for
high-protein food and animal feed products have tempered the impact of this
positive development.
Compared to the previous year, EBITDA was reduced to EUR 13 (previous year:
EUR 42) million. This resulted in an operating loss after depreciation of
EUR -4 (previous year: EUR +26) million. The drop in profits is due to the
steep decline of bioethanol prices in Europe. They fell by more than 25
percent from more than EUR 600 per cubic meter at the end of August 2013 to
EUR 434 Euro per cubic meter on 22 July 2014. At the end of August 2014,
prices were at EUR 495 per cubic meter. Since the end of November 2013,
bioethanol was at times more than 10 euro cents cheaper than petrol. Raw
materials prices only decreased by approximately 10 percent in the same
period and could only partly offset the severe negative impact from lower
selling prices.
In the first six months of the business year 2014/15, production increased
by 27 percent to 478,000 (previous year: 377,000) cubic meters of
bioethanol. CropEnergies also significantly increased the produced volume
of food and animal feed products. The increase was achieved despite a
scheduled standstill in Zeitz as well as technical difficulties in Zeitz
and Wanze which resulted in a lower capacity utilization.
On 19 September 2014, CropEnergies specified the outlook for the business
year 2014/15 and now expects a growth in revenues of 5 to 10 percent to EUR
820 to EUR 860 (previous year: EUR 781) million. EBITDA is expected to
range between EUR 20 and EUR 40 (previous year: EUR 68) million. Owing to
the continuing uncertainty regarding price and market developments,
CropEnergies now expects to achieve an operating profit ranging between EUR
0 and minus EUR 20 million.
The full report for the 1st half 2014/15 is available on the CropEnergies
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