DGAP-News
CropEnergies continues improving results
DGAP-News: CropEnergies AG / Key word(s): 9-month figures/Quarter Results
CropEnergies continues improving results
12.01.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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CropEnergies continues improving results
12.01.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Mannheim, 12 January 2016 - In the first three quarters of the current
financial year 2015/16 (1 March 2015 - 30 November 2015) CropEnergies AG,
Mannheim, increased its results significantly compared to the same period
of the previous year. Despite revenues decreasing slightly by 11 percent to
EUR 558 (previous year: EUR 626) million because of the temporary closure
of the plant in Wilton, UK, profitability improved significantly especially
due to favorable proceeds for bioethanol.
EBITDA increased significantly to EUR 89 (previous year: EUR 21) million
and operating profit after taking depreciation into account reached EUR 63
(previous year: EUR -6) million. The operating margin was therefore 11
(previous year: -1) percent. Due to the temporary closure of the plant in
Wilton, EUR 13 (previous year: EUR 0) million in restructuring costs and
special items were incurred in the reporting period. Income from
operations, as the sum of operating profit, earnings from entities
consolidated at equity and special items, rose to EUR 50 (previous year:
EUR -6) million.
Due to the increase in earnings, CropEnergies was able to reduce the net
financial debt by EUR 64 million to EUR 86 (as of 28 February 2015: EUR
150) million.
For the full financial year 2015/16, CropEnergies furthermore expects to
generate an EBITDA, adjusted for special items, of between EUR 105 and EUR
125 (previous year: EUR 25) million. After depreciation, operating profit
(before restructuring costs and special items) is expected to range between
EUR 70 and EUR 90 (previous year: EUR -11) million. Apart from this,
special expenses of up to EUR 20 million are expected as a result of the
temporary closure of the plant in Wilton.
In the 2016/17 financial year, business performance will again
predominantly depend on price developments on the bioethanol markets. The
forward prices for bioethanol in Europe for the 2016/17 financial year are
currently showing a significant decline, though trading liquidity is low
and this has been the case for a while. In line with experiences in the
2015/16 financial year, in which some of the spot prices realised were more
than 10 percent higher than the previously quoted forward prices,
CropEnergies expects - assuming stable grain prices - an operating profit
financial year 2015/16 (1 March 2015 - 30 November 2015) CropEnergies AG,
Mannheim, increased its results significantly compared to the same period
of the previous year. Despite revenues decreasing slightly by 11 percent to
EUR 558 (previous year: EUR 626) million because of the temporary closure
of the plant in Wilton, UK, profitability improved significantly especially
due to favorable proceeds for bioethanol.
EBITDA increased significantly to EUR 89 (previous year: EUR 21) million
and operating profit after taking depreciation into account reached EUR 63
(previous year: EUR -6) million. The operating margin was therefore 11
(previous year: -1) percent. Due to the temporary closure of the plant in
Wilton, EUR 13 (previous year: EUR 0) million in restructuring costs and
special items were incurred in the reporting period. Income from
operations, as the sum of operating profit, earnings from entities
consolidated at equity and special items, rose to EUR 50 (previous year:
EUR -6) million.
Due to the increase in earnings, CropEnergies was able to reduce the net
financial debt by EUR 64 million to EUR 86 (as of 28 February 2015: EUR
150) million.
For the full financial year 2015/16, CropEnergies furthermore expects to
generate an EBITDA, adjusted for special items, of between EUR 105 and EUR
125 (previous year: EUR 25) million. After depreciation, operating profit
(before restructuring costs and special items) is expected to range between
EUR 70 and EUR 90 (previous year: EUR -11) million. Apart from this,
special expenses of up to EUR 20 million are expected as a result of the
temporary closure of the plant in Wilton.
In the 2016/17 financial year, business performance will again
predominantly depend on price developments on the bioethanol markets. The
forward prices for bioethanol in Europe for the 2016/17 financial year are
currently showing a significant decline, though trading liquidity is low
and this has been the case for a while. In line with experiences in the
2015/16 financial year, in which some of the spot prices realised were more
than 10 percent higher than the previously quoted forward prices,
CropEnergies expects - assuming stable grain prices - an operating profit
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