DGAP-News

CropEnergies grows in 3rd quarter and increases earnings forecast - Reduction of emissions required by European Commission only possible with secure basis for conventional biofuels

DGAP-News: CropEnergies AG / Key word(s): Quarter Results/9-month figures
CropEnergies grows in 3rd quarter and increases earnings forecast -
Reduction of emissions required by European Commission only possible with
secure basis for conventional biofuels

11.01.2017 / 07:00
The issuer is solely responsible for the content of this announcement.

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Mannheim, 11 January 2017 - In the first nine months of the financial year
2016/17, CropEnergies AG, Mannheim, increased revenues slightly to EUR 565
(previous year: EUR 558) million. The jump in revenues in the 3rd quarter
to EUR 215 (previous year: EUR 168) million contributed significantly. The
main reason for the increase in revenues is the restart of the production
plant in Wilton, UK, by which CropEnergies increased bioethanol production
from 618,000 to 735,000 cubic meters in the reporting period. At the same
time, the food and animal feed volumes produced increased.

With EUR 87 (previous year: EUR 89) million, EBITDA almost reached the
previous years' level. Due to lower proceed for bioethanol, food and animal
feed, the 3rd quarter contributed EUR 28 (previous year: EUR 32) million.
At EUR 59 (previous year: EUR 63) million, operating profit was also
slightly lower than in the previous year. The contribution of the 3rd
quarter of EUR 18 (previous year: EUR 24) million was also lower than in
the year before, but higher than expected. Income from operations, as the
sum of operating profit, earnings from entities consolidated at equity and
special items improved in the first three quarters to EUR 53 (previous
year: EUR 50) million. After taxes, net earnings for the reporting period
improved to EUR 36 (previous year: EUR 30) million.

Against the background of these positive developments, CropEnergies has
increased its forecast for the current financial year on 20 December 2016
and now expects revenues between EUR 760 and EUR 790 (previously: EUR 670
and EUR 720) million and an operating profit in a range of EUR 70 to EUR 85
(previously: EUR 50 to EUR 80) million.

The long-term development prospects for renewable energies in the transport
sector are subject to a legal framework. In October 2014, the European
Council decided that greenhouse gas emissions in the EU have to be reduced
by 40 percent by 2030. This target can hardly be reached with the package
of climate and energy policy measures as presented by the European
Commission in November 2016. Though the share of renewable energies in the