DGAP-News: CropEnergies starts into financial year 2019/20 with strong 1st quarter
10.07.2019 (www.4investors.de - in Kooperation mit DGAP - EQS Group):
DGAP-News: CropEnergies AG / Key word(s): Quarter Results/Quarterly / Interim Statement
CropEnergies starts into financial year 2019/20 with strong 1st quarter
10.07.2019 / 07:00
The issuer is solely responsible for the content of this announcement.
Mannheim, 10 July 2019 - CropEnergies AG, Mannheim, has generated revenues of EUR 203 (previous year: EUR 192) million in the 1st quarter of the financial year 2019/20 (1 March - 31 May 2019). Thanks to recovered ethanol prices, operating profit with EUR 15.2 (previous year: EUR 4.6) million was significantly higher than the previous year's. EBITDA reached EUR 25.8 (previous year: EUR 14.3) million.
In the first three months, ethanol production was reduced by 19 percent to 208,000 (previous year: 257,000) cubic meters since the plant in Wilton, UK, only supplied the local market, operating at reduced output. Maintenance at other locations led to a reduced capacity utilization as well. This also meant a lower production of dried food and animal feed products.
On 14 June 2019, CropEnergies had published preliminary figures and had adjusted the outlook for the current financial year 2019/20. Due to the expectation of slightly higher prices for sustainably produced, climate friendly ethanol, revenues are expected to be in the range of EUR 820 to EUR 900 million (previously expected: EUR 800 to EUR 900 million) and operating profit EUR 30 to EUR 70 million (previously expected: 20 to 70 million). This corresponds to an EBITDA of EUR 70 to EUR 115 million.
Climate protection and the reduction of greenhouse gas emissions, especially in the transport sector, is becoming ever more important. The ways to reach this are being discussed politically. Renewable ethanol made by CropEnergies with its reduction of greenhouse gas emissions by over 70 percent compared to petrol can contribute significantly to a quick lowering of emissions. As recent consumption tests according to the new testing procedure WLTP (Worldwide Harmonized Light Duty Test Procedure, a test cycle for measuring emissions and fuel consumption) commissioned by the German ethanol association BDBe show, fuelling cars with Super E10 compared to conventional Super (E5) reduces nitrogen oxide emissions by, on average, 25 percent. Particulate matter emissions are even reduced by more than 70 percent on average. Ethanol is currently the only alternative to fossil petrol which is available immediately in considerable amounts and which can be used with the existing infrastructure.
The full report for the financial year 1st quarter of the financial year 2019/20 can be downloaded from the CropEnergies website.
Clean mobility - 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 ethanol. With its annual production capacity of 1.3 million cubic meters in its German, Belgian, UK and French facilities, CropEnergies produces ethanol which predominantly replaces petrol. The highly efficient production facilities reduce CO2 emissions by over 70 percent on average across the whole value-added chain, compared to fossil fuel.
In addition to fuel alcohol, CropEnergies produces 150,000 cubic meters of high-purity neutral alcohol which is used in the beverage, cosmetics, and pharmaceutical industry or for technical applications.
The use of local agricultural raw materials also results in more than 1 million tonnes of high-quality protein food and animal feed every year.
Through advanced technology and innovation CropEnergies contributes to ensure a sustainable mobility from renewable sources today and in the future through its main product ethanol: mobility - sustainable. renewable.
The CropEnergies AG (ISIN DE000A0LAUP1) is listed at the regulated market (Prime Standard) at the Frankfurt Stock Exchange.
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10.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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