Mannheim, 8 May 2012 - CropEnergies AG, Mannheim, achieved record levels of production, revenues, and operating profit in the 2011/12 financial year.
Revenues were up 21 percent to EUR 572.1 (previous year: 472.8) million. EBITDA also reached a new record level of EUR 84.3 (previous year: 76.3) million, and operating profit improved by 15 percent to EUR 53.0 (previous year: 45.9) million. Net financial debt was reduced appreciably as of 29 February 2012 to EUR 158.4 (previous year: 195.0) million. The growth in revenues and earnings was mainly driven by higher average selling prices for bioethanol as well as higher production and sales volumes, and better selling prices, of the protein food and animal feed products.
CropEnergies increased the volume of bioethanol produced in the 2011/12 financial year slightly to 692,000 (previous year: 687,000) cubic metres due to higher capacity utilisation in the 2nd half of 2011/12. The volume of dried food and animal feed products rose more than proportionally by 8.0 percent to 328,000 (previous year: 303,000) tonnes.
At its meeting on 7 May 2012 the supervisory board followed the executive board's recommendation to propose to the Annual General Meeting on 17 July 2012 an increased dividend of EUR 0.18 (previous year: 0.15) per share owing to the improved earnings situation. This represents a total dividend payout of EUR 15.3 (previous year: 12.8) million.
CropEnergies expects continued growth in the 2012/13 financial year, with revenues rising to over EUR 600 million. While average selling prices for bioethanol will still remain impaired by subsidised imports from the USA in the first months of the financial year, CropEnergies expects bioethanol prices to pick up in the further course of the year. Assuming that raw material prices remain stable at the present level, after a modest start operating profit should reach over EUR 50 million again, and thus approximate the record result for the 2011/12 financial year.
The full annual report for 2011/12 can be downloaded from the company's website at www.cropenergies.com.