Outlook for full financial year 2015/16 increased once more
Mannheim, 8 October 2015 - The revenues of CropEnergies AG, Mannheim, decreased slightly to EUR 390 (previous year: EUR 405) million in the 1st half of the financial year 2015/16 (1 March - 31 August 2015), as expected. However, EBITDA increased to EUR 57 (previous year: EUR 13) million due to higher sales prices, lower raw material costs, and an improved cost structure.
Operating profit also improved considerably to EUR 40 (previous year: EUR -4) million. The operating margin reached 10 percent. Income from operations, as the sum of operating profit, earnings from entities consolidated at equity and special items, rose to EUR 31 (previous year: EUR -4) million.
CropEnergies produced 422,000 (previous year: 478,000) m³ of bioethanol in the 1st half. The decrease in production was mainly due to the temporary standstill of the plant in Wilton, UK. With the reduced bioethanol production, the production of food and animal feed products also decreased in the reporting period.
CropEnergies had already raised the forecast for the financial year 2014/15 on 22 September 2015 due to the improved price levels in the European bioethanol market and now expects an operating profit (before restructuring costs and special items) between EUR 50 and EUR 70 (previous year: -11) million. Revenues are expected to range between EUR 700 and EUR 750 (previous year: EUR 827) million.
The EU decisions to raise the share of renewable energies in the transport sector should lead to a further market growth in the mid-term, especially since bioethanol is among the best, cleanest and cheapest alternatives to fossil fuel which are available today. The increase of blending quotas on an EU level should therefore lead to the introduction of E10 in additional member states. As one of the leading producers in Europe and due to the flexibility and capacity of its plants, CropEnergies is well prepared for the corresponding increase in demand.
The report for the 1st half 2015/16 is available for download on the CropEnergies website.