Mannheim, 9 July 2013 - CropEnergies AG, Mannheim, increased its revenues and earnings in the 1st quarter of the financial year 2013/14 (1 March 2013 - 31 May 2013).
Revenues rose by 16 percent to EUR 186.0 (previous year: 160.5) million due to higher revenues for bioethanol as well as for protein food and animal feed products and due to a growth in bioethanol sales volumes. EBITDA improved by 3.6 percent to EUR 23.6 (previous year: 22.8) million and the operating profit by 5 percent to EUR 15.6 (previous year: 14.9) million. Owing to a high surplus from current business activities the net financial debt declined significantly to EUR 52.4 (previous year: 124.6) million.
From March to May 2013, CropEnergies produced a total of 201,000 (previous year: 192,000) cubic metres of bioethanol. The annual maintenance phase in Zeitz took place in the 1st quarter of 2013/14. After all maintenance work was successfully completed, the production plant was put into operation again at the end of April 2013 according to schedule.
The outlook for the complete financial year 2013/14 remains unchanged. Provided that market prices for bioethanol and vegetable proteins decline only slightly in comparison with the previous year and the production plants will continue to operate nearly at full capacity levels, CropEnergies expects revenues for the financial year 2013/14 to be close to the previous year's level.
Following the record level of EUR 87 million in operating profit achieved in the 2012/13 financial year due to the particularly favourable constellation of hedged raw material costs and product selling prices, CropEnergies expects the earnings situation to normalise owing to higher prices for raw materials, particularly grain. Accordingly, an operating profit ranging from EUR 50 to 60 million is expected. This already takes into account the adverse effects caused by the flooding in Zeitz in June 2013. CropEnergies still expects a return on capital employed (ROCE) of at least 10 percent, which will give the group again a leading position in the renewable energies segment.
The full report for the 1st quarter of 2013/14 can be downloaded from the CropEnergies website at www.cropenergies.com.