Mannheim, 8 July 2015 - CropEnergies AG, Mannheim, was able to significantly improve its earnings situation in the 1st quarter of the financial year 2015/16 (1 March - 31 May 2015). Even though revenues decreased slightly to EUR 198 (previous year: EUR 208) million, EBITDA increased significantly to EUR 22 (previous year: EUR 13) million. Operating profit rose to approximately EUR 14 (previous year: EUR 5) million. This corresponds to an operating margin of 7 (previous year: 2) percent.
The main reasons for this encouraging development are the higher bioethanol prices in Europe, lower raw material prices and a cost structure which has improved due to the production pause of the bioethanol plant at Wilton, UK. As a result of the temporary production pause of the plant, bioethanol production in the 1st quarter 2015/16 decreased to 205,000 (previous year: 262,000) cubic meters and restructuring costs and special items of EUR 5 (previous year: EUR 0) million were incurred during the reporting period. Income from operations, as the sum of operating profit, earnings from entities consolidated at equity and restructuring costs and special items, nearly doubled to EUR 9 (previous year: EUR 4) million.
For the full financial year 2015/16, CropEnergies expects a reduction of revenues in the range of EUR 675 to EUR 725 (previous year: EUR 827) million. Operating profit (before restructuring costs and special items) is expected to range between EUR 10 and EUR 40 (previous year: EUR -11) million.
The report for the 1st quarter 2015/16 is available on the CropEnergies website.