Insider informations according to section 17 MAR
Mannheim, 17 June 2020, 12:09 CET/CEST – CropEnergies AG, Mannheim, has started financial year 2020/21 (1 March 2020 – 28 February 2021) better than expected.
Despite corona-induced distortions in fuel demand due to mobility restrictions and a temporary significant drop in energy prices, CropEnergies was able to achieve a notably positive operating profit in the 1st quarter.
According to preliminary figures, CropEnergies has achieved revenues of EUR 171 (previous year: EUR 203) million. EBITDA decreased to EUR 18 (previous year: EUR 26) million while operating profit reached EUR 8 (previous year: EUR 15) million. Most recently, only an approximately balanced operating result was expected for the 1st quarter.
Following record results in the previous financial year, CropEnergies expects a significant decrease in revenues and operating profit for the full financial year 2020/21 due to the corona pandemic. An improvement is expected for the 2nd quarter vs. the 1st quarter since the restrictions on production and mobility that have been in place since mid-March 2020 have been relaxed in more and more countries. This should go hand in hand with an increase in fuel demand in general and the demand for renewable, CO2-reducing energy in particular. Climate protection will also remain a socio-political challenge in the medium term. In addition, CropEnergies has significantly increased the production of ethanol suitable for disinfectants.
Due to the uncertainty about the further course of the corona pandemic and its impact on all areas of life, the earnings forecast for the full financial year 2020/21 will be specified in more detail over the course of the year. The full report for the 1st quarter of the 2020/21 financial year will be published on 8 July 2020.