CropEnergies reports increase revenues, earnings

By Erin Voegele | October 23, 2017

European ethanol producer CropEnergies AG has announced a significant increase in revenues and earnings during the first half of its 2017-’18 financial year. The increase is attributed to higher production volumes of ethanol, food and animal feed products, as well as a growth in trading volumes.

The company reported revenues increased 31 percent when compared to the same period of the previous financial year, reaching €460 million ($540.62 million), compared to €350 million. During the second quarter of the financial year, revenues reached €229 million, up from €182 million.

CropEnergies said EBITDA reached €67 million during the first half of the 2017-’18 financial year, up 13 percent from the €59 million reported for the same half of the previous financial year. Operating profit reached €47 million, up from €41 million. The company noted that higher proceeds for ethanol helped offset slightly lower sales prices for food and animal feed, and higher raw material prices.

During the second quarter, CropEnergies reported an operating profit of €24 million, up from €22 million during the same quarter of the prior year.

CropEnergies produced 567,000 cubic meters of ethanol during the first half of the 2017-’18 financial year, up from 450,000 cubic meters during the same period of last year. The increase is primarily attributed to restart of the company’s ethanol plant in Wilton, U.K.

For the full 2017-’18 financial year, CropEnergies said it now expects to achieve revenues between €880 and €920 million, with operating profit expected to reach €60 to €90 million.

CropEnergies currently operates four ethanol plants, including a 400,000-cubic-meter-per-year plant in Zeitz, Germany; a 300,000-cubic-meter-per-year plant in Wanze, Belgium; a 400,000-bubic-meter-per-year plant in Wilton, U.K.; and a 100,000-meter-per-year plant in Loon-Plage, France.