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CropEnergies increases revenues and earnings for 2007
16th May, 2008
Bioethanol production increase to 247,000 m³ makes CropEnergies the largest producer of bioethanol in Germany
The Group's operating profit was improved again by 4.8% to €22 million equivalent to an operating margin of 11.8 %. Combined with a better interest result and non-recurrent tax income from the company tax reform in Germany, net earnings for the year were up as much as 80.4% on the previous year's figure at €20.2 million. With cash flow of €26.0 million the company's self-financing ability was maintained at a high level in the reporting period.
Bioethanol production was increased by 7.7% to approximately 247,000 m³. This makes CropEnergies the largest producer of bioethanol in Germany and one of the top players in Europe. The volume of bioethanol sold rose to 279,000 m³ (+17.2%), approximately 43,000 m³ of which was purchased in the market.
With the strong growth in trading business CropEnergies succeeded in developing new markets ahead of the capacity enlargements which in future will mainly be supplied by the Zeitz and Wanze plants from their own production.
Based on the capacity expansions already realised and the anticipated growth in demand for bioethanol in Europe, CropEnergies expects production and sales volumes in the 2008/09 financial year to be above the previous year's level.
The installed production capacity of over 700,000 m³ bioethanol a year will be fully available for the first time in the 2009/10 financial year. All the CropEnergies Group's production facilities will meet the requirements regarding the reduction of greenhouse gas emissions as provided for in the present draft legislation, which will further increase the Group's competitiveness.
