Brief: Cropenergies Q2 EBITDA Sank To EUR 31 Mln

CropEnergies AG

11/10/2023 06:05

Oct 11 (Reuters) - CROPENERGIES AG  CE2G.DE :
    * IN 1ST HALF OF FINANCIAL YEAR, THERE WERE SIGNIFICANTLY
LOWER
SALES VOLUMES AS WELL AS LOWER SALES PRICES FOR ETHANOL, DUE TO
SCHEDULED MAINTENANCE SHUTDOWNS
    * DESPITE IMPROVED SALES PRICES FOR FOOD AND ANIMAL FEED
PRODUCTS,
REVENUES DECREASED TO EUR 631 (PREVIOUS YEAR: EUR 849) MILLION
    * AS HIGHER RAW MATERIAL PRICES WERE ALSO RECORDED
YEAR-ON-YEAR,
EBITDA DECLINED SIGNIFICANTLY TO EUR 56 (PREVIOUS YEAR: EUR 201)
MILLION
    * OPERATING PROFIT DECREASED ACCORDINGLY TO EUR 34 (PREVIOUS
YEAR:
EUR 180) MILLION
    * OUTLOOK: EXPECTS ETHANOL SALES PRICES FOR FINANCIAL YEAR
2023/24
TO BE LOWER THAN IN 2022/23 RECORD YEAR
    * OUTLOOK: FOR FINANCIAL YEAR 2023/24, REVENUES ARE EXPECTED
TO
REACH EUR 1.27 TO 1.37 (PREVIOUS YEAR: EUR 1.49) BILLION
    * OUTLOOK: OPERATING RESULT IS EXPECTED TO BE EUR 95 TO EUR
145
(PREVIOUS YEAR: EUR 251) MILLION
    * OUTLOOK: THIS CORRESPONDS TO AN EBITDA OF EUR 140 TO EUR
190
(PREVIOUS YEAR: EUR 294) MILLION
    * IN 2ND QUARTER OF FINANCIAL YEAR 2023/24 (1 JUNE - 31
AUGUST
2023), CROPENERGIES AG, MANNHEIM, GERMANY, GENERATED REVENUES OF
EUR 309 (PREVIOUS YEAR: EUR 450) MILLION
    * EBITDA SANK TO EUR 31 (PREVIOUS YEAR: EUR 103) MILLION
    * Q2 OPERATING PROFIT DECREASED TO EUR 20 (PREVIOUS YEAR:
EUR 93)
MILLION
    * MAIN REASONS FOR DECLINE IN EARNINGS - COMPARED TO
EXCEPTIONALLY
HIGH PRICE LEVEL OF SAME QUARTER OF PREVIOUS YEAR - ARE
NORMALISED PRICES FOR SUSTAINABLY PRODUCED ETHANOL AND LOWER
PRODUCTION AND SALES VOLUMES DUE TO SCHEDULED MAINTENANCE
SHUTDOWNS

Source text for Eikon:  ID:nPex1PQ34a 
Further company coverage:  CE2G.DE 

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