Bioethanol group CropEnergies 2008/09 net profits fall to €5.9m

20 May 2009 11:04  [Source: ICIS news]

LONDON (ICIS news)--German bioethanol producer CropEnergies' net profits fell to €5.9m ($8.1m) for its 2008/2009 financial year from €20.1m in the previous year, the company said on Wednesday.

CropEnergies said the results were negatively impacted by start-up costs for its new plant in Wanze, Belgium, the related higher financing costs, and the non-recurrence of the one-off tax income booked the year before.

Group sales increased 76% for the 12 months ending 28 February, rising to €328.4m from €186.8m.

The company increased its annual bioethanol production by 77% to 436,000 cubic metres, while sales volumes were up 73% to 482,000 cubic metres.

One third of the growth was due to a step-up in trading activities ahead of its 300,000 cubic metres/year Wanze plant coming on stream.

In its outlook, CropEnergies said it expected to benefit from the passing of the EU Renewable Energies Directive.

“In the 2009/10 financial year the company therefore expects to further expand production and sales of bioethanol versus the previous year and achieve revenues in excess of €400m,” it said in a statement.

“Despite volatile raw material prices and lower ethanol prices, CropEnergies expects an operating profit above last year’s level,” it added.

Based in Mannheim, Germany, CropEnergies is a subsidiary of sugar producer Sudzucker.

($1 = €0.73)

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By: Mark Watts
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