BERLIN (dpa-AFX) - CropEnergies AG, a subsidiary of Suedzucker AG (SUEZF.PK), reported that its revenues for the financial year 2014/15 increased to 827 million euros from the previous year's 781 million euros.
Operating result for the year was negative 11 million euros, compared to positive 35 million euros last year.
The temporary standstill of the production site in Wilton, UK, which was announced in February 2014, led to restructuring costs and special items of -28 million euros. In addition to this, there will be one-time costs of 9 million euros from the depreciation of deferred tax assets. The result after taxes for the full financial year 2014/15 will therefore be negative.
CropEnergies expects an operating profit in the range of minus 20 million euros to plus 10 million euros for the financial year 2015/16. In addition, there will be extraordinary expenses of up to 15 million euros annually during the standstill of the bioethanol plant in Wilton.
CropEnergies continues to assume that the decision of the EU expected for April 2015 will lead to positive impulses for the European bioethanol market in the mid term through an increase of blending quotas and the introduction of E10 in additional member states. This should lead to an improvement in the revenues and earnings situation of bioethanol producers in Europe.
The full annual report for the financial year 2014/15 with additional information about the forecast for the financial year 2015/16 will be published on 19 May 2015.
Copyright RTT News/dpa-AFX