BERLIN (dpa-AFX) - CropEnergies AG increased its forecast for the current financial year 2016/17, due to spot prices for bioethanol which continue to be significantly higher than the previously expected forward prices as well as the high capacity utilization in all four production plants.
For the full financial year 2016/17, CropEnergies now expects revenues of 800 million euros to 810 million euros, compared to the previous outlook of 760 million euros to 790 million euros.
Operating profit is to reach 95 million euros to 100 million euros, compared to the prior outlook of 70 million euros to 85 million euros.
At the same time, CropEnergies expects a record EBITDA of 130 million euros to 135 million euros.
The business performance in the coming financial year 2017/18 will again be largely dependent on the volatile developments of the prices on bioethanol markets. The forward prices for bioethanol in Europe currently show a significant reduction for the financial year 2017/18, though they have only limited significance.
CropEnergies expects a normalization of the operating profit for the financial year 2017/18 to a range of 40 million euros to 80 million euros. This corresponds to an EBITDA between 80 million euros and 120 million euros. Consequently, CropEnergies should be completely debt-free for the first time in company history.
The annual report for the financial year 2016/17 will be published on 17 May 2017.
Copyright RTT News/dpa-AFX