BERLIN (dpa-AFX) - CropEnergies AG cut its outlook for the current financial year 2018/19 due to ethanol prices - both spot and forward prices - which have significantly fallen in the last few days contrary to all expectations.
CropEnergies lowered its annual operating result to a range of 15 million euros - 35 million euros from the prior estimation of 25 million euros - 55 million euros.
It now expects annual EBITDA to be in the range of 55 million euros to 75 million euros, compared to the prior outlook of 65 million euros to 95 million euros.
The company lowered its revenues outlook to range of 750 million euros - 780 million euros from the prior outlook of 810 million euros - 860 million euros.
CropEnergies said it will pause production in its plant in Wilton, UK, from the end of November 2018, due to the difficult market conditions.
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