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CropEnergies FY 19 Profit, Revenues Down; Sees Higher Revenues In FY20

CropEnergies AG, a unit of German sugar producer Suedzucker AG (SUEZF.PK), reported Wednesday that its fiscal 2019 revenues declined to 779 million euros from last year's 882 million euros.

Operating profit reached 33 million euros, lower than prior year's 72 million euros. EBITDA was 72 million euros for the year, down from previous year's 111 million euros.

The company attributed the decline in results to the lower ethanol prices as well as higher raw material and energy costs.

CropEnergies noted that due to an earnings situation that fluctuated in the course of the year, it had temporarily adjusted the capacity utilisation. Production in Wilton, UK, paused from December 2018 until the end of the financial year. Due to this, the ethanol production decreased 16 percent to 967,000 cubic meters.

Further, the company said its boards have decided to propose a dividend of 0.15 euro per share for the year 2019, down from previous year's 0.25 euro.

Looking ahead for fiscal 2020, CropEnergies expects revenues between 800 million euros and 900 million euros, and an operating profit in the range of 20 million euros to 70 million euros.

With an EBITDA of between 60 million euros and EUR 115 million euros, CropEnergies expects a further strengthening of the capital base.

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