Germany-based CropEnergies announced that its board of directors decided to propose a dividend of €0.15 (down from its previous year’s dividend of €0.25) per share for the financial year 2018/19 to the annual general meeting.
This currently corresponds to a dividend yield of approximately 3%.
According to its preliminary results, the company has generated revenues of €779 million; with operating profit reaching €33 million, down from the previous year’s €72 million. CropEnergies also revealed that its EBITDA totalled €72 million, down from the previous year’s €111 million.
The firm claimed that lower ethanol prices, higher raw material and energy costs resulted in reduced earnings from the previous year. At the end of 2018, CropEnergies temporarily curbed its capacity which also led to lower profits.
For the financial year 2019/20, CropEnergies expects slightly higher prices for sustainably produced ethanol, forecasting its revenues to be between €800-900 million, and an EBITDA in the range of €60-115 million.
CropEnergies’ annual report for the financial year of 2018/19 will be published on 15 May 2019.