CropEnergies AG · LSE:0DXG
CropEnergies — Non-Deal Roadshow (June 2017)
16 slides from CropEnergies's roadshow presentation, Jun 13, 2017
Slide 1: CropEnergies AG
CropEnergies AG Joachim Lutz (CEO) 13 June 2017
Slide 2: Overview business year 2016/17
Overview business year 2016/17 1. Transport emissions still rising 2. Corporate environment and markets EU targets 2020 und draft for 2030 Development of market volumes Bioethanol prices fluctuating and below previous year 3. CropEnergies: leading ethanol producer in Europe Significant incre
Slide 3: Transport emissions still rising
1. Transport emissions still rising CO2 emissions harm climate Climate balance 2016 (Germany): Almost 4 mn t more GHG than 2015 – Air quality: NOX and particulates in exhaust transport sector even exceeds 1990 level 20/3/2017 Policy makers need to act DE: CO2 emissions in transport Stricter
Slide 4: Bioethanol progress: strong and clean
Bioethanol progress: strong and clean Atmosphere Crust A renewable fuel Mantle Carbon sequestration by photosynthesis Core light 6 CO2 + 6 H2O 6 O2 + C6H12O6 photosynthesis glucose Octane number: 116 RON Source: University of Maryland, http://www.geol.umd.edu/sgc/lectures/dynamicearth.htm Ce
Slide 5: EU: targets 2020 and draft 2030
2. EU: targets 2020 and draft 2030 (“climate and energy package”) Share of renewable energy in fuel of Share consumption of transport renewable energies Transport Transport targets 2020: 10 cal.-% renewable energies in the transport sector 12% As well as 6% GHG savings 10% 8% Overall target 20
Slide 6: Market development: fuel ethanol in the EU
Certified avegae greenhouse gas savings of renewable European ethanol compared to Market development: fuel ethanol inoriginally petrol (as the EU published with reference 83,8) Average GHG savings of European renewable ethanol (%) 65% GHG savings improved 60% 55% 2016: decrease to 5.1 mn m3 -3%
Slide 7: Price development in relevant markets
Price development in relevant markets 280 900 Strong fluctuation of ethanol prices 260 800 FAME FOB Rdm. Sept 2016: all-time low € 427 /m3 240 700 EtOH/FAME (€/m3) Wheat (€/t) End of Feb 2017: € 640 (510) /m3 220 600 200 Fuel EtOH 500 Various influencing factors T2 FOB Rdm. 180 400 Prices
Slide 8: CE: strong production increase
3. CE: strong production increase Bioethanol production (1,000 m3) 1,200 1,000 CE expands its no. 1 position in Europe +23% 800 Full capacity utilization 600 Progress in managing maintenance and 1,030 400 837 operation cycles 200 Progress in efficiency 0 Utilization according to market sit
Slide 9: Income statement (I)
4. Income statement (I) Revenues / Production 1,200 (in € million) 2016/17 2015/16 Δ Δ 1,056 1,030 1,000 Revenues 801.7 722.6 + 79.1 + 11% 837 (in € million / ,000 m³) EBITDA* 134.8 121.5 + 13.2 + 11% 800 Margin 16.8% 16.8% 600 Depreciation* -37.2 -34.8 - 2.3 - 7% Operating profit 97.6 86.7 + 10.9 +
Slide 10: Income statement (II)
Income statement (II) (in € million) 2016/17 2015/16 Δ Δ Net earnings/loss for the period Revenues 801.7 722.6 + 79.1 + 11% 80 69 EBITDA* 134.8 121.5 + 13.2 + 11% 60 Operating profit 97.6 86.7 + 10.9 + 13% 43 Restructuring costs / special items -3.9 -18.1 + 14.2 + 79% 40 (in € million) At equity res
Slide 11: Cash flow
Cash flow Cash flow (+) / (in € million) 2016/17 2015/16 Δ Investments (-) 120 Cash flow 107.2 87.3 + 19.9 107 100 Change in net working capital -21.8 14.3 - 36.1 87 Net investments -15.8 -16.8 + 0.9 80 (in € million) Exchange rate changes et al. 0.0 -0.1 + 0.0 60 Free cash flow before dividends 69.
Slide 12: Balance sheet structure
Balance sheet structure Net financial debt 180 (in € million) 28/02/2017 29/02/2016 Δ Δ 150 150 Assets Non-current assets 428.7 459.8 - 31.1 - 7% 120 (in € million) Current assets 169.3 131.7 + 37.6 + 29% Total assets 597.9 591.5 + 6.4 + 1% 90 66 Liabilities 60 Shareholders' equity 425.8 367.2 + 58.
Slide 13: Dividend
Dividend (in € per share) 2015/16 2014/15 Earnings 0.79 0.49 Cash flow 1.23 1.00 Dividend* 0.30 0.15 Payout ratio 38% 31% *proposal Share price end of business year € 8.28 € 3.80 Dividend yield 3.6% 3.9% Proposal to AGM to double dividend to 30 €-Cent CropEnergies AG, 13 June 2017 13
Slide 14: Outlook 2017/18e
Outlook 2017/18e Business performance continues to depend on highly volatile ethanol prices Forward prices for EU ethanol, however, with limited informative value Revenues expected to range between € 800 to € 875 million Based on current raw material markets, operating profit expected to ran
Slide 15: CE: actively managing industrial processes
CE: actively managing industrial processes Industry trends Upstream integration along the value added chain Efficiency gains by developing large-scale production sites with proximity to the raw materials Research activities Process innovation in production Production 2016/17 (by weight)
Slide 16: Financial Calendar and Contact
Financial Calendar Contact 12 July 2017: Interim report 1st quarter 2017/18 CropEnergies AG Maximilianstraße 10 18 July 2017: Annual General Meeting 2017 68165 Mannheim 11 October 2017: Interim report 1st half 2017/18 10 January 2018: Interim report 1st-3rd quarter 2017/18 Investor Relations 16 May