Investors Presentation Dr. Stephan Meeder, CFO January 2019
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1 Investors Presentation Dr. Stephan Meeder, CFO January 2019
2 Ethanol the alternative to fossil fuel Domestic renewable raw materials High-quality fuel which can be used in petrol engines Climate-friendly fuel produced sustainably 2
3 EU - Framework Renewable Energies Directive EU shares of renewable energy in transport Overall goal 10% renewable energies in the transport sector in 2020 Of which up to 7% conventional biofuels Biofuels from wastes and residues: quota 0.5% + double counting Paris Climate Agreement: restrict global warming to less than 2 C Source: Eurostat Most pressing concern: transport lags behind Deployment of renewables in transport stagnates Road transport still 95% reliant on fossil oil Source: Eurostat (2018) 3
4 EU fuel market today (2016): reality and fiction 25% 20% 0,9% 70% Petrol Ethanol Biodiesel Diesel 1% 4% 20% Biodiesel/HVO* Palm-based Ethanol 60% 0,7% 0,5% 0,5% % 3,3% 0,7% 0,5% still 95% fossil only 5% of renewable energies on road crops Annex IX-B IX-A virtual RE virtual Annex IX-A Ren. Elec. IX-B virtual Others * Excluding palm oil based fuels Source: Eurostat, own estimations 4
5 Ethanol: applications and EU market Ethanol Sales of fuel EtOH in H [1,000 m 3 ] As direct blend to petrol (e.g. E5, E10, E85) As component in ETBE (octane booster) EU ethanol market 2018 (in million m³) Production: % (+ 2.3 non-fuel) Consumption: 5.3-1% (+ 2.6 non-fuel) Sales and share of E10 (Jan-Sep. 2018) % 75% EU fuel consumption in 2017: 309 million t % 25% 0 0% FR DE BE FI 1,000 t Share * Eurostat, own estimate Sources: BAFA, SNPAA; Eurostat, own calculations 5
6 The ethanol markets World production EU production 2018: 126 million m 3 (+5%) 2018: 7.7 million m 3 (+1%) Fuel applications: 109 million m³ (+7%) Fuel applications: 5.4 million m³ (+1%) 2019e: 127 million m 3 (+1%) 2019e: 7.6 million m 3 (-1%) Fuel applications: 110 million m³ (+1%) Fuel applications: 5.2 million m³ (-3%) World production of ethanol [M m³] USA Brazil EU Other 10 8 Ethanol production in the EU [M m³] Bioethanol for fuel applications Alcohol for traditional applications e 2019e Source: F.O.Licht e 2019e Source: F.O.Licht 6
7 Our co-products: Food and Fuel Raw materials are utilized completely Concept of co-production Vital Wheat Gluten Valuable protein product for food and animal feed industry ProtiGrain DDGS High protein animal feed from dried stillage Food-grade liquefied CO 2 For food and beverages industries ProtiWanze CDS Liquid protein animal feed from stillage 7
8 Our locations CropEnergies Inc., Houston, USA Wilton, UK Ensus UK Ltd Trading office São Paulo, Brazil Ryssen Chile SpA, Santiago de Chile, Chile Tank storages Rotterdam Tank storages Amsterdam Zeitz, Germany CropEnergies Bioethanol GmbH Loon-Plage, France Ryssen Alcools SAS Wanze, Belgium BioWanze SA 8
9 CropEnergies: status quo Financial year 2017/18 Increase of production and strengthening #1 position Dividend: 25 (30) eurocents First time debt free Perspective Short term: Volatility of ethanol and grain prices burden result 2018/19 Long term: Framework until 2030 (RED II) agreed on EU level 9
10 Profitability drivers Volatile ethanol prices Price expectation * below previous year March-Dec 2018: 488 /m³ ( 534 in prev. year) Raw materials prices on high level World grain harvest ** 2018/19 at 2,107 Mt (-1%) World stocks lower at 603 Mt (-7%) EU harvest 289 Mt (-5%) still above consumption of 286 Mt CE benefits from natural hedge, i.e. strong price correlation between grains and proteins * ethanol T2 FOB Rdam ** without rice 10
11 European ethanol prices (in /m 3 )* * 1M future ethanol T2 FOB Rotterdam 11
12 EU: Renewable Energies Targets 2030 (RED II) Overall target: 32% share of renewable energy Transport: at least 14% renewable energy Crop-based fuels: unchanged Development of alternative fuels from waste and residues Multipliers (e.g. renewable electricity for cars) 7.2% virtual 2.2% 5% Renewables in transport 10% target 14% 2030 target GHG savings in non-ets* sectors Less feedstock from carbon-rich areas (e.g. palm oil from rain forest areas) by 2030 RED II published on 21 December % National implementation until mid % 10% * transport, agriculture, buildings & waste target 2030 target 12
13 RED-II: Overall target of 14% in 2030 the toolbox Arable crops Annex IX-A Annex IX-B Electricity Up to 7% Local, sustainable Proteins Commitment to 1G as reliable basis for low-emission transport sector necessary At least 3.5% Strong market potential Very capital intense Investment security and investment incentives decisive Max. 1.7%, but still x2 versus today UCO imports: 10x within last 10 years Compatibility with law on waste needs to be ensured Important component in the future But: discretionary multiplier (x4) does not save a single gram of CO 2 Extension only reasonable if additional electricity will be produced 13
14 Source: epure 14
15 The production sites of CropEnergies AG CropEnergies AG Mannheim - Germany Zeitz Germany CropEnergies Bioethanol GmbH Wanze Belgium BioWanze SA Loon-Plage France Ryssen Alcools SAS Wilton UK Ensus UK Ltd. Annual capacity: Annual capacity: Annual capacity: Annual capacity: 400,000 m³ ethanol thereof up to 60,000 m 3 neutral alcohol >300,000 t ProtiGrain (DDGS) 100,000 t liquefied CO 2 300,000 m³ ethanol 55,000 t wheat gluten >350,000 t ProtiWanze >100,000 m³ ethanol for fuel applications 90,000 m³ ethanol for traditional and technical applications 400,000 m³ ethanol 350,000 t DDGS Raw materials: grain and sugar syrups Raw materials: wheat and sugar syrups Raw material: raw alcohol Raw material: grain ProtiGrain Gluten Ethanol as Fuel Ethanol for traditional & technical applications ProtiWanze Liquefied carbon dioxide Capacity: more than 1.3 million m³ ethanol and more than 1 million tonnes food and animal feed per year 15
16 Produkte Financials 9 months 2018/19 & Outlook 16
17 Income statement: 1 st - 3 rd quarter 2018/19 (in million) 9M 18/19 9M 17/18 Δ Revenues % EBITDA* % Operating profit % Income from operations % Financial result % Earnings before income taxes % Taxes on income % Net earnings for the period % Earnings per share (in ) % Financial result on stable level Tax rate risen to 55 (27)% *without restructuring costs and special items 17
18 Cash flow (in million) 9M 18/19 9M 17/18 Δ Cash flow Change in net working capital Net investments Exchange rate changes et al Free cash flow before dividends Dividends for prior year Free cash flow Cash flow (+)/ Investments (-) [M ] M 17/18 9M 18/19 30/11/ /11/2017 Δ Net financial assets Lower cash flow as a result of EBITDA reduction Positive free cash flow despite dividend payment of 21.8 million Significant improvement of net financial assets 18
19 Balance sheet structure and financial ratios 80 Net financial assets [M ] (in million) 30/11/ /11/2017 Δ Assets Non-current assets % Current assets % Total assets % Liabilities Shareholders' equity % Non-current liabilities % Current liabilities % Total liabilities and equity % Net financial assets > + 100% Equity ratio 75% 74% Solid cash base Equity ratio strong at 75 (74)% 19
20 Outlook 2018/19 High volatility of ethanol prices still anticipated Revenues expected to range between 770 and 800 million Operating profit should amount between 25 and 40 million Operating profit corresponds to an EBITDA between 65 and 80 million 20
21 Financial Calendar 15 May 2019: Annual report and press and analysts conference financial year 2018/19 10 July 2019: Statement for the 1 st quarter of 2019/ July 2019: Annual General Meeting October 2019: Report for the 1 st half of 2019/20 13 January 2020: Statement for the 1 st -3 rd quarter of 2019/20 Stock Information ISIN: Symbol: Bloomberg / Reuters: Transparency standard: DE000A0LAUP1 CE2 CE2 GY / CE2G.DE Prime Standard Contact CropEnergies AG Maximilianstraße Mannheim Investor Relations Heike Baumbach Phone: +49 (621) ir@cropenergies.de Public Relations / Marketing Nadine Dejung-Custance/ Clarissa Sonnenschein Phone: +49 (621) presse@cropenergies.de Disclaimer This presentation contains forward-looking statements based on assumptions and estimates made by the executive board of CropEnergies AG. Although the executive board may be convinced that these assumptions and estimates are reasonable, the future actual developments and future actual results may vary considerably from the assumptions and estimates due to many external and internal factors. For example, matters to be mentioned in this connection include changes in the general economic conditions, competitive product and pricing pressures and developments in the regulatory framework. CropEnergies AG assumes no responsibility and accepts no liability for future developments and future actual results achieved being the same as the assumptions and estimates included in this presentation. This presentation includes percentage and number rounding. 21
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