CropEnergies reports record revenues for 2022-’23 fiscal year
CropEnergies operates an ethanol plant in Wilton, U.K. / Photo: CropEnergies
May 26, 2023
BY Erin Voegele
CropEnergies on May 24 announced it achieved record revenues during the 2022-’23 financial year, the 12-months ended Feb. 28. The company attributed the record high results to improved sales prices for all product segments, particularly ethanol during the first half of the year.
The company currently operates biorefineries located in Zeitz, Germany; Wanze, Belgium; Loon-Plage, France; and Wilton, U.K. The plants have a combined ethanol production capacity of 1.3 million cubic meters (343.42 million gallons) per year. The plants also have the capacity to produce 1 million metric tons of food and animal feed annually, along with 415,000 metric tons of liquefied carbon dioxide.
According to CropEnergies, the four facilities produced a combined 1.057 million cubic meters of ethanol during the 2022-’23 financial year, up 1 percent when compared to the 1.051 million cubic meters of production reported for the previous year.
Revenues for 2022-’23 reached EUR 1.488 billion, up from EUR 1.075 billion in 2021-’22. EBITDA increased significantly in 2022-’23, reaching EUR 294 million, up from EUR 168.8 million in 2021-’22. Operating profit reached EUR 251 million, up from EUR 127 million. Operating margin for 2022-’23 was 16.9 percent, up from 11.8 percent the previous fiscal year. According to CropEnergies, high raw material and energy costs in 2022-’23 were more than offset by higher product pricing, particularly for ethanol.
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In recent months raw material and energy prices have declined significantly, according to the company. Ethanol prices continue to be volatile, and are trading well below the record levels of last year, CropEnergies said. Increased volatility in sales, raw materials and energy markets are caused by the ongoing Ukraine ware are expected to continue into the current financial year. The introduction of E10 in Europe, however, is expected to result in stable sales of fuel ethanol. CropEnergies also said it expects continued high import volumes of ethanol.
For the 2023-’24 financial year, CropEnergies currently expects revenues in the range of EUR 1.27 billion to EUR 1.37 billion due to lower ethanol sales prices. Operating profit is expected to be in the range of EUR 95 million to EUR 145 million, with EBITDA of EUR 140 million to EUR 190 million.
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