January 19, 2021
BY Erin Krueger
European ethanol producer CropEnergies has released financial results for third quarter of its 2020-’21 financial year, reporting improved operating margins for the first nine months of the fiscal year. Sales volumes, however, were down.
Ethanol production for the first nine months of the fiscal year, a period ending Nov. 30, reached 735,000 cubic meters, up from 729,000 cubic meters during the same period of last year. The production of food and animal feed coproducts was also up slightly.
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The company generated revenues of EUR 625 million ($757.88 million) during the nine-month period, down from EUR 668,000 during the same period of the previous year. CropEnergies attributed the reduction to lower sales volumes and lower sales prices for food and animal feed products.
EBITDA was EUR 109 million for the period, up from EUR 102 million. The company said the increase was due to higher ethanol sales prices and lower raw materials prices. Operating margin was 12.7 percent, up from 10.5 percent during the first nine months of the previous financial year.
EBITDA for the third quarter was EUR 39 million, up from EUR 37 million during the same three-month period of last year, with an operating profit of EUR 29 million, up from EUR 27 million.
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Moving into 2021, CropEnergies said it will continue to work on development projects at its biorefineries. The company said a production plant for biogenic carbon dioxide is now online at its facility in Wanze, Belgium. Also at the Wanze site, the company is investing approximately EUR 50 million in a biomass project that will allow the facility to be completely climate-neutral. That project is expected to begin operations in 2023.
In addition to the Wanze facility, CropEnergies operates currently operates ethanol plants in Zeitz, Germany; Wilton, U.K.; and Loon-Plage, France.
The U.S. Energy Information Administration maintained its forecast for 2025 and 2026 biodiesel, renewable diesel and sustainable aviation fuel (SAF) production in its latest Short-Term Energy Outlook, released July 8.
XCF Global Inc. on July 10 shared its strategic plan to invest close to $1 billion in developing a network of SAF production facilities, expanding its U.S. footprint, and advancing its international growth strategy.
U.S. fuel ethanol capacity fell slightly in April, while biodiesel and renewable diesel capacity held steady, according to data released by the U.S. EIA on June 30. Feedstock consumption was down when compared to the previous month.
XCF Global Inc. on July 8 provided a production update on its flagship New Rise Reno facility, underscoring that the plant has successfully produced SAF, renewable diesel, and renewable naphtha during its initial ramp-up.
The U.S. exported 31,160.5 metric tons of biodiesel and biodiesel blends of B30 and greater in May, according to data released by the USDA Foreign Agricultural Service on July 3. Biodiesel imports were 2,226.2 metric tons for the month.