CropEnergies confirms outlook for current financial year
CropEnergies, Mannheim, Germany, has reported revenues of €321 million and an operating profit of €14 million in the first quarter of 2023/24.
This corresponds to an EBITDA of €25 million (previous year: €98 million). Ethanol production declined to 221 (previous year: 281) thousand cubic meters due to scheduled maintenance shutdowns.
The main reasons for the decline in revenues and results are lower production volumes due to the maintenance shutdowns and – compared to the exceptionally high price level of the first quarter of the previous year – normalised sales prices for sustainably produced ethanol.
In addition, the strong price increase on the markets driven by the Ukraine conflict was now also reflected in raw material costs. In the first quarter of the last financial year, early price hedging for raw materials had contributed significantly to an exceptionally good result.
Recently, prices on the raw material and energy markets have fallen significantly. For the year as a whole, CropEnergies’ raw material and energy costs are likely to be at the previous year’s level. Ethanol prices continue to be volatile and, in a normalised market environment, are trading well below the record levels of the previous year.
Against this background, CropEnergies confirms its outlook and expects revenues of €1.27 to €1.37 (previous year: €1.49) billion for the 2023/24 financial year.
The operating result is expected to be €95 to €145 (previous year:€251) million. This corresponds to an EBITDA of €140 to €190 (previous year: €294) million.
Dr. Stephan Meeder, CEO CropEnergies, said: “These multiplications lead to virtual greenhouse gas savings that do not do any good. No fossil fuels are saved nor are GHG emissions reduced. For a real reduction in GHG emissions, we need real climate-friendly alternatives to fossil fuels. Biofuels can make an important contribution here. In 2021, the use of biofuels already saved 11.1 million tonnes of CO2eq.”
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