CropEnergies’ revenues hit by lower ethanol sales prices
EBITDA decreased significantly to €94 million, while operating profit was reduced to €61 – it was €235 million the previous year.
The main reasons for this were significantly decreased ethanol sales prices and planned maintenance stoppages, as a result of which production and sales volumes were well below the previous year's level.
Ethanol production reached 722,000 cubic metres, while the previous year’s was 811,000.
At €312 million, revenues in the third quarter also remained below the previous year's figure.
Increased sales volumes due to higher production volumes could not compensate for the significantly lower sales prices for ethanol.
The operating result reached €27 million and this corresponded to EBITDA of €38 million. Although slightly improved raw material prices were unable to offset the negative impact of the decline in revenues, earnings improved compared to the second quarter of 2023/24.
For the financial year 2023/24, CropEnergies expects revenues of €1.23 to €1.25 billion. Operating profit is expected to lie between €40 and €60 million.
CropEnergies continues to assume that the increased volatility on the sales, raw material and energy markets, particularly in the previous year as a result of the war in Ukraine, may increase again due to the recent escalation in the Middle East and uncertainties in the implementation of regulatory framework conditions.
The introduction of E10 in other European countries continues to point to stable sales of fuel ethanol, although this is still offset by high import volumes.