Increased ethanol production boosts CropEnergies’s profits
The main reason for this were higher sales volumes and sales prices overall, both for sustainably produced ethanol and for the food and animal feed products sold.
As the significantly higher revenues for the products sold more than compensated for the negative impact from the higher raw material and energy prices, it was possible to more than double both the EBITDA of €267 million , previous year €125 million,and the operating profit of €235 million.
Ethanol production in the first three quarters of the financial year 2022/23 increased compared to the previous year and reached 811,000 (previous year: 778,000) cubic metres.
With revenues of €328 million in the third quarter, CropEnergies was able to exceed the previous year's figure, but fell short of the figures for the previous quarters.
EBITDA reached the previous year's level of €66 million, as did the operating profit of €56 million.
The significantly higher sales prices for ethanol and the protein food and animal feed products more than compensated for declining sales volumes.
However, the effects of the price increase on the raw material markets were now more clearly reflected in the cost of materials than before.