CropEnergies reports record revenues for 2021-’22 fiscal year

By Erin Voegele | May 19, 2022

European ethanol producer CropEnergies AG released financial results for the fiscal year ended Feb. 28 on May 18, reporting record revenues and a significant increase in operating profits. A sharp increase in ethanol prices helped drive those results.

CropEnergies reported a record EUR 1.075 billion in revenue for the 2021-’22 fiscal year, up from EUR 833 million reported for the previous fiscal year. Operating profit was EUR 127 million, up from EUR 107 million, with EBITDA at EUR 169 million, compared to EUR 148 million. CropEnergies attributed the strong financial performance to a sharp rise in ethanol prices during the second half of the fiscal year, which more than offset increases in raw material and energy costs.

The company produced a combined 1.051 million cubic meters (277.64 million gallons) of ethanol at its four European facilities during the 2021-’22 fiscal year, up from 987,000 cubic meters during the 2020-’21 fiscal year. The four facilities are located in Wilton, U.K.; Loon-Plage, France; Wanze, Belgium; and Zeitz, Germany.

CropEnergies also addressed calls by some European politicians to reduce the use of crop-based biofuels, including ethanol, in an effort to bring down grain prices. “This discussion completely misses the point. In the EU, modern biorefineries process less than four percent and thus only a small proportion of the grain grown in the EU,” said Stephan Meeder, CEO and chief financial officer of CropEnergies. “The grain used is unsuitable for food due to its low quality. It has been proven that the blending of renewable ethanol in Germany and Europe has no relevant impact on international grain prices.”

"Politicians often fail to realize that, in addition to 300 kilograms of ethanol, from one tonne of grain 400 kilograms of food and animal feed and 300 kilograms of biogenic carbon dioxide are produced,” he added. “So not only do we reduce imports of fossil oil, but our GMO-free protein feeds also replace soy imports, especially from North and South America. In the current situation, failed supplies from the war zone, such as sunflower meal, can also be replaced."

A full copy of CropEnergies’ financial report is available on the company’s website