CropEnergies : achieves record revenues in 2nd quarter 2021/22

Mannheim, 13 October 2021 - In the 2^nd quarter of the 2021/22 financial year (1 June 2021 - 31 August 2021), CropEnergies AG, Mannheim, generated revenues of EUR 249 (previous year: EUR 229) million. In the 1^st half of the financial year, revenues increased to EUR 463 (previous year: EUR 399) million.

The main reasons for the increase were higher sales volumes and improved sales prices, both for food and animal feed products sold and for sustainably produced ethanol.

As a result of raw material and energy prices rising much more strongly than sales prices, operating profit in the 2^nd quarter fell to EUR 23.3 (previous year: EUR 42.6) million. In the 1^st half of the year, it reached EUR 38.4 (previous year: EUR 50.7) million. This results in an operating margin of 8.3 (previous year: 12.7) percent. Ethanol production in the 1^st half of 2021/22 was 520,000 cubic metres (previous year: 463,000 cubic metres), significantly higher than in the previous year. Food and animal feed production also exceeded the previous year's level.

For the full year, CropEnergies expects revenues in the range of EUR 970 to EUR 1,010 (previous year: EUR 833) million euro. Operating profit is expected to be between EUR 65 and EUR 90 (previous year: EUR 107) million euro, EBITDA between EUR 105 and EUR 135 (previous year: EUR 148) million. On 15 September 2021, CropEnergies raised its forecast for the 2021/22 financial year. The main reason for the recently improved revenue and earnings expectations is the significant increase in ethanol revenues. The introduction of E10 in Sweden in August 2021 and in the UK in September 2021 has recently led to higher demand. However, higher raw material and energy prices will have a negative impact on earnings.

The full report for the 1^st half of 2021/22 is available for download on the CropEnergies website.