CropEnergies increases outlook for financial year 2022/23

Operating profit improved significantly and reached EUR 87 (previous year: EUR 15) million, EBITDA EUR 98 (previous year: EUR 25) million. The main reason for the exceptionally good results were price hedges for raw materials and energy, which had already been entered into before the start of the Ukraine war and the associated sharp rise in raw material and energy prices. However, the positive impact on earnings of these early hedging positions will weaken noticeably in the coming months.

As a result of an emerging slowdown of the Corona pandemic, CropEnergies expects a normalization of mobility behavior in the course of the financial year 2022/23. However, the impact of the Ukraine war on sales, energy and raw material markets remains difficult to assess. From today's perspective, CropEnergies generally assumes that sufficient energy and raw materials will be available for the production of renewable ethanol as well as food and animal feed products. Furthermore, it is expected that the EU member states will essentially maintain their blending targets for biofuels and that this will continue to enable high capacity utilization. In addition, CropEnergies assumes that increased energy and raw material costs can be at least partially offset by higher sales prices for ethanol as well as for food and animal feed products.

Against this background, CropEnergies increases the outlook for the financial year 2022/23 and now expects revenues of EUR 1.45 to EUR 1.55 (previously expected: EUR 1.35 to EUR 1.45, previous year: EUR 1.08) billion and an operating profit of EUR 165 to EUR 215 (previously expected: EUR 105 to EUR 155, previous year: EUR 127) million. This corresponds to an EBITDA between EUR 205 to EUR 255 (previously expected: EUR 145 to EUR 195, previous year: EUR 169) million.

The full report for the 1^st quarter 2022/23 will be published on 6 July 2022.