Clariant AG: Impairment of bioethanol plant in Romania
December 12 2022 - 12:00AM
Clariant AG: Impairment of bioethanol plant in Romania
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
- Asset impairment of approximately CHF 225 million
relating to Clariant’s bioethanol plant in Podari,
Romania
- Planned commercialization and optimization process of
the plant continue with the aim to industrialize the sunliquid®
technology
- Clariant confirms the unique value of its
second-generation bio-based cellulosic ethanol
solutions
MUTTENZ, DECEMBER 12, 2022
Clariant, a focused, sustainable, and innovative specialty
chemical company, today announced a financial impairment of its
sunliquid® plant in Podari, Romania, amounting to approximately
CHF 225 million.
As previously reported, the sunliquid® plant began production in
the second quarter of 2022, though has not yet achieved the
targeted yields and other operational parameters on an industrial
scale. Clariant has thus completed a financial assessment of the
plant as part of the annual impairment testing in accordance with
International Financial Reporting Standards (IFRS). As a result of
this analysis, Clariant has concluded that an impairment to the
current asset value of the Podari plant of approximately CHF 225
million is appropriate based on the delayed ramp up and the current
financial performance.
Clariant confirms the unique value of the sunliquid® technology
and will continue its commercialization. Clariant aims to address
the operational challenges by continuously adjusting production
processes with the target of achieving commercial viability of the
new technology.
“Our sunliquid® technology, which converts agricultural waste
into second generation bioethanol, represents a significant step in
the development of sustainable renewable fuel. The
industrialization of our new technology remains challenging, and
therefore impacts underlying financial assumptions, giving rise to
the impairment announced today. Nonetheless, we will continue our
efforts to achieve commercial viability of the technology,” said
Conrad Keijzer, Chief Executive Officer of Clariant.
“While we are disappointed by this impairment, we are however
pleased with our strong Group financial performance in the first
three quarters of 2022. Consequently, we confirm our 2025 financial
targets and continue to focus on the execution of our leading
purpose-driven sustainability strategy,” added Keijzer.
This impairment has no impact on cash, will be booked in
December 2022 and will, therefore, be reflected in the full year
2022 results, due to be announced on 2 March 2023.
Background on the Podari plant
Construction of the sunliquid® plant was completed in October
2021 and it began production in the second quarter of 2022. The
cellulosic ethanol produced at this plant can be applied as a
drop-in solution for fuel blending, but also offers further
downstream application opportunities for sustainable aviation fuel
and bio-based chemicals. Its sunliquid® technology offers a fully
integrated process design built on established process technology.
Innovative technology features include chemical-free pre-treatment,
the integrated production of feedstock- and process-specific
enzymes and simultaneous C5 and C6 sugar fermentation.
| CORPORATE
MEDIA RELATIONS Jochen DubielPhone
+41 61 469 63 63jochen.dubiel@clariant.com Anne
MaierPhone +41 61 469 63 63anne.maier@clariant.com
Ellese CaruanaPhone +41 61 469 63
63ellese.caruana@clariant.com |
INVESTOR
RELATIONS Andreas Schwarzwälder
Phone +41 61 469 63 73andreas.schwarzwaelder@clariant.com
Maria IvekPhone +41 61 469 63
73maria.ivek@clariant.com Thijs
BouwensPhone +41 61 469 63
73thijs.bouwens@clariant.com |
|
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media release contains certain statements that are neither reported
financial results nor other historical information. This document
also includes forward-looking statements. Because these
forward-looking statements are subject to risks and uncertainties,
actual future results may differ materially from those expressed in
or implied by the statements. Many of these risks and uncertainties
relate to factors that are beyond Clariant’s ability to control or
estimate precisely, such as future market conditions, currency
fluctuations, the behavior of other market participants, the
actions of governmental regulators and other risk factors such as:
the timing and strength of new product offerings; pricing
strategies of competitors; the Company’s ability to continue to
receive adequate products from its vendors on acceptable terms, or
at all, and to continue to obtain sufficient financing to meet its
liquidity needs; and changes in the political, social and
regulatory framework in which the Company operates or in economic
or technological trends or conditions, including currency
fluctuations, inflation and consumer confidence, on a global,
regional or national basis. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this document. Clariant does not undertake
any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of these materials. www.clariant.com
Clariant is a focused, sustainable, and innovative specialty
chemical company based in Muttenz, near Basel/Switzerland. On 31
December 2021, Clariant totaled a staff number of 11 537 and
recorded sales of CHF 4.372 billion in the fiscal year
for its continuing businesses. The company reports in three
Business Areas: Care Chemicals, Catalysis, and Natural Resources.
Clariant’s corporate strategy is led by the overarching purpose of
‘Greater chemistry – between people and planet,’ and reflects the
importance of connecting customer focus, innovation,
sustainability, and people. |
- CLARIANT MEDIA RELEASE PODARI PLANT_EN_20221212
- CLARIANT MEDIA RELEASE PODARI PLANT_DE_20221212
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