Clariant Announces 240-Million-Dollar Financial Impairment of Bioethanol Plant

Value of Asset Clariant Announces 240-Million-Dollar Financial Impairment of Bioethanol Plant

2022-12-13 Source: Press release Clariant

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Clariant has announced a 240-million-dollar financial impairment of its bioethanol plant which is located in Podari, Romania. The company still aims to continue the commercialization of its sunliquid technology by addressing its operational challenges.

Clariant has concluded that an impairment to the current asset value of the Podari plant of approximately 240 million dollars is appropriate based on the delayed ramp up and the current financial performance. (Source: Clariant) — Clariant has concluded that an impairment to the current asset value of the Podari plant of approximately 240 million dollars is appropriate based on the delayed ramp up and the current financial performance.
(Source: Clariant)

Muttenz/Switzerland – Clariant has recently announced a financial impairment of its sunliquid plant in Podari, Romania, amounting to approximately 240 million dollars (CHF 225 million). As previously reported, the sunliquid plant began production in the second quarter of 2022, though it 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 240 million dollars 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.

Gallery

“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. Nonetheless, we will continue our efforts to achieve commercial viability of the technology,” said Conrad Keijzer, Chief Executive Officer of Clariant.

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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.

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