Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. freshman Good
|
New words:
aggregated, aggregation, ASC, behalf, bringing, category, CECL, challenged, challenging, Columbia, complex, extinguishment, focused, lapse, letter, maker, protest, qualitative, reapply, RESERVED, Switzerland
Removed:
building, claim, colder, collecting, collectively, conjunction, consisting, detailed, distillation, duration, employee, encouraged, equitable, existed, existing, experiencing, extremely, Flint, good, granting, improve, innovation, interim, interrupted, interruption, lessee, likelihood, outpaced, pending, predominately, previously, refiner, remote, repair, selected, settled, settlement, spring, SRE, unrelated
Financial report summary
?Competition
Archer-Daniels-MidlandManagement Discussion
- Revenues. Our total revenue was greater for our 2021 fiscal year compared to the same period of 2020, primarily due to increased ethanol, distillers grains and corn oil revenue during the 2021 period. For our 2021 fiscal year, ethanol sales accounted for approximately 79% of our total revenue, distiller grains sales accounted for approximately 16% of our total revenue, and corn oil sales accounted for approximately 5% of our total revenue. For our 2020 fiscal year, ethanol sales accounted for approximately 78% of our total revenue, distiller grains sales accounted for approximately 18% of our total revenue, and corn oil sales accounted for approximately 4% of our total revenue.
- The average price we received per gallon of ethanol we sold was approximately 37.4% more for our 2021 fiscal year compared to the same period of 2020. Management attributes this increase in the average price we received for our ethanol to higher ethanol demand and relatively lower ethanol stocks during our 2021 fiscal year compared to the same period of 2020. Management anticipates that ethanol prices will remain higher than in recent years as ethanol demand remains strong. Further, ethanol stocks remain relatively lower which continues to support ethanol prices.
- We sold approximately 0.8% fewer gallons of ethanol during our 2021 fiscal year compared to the same period of 2020 due to decreased ethanol production. We produced less ethanol during our 2021 fiscal year compared to the same period of 2020 as we focused on corn to ethanol conversion rates which resulted in improved efficiency but less overall production. Our corn to ethanol conversion rate increased by approximately 1% during our 2021 fiscal year compared to the same period of 2020. Management anticipates that ethanol production will be higher during our 2022 fiscal year compared to our 2021 fiscal year provided that profitability in the ethanol industry is maintained.