Interim statement of the SIPEF group per 31 March 2023
SIPEF looks forward to satisfactory recurring results
- Total Group production of palm oil increased by 2.8% compared with the first quarter of previous year.
- The palm oil market showed a stable pricing pattern throughout the first quarter at prices above
USD 1 000 per tonne CIF Rotterdam, however, but lower than last year. - The Group’s Net Financial Position (NFP) remained positive at the end of March 2023.
- The Group confirms looking forward to satisfactory recurring results for 2023 with 39% of expected palm oil
production sold and the prospect of continued favourable market prices in the remainder of the year, without,
however, matching the record level of 2022. - Generated cash flows are expected to cover for an extensive investment plan and working capital requirements, including dividends. At year end, the NFP should be close to zero.
- SIPEF will publish this month its first integrated annual report, covering the 2022 financial year, an important
step in the Group’s preparations for the upcoming European Corporate Sustainability Reporting Directive
(CSRD). - SIPEF further updated its GHG emission reduction plan this quarter by setting its target of GHG emission
reductions (Scope 1 and 2) per ton of Crude Palm Oil (CPO) at a very significant level of 28%. - In March 2023, once again all the Group's banana production sites, including the new Akoudié and Lumen sites, were certified as 100% Rainforest Alliance and received the Rainforest Alliance Transition Certificate.