Granite Falls Energy Llc's Business Segments
Granite Falls Energy Llc's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Granite Falls Energy Llc does not report a distinct business-segment axis in its filings - its disaggregated revenue is disclosed by product and service category instead. See the Product & Service breakdown below.
Revenue by Product & Service Category - FY
- Ethanol Product77.4%
- Distillers Grains Product15.1%
- Distillers Corn Oil Product6.9%
- Product and Service Other0.5%
- Natural Gas Gathering Transportation Marketing and Processing0.2%
Revenue by Product & Service Category - FY
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Ethanol Product | $ 80 | 77.4% |
| Distillers Grains Product | $ 16 | 15.1% |
| Distillers Corn Oil Product | $ 7 | 6.9% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
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Description of Granite Falls Energy Llc
In July 2013, we acquired a controlling interest in Heron Lake BioEnergy, LLC (“Heron Lake BioEnergy” or “HLBE”), which owns an ethanol plant located near Heron Lake, Minnesota. As of October 31, 2016, we control approximately 50.6% of HLBE’s outstanding membership units through our wholly owned subsidiary, Project Viking, L.L.C. As a result of our majority ownership, we have the right to appoint five (5) of the nine (9) governors to HLBE’s board of governors under its member control agreement.
Ethanol
Ethanol is a type of alcohol produced in the U.S. principally from corn. Ethanol
is ethyl alcohol, a fuel component made primarily from corn in the U.S. but
can also be produced from various other grains. Ethanol is primarily used as:
an octane enhancer in fuels;
an oxygenated fuel additive that can reduce ozone and carbon monoxide vehicle
emissions;
a non-petroleum-based gasoline substitute; and
as a renewable fuel to displace consumption of imported oil.
Distillers’ Grains
The principal co-product of the ethanol production process is distillers’
grains, a high protein and high-energy animal feed ingredient primarily marketed
to the dairy and beef industries. Dry mill ethanol processing creates three
primary forms of distillers’ grains: wet distillers’ grains, modified
wet distillers’ grains, and dried distillers’ grains with solubles.
Most of the distillers’ grains that we sell are in the form of dried distillers’
grains and modified/wet distillers’ grains. Modified/wet distillers’
grains are processed corn mash that has been dried to approximately 50% moisture
and has a shelf life of approximately 7 days. Modified/wet distillers’
grains are often sold to nearby markets. Dried distillers’ grains with
solubles are corn mash that has been dried to approximately 10% to 12% moisture.
It has an almost indefinite shelf life and may be sold and shipped to any market
and fed to almost all types of livestock.
Corn Oil
We also extract non-edible crude corn oil during the thin stillage evaporation
process immediately prior to production of distillers’ grains. The corn
oil that we produce is not food grade corn oil and therefore cannot be used
for human consumption. Corn oil is used primarily as a biodiesel feedstock and
as a supplement for animal feed.
Corn Syrup
Generally, GFE returns the de-oiled corn syrup into the production process adding
it to the modified, or dry distillers’ grains during the drying process.
However, HLBE occasionally sells excess corn syrup in liquid syrup form to livestock
feeders. Excess syrup results from a plant upset, or when the amount of syrup
produced during evaporation process exceeds our distillers’ grains’
dryer capacity. Corn syrup is used primarily as a feed additive to moisten dry
feed stuffs such as hay.