Press release
Half-year 2021/22 results:
Activity supported by higher prices
Results still impacted by poor harvests
Roll-out of the strategic plan on schedule
(April 2021 - September 2021)
Audited figures
- Revenues of 2,199 million, up 7%, supported by the increase in prices across all market segments and in our starch business.
- EBITDA of 200 million, a decline contained by the improved performance of the starch business in Europe and Brazil while reflecting the poor sugarcane campaign in Brazil. As forecast in our full- year results, EBITDA was again affected during the first six months of the fiscal year by the lower yields from our sugar business in Europe during the 2020 beet campaign.
- Net debt of 2,368 million, down 166 million from its level at March 31, 2021 as a result of positive net cash from operating activities. Debt leverage stands at 5.5x.
- In Europe, after a 2020 campaign marked by the beet yellows virus, yields in the current campaign are expected to be in line with previous years. The Brazilian campaign has been strongly affected by the very unfavorable weather conditions of recent months.
- Tereos confirms its EBITDA target of between 600 million and 700 million on a 12-month rolling basis to end-September 2022 as a result of (i) the Group's new commercial strategy, which, combined with market fundamentals, is leading to higher prices across all divisions, and (ii) the return to normal volumes in European beet and Brazilian sugarcane.
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