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1. How did Tereos losses continue to grow?
French sugar cooperative Tereos lost in the first half of 2018. nearly 100 million
euros, suffering from a sharp fall in sugar prices, and reported that during the
whole fiscal year the cooperative will be at a loss: for the second year in a row,
Reuters reports.
World sugar prices fell to their lowest level in the last ten years this year, amid a
sharp increase in supply, partly due to increased production in the EU, after
export and output quotas were lifted last year.
Tereos, which became the second largest sugar producer in the world last
season, said on Tuesday that the loss was 96 million euros (109 million dollars)
for the six months of the fiscal year 2018 (to September 30) compared to last
year’s loss of 10 million euros.
Tereos net loss was 18 million euros for the year ended March 2018.
Sales fell 9% year on year to 2.11 million euros in the six months. The growth of
sugar beet processing by more than 25% partially offset the fall in prices.
Adjusted earnings in 2019 before interest, taxes, depreciation and amortization
(EBITDA) decreased to 143 million euros from 309 million in the first half of
2017/18.
The debt of the group as of September 30, 2018. amounted to 2.33 billion euros
against 2.29 billion euros a year earlier, with the result that the ratio of net debt
to adjusted EBITDA was 5.4 against 3.5 a year earlier.
According to Tradeweb, the Tereos bond yields rose to a historic high on
Tuesday. The yield of the bond in March 2020, which with maturity in March
2019, reached 11.089% this morning, which is a historical maximum, while the
yield of bonds in June 2023 reached 10.312%, which is also a historical
maximum.
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