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MarketScreener Homepage  >  Equities  >  Xetra  >  Südzucker AG    SZU   DE0007297004

SÜDZUCKER AG

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Tereos says EU activity almost back to normal after COVID-19 hit

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07/31/2020 | 12:34pm EDT
FILE PHOTO: The sun appears behind a Tereos sugar factory in Escaudoeuvres

(This July 30 story corrects to show Tereos hedged its sugar sales in Brazil, not ethanol)

By Sybille de La Hamaide

Sugar sales in Europe have been gradually returning to levels anticipated before the COVID-19 outbreak, French sugar group Tereos said on Thursday, while higher prices limited the impact of the lockdown on the group's activities in the first quarter.

Tereos, the worlds' second-largest sugar producer by volume after Germany's Suedzucker, has been grappling like its peers with the effects of the coronavirus outbreak, which has rattled global markets and slashed demand for products like ethanol.

Tereos' adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 94 million euros (84.92 million pounds) in the first quarter to June 30, up from 33 million in the year-earlier period.

Sales fell 4% on current exchange rates to 967 million euros from 1.0 billion.

The company said its Ambitions 2022 performance plan, which aims to generate over 200 million euros in operating profit, was helping boost its results.

"The continued EBITDA strong growth momentum is supported by the performance gains of our Ambitions 2022 transformation program, increased volumes sold from Brazil, the dynamism of the alcohol segment and sustained pricing in Europe," Tereos said in a statement.

Despite an estimated 3% drop in EU sugar consumption due to the COVID-19 crisis, Tereos expects the bloc to remain in a sugar deficit over the next year, due to a lower area planted with sugar beet and poor yields, a prospect that has supported EU sugar prices in recent months.

In Brazil Tereos said it should benefit from an expected rise in sugar cane volumes processed and that more than 85% of its 2020/21 sugar export sales had been hedged on global futures markets before the crisis that sent ethanol tumbling on plummeting fuel consumption.

The group's net debt stood at 2.63 billion euros as of June 30, down 249 million compared with a year earlier but up from 2.56 billion at the end of March.

(Reporting by Sybille de La Hamaide; Editing by David Holmes and David Evans)

Stocks mentioned in the article
ChangeLast1st jan.
CBOT ETHANOL FUTURE (EH) - CBR (FLOOR)/C1 0.83% 1.09 End-of-day quote.-20.73%
EURO / BRAZILIAN REAL (EUR/BRL) 0.67% 6.1468 Delayed Quote.35.51%
SÜDZUCKER AG 1.43% 14.22 Delayed Quote.-13.35%
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Financials
Sales 2021 6 882 M 8 101 M 8 101 M
Net income 2021 135 M 159 M 159 M
Net Debt 2021 1 430 M 1 684 M 1 684 M
P/E ratio 2021 21,5x
Yield 2021 1,89%
Capitalization 2 903 M 3 434 M 3 417 M
EV / Sales 2021 0,63x
EV / Sales 2022 0,58x
Nbr of Employees 18 904
Free-Float 31,4%
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Mean consensus HOLD
Number of Analysts 6
Average target price 15,65 €
Last Close Price 14,22 €
Spread / Highest target 30,8%
Spread / Average Target 10,1%
Spread / Lowest Target -3,66%
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NameTitle
Niels Pörksen Chairman-Management Board
Hans-Jörg Gebhard Chairman-Supervisory Board
Franz-Josef Möllenberg Vice Chairman-Supervisory Board
Erwin Hameseder Vice Chairman-Supervisory Board
Georg Koch Member-Supervisory Board
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