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    F34   SG1T56930848

WILMAR INTERNATIONAL LIMITED

(F34)
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Sugar group Tereos pushes back earnings target, vows to cut debt

06/02/2021 | 02:55am EDT

PARIS, June 2 (Reuters) - French sugar group Tereos vowed on Wednesday to press ahead with plans to cut debt and improve results but warned that poor sugar output and low margins in the European starch sector would weigh on earnings in the first half of 2021/22.

Tereos, the world's second largest sugar maker by volume, reported a net loss of 133 million euros ($162 million) in the year to March 31, against a profit of 24 million a year earlier, mainly hit by 76 million euros worth of asset depreciations.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for 2020/21 rose 11% to 465 million euros, while net debt at the end of March stood at 2.5 billion euros, stable from a year earlier.

The group delayed by six months an objective to grow EBITDA to 600 million to 700 million euros, due in 2021/2022.

"It is clear that these results are insufficient," said Tereos Chairman Gerard Clay, a longstanding critic of the previous management, who was elected in December after an extraordinary board meeting dismissed the chief executive.

Clay said the group would now focus on sugar and ethanol in Europe and Brazil, where it is one of the leading producers, and on starch and renewables in Europe.

It aims to achieve by 2024 an EBIT (earnings before interest and tax) margin of 5%, recurring generation of positive free cash flow, and a net debt below 2 billion euros.

The 20% cut in the group's debt would be done though improved positive cash flow and possible divestitures, Tereos Chief Executive Philippe de Raynal said.

"In a certain number of situations that are not core of the business, some sale options can be looked at and completed," he said, declining to give further details.

Sources close to the matter told Reuters that Tereos was in talks with Singapore's Wilmar International to sell its stake in their starch joint venture in China, and was seeking to cease its loss-making sugar activities in Romania.

The previous management's plans to open up the group's capital to other investors have been dropped, Clay said. "It is a plan of the past," he told reporters.

($1 = 0.8189 euros) (Reporting by Sybille de La Hamaide; Editing by Sudip Kar-Gupta and Jan Harvey)


© Reuters 2021
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) 2.66% 6.188 Delayed Quote.-5.00%
WILMAR INTERNATIONAL LIMITED -0.68% 4.35 End-of-day quote.-6.45%
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Financials (USD)
Sales 2021 56 180 M - -
Net income 2021 1 579 M - -
Net Debt 2021 18 028 M - -
P/E ratio 2021 12,9x
Yield 2021 3,67%
Capitalization 20 263 M 20 254 M -
EV / Sales 2021 0,68x
EV / Sales 2022 0,67x
Nbr of Employees 100 000
Free-Float 31,0%
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Number of Analysts 16
Last Close Price 3,21 $
Average target price 4,55 $
Spread / Average Target 41,7%
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Managers and Directors
Khoon Hong Kuok Chairman & Chief Executive Officer
Cheau Leong Loo Chief Financial Officer
Matthew John Morgenroth Group Head-Technical
Kah Chai Tan Chief Information Officer
Seck Guan Pua Chief Operating Officer & Executive Director
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