Tereos 1H17/18 - Solid results but adverse sugar price trend will hurt H2; credit view downgraded
French cooperative Tereos, the third largest sugar producer worldwide, has released solid 2Q17/18 results (period ended 30 September), which more than offset the slow start to the year, with Q1 performance having been adversely impacted by timing effects. Looking at the more relevant H1, revenue increased by 9% (8% at constant FX) to €2.4bn while EBITDA rose by 18% (16% at constant FX) to €309m (EBITDA margin +90bps to 12.7%). This performance is especially positive in light of the adverse price trend in global sugar markets since the beginning of 2017, due to the supply surplus expected for 2017/18.
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