Tereos annual results 2020/21: EBITDA up and announcement of a strategic plan for 2024

Wednesday, June 2, 2021
Adjusted EBITDA at €465 million, up 11% at current exchange rates, reflecting the Group's resilience in the context of the health crisis. This improvement was driven by the rise in sugar and alcohol/ethanol prices and operational progress in the face of a poor sugar beet crop and a margin drop for starch activity in Europe. Debt leverage down to 5.5x; net debt of €2,533 million, down €24 million thanks to positive free cash flow of €65 million. Announcement of the strategic plan, based on three value creation drivers, which aims to achieve the following objectives in 2024: EBIT margin of 5%; recurring generation of positive free cash flow; net debt below €2 billion and debt leverage below 3x. For the 2021/22 crop, the rate of decline in planted surface areas is set to continue. Considering the expected rebound in consumption in the context of the end of the health crisis, the European market is still expected to be in deficit despite the improvement in agricultural yields.
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